(h) All-or-None transactions are permitted in the following contracts subject to
the listed minimum quantity thresholds.

Contract All-or-None Counterparty
Minimum Minimum

10-Year Interest Rate Swap futures 1,000 100
10-Year Interest Rate Swap/10-Year T-Note 7,500 . 250
spread
10-Year Interest Rate Swap futures options 1,000 100
5-Year Interest Rate Swap futures 1,000 100
5-Year Interest Rate Swap/5-Year T-Note 1,000 100
spread
5-Year Interest Rate Swap futures options 1,000 100
2-Year Treasury Note futures 200 50
10_Yy; Ve 7 ip I Note-Ind, fater 400 25
5-Year Treasury Note futures 2,000 10% of Order
5-Year T-Note/10-Year T-Note futures 2,000 10% of Order
spread
30-Day Fed Funds futures (All-or-None 1,000 100

orders may be executed only in contract
months that have less than 30,000 contracts
of open interest.)

2-Year Treasury Note futures options 2,500 100
(including inter-commodity and __ intra-

commodity spreads)

5-Year Treasury Note futures options 2,500 100
(including inter-commodity and __intra-

commodity spreads)

10-Year Treasury Note futures options 2,500 100
(including inter-commodity and intra-

commodity spreads)

30-Year—Treasury Bond futures options 2,500 100
(including inter-commodity . and _ intra-

commodity spreads)

All-or-None intra-commodity spread transactions may be executed in permitted contracts
provided that each leg of the spread meets the All-or-None threshold for. that contract.
However, All-or-None intra-commodity spreads and inter-commodity spreads involving
2-Year, 5-Year or 10-Year Treasury Note fatures-options or Treasury Bond options may
be executed provided that at least oné 40-¥earTreasury Nete-option leg of the each such
spread order meets the designated All-or-None minimum order quantity and that one leg
of each such spread transaction meets the designated counterparty minimum. (04/01/04)

331.04 Execution of Simultaneous Buy and Sell Orders for Different Account
Owners - A member who has received both buying and selling orders from different


Resulation 444.01 A 4. breker+ hibited fr ot in-4} it th
¥ 43 -Oh—A-+ kt pa tt eeving—ap-i the-p:

+h: th, tet oF 4: he; a Evatt hy, -d, Cy 4 33:
d ating clearing member_placing the-order—Give-up_orders-are-prohibited
hy J 44: }. 3999-7 44, 4th 1. leet +: to  Drins.
used_as-a-pricing m-in-connection-wi a-market-contractsPricing in
tion with-cash- market contracts-must-be-done-only-on-a-versus-cash basis pursuant
+o-4h 43 tr FR lots, AAA OY rau R/abwieway
t quiren ulation 444.01 5

350.07 Checking and Recording Trades - Members executing transactions on the
Exchange Floor must within fifteen minutes after each transaction confirm with the
opposite member trader every execution of a futures transaction with respect to executing
member, price, quantity, commodity, future delivery month and respective clearing

members, and. with respect to options transactions, premium and option series. Members
News

$ tes oft, Hy 44 ety, tet 3¢h—th it,
mH ay after_each- afm PPOs
trad. , 43, £2 44 ti, ith ft
trad y_executh pHenstansa hes
pe s-quantifs—ept 5 —and—respecti Teasing members. Each” eat of

transactions must show the relevant foregoing information and also must include and
clearly identify the date and appropriate time bracket, and the opposite executing
member.

In-addition, each ber-who,on-the-Floor_of the Exehang: tomer's or
t: ot, a di: hich 4 thee if te7 4 Jud: th
P ustomer is-not in ten record e
+identifi by i dat ti: +o-+} rs aut ch val
a tifieation-ord. jate-and-time; arestminute, su
zs ived. Eat 4}, f£the-Exech. hall 3: diate]: 439+} f
wast tf + of the -Exchange.-shalimmediately—up pt thereof
+t; dof } di Jad: +}- +identifieati vel Jat
prepar i rd-of suel ; he-accour d-order
yy shal th. the-dat Ati: te-thi ot at h der}
mber-a thereon-the : earest- minute:
d—Nor ble-ik <t bye asedts -d-all. LH i” ip fe rmation- 4 4/049: 3)

350.08 Notification of Uacheeked Uncleared Trades - Any clearing firm that is unable
with diligent effort to cheek resolve a transaction that fails to clear with another member
clearing firm, shall notify the floor member who executed the transaction of the outtrade.
Such notice shall be given prior to the following day's Regular-open auction tFrading

hHours opening or resumption, as applicable. Inthe case-of agricultural contractssueh

ti hall be giv later thant +0-the follewine-d

Shi # thant ity S-prOT tH e-day's- opening OF

sesumption,as applicable. -

In all cases, such notice shall be given in sufficient time prior to the open as to allow the
floor member to make provisions for any adjustment. Jnthe-case—of-agricultural

tracts_the-fi. by it have-reseh-ed-his-trades_by-ne-tater than-tw ty ?
jor-to-the-rel iE H EAD Hicabl
prio: Ferevantep Imption; ‘PP! =

The opening range or resumption range, as applicable, of the following day's Regular
open auction tfrading hHours market shall be the limit of liability as a result of an
unchecked trade outtrade.

(09/01/98)


350.01 Failure to Check Trades - If any member; or member firm er-cerperation is
unable with diligent effort to check any futures or options delivery transaction made with
another member; or member firm ercerperatien on the Exchange Floor, then such
transaction shall be closed out for the account of whom it may concem by the member; or
member firm or-cerporatien claiming the contract at the earliest reasonable opportunity in
order to establish any claim for loss because of such failure to check by the other party to
the contract. 1811 (08/01/94)

350.02 Responsibility For Customer Orders - A floor broker or clearing member firm
shall exercise due diligence in the handling and execution of customer orders. The
Exchange's Arbitration Committee is authorized to determine whether a broker or
clearing member firm fulfilled their obligations and whether an adjustment is due to the
customer. The Committee may consider the nature of the order and existing market
conditions, including the existence of a "FAST" market, at the time the broker or elearing
member firm acted or failed to act. However, a "FAST" designation does not nullify or
reduce the obligations of the floor broker or member firm to execute orders with due
diligence according to the terms of the order.

Except in instances where there has been a finding of willful or wanton misconduct, in
which case the party found to have engaged in such conduct cannot avail itself of the
protections in this provision, neither floor brokers nor member firms, or other persons
acting as agents nor any of their officers, directors or employees, shall be liable for any
loss, damage or cost (including attorney's fees and court costs), whether direct, indirect,
special, incidental, consequential, lost profits or otherwise of any kind, regardless or of
whether any of them has been advised or is otherwise aware of the possibility of such
damages, arising out of the use or performance of the CBOT's Electronic Order Routing
System, any component(s) thereof, or any fault, failure, malfunction or other alleged
defect in the Electronic Order Routing System, including any inability to enter or cancel
orders, or any fault in delivery, delay, omission, suspension, inaccuracy or termination, or
any other cause in connection with the furnishing, performance, maintenance, use of or
inability to use all or any part of the Electronic Order Routing System, including but not
limited to, any failure or delay in transmission of orders or loss of orders resulting from
malfunction of the Electronic Order Routing System, disruption of common carrier lines,
loss of power, acts or failures to act of any third party, natural disasters or any and all
other causes.

The foregoing shall apply regardless of whether a claim arises in contract, tort,
negligence, strict liability or otherwise. The foregoing limitations are cumulative and
shall not limit or restrict the applicability er of any other limitation or any rule, regulation
or bylaw of the Exchange or the its Clearing House Services Provider. The foregoing
shall not limit the liability of any floor broker or member firms, or other person acting as
agent or any of their respective officers, directors or employees for any act, incident, or
occurrence within their control.

If any of the foregoing limits on the liability of the floor brokers or member firms or
other persons acting as agents or any of their officers, directors or employees should be


harassment, the ticket will reflect a warning or summary fine in accordance with
Ruling 520.00A. The recipient of a summary fine may pay the summary fine or
request a hearing before the Floor Conduct Committee in—aceerdance—with
Regulations 540.02 through—540.05. Tickets involving a physical altercation,
disorderly conduct or harassment will be referred to the Floor Conduct Committee,
which will hold a hearing. The initiator of the ticket, the recipient of the ticket and
any party involved in the decorum incident may be required to appear at the hearing
held before the Floor Conduct Committee. Failure to comply with a request to
appear before the Floor Conduct Committee may be deemed an act detrimental to the
welfare of the Exchange.

Each ticket issued by a Pit Committee shall be authorized signed by two Pit
Committee members, including at least one Pit Committee officer. Ti Tickets shall be
submitted to designated Exchange staff who shall give the individual written
notification of the ticket, including any summary fine or requirement to appear before
the Floor Conduct Committee.

It shall be the function and duty of the Pit Committees to supervise and enforce trading
etiquette within their respective trading pits.

“2.

Supervision and Enforcement of Pit Etiquette Standards

Each pit, by and through its Pit Committee, shall be responsible for determining the
nature and extent of its pit etiquette standards, subject to the approval of the Floor
Governors Committee. A pit etiquette ticket may be initiated by any member of the
Pit Committee in accordance with the Pit Committee member’s duty to enforce
etiquette standards within the pit. Additionally, any Exchange member may request
that a member of the Pit Committee issue an etiquette ticket to any member who
has[d] allegedly violated the pit’s etiquette standards. Each etiquette ticket must,
however, be autherized-signed by an officer of the Pit Committee to be valid. An
officer who initiates a ticket cannot also authorize the ticket.

The issuance of an authorized etiquette ticket does not, in itself, constitute a violation
of an Exchange Rule or Regulation. However, the Pit Committee can, at any time,
choose to refer an egregious etiquette violation, or a pattern of etiquette violations, to
the Floor Governors Committee. Prior to making such a referral, the recipient of the
ticket will be required to appear before the Pit Committee. A simple majority of a Pit
Committee quorum shall be required to refer an etiquette matter to the Floor
Governors Committee.

Tickets referred to the Floor Governors Committee will serve as the basis of OIA’s
investigation, and the tickets may be submitted as evidence in support of OIA’s case
before the Floor Governors Committee. However, OIA will conduct its own distinct
investigation of the matter. The Floor Governors Committee may impose
disciplinary action pursuant to the general provisions of Exchange Rule 500.00
(Inequitable Proceedings) and/or Rule 504.00 (Acts Detrimental to the Welfare of the
Exchange). (04/01/05)


If stop orders are elected within the opening or resumption range, floor brokers who are
unable to execute those orders within the opening or resumption range, as applicable,
while diligently acting in conformity with the rules and regulations of the Exchange, shall
not be held liable. Stop orders elected during the opening (or resumption) range
automatically become market orders and should be executed at the prevailing market,
which may or may not be within the opening (or resumption) range. If stop orders are
elected within the closing range, floor brokers who are unable to execute such orders,
while diligently acting in conformity with the rules and regulations of the Exchange, shall
not be held liable.

