Chapter XX Delivery Procedures

XX36.01 Standards - The contract grade shall be the final settlement price (as described
in Regulation XX42.02) on final settlement day (as described in Regulation XX42.03).

XX42.01 Delivery — Delivery against Denatured Fuel Ethanol Previous Month Swaps must
be made through the Clearing Services Provider. Delivery under these regulations shall be on the
final settlement day (as described in Regulation XX42.03) and shall be accomplished by cash
settlement.

Clearing members holding open positions in Denatured Fuel Ethanol Previous Month Swaps at
the time of termination of trading shall make payment to and receive payment through the
Clearing Services Provider in accordance with normal variation settlement procedures based on a
settlement price equal to the final settlement price (as described in Regulation XX42.02).

XX42.02 Final Settlement Price and Daily Settlement During the Last Month of
Trade — The final settlement price shall be determined on the final settlement day. Final
settlement shall be the cumulative average of the settlement prices for the corresponding CBOT
Denatured Fuel Ethanol futures contract for each trading day in the month prior to the Denatured
Fuel Ethanol Previous Month Swap contract month.

For example, final settlement for a May Denatured Fuel Ethanol Previous Month Swap would be
the cumulative average of daily settlement for the May Denatured Fuel Ethanol futures contract
during the month of April.

Settlement during the last month of trade (i.e., the month prior to the Denatured Fuel Ethanol
Previous Month Swap contract month) shall be the cumulative average of the settlement prices
for the corresponding CBOT Denatures Fuel Ethanol futures contract for each trading day in the
last month of trading the Denatured Fuel Ethanol Previous Month Swap contract.

For example, the daily settlement for a May Denatured Fuel Ethanol Previous Month Swap on the
5" trading day in April would be the average over the first 5 trading days in April of the May
Denatured Fuel Ethanol futures contract. On the 6” trading day, the daily settlement would be the
average over the first 6 trading days.

XX42.03 The Final Settlement Day — The final settlement day shall be defined as the last
trading day of the month prior to the contract month.

XX42.04 Daily Settlement — Daily settlement other than settlement on the final settlement
day (as described in Regulation XX42.03) or during the last month of trading shall be the
settlement price for the corresponding CBOT Denatured Fuel Ethanol futures contract.

XX47.01 Payment — (See Regulation 1049.04)


#6 No more than 1,400 futures-equivalent contracts net on the same side of the market are
allowed in a single month in all strike prices combined. Additional options contracts may be held
as part of option/option or option/futures spreads between months within the same crop year
provided that the total of such positions, when combined with outright positions, does not exceed
the all months combined limit. The futures-equivalents for both the options and futures contracts
are aggregated to determined compliance with these net same side single month position limits.

#7 No more than 5,000 futures-equivalent contracts net on the same side of the market are
allowed in a single month in all strike prices combined. Additional options contracts may be held
as part of option/option or option/futures spreads between months within the same crop year
provided that the total of such positions, when combined with outright positions, does not exceed
the all months combined limit. The futures-equivalents for both the options and futures contracts
are aggregated to determine compliance with these net same side single month position limits.

#8 In the last five trading days of the expiring futures month in May, the speculative position limit
will be 600 contracts if deliverable supplies are at or above 2,400 contracts, 500 contracts if
deliverable supplies are between 2,000 and 2,399 contracts, 400 contracts if deliverable supplies
are between 1,600 and 1,999 contracts, 300 contracts if deliverable supplies are between 1,200
and 1,599 contracts, and 220 contracts if deliverable supplies are below 1,200 contracts.
Deliverable supplies will be determined from the CBOT’s Stocks of Grain report on the Friday
preceding the first notice day for the May contract month. For the purposes of this Appendix, one
mini-sized Wheat contract shall be deemed to be equivalent to one-fifth of a corresponding Wheat
contract.

#9 The aggregate position limit in DJIA Index ($25 multiplier) futures, mini-sized Dow ($5
multiplier) futures and options, and DJIA Index futures and options is 50,000 DJIA Index futures
contracts, net long or net short in all contract months combined. For the purposes of this
appendix:

- One DJIA Index futures contract shall be deemed to be equivalent to two mini-sized Dow
($5 multiplier) contracts.