321.00-Pri, Limit: Th R. Tet, 2 Oy ET Cc, tt + +}: e?
324 its —Th latory rp S atanytime—upt
he ul +t: bye R Tots, pr dethatthi ‘hall be tradi duri: a: +
notice -by Regulation, may_providethas a n0- during anyday
+, tt, d-eil-ferdelix } ified th-at +H
tons delivery-in-any_specified prices-mor
$e bel +h, a avert “4 f£ then; i: asi: 4,
low-the- ge-elosing-p preceding 3
325.02 F, ia R ats Wh, by ivacers 2 tea
k 2 p-Reperts—¥ ¥ employing p-reperter, re
f¥ thy rt, tot, H f< + a iti a? thiel: bh eity—+
he-report acemning BF p-eond| publicity—is
th. 14 £51, diatel hath: rt 335 +1: 1}, £ +h,
given; rember shall fk ately-a-ver py-of the rep. f th
Seeretary.

Ch3 Floor and Trading Practices

330.00 Floor Brokers - A member, who executes orders for another member and who is
not a clearing member, must immediately give up the name of a clearing member. A floor
broker trading for a member shall be responsible Hable-as principal for the performance
of the contract except that ia-the-ease-of commodities his Habilityresponsibility shall
terminate when the transaction is accepted by the principal.

330.00A Brekers—and Clearing Members - Trades between clearing members
must be confirmed within one hour by providing to the Clearing Services Provider the
name of the buyer and seller, the commodity sold, the amount thereof, the delivery
month, and the purchase price.

330.01 Floor Broker and Floor Trader Registration - No member may execute any
trade on the Ffloor of the Exchange for any other person unless the member is registered
or has been granted a temporary license as a floor broker, nor may a member execute any
trades on the Filoor of the Exchange for his or her own account, unless the member is
registered or has been granted a temporary license as a floor trader, er-has-been-granted-a

potary_license-as-a-floer-brokerto-act floortrader, in accordance with Seetien-4f
ef the Commodity Exchange Act and Commodity Futures Trading Commission
Regulations. -H-and-3.40,-and-suehtemporary—ticen: stration has -not-b



Additions are underlined; Deletions are struek-threugh.

922.00 Holidays - The following days are declared to be holidays: New Year's Day
(January 1), Martin Luther King, Jr. Day (3rd Monday in January), Washington's
Birthday (3rd Monday in Feb Good Friday, Memorial Day (last Monday in Ma’
Independence Day (July 4), Labor Day (1st Monday in September), Thanksgiving Day
(4th Thursday in November) and Christmas Day (December 25).

When any such holidays fall on Sunday, the following Monday shall be considered such
holiday. When any such holidays fall on Saturday, the immediately preceding Friday
shall be considered such holiday.

Reseluti Jepted-by-the Beard-of

uti p' py

4h
iday by Reguiation

Any-day-declared-te-be-aholiday by Regul
h: 29 (04/01/05)
Be aN 7



transfer_of positions at_settlement_ price if such transfer is made as a result of, or in
connection with, a merger. asset purchase. consolidation or similar non-recurring
transaction where the entity to which the positions are transferred becomes a successor in
interest to the entity from which the transfer originated. All such transfers shall retain the
original trade date of the positions. Additionally, those transfers involving a debtor, as
defined by and in accordance with Regulation 272.02, shall retain the original trade date
for _purposes of delivery but shall be entered on the books of the transferee at the
settlement price on the day of the transfer.

The parties to transfer trade transactions shall provide to the Clearing Services Provider
all information with respect to such transactions as shall be required by the Clearing
Services Provider, in the form and manner required by the Clearing Services Provider.

(01/01/06)

444.02 331.07 Transfer Trades for Purpose of Offsetting DJIATM Futures - With the
consent of the account controller, a clearing member may:

Offset and liquidate long mini-sized Dow ($5 Multiplier) futures positions against
short DJIA Index futures positions, or short _mini-sized Dow ($5 Multiplier)
futures positions against long DJIA Index futures positions, held in the same
contract month and year and in the same account in a ratio of 2 (two) mini-sized
Dow ($5 Multiplier) contracts to 1 (one) DJIA Index contract.

Offset and liquidate long mini-sized Dow ($5 Multiplier) futures positions against
short DJIA Index ($25 Multiplier) futures positions, or short mini-sized Dow ($5
Multiplier) futures positions against long DJIA Index ($25 Multiplier) futures
positions, held in the same contract month and year and in the same account in a
ratio of 5 (five) mini-sized Dow ($5 Multiplier) contracts to_1 (one) DIA Index
($25 Multiplier) contract.

Offset and liquidate long DJIA Index futures positions against short DJIA Index
($25 Multiplier) futures positions or short DJIA Index futures positions against
long DJIA Index ($25 Multiplier) futures positions, held in the same contract
month and year and in the same account in a ratio of 5 (five) DJIA Index contracts
to 2 (two) DJIA Index ($25 Multiplier) contracts.

The clearing member shall notify the Clearing Services Provider of offsetting positions
by submitting reports to the Clearing Services Provider in such form and manner as the
Clearing Services Provider shall specify. The positions being offset shall be transferred
to a holding account at the Clearing Services Provider and long and short positions in the
same contract month in the holding account will be netted, thus reducing the number of
open positions in such contract. (03/20/06)

444.04 331.08 Exchange of Futures for Related Transactions


350.11 Resolution of Outtrades - Outtrades shall be resolved in accordance with

Regulation 350.04 or by issuing a check in an amount agreed to by the members making
the trade(s).

A. Price Outtrades

When an outtrade exists due to a discrepancy as to price, members making the trade may
choose to resolve the discrepancy by electing either of the two prices in question, if they
agree that the trade was executed at that price.

If an outtrade involves a price discrepancy between a local and a broker, and the
members cannot agree on the price of execution, the price recorded by the broker shall be
used to clear the trade.

If an outtrade between locals or an outtrade between brokers involves a price
discrepancy, and these members cannot agree on the price of execution, the buyer’s price
shall be used to clear the trade.

B. Quantity Outtrades

When an outtrade exists due to a discrepancy as to quantity, members making the trade
may choose to resolve the discrepancy by electing either of the two quantities in question,
if they agree that the trade was executed in that quantity.

If any outtrade between locals involves a quantity discrepancy and these members cannot
agree on the quantity that was executed, the higher quantity shall be used to clear the
trade.

A broker may assign the opposite side. of any excess quantity on his order, which he
believes that he has executed, to his error account, pursuant to Regulation 350.04, and he
may agree to the clearing of the transaction according to the quantity recorded by the
other member, whether the other member was a broker or a local.

C. Bona Fide Contract Month, Strike, Put vs. Call and Side of Market (Buy vs. Buy
or Sell vs. Sell) Outtrades

When an outtrade exists due to a discrepancy as to the contract month, strike price,
whether an option trade involved a put or a call, or side of the market, and any party who
executed a customer order believes that the order has been executed in accordance with
its instructions, the outtrade may be resolved in any one of the following ways:

1. The trade may be busted. If a broker re-executes his order, any losses incurred by
the customer as a result of the delay in execution must be adjusted by check. If
the order is executed at a more favorable price, the customer is entitled to the
better price.


upon the payment by the employer of such periodic fees as may be established by the
Exchange. No floor clerk shall be permitted to enter the Exchange Floor without a badge.
Floor clerks may perform only such services and other clerical, telephone communication,
and informational duties as may be specifically permitted by the Exchange. (See Appendix
3B.)

Floor clerks are strictly prohibited from soliciting orders. Floor clerks may not be registered
as an Associated Persons except as provided in Regulation 301.07. They may communicate
orders to the pit from their position or communications instrument by use of hand signals, oF

verbal notification, or an approved automated order entry device.
: 4

erd it} fashi. ft diately—hr Ad. Att +t pi 4: yet
der ther-fa SI amediateh, de-and. tans ina

In the event a floor clerk is registered as an Associated Person in violation of this Regulation.
the Exchange may cause such floor clerk's floor access keycard to be immediately
deactivated. Upon termination of the Associated Person status. a floor clerk's keycard may
be reactivated.

Fi Jerk permitted to-nun-on-the Exchange F} inth idors-of the-building
d-shall_at alli aintain-d - The Floor Conduct Committee may recall floor clerk

badges for cause and may exclude from the Floor any non-member employee of any member
or member firm.

Employing members and member firms shall be responsible for the respensibilityof conduct

and appearance of their employees on the Exchange Floor shalbe—that-of-th rb

employer and shall be subject to discipline for the actions of their employees on the Exchange

Floor.

Notwithstanding Rule 420.00, nonmembers holding a Floor Clerk badge or a Broker Assistant
badge shall not have any interest whatsoever in an_ commedity-futures-or nedity options
account which contains positions in futures or options contracts traded on the Exchange. No
member or member firm may jointly hold such an account with a nonmember Floor Clerk or
Broker Assistant, and no member firm may accept or carry any such account in which a
nonmember Floor Clerk or Broker Assistant holds any interest.

Provided, however, that the following shall apply to any person who has Series B-2
(Associate), Series B-3 (GIM), Series’ B-4 (IDEM) or Series B-5 (COM) membership,
Membership Interest, or permit holder status on the Exchange and who also holds a Floor
Clerk or Broker Assistant badge.

Such person shall not trade for, or carry in his account or an account in which he has any
interest, any positions in contracts traded on the Exchange except for those contracts which he
is entitled to trade as principal or broker for others by virtue of his membership or permit
holder status as referenced above. However, a member or permit holder who holds a Broker
Assistant badge, and who stands in an area designated for broker assistants outside of a
financial futures or financial options pit, may carry in his account or an account in which he
has an interest, any positions in contracts traded on the Exchange, provided that the orders for
such positions are placed through the normal customer order flow process.


An order for a changing transaction must be documented and time-stamped in
the same manner as a customer order, in accordance with Regulation 465.01.

A changer shall clear its changing transactions through an account
exclusively designated for such purpose. This changing account at all times
shall be evenly spread between the relevant mini-sized contracts and their
full-sized counterparts. However, changer accounts which have e-cbot
transactions pending for clearing on the next trade date are exempted from
the evenly spread requirement.

All changing transactions shall be clearly identified as such by appropriate
accounts or symbols on all records of the changer and on the records
submitted for clearing.

D. Fees — Changers may be obligated to pay changer transaction fees to the Exchange,
in such amounts, at such times, and in such manner as the Exchange may prescribe.