- One DJIA Index ($25 multiplier) futures contract shall be deemed to be equivalent to five
mini-sized Dow ($5 multiplier) contracts.

- Two DJIA Index ($25 multiplier) futures contracts shall be deemed to be equivalent to five
DJIA Index futures contracts.

#10 The net long or net short positions in Corn, Soybeans, or Wheat contracts may not exceed
their respective position limits. The net long or net short positions in mini-sized Corn, mini-sized
Soybeans, or mini-sized Wheat contracts may not exceed their respective position limits. The
aggregate net long or net short positions in Corn and mini-sized Corn, Soybeans and mini-sized
Soybeans, or Wheat and mini-sized Wheat contracts may not exceed their respective position
limits. For the purposes of this Appendix, one mini-sized Corn, one mini-sized Soybean, or one
mini-sized Wheat contract shall be deemed to be equivalent to one-fifth of a corresponding Corn,
Soybeans, or Wheat contract.

#11 The reporting level for the primary contract is separate from the reporting level for the mini-
sized contract. Positions in any one month at or above the contract level indicated trigger
reportable status. For a person in reportable status, all positions in any month of that contract
must be reported. For the purposes of this Appendix, positions are on a contract basis.

#12 In the last five trading days of the expiring futures month, the speculative position limit for the
November futures month will be 180 contracts and for the January futures month the speculative
position limit will be 365 contracts.

#13 In the last ten trading days of the expiring futures month, the following position limits in the
expiring contract will apply: U.S. Treasury Bonds — 25,000 contracts; U.S. Treasury Notes (6% -


(v) An eligible option/option or option/futures spread is defined as an intra-month
or inter-month position in the same Chicago Board of Trade product in which
the sum of the delta factors is zero.

(Note: All position limits and reportable positions are in number of contracts and are based on futures
or Net Equivalent Futures Positions, as defined above.


APPENDIX 4C
POSITION LIMITS AND REPORTABLE POSITIONS

The following are definitions of titles used in the position limit chart contained in this
Appendix -

Spot Month- Spot month futures-equivalent position limit net long or net short
effective at the start of trading on the first business day prior to the first trading day of
the spot month.

Single Month- Futures-equivalent position limit net long or net short in any one
month other than the spot month.

All Months -Position limit net long or net short in all months and all strike prices
combined. Note: Long futures contracts, long call options, and short put options are
considered to be on the long side of the market while short futures contracts, long put
options, and short call options are considered to be on the short side of the market.
For each commodity, the futures-equivalents for both the options and futures
contracts are aggregated to determine compliance with the net long or net short same
side position limits.

Reportable Futures Level-Reportable futures position in any one month.

Reportable Options Level-Reportable options position in any one month in each

option category. Note:Option categories are long call, long put, short call, and short

put.

Net Equivalent Futures Position-Each option contract will be adjusted by the prior

day’s risk factor, or delta coefficient, for that option which has been calculated by the

Exchange’s Clearing Services Provider

For the purpose of this Appendix:

(i) An option contract's futures-equivalency shall be based on the prior day's delta
factor for the option series, as published by the Exchange’s Clearing Services
Provider. For example, 8 long put contracts, each with a delta factor of 0.5,

would equal 4 futures-equivalent short contracts.

(ii) Long futures contracts shall have a delta factor of +1, and short futures
contracts shall have a delta factor of -1.

(iii) Long call options and short put options shall have positive delta factors.

(iv) Short call options and long put options shall have negative delta factors.