E. Miscellaneous

1.

No changer’s representative shall enter into a changing transaction in which
he appears as the executing member on each side of the transaction.

If applicable, a member futures commission merchant shall disclose to its
customers that the price at which a trade is executed on the Exchange may
include a changer’s fee, and, that the amount of the changing fee, if included
in a transaction price, shall be disclosed to a customer upon request.

No member or employee of a member shall require, induce or attempt to
induce, either directly or indirectly, a floor broker or member to execute any
transaction through a changing transaction or to utilize the services of a
particular changer or changer’s representative.

No member may give a market order, a priced order, or a discretionary order,
to a changer’s representative except by open eutery auction, nor without first
seeking a bid or offer, nor without executing as much as possible in the pit at
prices which such member reasonably expects to be the best available.
Members may not enter priced orders with a changer that are off the current
market in both the mini-sized contract and its corresponding full-sized
contract.

No member shall give orders to a changer’s representative for quantities that
he could reasonably expect to execute in the pit for the relevant mini-sized
contract. (04/01/03)

333.00 Trades of Non-Clearing Members - (See 207.01) (05/01/06)


account owners for open auction trading of the same cemmedity product and the same
delivery expiration month er and, for options, the same eption strike price, may execute
such orders for and directly between such account owners provided that the member shall
first bid and offer openly and competitively by open eutery auction at the same price,
stating the number of contracts. If neither the bid nor the offer is accepted within a
reasonable time, the orders may then be matched by the member in the presence of a
member of the Pit Committee. If either the bid or the offer is accepted in part, the
remainder of the orders may be matched pursuant to the requirements of this Regulation.
The member making the trade shall clearly identify-#note on the order or other document
used to record the trade, shall-nete-thereon-the time of execution to the nearest minute,
and shall present such record to such member of the Pit Committee for verification and
initialing. (10/01/02)

331.05 Block Trade Transactions — The Exchange may designate any contract initially
listed for trading on or after December 31, 1999 as eligible for Block Trade transactions
under this Regulation and shall determine the minimum size thresholds for the contracts
in which Block Trade transactions are permitted. In determining the minimum size
threshold, the Exchange shall take into consideration (to the extent available) the size
distribution of transactions in the contract, the size distribution of transactions in the
related cash or over-the-counter markets, and all other information relevant to transaction
size in the relevant contract. The hours of operation of the Block Trade facility shall be
determined by the Exchange.

Members may enter into transactions outside of the Exchange’s central markets, at prices
mutually agreed, with respect to contracts that have been designated by the Exchange for
such purpose, provided that the following conditions are satisfied:

a) Each buy or sell order underlying a Block Trade must (i) state explicitly that
it is to be, or may be, executed by means of a Block Trade and (ii) be at least
for the minimum transaction size as determined by the Exchange. Orders
may not be aggregated in order to achieve the minimum transaction size-;
provided, that_a_ commodity trading advisor registered (or exempt from
registration) under the Commodity Exchange Act, including without

limitation any investment_advisor registered (or exempt from registration)

under the Investment Advisors Act of 1940, or a foreign person performing a
similar role or function subject as such to foreign regulation, with total assets

under management exceeding $25 million, may aggregate customer orders in
order to achieve the minimum transaction size.

b) The price at which a Block Trade is executed must be fair and reasonable in
light of (i) the size of such Block Trade; (ii) the price and size of other trades
in the same contract at the relevant time; and (iii) the price and size of trades
in other relevant markets, including without limitation the underlying cash
market or other related futures markets, at the relevant time. . The price at
which a Block Trade is executed shall not affect conditional orders such as


process. Where the positions are carried at different futures commission merchants, the
receiving firm has the responsibility to assure compliance with this regulation (01/01/06)

444.63 331.10 Giving Up the Name of a Clearing Member and Give-Up Transactions

An individual must have prior permission from a clearing member to give-up its name for
a trade executed on the Exchange. A floor broker is prohibited from giving up in the pit a
name other than the executing clearing member placing the order. Give-up orders are
prohibited when used as a pricing mechanism in connection with cash market contracts.
Pricing in connection with cash market contracts must be done only on a versus-cash
basis pursuant to the requirements of Regulation 331.08.

The futures commission merchant (“executing FCM”) executing a trade on behalf of
another futures commission merchant (the “carrying FCM”) (including such carrying
FCM’s customers) must submit the trade to the Clearing Services Provider for clearing.
and remains responsible for the clearing and settlement of such trade as prescribed by the
Clearing Services Provider. Executing FCMs and carrying FCMs must_utilize_an
automated invoicing system for commission payment resulting from give-up transactions.
as determined by the Exchange. Notwithstanding the foregoing, the executing FCM
carrying FCM and, as applicable, the customer on the account at the carrying FCM for
which the trade is executed, may by agreement set out their respective obligations and
financial responsibility to one another relating to the transfer of the trade. (01/01/06)

332.00 Orders Transactions Must Be Executed in The Publie Open Market - All
orders-zeeeived-by futures or options transactions executed by any member of this the

Exchange, on the Exchange Floor, firm-ereerperation,deing-business-on-Change_to-buy

cell for fats delivery £ th, iti. dealt; the FE] fthe Exch.

very-any_of th rp a

ra f- aa ; bh: £¢ - erat) zh, todd t-to—R. 1. ti

(exeep xchangeforcash_property d-pursuant

334.05) must be executed openly and competitively by open outery auction in-the-open

market inthe Exel Hall during the-h regular open auction trading hours. and;

eExcept as specifically provided in Regulations 334.03, 331.04, 334.05-and 35046; under

no circumstances shall any member; or member _firm poration—assume—to—ha’

executed any ef such orders or any portion thereof by acting as agent for both buyer and
seller, either directly or indirectly, in their his or its own name or that of an employee,
broker or other member of the Exchange; provided, that on transactions where brokers as
agents for other members meet in the execution of orders in the open market and without
prearrangement unintentionally consummate-a-contract execute a transaction for the one
and same clearing member principal, such transactions shall not be considered in
violation of this Rule. 202A (04/01/05)

fexeent-th: }: Fi e
ra pt ptt VORVIRE +e SB a
+h ted suantte Resulatien 331.05). + be-made-in-tl: ‘ketinth

S pi +03}-3u YP
pF ibed-by-Rules 332.00-and 31000-1866



(b) transferring existing trades from an account carried by one futures commission
njerchant to an account carried by another futures commission merchant where no change
in ownership is involved, provided that no such transfer may be made for the purpose of
evading and avoiding delivery on such trades and provided further that if such transfer is
made after receipt from the Clearing Services Provider of a notice of intention to deliver
applicable to such trades, then the notice of intention to deliver must be passed through
the Clearing Services Provider_along with the trades so transferred and the Clearing
Services Provider shall thereupon pass the notice of intention to deliver to the futures
commission merchant carrying the account to which such transfer has been made and
delivery shall be taken by such futures commission merchant. All such transfer trades
shall _be designated as such and must_be cleared through the Exchange’s Clearing
Services Provider in the manner provided by the Clearing Services Provider;

(c) exchanging futures for, or in connection with, cash commodities. swap transactions,
or over-the-counter derivative transactions. as specified in Regulation 331.08:

(d) to establish the prices of cash commodities;

(e) correcting errors on cleared trades, provided that the original trade record confirms the
error, and such transfers are identified in the manner required by the Exchange’s Clearing
Services Provider; or

(f) transferring trades executed on behalf of another futures commission merchant from
the account of the executing futures commission merchant to the account of the other
futures commission merchant or its customer where no change of ownership is involved
(“give-up transactions”), provided that such give-up transactions are identified _in_the
manner required by the Clearing Services Provider.

The Business Conduct Committee ("BCC"). or designated _staff pursuant to delegated
authority, may, in its discretion, upon written request. exempt a transfer trade from the
requirements of this Regulation provided that the transfer trade is made for the purpose of
combining the positions held by two or more commodity pools which are operated by the
same commodity pool operator and traded by the same commodity trading advisor,
pursuant to the same strategy, into a single account so long as the transfer does not result
in the liquidation of any open positions. and the pro rata allocation of interests in the
consolidating account does not result in more than a de minimis change in the value of
the interest of any pool participant. Additionally, the BCC, or designated staff pursuant to
delegated authority, in its discretion, upon written request, may exempt_such other
transfers in connection with or as a result of, a merger. asset purchase, consolidation or
similar non-recurring transaction between two or more entities where one or more entities
become the successor in interest to one or more other entities.

Transfer trades must be made at the same price or prices which appear on the books of
the transferring futures commission merchant, and the transfer must also show the date
when such trade or trades were originally made. However, the BCC. or designated staff
pursuant to delegated authority, in its discretion. upon written request, may permit the



333.01 Error Accounts - (See 207.03) (05/01/06)

333.03 Funds in Trading Accounts Carried by Clearing Members - (See 207.04)
(05/01/06)

335.00 Bids and Offers in Commodities Subject to First Acceptance - Any offer made
on Change the Exchange Floor to buy or sell any commodity-for future-delivery futures
or options contract is subject to immediate acceptance by any other member. All such
offers shall be general offers and shall not be specified for acceptance by particular
members. 254 (08/01/94)

336.00 Bids and Offers ia-Commedities Subject to Partial Acceptance - If an offer is
made on Change-(the Exchange Floor} to buy or sell any specified quantity of any
et dity-forfutare-delivery futures or options contracts, such offer shall be deemed an
offer to buy or sell all or any part of such specified quantity and, if not immediately
accepted for the entire quantity, it may be accepted for a quantity less than specified.
Orders or offers to buy or sell a specified quantity or none shall not be allowed, except as
specifically provided in Regulation 331.03. 255 (07/01/00)

336.01 Guaranteeing Terms of Execution - Any member or member firm who receives
an order to buy or sell a futures eentract or options en-a futures contract for execution on
the Exchange is prohibited from directly or indirectly guaranteeing the execution of the
order or any of its terms such as the quantity or price. A member may only report an
execution that has occurred as a result of open eutery auction or has been effected

through an-Exchange-approved autoniited order entry facility e-cbot.

This regulation shall not be construed to prevent a member or member firm from
assuming or sharing in the losses resulting from an error or mishandling of an order.
(08/01/94)

337.01 Orders Involving Cancellations Accepted on a 'Not Held' Basis - All orders
involving cancellations that reach the Trading Floor 10 minutes or less before the
opening or resumption of the market, as applicable, and all orders involving cancellations
that reach the Trading Floor 10 minutes or less before the close of the market may
involve extraordinary problems and hence will be accepted solely at the risk of the
customer on a ‘not held’ basis.

All orders must be received by the floor broker within a reasonable time prior to the
opening, the resumption or the close of the market, as applicable. Such other orders not
received by the floor broker within a reasonable time prior to the opening, the resumption
or the close of the market will be accepted solely at the risk of the customer on a ‘not
held’ basis. 1847 (09/01/98)

350.00-Frade-Cheeking Penalties—(See563.00} (08/01/94)


331.02A Acceptable Orders - Market orders to buy or sell, closing orders to buy or
sell. spread orders, straight limit orders to buy or sell. and straight stop orders to buy or
sell shall be permitted during the last day of trading in an expiring future. Time orders.
contingency orders of all kinds, market on close, inter-month spread orders involving an
expiring future. and cancellations, that reach the Trading Floor after 11:45 a.m. on the
last day of trading in an expiring future, may involve extraordinary problems and hence
will _be accepted solely at the risk of the customer. This Regulation shall only apply to

open auction trading hours.

331.03 All-Or-None Transactions - The Board of Directors shall determine the
minimum thresholds for and the conmmeodities futures and options in which All-or-None
transactions shall be permitted in the open auction market. The following provisions
shall apply to All-or-None trading:

(a) A member may request or make an All-or-None bid and/or offer for a
specified quantity at or in excess of the applicable minimum threshold during

the hours-of regular open auction trading hours in the appropriate trading
area.

(b) A member may respond by quoting an All-or-None bid and/or offer price. A
bid or offer in response to an All-or-None request shall be made only when it
is the best bid or offer in response to such request, but such price need not be
in line with the bids and offers currently being quoted in the regular market.

(c) A member shall not execute any order by means of an All-or-None
transaction unless the order includes specific instructions to execute an All-
or-None transaction or the All-or-None bid or offer is the best price available
to satisfy the terms of the order.

(d) An All-or-None bid or offer may be accepted by one or more members
provided that the entire quantity of the All-or-None order is executed at a
single price and that each counterparty to the order accepts a quantity at or in
excess of the designated minimum counterparty threshold. Each order
executed opposite an All-or-None order must be for a quantity that meets or
exceeds the minimum counterparty threshold. Separate orders may not be
bunched to meet the minimum counterparty threshold.

(e) The price at which an All-or-None transaction is bid, offered or executed will
not elect conditional orders (e.g., limit orders, stop orders, etc.) in the regular
market or otherwise affect such orders. :

(f) All-or-None transactions must be reported to the reporter in each pit who
shall designate the price quotes for All-or-None transactions as All-or-None
price quotes.


Ch3 Market Quotations

Ch3 Market Quotations

320.02 Wire and Other Connections - Any use on the Exchange Floor of wired or
wireless communication devices, or any software, shall be subject to the approval of the

Exchange pursuant to Exchange policies. The~privilege—of teh phoni th
é tion_between-the-office-ofa ber-and_the-Exchange-shall net -be-enjeyed-as-a
ight of tt raber,-but shall rest in-th tion-of the Exchange:

N, ly, shall oft, 1 4, halt-h: 4: ted_di: +]. indi: thy ich +
Ne-member-shall_af not 20 posted directly or indirectly furni:
the-member_named-therein-any_faeilities for-comnmunieation-hetween-the-office-of th
m +b Fai re athe Fl, Fh: R: ane het HF th, FF f th, # be
e em aE ath, FF Co 2 5 thi by +
320.04 Consent _Required—for_W- Ne-member_shall_establish-or-mais it
$35, ca dd, Hat it ire]. ti, het ii.
mi fany-deseript t permit-wireless-communication
£5, 4th, fF, if by 7 43. £: indpdvual-t 3
a off any. mm poration firmorindivi ansacting
brolk, bush ath, ft — haat: fprot biainad th, J] £4}:
anking—orbrokerage—business,—without having the—approval
Th eat f; hey 3, £ teats. shall be 4 for
The-app asf an uF hall-be-in-aform
Thi if bli Jeph tel, b H +t, vat
use-of public telephone-or-telegraph-service_in-such-manneras-t wmLie-p
tion shall-be deemed-to-be-within-this Regulation.
3204 05, Resistrati 3th E'woh. are zo Jy ff + hall
Regi with Exchange ry-Such—m £ unicatior
Fesist ve) +th the-Esch: +, th: ith the-tel, hj. telenh, ra a 11.
gistered-with the Exchange, together-with the telegraphic, telephonie_or-wireless-ca
Hsed4: 4307 -th, Hth- the Exch: ores I, Jy 4: 7 + td
us nnection-therewith; the Exchange-may-mak requ tse é
PRatters. +-shall dy a 4, abl,
deem 5 able:
f- Communications—Notice-of the discentit f
" shall-b } to-the-Exch: - and-th:
ati promptly_giver Exchange-and-th
" its. 3 +, “di, £
anytime - anys



executes at least one leg of the spread, shall simultaneously make a written record of
the order and record the time of placement to the nearest minute or simultaneously
enter the order into an approved electronic device. If a written record is made, Fthe
order and the time shall be recorded on the member's trading card, which shall be in
sequence with other trading cards used by that member. Fhe Any trading card used to
record the placement of the verbal order and the any trading card or document used
to record the execution of the order must be submitted together to the clearing
member by the member placing the order or designated representative in accordance
with the collection schedule established by the Exchange.

(b) Every written order that is initiated by a member for his own account, or an account

over which he has control, while on the Exchange Floor, must be dated and time
stamped upon transmission for execution, and when retumed or, in the case of an
arbitrage or a flashed transaction, when confirmed or cancelled. (08/01/94)

F A d
desiznated for_brok istants- - financial-fut tion-pit_which_is-clearl
nated _for_brokerassist ry ‘utures_or_option-p y
defined-as-the-area behind the top-step- is prohibited-f Jacine-verbal ord flashed
area-behind the top-stepis-pi F bal orders-or fla:
dersfor-h j + while-standine- in-that-lecation—-Suel b 1
iF personal_account hile standing. Such members-are-al
hibited fr -ecutine trades -while-standing in this location—For-th £th
prohi ge ing in-thist - e-purp
Regulation—tradi defined tine trades 5 Le t count
eulationt & E e s-fer_one's-_persona s
£-aneth ber-or_a—eustemer——Such_memb —only_enter_ordersfor-t}
A ts-by-placi h-orders-th th Leust dexflow.
person y-placing 2 ugh the normaleu: DE
hich requires that-th ber] the pitte-pl der_(OW/OLW9T)
prequires that pitte- place an order (07019F,

332.10 Records of Customer Orders - Each member who, on the Floor of the Exchange
receives a customer's order which is not in the form of a written or electronic record
including the account identification. order number and date and time, to the nearest
minute. such order was received on the Floor of the Exchange. shall immediately upon
receipt thereof prepare a written or electronic record of such order, including the account
identification, unless the order qualifies for and is executed pursuant to and in accordance
with CFTC Regulation 1.35(a-1)(5), and order number. and shall record thereon. by
timestamp or other timing device, the date and time. to the nearest minute, such order is
received. Non-erasable ink must be used to record all such information in the case of a

written record. (11/01/94)

332.11 Changers — The Exchange shall permit a clearing firm to act as a changer, subject
to the provisions below, for the purpose of engaging in changing transactions involving
CBOT mini-sized Com, mini-sized Soybean or mini-sized Wheat futures contracts and
their full-sized counterparts. A changing transaction involves the purchase or sale of a
commodity between a changer and another member, which on the part of the changer is
part of a spreading transaction between a mini-sized contract and its corresponding full-
sized contract.

A. Application and Notices


proprietary account of a member firm must be designated as CTI 2
transactions.

CTI 2: Electronic Trading and Open Auction- Applies to orders
entered/trades

executed for the proprietary accounts of a member firm or member firm

affiliate, as defined in Regulations 230.02 or 230.03. Members initiating

and executing trades by open auction for the proprietary accounts of a

member firm may participate in the Exchange’s CTI 2/1 Conversion

Program.

CTI 3: Electronic Trading- Applies to orders entered by a member or a
non-member Registered User for the account of another individual
member or an account controlled by such other individual member.

CTI 3: Open Auction- Applies to orders that a member executes on behalf
of another individual member, or for an account such other member
controls or in which such other member has an ownership or financial
interest.

CTI 4: Electronic Trading and Open Auction - Applies to all
orders/transactions not included in CTI categories 1, 2, or 3. These

typically are orders entered by or on behalf of non-member entities.

332.04 Records of Floor Traders - Each member executing transactions on the Floor of

the Exchange for his or her personal account, {Fy¥pe—trad definedin-CF TC
Regulationt35(e}}_who uses trading cards as his or her original record of such
transactions, must ute—suchtransacti theFleer-of the Exchange-using use

pre-printed sequentially pre-numbered trading cards. A new trading card must be used at
the beginning of each time bracket as designated in Regulation 332.02.

Each member who uses trading cards must record the transactions in non-erasable ink in
exact chronological order of execution on sequential lines of the trading card, ¢ and no
lines may be skipped). Provided, however, that if lines remain after the last execution
recorded on a trading card, the remaining lines must be marked through. All transactions
which are recorded on a single trading card must be recorded on the same side of such
trading card. No more than six transactions may be recorded on each trading card.

The trading cards must contain pre-printed member identification which will include, but
will not be limited to, the trading acronym and the full name of the member. The trading
cards must also contain preprinted bracket designations. Such trading cards must_be
distinguishable from other trading cards used by the member during a one week period.

Members who use an approved electronic device to record their trades. whether as an
original record, or subsequent to recording their trades on trading cards, must record their



Individuals who are admitted to the Exchange Floor pursuant to this regulation shall not be
authorized thereby to execute trades or to perform any other functions which are reserved to
members or clerks on the Exchange Floor.