(see #12) | (see #1) (see #1)
[Wheat and 600 5,000 6,500 150 150
ICBOT mini-sized Wheat (aggregate, (aggregate) (aggregate, (individual,
see #8, 10)| , see #1, |see #1, 7, 10) see #11)
10)
Oats 600 1,400 2,000 60 60
(see #1) | (see #1,6)
Rough Rice 600 1,000 1,000 50 50
- (see#5) (see#2) | _
Soybean Oil 540 5,000 6,500 200 200
see #1,7)| (see #1,7)
Soybean Meal 720 5,000 6,500 200 200
z= (see #1,7)|_ (see #1,7)
Soybean Crush Options N/A 1,000 1,000 100
. (see #1)
Ethanol 200 1,000 _1,000 25
Ethanol Forward Month Swap N/A N/A N/A N/A. N/A
/Ethano! Previous Month Swap N/A N/A N/A N/A N/A

#1 Additional futures contracts may be held outside of the spot month as part of futures/futures
spreads within a crop year provided that the total of such positions, when combined with outright
positions, do not exceed the all months combined limit. In addition, a person may own or control
additional options in excess of the futures-equivalent limits provided that those option contracts in
excess of the futures-equivalent limits are part of an eligible option/futures spread.

#2 No more than 1,000 futures-equivalent contracts net on the same side of the market are
allowed in a single month in all strike prices combined. Additional options contracts may be held
as part of option/options or option/futures spreads between months within the same crop year
provided that the total of such positions, when combined with outright positions, does not exceed
the all months combined limit. The futures-equivalents for both the options and futures contracts
are aggregated to determine compliance with these net same side single month position limits.

#3 No more than 13,500 futures-equivalent contracts net on the same side of the market are
allowed in a single month in all strike prices combined. Additional options contracts may be held
as part of option/option or option/futures spreads between months within the same crop year
provided that the total of such positions, when combined with outright positions, does not exceed
the all months combined limit. The futures-equivalents for both the options and futures contracts
are aggregated to determine compliance with these net same side single month position limits.

#4 No more than 6,500 futures-equivalent contracts net on the same side of the market are
allowed in a single month in all strike prices combined. Additional options contracts may be held
as part of option/option or option/futures spreads between months within the same crop year
provided that the total of such positions, when combined with outright positions, does not exceed
the all months combined limit. The futures-equivalents for both the options and futures contracts
are aggregated to determined compliance with these net same side single month position limits.

#5 In the last five trading days of the expiring futures month, the speculative position limit for the
July futures month will be 200 contracts and for the September futures month the limit will be 250
contracts.



November 9, 2006

Ms. Eileen A. Donovan

Acting Secretary

Commodity Futures Trading Commission
Three Lafayette Center

1155 21" Street, N.W.

Washington, D.C. 20581

Reference File # 2737.01
Rule Certification
Dear Ms. Donovan:

Pursuant to Commission Regulation 40.6(a), the Chicago Board of Trade (CBOT®)
hereby submits the following:

- New Regulations XX01.01 through XX47.01 and revised Rulebook Appendix
4C per the attached texts.

The referenced provisions will establish specifications for CBOT Denatured Fuel Ethanol
Forward Month and Previous Month Swaps. These products will be traded off-exchange
on an OTC basis and will be cleared through the Exchange’s Clearing Services Provider.
These swaps will be based on the price of CBOT Ethanol futures contracts.

The CBOT intends to implement these regulations on or about December 4, 2006.

There were no opposing views concerning these regulations.

The CBOT certifies that these regulations comply with the Commodity Exchange Act
and the rules thereunder.

Sincerely,

Paul J. Draths
Vice President and Secretary

6081506
b103106


10 Year) — 50,000 contracts; U.S. Treasury Notes ( 5 Year) — 35,000 contracts; U.S. Treasury
Notes (2 Year) — 25,000 contracts. No hedge exemptions will be permitted with respect to these
limits.


*SPOT |*SINGLE| *ALL  |*REPORTABLE| *REPORTABL
E
CONTRACT MONTH | MONTH | MONTH FUTURES OPTIONS
= LEVEL LEVEL
10-Year Interest Rate Swap None None None 500 500
5-Y ear Interest Rate Swap None None None 500 500
Binary Options on the Fed None None None 600
ICBOT Dow Jones Industrial None None 50,000 200
AverageTM Index ($25 (aggregate
multiplier) DJIATM limit,
| see #9)
ICBOT Dow Jones Industrial None None 50,000 200 200
AverageTM” Index (aggregate
DJIA limit,
= see #9)
ICBOT mini-sized Dow ($5 None None 50,000 200 200
multiplier) (aggregate
DJIA limit,