301.07 Floor Clerk-Speeial Temporary Badges - The Floor Conduct Committee, or
designated Exchange staff pursuant to delegated authority, may issue special temporary
badges authorizing non-member employees of members or member firms to perform the
duties of a "Floor Clerk" as defined in Regulation 301.05. Such authorization shall be for a
specific period not to exceed #ve-weeksten business days. Fhe-Member FirmStaff Servi

D ta} ds-of-th thi

holt 3:
partment shall maintain proper +

When such non-member employees are Associated Persons, such authorization may be
granted for a specific period not to exceed three business days but only if the employer
demonstrates to the satisfaction of the Floor Conduct Committee, or designated staff pursuant
to delegated authority, that it has a reasonable business necessity for such

authorization.temperarilytack ugh-availableFloor-Clerks-t tits_busines ds. No
particular employee can be so authorized for more than three days in any calendar month.
A i 4: £, by hi: y } 4 jal—bad. ya th. Exel} Ss +
pp! membership—maay dsp de . eS evi
Depart: tf ied-often busi a
part te in ry
G ,
Fhe-Fleor-Conduet_Committeeor_designated-Exchange
th, +: halt tte tod ds by d
ty;-shall—up cit BF y nrber-and
had: +o trai: hey loys f he:
ges Fa aber-employ mena bers—OF
4. i of -h—trak +, +h Exch. Hall Su 7
thirty-dax tod. te ethtae sett d- by,
y-day—p any EOF
hh +h: tra3- the Exch: FB, t-
than. the-Exehang ry
duties_of-a "Fleer-Clerk"-as-defined in-Regulation SOL05.
hi } hall hy, pt sible f hi
D +4} t chal] 3i3ta3:
sDepai tai
iat, halt th, 354, £
izations: Hf wa-shalluse-the-p:

hy

301.10 Twenty-Five Year Member - When a Series B-1 (Full) or Series B-2 (Associate)
member who has been such a member for twenty-five years or more transfers his membership
or delegates the rights and privileges of his membership under Rule 221.00, said such member
shall be issued an Honorary Membership Badge by the Exchange which will entitle the
former member to access the Trading Floor (with the exception of the Trading Pits), and to
remain on the Exchange's mailing lists.

301.11 AP Applicants for Membership - Applicants for membership may be issued special
badges by the Member Services Department, for a period of ten business days. for the limited
purpose of observing Floor activities. If an applicant is registered as an Associated Person.
such a special badge may only be issued _wWith the prior approval of the Floor Conduct
Committee, or designated Exchange staff pursuant to delegated authority.;-an—Associated

P d-an-apphicant bership-may-be admitted to-the Floor of the Exehange-for-th
Liratted. Ff oh: 4 rary. -], cotretrt f thy by doth. 3473], v1
mited_purp sving Flora ner privileg
embers-who-have-been-allowed access te-the Floor_Such-admittance shall be limited 4
ee {4 Iyycy: ay
ap Fi i -days}


T} ‘hold t hy ted +t, ai bit A: dial fy vi
provisions shally interpret ian individual ing employed-as-a
Floor Clerk ora Broker Assistant- simp! another family-member-is-a fh
Exehange—who—trades—forhis—or-her-own—persenal_account,whether_such-individual_i
empl. dbs the £ 3]. 99 by by Lh, J, v7
aployed-by-the family_memb ¥-anot saber Floor Clerks-and Brok
t. f aI hited iti ot: trad, a: Lh, pats,
\ssistar trietly-prohi mini e-trades-or-advising-on_the_initiation-of trad
£ £< hoy, ft - 6th
for-a-family- member's account or any ant
WVielat f +h: RQ 1 holt by, £, 4, u
A Kegutat beret penst ¥ tien-of-a-p 4h
1 1, df; 4, 1. fh: 1 +
access-privileges-ar pen pulsi is-employer,_or-such-other-action-as-th
FE, ral var 4 4 d. +] th, 1, 5],
onda amittee—may—d ppropriate—in—accerdan h—the—applicabl
cd: t forth ‘hant, 5 In th, 2@334- I, jerk ict, a nA tad
P s-set +-Chap nth af is register A:

Dp, + Tati, f +h: R Tati, 7 3 df; a J 5, 23 the EI,
ndel thi ation—a ar a5 th
Conduet-_Commitiee may—ea h-floor-clerk's 4} keyeard—to—b ediately
deactivated-and-take-whatever other disciplinary action it deems-n y-consistent-with this
R lath {1 4, inatiy £the A sated D, wn ctat I, Jorlktc | J zh,
gulation—Upontemminati ia n-statas,-a fl k y

A non-clearing member holding a Floor Clerk or Broker Assistant badge shall be required to
notify his Primary Clearing Member, as defined in Rule-333.00 Regulation 207.01, of the
name, address and immediate supervisor of the member or member firm by whom he is
employed as a Floor Clerk or Broker Assistant. Upon a Primary Clearing Member's
revocation of clearing authorization in accordance with Rule333.00(e) Regulation 207.01(c),
the Primary Clearing Member immediately shall give written notice to the member or member
firm who employs a non-clearing member as a Floor Clerk or Broker Assistant that the
non-clearing member's clearing authorization has been revoked. A non-clearing member
holding a Floor Clerk or Broker Assistant badge shall be denied floor access privileges upon
the revocation of clearing authorization by his Primary Clearing Member. The floor access
privileges of a non-clearing member who holds a Floor Clerk or Broker Assistant badge may
be reinstated upon the filing of a release with the Member Services Department by the
non-clearing member's Primary Clearing Member in accordance with Rule—333.00(d)
Regulation 207.01(d).

301.06 Floor Access by Annual Election Candidates and Non-Member Directors -
The following are permitted physical access to the Floor of the Exchange:
a) Candidates in the current year's Annual Election who:
- Have been nominated in the manner set forth in the Certificates of
Incorporation and ByLaws of CBOT Holdings and the Exchange, as
applicable; and

- Do not already have Exchange Floor access by virtue of a membership
privilege.

b) Non-member Directors on the Exchange's Board.


(g) Under no circumstances shall All-or-None orders to buy and sell both be
executed in their entirety opposite each other.


312.04 Helidays—The-foll ing-day declared to} holidays it: New ¥ e's Day
3h i £ ar fa Gays; + ¥ a
G: D—Martin _Luther-Ki. Je—Day(3ed-_Menday_in_t: Washinsten's Biethd.
Ganuary—bH_h tn uthe se Day MORAY Bary);—Was! te Birth
(3xd-Mondas: jn Feb: d-Friday—M: jal Day-Gast Monday in_M: Ind
Grd Mk ry rary -G: Friday; 33 a Day-Hasth ae say), naependence
DayGalb-4Laber-Day-(1st Monday in Sentember)_ Thank: ine _Day-(4th Thursday j:
way Ys YTS vronGay PB Te tah Be aye + yt
Nevember)-and Christ Day Di ber25)
~ +per)}-and ist came mper 2s}.
Wh a held: fall Sunday—the-Mend: + follows: halle sid

HCR-AA5—-SUCR- day ii aay tt neay ext ving Shalt At SUCH
heliday—Wh: ch -helidays-fall Saturday—the-Fridayi: diate}: 4 hall-by
renday—Y any-such ry saturday; ay atately pr i
313.00 Sunday Holidays— Wh tract: iti Hy Sund:

UH days-orHolidays—¥ OH ss nedith Pur ay,

heliday—perk +h. £shall-b. d +h dine busi: d

By per Shi te pi Hae buy Gays


(a)

The following transactions may be executed outside of the Exchange’s central

markets, in accordance with the requirements of this Regulation.

(i) Exchanges of futures for, or in connection with. cash commodities
(Exchange for Physical Transactions” or “EFPs”). EFPs may be
executed in all CBOT futures contracts.

(ii) Exchanges of futures for, or in connection with, swap transactions
(Exchange for Swap Transactions” or “EFSs”). EFSs may be
executed only in U.S. Treasury Bond futures; Long Term, Medium
Term. and Short Term U.S. Treasury Note Futures; Dow Jones-AIG
Commodity Index’ Futures: and 10-Year_and_5-Year Interest Rate
Swap Futures: and

(iii) Exchanges of futures for. or in connection with, over-the-counter
derivatives (“OTC”) transactions (“Exchange for Risk Transactions”
or “EFRs”). EFRs may be executed only in CBOT agricultural
commodity futures and in U.S. Treasury Bond Futures; Long Term,
Medium Term, and Short Term U.S. Treasury Note Futures: Dow-AIG
Commodity Index*TM Futures; 30-Day Fed Fund Futures and_10-Year
and 5-Year Interest Rate Swap Futures. The OTC component of an
EFR_must_comply with any applicable regulatory requirements
prescribed by the Commodity Futures Trading Commission.

(iv) __ Options on futures are not a permissible component of an EFP, EFS or
EFR.

For purposes of this Regulation, all EFPs, EFSs and EFRs shall be referred to as

Exchanges of Futures for Related Positions.

(b) The Related Position (cash, swap, or OTC derivative) must_involve the
commodity underlying the futures contract, or_must_be_a derivative, by-
product or related product of such commodity that has a reasonable degree of
price correlation to the commodity underlying the futures contract.

(c) An Exchange of Futures for a Related Position consists of two discrete, but

related simultaneous transactions. One party must be the buyer of (or have the
long market exposure associated with) the Related Position and the seller of
the corresponding futures, and the other party must be the seller of (or have
the short market exposure associated with) the Related Position and the buyer
of the corresponding futures. However. a member firm may facilitate. as
principal, the Related Position on behalf of a customer, provided that the
member firm can demonstrate that the Related Position was passed through to
the customer that received the futures position as part of the Exchange of
Futures for Related Position transaction.



. 141 W. Jackson Blvd.
ChicagoBoardof Trade Cherelle
August 28, 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 # 2715.02
Rule Certification
Dear Ms. Donovan: =

By letter dated August 18, 2006 (Reference File #2715.01), the Chicago Board of Trade
(CBOT®) submitted, pursuant to Commission Regulation 40.6(a), amendments to Chapter 3,
Regulations 444.01 through 444.05 and Rule 922.00 (copy enclosed).

This supplemental filing, in hardcopy format, reflects these additions and deletions previously
filed electronically.

The CBOT intends to implement these amendments on or about September 1, 2006.
There were no opposing views concerning these amendments.

The CBOT certifies that these amendments comply with the Commodity Exchange Act and

the rules thereunder.
Sincerely,

Paul J. Draths
Vice President and Secretary
b081506

www.cbot.com


+4e-one-ormore-oth titi

444.02 Transfer Trades for Purpose of Offsetting DJIATM Futures - (See 331.07

MWGth-thi t-of-th ‘2 trol 1, rf by
. emnen

Dew {$5 Multiplier} tracts-to-l1-fene} DITA Ind tract

TOWNS: EPaeEy YORE >

Offset-and-lasidate-t ini-sized Dow ($5-Multiplies) fut jth inst
FF t ABA SH Ds SPORE HOE) FOR RFOS-p BarRSt

hort DITA Index ($25 Multiplier) fut iti hort-mik ized Dow($5

{20M per) at # > {:
Ms: ith inst] PITA Index ($25 Multiplier} fur:
aE P B e 'S 1S PHeEy

tract—(03/20/06)
pen pt TESTS a

444.03 Give-Up Transactions - (See 331.10)


Ch3 Market Quotations

320.15 Market Quotations - For transactions made on the Floor of the Exchange. tThe
reporter in each pit shall be the judge of what constitutes a proper range of quotations to
be sent out, subject to the supervision of the Pit Committee in the respective pits.

Quotations sent out must be based on bids. offers or transactions made in the open
market. The term "open market" means a bid or an offer openly and audibly made by a
public outcry and in such a manner as to be [epen] available to all members in the pit at
the time.

It is not permissible for members to reform a trade by changing the price at which orders
have been filled, nor to report as filled orders that have not been filled. Any quotations
based on a transaction made in the open market, already distributed or sent out over the
wire, shall not be cancelled except as provided by Regulations 320.14, 320.17, and
320.18 and 320.14,

320.16 Fast Quotations - Whenever price fluctuations in the pit(s) are rapid and the
volume of business is large, the pit reporter, upon authorization of the Pit Committee
Chairman or his designated representative from the Pit Committee, shall cause the
"FAST" symbol to be used in conjunction with all Exchange quotation displays and
records reflecting transactions made in the pit. (The "FAST" symbol shall be abbreviated
"F" when used on Exchange quotation and display devices.) The Pit Committee shall
determine at what time "FAST" market conditions began and terminated. When a market
is designated "FAST", the Ppit Rreporter shall endeavor to activate a "FAST" market
indicator clearly visible to the entire trading floor.

All prices in the range between those quoted immediately prior to and immediately
following the "FAST" market designation are considered officially quoted whether or not
such prices actually appear as trades on Exchange quotation displays and records. There
shall be no discontinuances.

The consequence of "FAST" market conditions is that a penetrated limit order may not be
able to be executed at the specified limit price.

In the event that a dispute arises concerning the execution of an order, the fact that a
market was designated "FAST" shall constitute evidence that market conditions were
rapid and volatile. A "FAST" designation does not nullify or reduce the obligations of
the floor broker to execute orders with due diligence according to the terms of the order.
Trading activities which violate the Rules and Regulations of the Exchange remain
violations under "FAST" market conditions.

320.17 Authority of Pit Committees over Quotation Changes and Insertions -

With respect to open auction trading:

(a) The Pit Committee Chairmen, Vice Chairmen or their Pit Committee designees may

change an opening range only within 30 minutes after the opening of the a


Ch3 Market Quotations

N. ” jeati, Inall ty, ths th: * fF +: trol, +,
:ch_-communieation-shall_be-other_than—by-means-of a zwit ystems
220-074 Teleph Exel 1. jt5-di: + telesh '

: Jephone 2e-poliey-permits-dir . ni
to-the—Trading_Fleer_fromth bers_or_member—firms_te-the-table-or-booth-of-a
elear: bi the Trad: aval

sing mem! ing

320.09 Transmission of Market Quotations - No member of this Exchange shall, by
any means whatsoever, convey or transmit continuously the market quotations from the
Floor of the Exchange to any person or entity located off the Floor of the Exchange,
except with the permission and Pursuant to the Tequirements of the Exchange. Fhis-does

not—prohibit—erdinary—conversati here—disseminat £—quetationsis—net
s £ todd Ith, hiect 4, ]- thed by RQ. J ot:
Sueh-p : sted, shall j 2es-as_preseribe

320.13 Commedity—and—Commedity Futures _and Options Quotations - The

transmission by any means of market quotations ef for any commoeditorcommodity
futures or options made-on listed on the Exchange shall be subject to the approval and

control of the Exchange. Such quotations shall include all bids, asks, and market prices of
any commodity or commodity futures or futures or options traded on the Exchange. each-business

day-bet pening of trading insu dity fut Lantilthirty
inutes-afier-thecl fsuchtrading— Such quotations constitute valuable property of

the Board of Trade which are not within the public domain. The transmission and receipt
of such quotations shall be subject to such conditions, including the payment of
applicable fees, as the Exchange shall impose. Failure to comply with such conditions
shall subject any member receiving or distributing such quotations to disciplinary action
pursuant _to_the procedures _ set_forth in Chapter 5 of the Exchange’s Rules_and

Judi: ca by Hj: wentet
Regulationsi HESPENSH ip-privileg:

320.14 Transactions Made at other than Current Market - Transactions made on the
Floor of the Exchange at a price above that at which the same futures centract or options
series contract is offered, or below that at which such futures or options contract is bid,
are not made at the current market price for such futures or options contracts and shall be
disallowed by the action of any two members of the relevant Pit Committee. If so
disallowed, such transactions shall not be reported or recorded by the Exchange or, if
already reported, shall be cancelled. A determination on whether a price(s) should be
disallowed must be made within 10 minutes after the Pit Committee has been notified
that the price has been called into question;; otherwise the quote(s}) in question must
stand. A determination pursuant to this Regulation to disallow a transaction shall be
final.


that-¥When such transactions are executed simultaneously on the Floor of the
Exchange, the executing member on each side of the transaction shall designate each
part of the trade as a spread on his written or electronic record of the transaction
ecards by an appropriate word or symbol clearly identifying each part of such
transaction.

that-fer options-the-sSpreads involving options must conform to one of the following
definitions, any multiple or combination of these strategies, or any generally accepted
relationship between options and the underlying futures, including but not limited to:

a. Vertical and Horizontal Spreads. Short one call (put) and long another call
(put) with a different strike price and/or expiration month.

b. — Straddles. Short (long) puts and calls in a generally accepted spread ratio.

c. Conversions and Reverse Conversions. Short (long) calls, long (short) puts,
and long (short) futures in a generally accepted spread ratio.

d. Butterflies. Two vertical spreads which share one common strike price.

e. Boxes. Long a call and short a put at one strike price and short a call and long a
put at another strike price.

f. Synthetic Straddles. Long (short) futures and short (long) calls or long (short)
puts in a generally accepted spread ratio.

g. Ratio Spreads. Long calls (puts) and short calls (puts) in a generally accepted
spread ratio.

h. Ratio Writes. Short calls (puts) and long (short) futures in a generally accepted
spread ratio.

i. Ratio Purchases. Long calls (puts) and short (long) futures in a generally
accepted spread ratio.

j. Synthetic Futures. Long calls (puts) and short puts (calls) in a generally
accepted spread ratio.

thatiln executing a ratio spread on the Floor of the Exchange, a member shall bid or
offer by open eutery auction either both the spread portion at a price difference and
the remaining portion (i.e., the "tails") at a specific price for each, or the entire ratio
spread at a separate price for each side of the transaction. A ratio spread that is
executed on the Floor, and if applicable, each part of it, must be executed
competitively by open eutery auction in accordance with this regulation and Rule
332.00. A bid or offer for a ratio spread is subject to partial acceptance in ratioed
units in accordance with Rule 336.00.

thatFor spread transactions at a yield difference the following conditions are must
be met:

a.  @One side of the spread is must be a yield-based futures contract, i.e, where
the final contract settlement price is calculated by subtracting a yield
measurement from 100.

b.  ¢Ihe sides are must be priced at the price spread implied by the yield spread.



332.07 Accountability of Trading Documents - Each member executing transactions on

the Floor of the Exchange, and his clearing member(s), shall establish and maintain
procedures that will assure the complete accountability of A ber-is-ae table for
all trading cards decuments used in the execution of trades, including trading card, d

forhis for the member’s personal account, whether or not the information on such trading
cards is also entered into an approved electronic device.

A_member is accountable for all —and-other documents used by the member in the
execution of trades made for others, including broker _cards on which original trade
information is recorded, whether or not such trades are also electronically endorsed.

Floor brokers who record flashed order executions on broker cards must record on the
broker card, the corresponding clearing firm number and order ticket number for every
flashed order execution. In addition, floor brokers who record flashed order executions
on broker cards must use non-erasable ink and may correct any errors by crossing out the
erroneous information without obliterating or otherwise making illegible any of the
originally recorded information. (12/01/96)

332.08 CTR Recordkeeping and Data Entry Requirements - Pursuant to Regulations
332.02, 332.04, 332-044, 332.05, 332.06, 332.07 and 332.09, each member and member
firm shall keep, in an accurate and complete manner, all beeks-and records required to be
made or maintained under the Rules and Regulations regarding submission of data to the
Exchange or the Clearing Services Provider for CTR purposes. All trade data
submissions must be done in a correct and timely manner.

Trade data includes, but is not limited to, the time bracket, executing broker, opposite
broker, transaction type, customer type indicator ("CTI") code (as defined in-CFFG
Regulation +35 -e) Regulation 332.03), trade timing and trade sequencing information.

If the member executing the trade does not provide the required data to the clearing
member, the clearing member shall enter "?" as the designation when submitting the
record of such transaction to the Clearing Services Provider. If the trade cannot clear
without the specific information, it is the clearing member's obligation to enter a "?"
designation and to obtain promptly from the member who executed the trade the
complete and correct information concerning the trade. (01/01/04)

332.09 Member Trading for Another Member on the Trading Floor -

(a) At the time of execution, every order, which is not reduced to writing, that a member
receives from another member who is present on the trading floor, must be recorded
in writing unless such order is immediately entered into an approved electronic
device. The member executing the order must record the time of execution to the
nearest minute on the any trading card or other document used to record the trade and
must return this card or document to the initiating member.

A member placing a verbal order, except for orders involving options-futures
combinations and other spread trades where the initiating member personally


Fhe—futur mamissi ant ting FEM”) Hing-atrade—on—behalfof
utur mam antexeeuting F He

+ of-such trad sibed-by-th

$41,
tth t e-aS-preseribed-By-tnt

ig] Piet ++}: Jat: OVO
jalresp -y-to-one-another relating “the trade {OHO}
444.04 Exchange of Futures for Related Transactions - (See 331.08)
fa) The—foll. +: 4) ty, ¢. yy ted tsid, ££ the Dych.
fa} e—transacti ay. utside—of_the-Exchang
tral etc}: d, ith +h i 7 RQ, 1.
in-accordance-v nts-of this Regulation. .
ren Exch: come ltt: £¢ Pf ti, ith. Hh
4} 3 ges—of—futuresfor, S
dities xchange for Physical Fi tions or J}'Ps")
EFPs may-be executed in all CBOF fuk tracts:
(43) Exeh: fata ; 4th:
ges—of fa 5 ip
£ 4 Cs + ty, 7? “BESo”\ BERS.
‘Bxehange-for FS”). S

Bond futures:-L
y SS

rettay Exch: f Lath £¢ ;: +3, sth. th,
Gi} Exchang ; tion-with,-over-th
t derivat LOTTO”) ten, £3, {SR ha: £5 Rick
ant ¢ ) —transactions—(“Exchange—for—}
‘Transaetions”-or “EFRs”). EFRs-may-be-executed-only in-CBOF
rieult } edit: fat ~ din TLS_T; Rond Pur: a
8 al-commodity-futures-andin-U.S. y :
yauwal t+ f- EER ft 35]: 3th 1H I
J . maply—with-any_applicab!
Jat, ¥ ts jhed—by +h, ‘a dits: Ext
repulatory—req P y¥-the-Commodity Futur
rerray Est: issibh. + ofa:
(iv) ns-on-futures-are-not-a-p .