_ see #9)
ICBOT Dow Jones-AIG None None 15,000 25
Commodity
Index” es
CBOT Dow Jones-AIG Excess None None None 200
Return Commodity
Index”
CBOT 5,000 oz. Silver 1,500 6,000 6,000 150 150
ICBOT 100 oz. Gold 3,000 6,000 6,000 200 200
CBOT mini-sized Silver 1,500 1,500 3,000 750
ICBOT mini-sized Gold 4,000 4,000 6,000 600
U.S. Treasury Bonds (see #13) | None None 1,500 1,500
U.S. Treasury Notes (5yr.) (see #13) | None None 2,000 2,000
U.S. Treasury Notes (6 1/2- (see #13) | None None 2,000 2,000
10yr.)
U.S. Treasury Notes (2yr.) (see #13) | None None 1,000 1,000
30 Day Fed Fund None None None 600 600
mini-sized Eurodollars 10,000 10,000 10,000 400
Corn and CBOT mini-sized 600 13,500 22,000 250 250
‘Corn (aggregate, |(aggregate| (aggregate, (individual,

see #10) | , see #1, |see #1, 3, 10) see #11)

10)

Soybeans and 600 6,500 10,000 150 150
ICBOT mini-sized Soybeans (aggregate, |(aggregate| (aggregate, (individual,

see #10) | , see #1, |see #1, 4, 10) see #11)

10)

South American Soybeans 600 3,500 5,500 25



ATTACHMENT 2

Chapter XX Denatured Fuel Ethano] Previous Month Swap

XX01.01 Authority -Trading in Denatured Fuel Ethanol Previous Month Swaps may be
conducted under such terms and conditions as may be prescribed by Regulation.

XX02.01 Application of Regulation - Transactions in Denatured Fuel Ethanol Previous
Month Swaps shall be subject to the general Rules of the Exchange as far as applicable and shall
also be subject to the Regulations contained in this chapter, which are exclusively applicable to
trading in Denatured Fuel Ethanol Previous Month Swaps.

XX04.01 Unit of Trading - The unit of trading shall be 14,500 gallons of Denatured Fuel
Ethanol. Bids and offers may be accepted in dollars and cents and tenths of a cent or multiples
thereof per gallon.

XX05.01 Months Traded In — Trading in Denatured Fuel Ethanol Previous Month Swaps
is regularly conducted in all twelve months but shall be permitted in the current delivery month
plus any succeeding months. The number of months to be open at one time shall be at the
discretion of the Exchange.

XX06.01 Price Basis - Minimum price fluctuations shall be in multiples of one tenth of
one cent ($0.001) per gallon. Contracts shall not be made on any other price basis.

XX07.01 Hours for Clearing Entry — The Exchange shall determine the hours during
which Denatured Fuel Ethanol Previous Month Swaps may be submitted to the Clearing Services
Provider.

Positions shall be initiated or closed out using off-exchange transactions.

XX09.01 Last Day of Trading - The last day of trading in Denatured Fuel Ethanol
Previous Month Swaps deliverable in the current delivery month shall be the trading day
immediately preceding the final settlement day as prescribed in Regulation XX42.03.

XX09.02 Liquidation During the Delivery Month — After trading in contracts for future
delivery in the current delivery month has ceased, in accordance with Regulation XX09.01 of this
chapter, outstanding contracts for such delivery shall be liquidated by cash settlement as
prescribed in Regulation XX42.01.

XX10.01 Margin Requirements - (See Regulation 431.03)

XX11.01 Disputes - All disputes between interested parties may be settled by arbitration as
provided in the Rules and Regulations.

XX12.01 Position Limits and Reportable Positions - (See 425.01)


Chapter XX Delivery Procedures

XX36.01 Standards - The contract grade shall be the final settlement price (as described
in Regulation XX42.02) on final settlement day (as described in Regulation XX42.03).

XX42.01 Delivery - Delivery against Denatured Fuel Ethanol Forward Month Swaps must
be made through the Clearing Services Provider. Delivery under these regulations shall be on the
final settlement day (as described in Regulation XX42.03) and shall be accomplished by cash
settlement.