EB £ +this-Regulation—all_EFPs,EFS d-EERs—shall-bi ferred
Ps; —Eb K



trades on the device in the exact sequence in which they were executed and must ensure
that the correct time bracket is entered for each transaction.

5 i it Each ber-executing-1 OR! 4h
FI £the—Exeh: d—his—elearis ber(s)—shalt_establish ad tad
+ RanSe;—a age SH tAOHK asta
precedures—that will th let tabilit—of-all inted. tial:
precedures assureth prete—accountaoHity pre-printed—seg ally
bered-trad: ard: db: hy b dai: Sueh-tradi 1
pt i u ry MEMDET-OF 5 7 trading
+ he dist: ishable fr ther-tradi: sare: d-by-thi ber-durt eek
FUE a i sess is used _by- 2-0

period:

332.05 Card Collection - At such times and in such manner as designated by the
RegulateryCompli G #ttee Exchange, each member shall provide his clearing
member with any trading documents which are relied upon for transactional information
necessary for submission to the clearing system containing those trades that have been
executed thus far during that day. Trading documents include trading cards of members’
personal and proprietary trades, trading cards of one member reflecting trades of another
member (CT3-pursuantte-CF TC Regulation+35-(e}-and floor order tickets.

A member may correct any errors on trading documents by crossing out erroneous
information without obliterating or otherwise making illegible any of the originally
recorded information. Alternatively, with regard to trading cards only, a member may
correct any errors by rewriting the trading card. However, if a trading card is rewritten to
correct erroneous information, the member shall provide his clearing member with the
top ply of the original trading card, or in the absence of plies, the original trading card,
which has been subsequently rewritten, in accordance with the same collection schedule
designated by the Regulatery-Compli © itteeExchange for trading documents
relied upon for clearing purposes.

Following the collection of the above-stated documents, the clearing member shall ensure
that all such documents receive an Exchange-designated time stamp upon collection.
(12/01/96)

332.06 Records of Proprietary Orders - Immediately upon receipt on the Floor of the
Exchange of an order from a proprietary or house account, (Fype-2-trades-as defined in

35 each member or registered—eli + Bi
member firm shall prepare a written record of the order unless such order is immediately
entered into an approved electronic device. #t Such written record shall be dated and time
stamped when the order is received and shall show the account designation.

Such written records of proprietary orders of both clearing and non-clearing member
firms need not be prepared if the members executing such transactions on the Floor of the
Exchange are employed by such member firms and meet the recordkeeping requirements
set forth in Regulation 332.04. However, such members must register with the Exchange
and may not trade for their personal accounts. The executing members may record
proprietary orders in this manner if they have initiated such orders, or if their employing
firm has placed proprietary orders with them for execution. (10/01/00)


301.12 Membership Floor Access Badges - Any member or delegate whose floor access
trading privileges have been revoked, suspended or lawfully discontinued for any reason must
retum the floor access membership badge and access card to the Member Services
Department within 30 days from the termination of floor access privileges. Any failure to
comply with this Regulation will be referred to the Floor Conduct Committee.

Willful possession of a membership floor access badge or access cards by anyone not then
entitled to the privileges of that membership shall be an act detrimental to the Exchange.

a F} int LS 49.00) -and(See520.00A)
Si HOD) anes: aOOOAD

305. eetieer

310.00 Time and Place for Trading - The hours of trading for each futures or options
contract listed by the Exchange shall be determined by the Exchange. and are set forth in
Appendix 3D, which is incorporated into this Rule by reference. Dealings upon the Exchange

hall_be—limited_te—the—hi a which—the—Excha: fort 4.

he trai
Exchange is—opt ‘he tra of

business,and-nNo member shall | make execute any cormmedity futures or options transactions
except in the pit assigned to trading in such eemmedity futures or options contracts, or on e-
cbot, during the hours set forth in Appendix 3D, except as provided in Regulations 331.05;

through 331.08. 444.01,444.03.-and-Chapter-9B. No member shall make execute, on the
Floor of the Exchange, a transaction with a non- member, i in any futures or options contract

listed by the Exchange;but-this Regulation-shall net apply transa tiens-with mployer
f£ the fF: ]- £_¢1- Ch 4: css 7 Dp, +c a. it ts
hang Jeanine Provi ag, arrying-out gement
red-bs-the R Hat ra) J. fal sttee te facilitate the by Gt diendi: f
appl the Reg + Comp mittee-+ rowing and ra
money.

311.004 Hours for Trading —Your-Rules-and-Fleor Committees-have-given-eareful
as el $4, + ue f+: ed, f+}, hy +bed- dd. d
iderath port ding —eut AOuTS—pF HARCHE
fare, tof Rule t 7-00—-We-feel that disejnhi: i +3, rf ted infraction:
rem 1e-1007.00--We feel-that-diseiplinary action i d-on-any infractions:
Strict-observance—of_the-above_requires_thatafier_the~closing—bell-ne—orders-should—b
tf ttedtotheEl HOF should any-orders pt db: br 2 es fe exit = ‘hould
; d. by +}: it. bh bei: ried back +, 5, red
any-publie-wir t-te the pital such-being ack-to-senders
AdL members should caution clients whe-want orders filled the close to-enter-such
a to beled ab. at th 1, st 3o-that the-brok ay and} th prop! dye Onthe-last
trading-day-of-« eurrent-month itis essential that all orders to close contracts reach-the-trad
} ffecient-+th + 4-414 ithout +i, .
in at-time-to-permit- filling ngestion:
the-trade tt $3, der: the Sov; Meal Sexk OilLOat a-Si}
ho-trad ptions underlying the Soybean-Meal,-Seybean-Oil,- Oat and-Silver
et: 1 Pstrst di aur +h, tp fat: rkets’ “eles: iH
arkets-may ures-ordes e-the resp: s-markets“closing-call
3 4dy that the fut J ar +t, .dfox-th: oy

£ heda} ti
£ eat FES FS + pury Shig_an_eptien



c)

d

limit orders or stop orders. The price at which a Block Trade is executed
shall not be used in establishing settlement prices.

Each nonmember customer to a Block Trade transaction must qualify as an
“eligible contract participant”, as that term is defined in Section 1a(12) of the
Commodity Exchange Act, provided that, if any Block Trade is entered into
on behalf of customers by a commodity trading advisor registered (or exempt
from registration) under the Act, including without limitation any investment
advisor registered (or exempt from registration) under the Investment
Advisors Act of 1940, or a foreign person performing a similar role or
function subject as such to foreign regulation, with total assets under
management exceeding $2550 million, the individual customers need not so
qualify.

Each Block Trade executed pursuant to this Regulation must be cleared
through the clearing members. Information identifying the relevant contract,
contract month, price, quantity, time of execution, counterparty clearing
member, and for options, strike price, put or call and expiration month, for
each Block Trade must be reported by the seller to the Exchange within five
minutes immediately following execution of such Block Trade. The
Exchange will publicize information identifying the trade as a Block Trade
and identifying the relevant contract, contract month, price or premium,
quantity and, if applicable, the underlying commodity, whether the
transaction involved a put or a call and the strike price, for each Block Trade
immediately after such information has been reported to the Exchange.

Each clearing member and member that is party to a Block Trade shall record
the following details on its order ticket: the contract (including the delivery
or expiry month) to which such Block Trade relates; that the trade is a Block
Trade; the number of contracts traded; the price of execution or premium; the
time of execution; the identity of the counterparty; for options, strike price,
and put or call and, if applicable, details regarding the customer for which the
Block Trade was executed, the underlying commodity, whether the
transaction involved a put or a call and the strike price. Upon request by the
Exchange, such clearing member or member shall produce satisfactory
evidence, including without limitation the order ticket referred to in the
preceding sentence, that the Block Trade meets the requirements set forth in
this Regulation. (01/01/06)

444.04 331.06 Transfer Trades _- Transfer trades, or office trades, may be made upon

the books of a futures commission merchant, solely for the purposes of:

(a) transferring existing trades from one account to another carried by the same futures

commission merchant where no change in ownership is involved:



favorable price, the customer is entitled to the better price.
C. Wrong Month, er Wrong Strike, or Wrong Commodity Executions

When an order has been executed in the wrong contract month, er wrong strike price, or
wrong commodity, and the erroneous transaction has been placed in the broker’s or firm’s
error account, the error may be corrected by one of the following:

1. Execution of the order in accordance with its terms, with an adjustment by
check if the order is executed at a worse price as a result of the mishandling of
the order.

2. Execution of a spread transaction, in accordance with Regulation 352.01,
whereby one leg of the spread represents the correct execution of the order and
the other leg offsets the erroneous position in the error account.

D. Wrong Side of Market Executions

When an order has been executed on the wrong side of the market and the erroneous
execution has been placed in the broker’s or firm’s error account, the error may be
corrected as follows:

Execution of the order in accordance with its terms, with an adjustment by check if the
order is executed at a worse price as a result of the mishandling of the order.

If a broker overbuys or oversells on an order, the customer is not entitled to any of the
excess. A position that has been established in an erroneous or mishandled attempt to
execute a customer order must be placed in the error account of the broker or firm
responsible for the error or mishandling. Any profits resulting from the liquidation of the
trades placed in a broker’s or firm’s error account belong to the relevant broker or firm, and
may be retained or disbursed to whomever they choose at their discretion

In accordance with Regulation 336.01, no broker shall guarantee, directly or indirectly, the
execution of an order, or any of its terms, except in the case of a bona fide error or
mishandling. (03/01/04)

350.05 Trading Practices - The following acts are prohibited and shall constitute acts
detrimental to the welfare of the Exchange (except as permitted under Regulation
331.05). This Regulation shall apply to all persons subject to the jurisdiction of the
Exchange, and, unless otherwise specified, shall apply to both the open auction market
and the e-cbot market.

(a) No person shall purchase any futures contract, purchase any call option or sell any
put option for his own account, or for any account in which he has an interest, or for
an account over which he has discretionary trading authority, while in possession of
any executable order of another person for the purchase of any futures contract, the
purchase of any call option or the sale of any put option in the same product.

(b) No person shall sell any futures contract, sell any call option or purchase any put
option for his own account, or for any account in which he has an interest, or for an
account over which he has discretionary trading authority, while in possession of any
executable order of another person for the sale of any futures contract, the sale of any


©

@

()

®
(g)
(h)

@

0)

&y)

call option or the purchase of any put option in the same product.

No person shall execute a transaction in the trading pit for an account over which he
has discretionary trading authority.