Clearing members holding open positions in Denatured Fuel Ethanol Forward Month Swaps at
the time of termination of trading shall make payment to and receive payment through the
Clearing Services Provider in accordance with normal variation settlement procedures based on a
settlement price equal to the final settlement price (as described in Regulation XX42.02).

XX42.02 Final Settlement Price and Daily Settlement During the Last Month of
Trade — The final settlement price shall be determined on the final settlement day. Final
settlement shall be the cumulative average of the settlement prices for the CBOT Denatured Fuel
Ethanol futures contract following the Denatured Fuel Ethanol Forward Month Swap contract
month for each trading day in the Denatured Fuel Ethanol Forward Month Swap contract month.

For example, final settlement for a May Denatured Fuel Ethanol Forward Month Swap would be
the cumulative average of daily settlement for the June Denatured Fuel Ethanol futures contract
during the month of May.

Daily settlement during the last month of trade shall be the cumulative average of the settlement
prices for the CBOT Denatured Fuel Ethanol futures contract following the Denatured Fuel
Ethanol Forward Month Swap for each trading day in the last month of trading the Denatured
Fuel Ethanol Forward Month Swap contract.

For example, the daily settlement for a May Denatured Fuel Ethanol Forward Month Swap on the
5" trading day in May would be the average over the first 5 trading days in May of the June
Denatured Fuel Ethanol futures contract. On the 6" trading day, the daily settlement would be the
average over the first 6 trading days.

XX42.03 The Final Settlement Day — The final settlement day shall be defined as the last
trading day of the contract month.

XX42.04 Daily Settlement — Daily settlement other than settlement on the final settlement
day (as described in Regulation XX42.03) or during the last month of trading shall be the
settlement price for the CBOT Denatured Fuel Ethanol futures contract following the Denatured
Fuel Ethanol Forward Month Swap contract month on that day.

XX47.01 Payment — (See Regulation 1049.04)


ATTACHMENT |

Chapter XX Denatured Fuel Ethanol Forward Month Swap

XX01.01 Authority -Trading in Denatured Fuel Ethanol Forward Month Swaps may be
conducted under such terms and conditions as may be prescribed by Regulation.

XX02.01 Application of Regulation - Transactions in Denatured Fuel Ethanol Forward
Month Swaps shall be subject to the general Rules of the Exchange as far as applicable and shall
also be subject to the Regulations contained in this chapter, which are exclusively applicable to
trading in Denatured Fuel Ethanol Forward Month Swaps.

XX04.01 Unit of Trading - The unit of trading shall be 14,500 gallons of Denatured Fuel
Ethanol. Bids and offers may be accepted in dollars and cents and tenths of a cent or multiples
thereof per gallon.

XX05.01 Months Traded In = Trading in Denatured Fuel Ethanol Forward Month Swaps
is regularly conducted in all twelve months but shall be permitted in the current delivery month
plus any succeeding months. The number of months to be open at one time shall be at the
discretion of the Exchange.

XX06.01 Price Basis - Minimum price fluctuations shall be in multiples of one tenth of
one cent ($0.001) per gallon. Contracts shall not be made on any other price basis.

XX07.01 Hours for Clearing Entry — The Exchange shall determine the hours during
which Denatured Fuel Ethanol Forward Month Swaps may be submitted to the Clearing Services
Provider.

Positions shall be initiated or closed out using off-exchange transactions.

XX09.01 Last Day of Trading - The last day of trading in Denatured Fuel Ethanol
Forward Month Swaps deliverable in the current delivery month shall be the trading day
immediately preceding the final settlement day as prescribed in Regulation XX42.03.

XX09.02 Liquidation During the Delivery Month — After trading in contracts for future
delivery in the current delivery month has ceased, in accordance with Regulation XX09.01 of this
chapter, outstanding contracts for such delivery shall be liquidated by cash settlement as
prescribed in Regulation XX42.01.

XX10.01 Margin Requirements - (See Regulation 431.03)

XX11.01 Disputes - All disputes between interested parties may be settled by arbitration as
provided in the Rules and Regulations.

XX12.01 Position Limits and Reportable Positions - (See 425.01)