The above restriction shall riot apply to:

1. transactions for another member of the Exchange for an account owned
by such member;

2. transactions for members of such person’s family which include; spouse,
parent, child, grandparent, grandchild, brother, sister, uncle, aunt,
nephew, niece, or in-law;

3. transactions for proprietary accounts of member firms.

No person shall disclose at any time the existence or terms of an order that has not
been disclosed to the market, except at the request of an authorized representative of
the Exchange or of the Commission. The mere statement of opinions or indications
of the price at which a market may open or resume trading does not constitute a
violation of this Regulation. However, nothing herein shall alter or waive a person’s
responsibility to comply with existing provisions of the Commodity Exchange Act,
Commission Rules, and the Rules and Regulations of the Exchange. Furthermore, it
shall be a violation of this Regulation for any individual to solicit or induce a person
to disclose order information in a manner prohibited by this Regulation.

No person shall take, directly or indirectly, the other side of any order of another
person revealed to him by reason of his relationship to such other person, except with
such other person's prior consent and in conformity with Exchange rules, except as
provided in Regulations 331.05, 331.06. 331.08, or 9B.13, or except for transactions
done in accordance with Regulation 350.04 to resolve bona fide errors or outtrades.

No person shall make any purchase or sale which has been pre-arranged, except as
permitted under Regulations 331.05. and-331.06, and 331.08.444-04.

No person shall withhold or withdraw from the market any order or part of an order
for the benefit of any person other than the person placing the order.

No person shall execute any transaction on the Floor of the Exchange after the
closing bell except in a call market close.

No person shall buy and sell as an accommodation at any time or, except as
specifically provided in Regulations 331.04 and 9B.13, to use one order to fill
another order, or any part thereof.

No party to an open auction transaction shall fail to properly notify the pit recorder of
the price at which trades have been consummated.

No person shall allocate executions of orders in any manner other than an equitable
manner.

350.06-Give-Up A,

f
it: £ tad ted-ontheExeh: Fo: 3} d +h
ted 3 Bez

Ep eeu
1: + first clear the trad. ath it d

j +ransfé it}
BFS ares art transfer—it_in—at +o



332.01A Bidding and Offering Practices - Bidding and offering practices on the
Floor of the Exchange must at all times be conducive to competitive execution of orders,
as required by Rule 332.00. For example, bBids or offers of ‘all the way to,’ ‘all you have
up (or down) to, ‘everything you have up (or down) to,' and similar expressions, are not
conducive to competitive execution of orders, and are expressly deemed to be in violation
of Rule 332.00.

332.0138 ——-Conformation-with Section-1.39-of The-Commodity_Exchange-Act
The-R. dof Di 7 4+ thei, 1. $3. held yy di; Sant, Ay, $th—1955
The-Boar i tthelrregu ting a Tuesday, September-6th, 1955,
ruled-that inasmuch-as-the Chicago Board-of Trade-has-ne Rule that conforms-to Section
1.390-6f the Cc, modipy-Exeh: ei Aet-Rule 332.00 6fthe_RB. dis Ral d-R. es Jats,

-39-of the-Commodity- Exchange Act, -00-of the Board's Rules ation

332.02 FradeDataTime Brackets - Each member executing transactions on the Floor of
the Exchange shall enter or cause to be entered on the record of those transactions an
indicator designating the time bracket within the trading session in which each execution
occurred. Each clearing member shall enter only the bracket information submitted to the
clearing member by the member executing the trades in the designated form on the record
of transactions submitted to the Clearing Services Provider. The brackets and their
designations wilLbeare as follows:

7:00-7:15 a.m. A 11:30-11:45 a.m. s 5:00-5:15 p.m. A
7:15-7:30 am. B | 11:45-12:00 T | 5:15-5:30 p.m.
noon

7:30-7:45 a.m. Cc ms u_ | 5:30-5:45 pm. c
7:45-8:00 am. D him 9-12:30 Vv | 5:45-6:00 p.m. D
8:00-8:15 am. E ee w | 6:00-6:15 p.m. E
8:15-8:30 a.m. F 12:45-1:00 p.m. x 6:15-6:30 p.m. F
8:30-8:45 a.m. G 1:00-1:15 p.m. Y 6:30-6:45 p.m. G
8:45-9:00 a.m. H 1:15-1:30 p.m. Z 6:45-7:00 p.m. H
9:00-9:15 a.m. I 1:30-1:45 p.m. 2 7:00-7:15 p.m. I
9:15-9:30 a.m. J 1:45-2:00 p.m. 3 7:15-7:30 p.m. J
9:30-9:45 a.m. K 2:00-2:15 p.m. 4 7:30-7:45 p.m. K
9:45-10:00 a.m. L 2:15-2:30 p.m. 5 7:45-8:00 p.m. L
10:00-10:15 a.m. M 2:30-2:45 p.m. 6 8:00-8:15 p.m. M
\0:15-10:30 a.m. N 2:45-3:00 p.m. 7 8:15-8:30 p.m. N



een ,QOQ,onee EEE
Additions are underlined; Deletions are struckthrough. ,

Chapter 3 Exchange Fleor Operations-and-Procedures Trade Practices
Ch3 Exchange Halls Facilities

300.00 Exchange FacilitiesHalls - The Beard Exchange shall provide Exchange-Halls a

Trading Floor and an electronic trading facility (together, “Exchange facilities”) which shall
be open for trading during such hours as the Board-ef Direeters Exchange shall designate. For
J

th £-Exeh: Hes—Exeh Hal. bed d-te—inelud

Pury Aan 7 Exchang Bed

automated-order_entry—facility- All trading in Exchange products shall occur on or through
Exchange facilities, in accordance with Exchange Rules and Regulations. Complete

the-Exchange Halsall parts of the buildi: " ted t
jarisd: aos F ate > part e-and_any- ry
the Exchange: sted-in-the-_Beard.

301.00 Admission to the Floor - The only persons who may be admitted to the Floor of the
Exchange are members of the Exchange, Floor Clerks and Broker Assistants authorized under
Regulation 301.05 and Appendix 3B, persons holding trading permits under Regulations
209.01 or 209.04, permitted guests under Regulation 301.02, and authorized employees and

agents of the Exchange. No one but a member or an authorized permit holder shall make

execute any open auction transaction er-exeeute-orders in ities-or dities futures or
options tradedin-or-upon on the Floor of the Exchange. Ni but-amember—shal_b:

dimittedte—th: Fk £ the Eyeh 4 ided by RQ. dati. doepted—bx_ th:
adr fF ane, pt-as_provided_by doepted—by
R lat, a 13. al tty

eulater p mani
301.01 Non-Members aember-shallh admit d-to-the Fh f-the Lixch:
ided- in this Ch. pt 3. Rex " Hid 4, dg hall t. be a itted
cept din-th Fs vearing a alot

to-the floor of the Exehange- Identification Badges- No person shall be admitted to the Floor
of the Exchange unless he or she is wearing an identification badge issued by the Exchange,
and such person must wear such badge at all times while he or she is on the Floor.

301.02 Guest Badges - The Safety—and Security Department may, upon application of a
member, or upon its own initiative pursuant to Exchange policies, issue a badge to a guest of

the-Exchange-or,up a-initiative,issue-abadgeto-a-guest permitting access to the
Floor of the Exchange.
304.03-Guests— All guests of a member shall be accompanied by a member while on the

Exchange Floor and shall obey all Rules and Regulations respecting floor conduct established
herein for members. Members shall be responsible for all violations of the Chicage-Beard-of
Frade Exchange’s Rules and Regulations committed by their guests and for resulting fines.

301.04 Press - Identification badgesAnnual-courtesy-cards_to-the-Press, permitting admission
to the Exchange FloorHall, may be issued to the Press, and recalled, by the written
authorization of the Communications Department.

301.05 Floor Clerks - With the prior approval of the Floor Conduct Committee, or
designated Exchange staff pursuant to delegated authority, a non-member employee of a
member or member firm registered under Rule 230.00 may be admitted to the Exchange Floor


Additions are underlined; Deletions are struekthrough.

444.01 Transfer Trades - (See 331.06

qT; trad, erry trad by, di, non_the-book LF Feats i ot
Fransf : ades,-may upon-th a-fatus :
hat Lely: for th: ef
merchant, solely-for the purposes-of
(a)-+4: fe rf trad f; wy
ferring-existing-tra ,
feret? haont aah, h Ht
missi nant-wh nge-in
tb)-+ 3: ye icth: tradi fr
. ring etre
hant-to-an-account carried by-anoth
; 319-7 d ided that
nership-is-involved, pr pata

hy
yy -Sna:
be—d
Servi Provid ided_by the Clearine Services Previder:
servi provided oy-in AFA DervVices PF $
te} hansinefat £ i ti wit iti +
fe} -exenanging. $F Ori na with,-cash conta S;-Swaptransa 5
+h ter-d: tive-tral i 5, ified in Resulation-444.04-
E # vat 5AS- Species: ulation 444-04;
(d}He- establish th A feast: dities:
€a} tabh sez Casi 5
fe} +} a] d-trad ided-thatth 423:
Xe} Ae ees PI
a ht £¢ jdentified-in-th ired-bythe Exch Pe Clear:
Fer, and su oTS-are teenie int fF Fequired By tnt Be-s-Cieanng

+-fros

YaYaraun desi
CBE 4;
St f- for trade from-th
upen-written request, exempta _transier th EH
ided-that-thet for trade } de-for-th: £
ae tt aster trade +sma purpe Hf

a
Pp the same strategy; ngle-account so_ieng-at EE Fi
ja-the-liguidati f d-th taal} 4 int ts_inth
iquidatier yop £ and th ti tien-ef inte! tnt
Jidati sount-d Yt Ht +h: di inimi: jn-th }: ff
nsehdating net resurt mis-chang atue-OF

del. ted. th: to dh 4 stt, ft ¥t oth
es ‘ ;upon—written_request_may pt_such_oth
ees on A an

A It ofa merger_asset_purchase,censelidat

imil tion-between+t nore-entities wh = more-entiti



c. {The prices for Short, Medium, and Long Term U.S. Treasury Note and U.S.
Treasury Bond futures are those implied by the system of conversion factors

for standardized delivery invoicing. _fer—8¥ apoB; i-annual
ar ti zt He trap Ht thy by + five 4, and ty sty 3
z 2 two,five, twenty a

remaining maturity-as calculated and published by the Exchange.

d. «Ihe prices for the yield-based futures contracts are calculated by subtracting
the yield from 100.

e. The yields are quoted in increments no smaller than one half basis point.

+The Regulatory-Complance-Ci ittee Exchange has designated the spread
for trading on a yield basis.

Brokers may not couple separate orders and execute them as a spread, nor may a broker
take one part of a spread for his own account and give the other part to a customer on an
order, except as provided in paragraph 1 of this Regulation. (08/01/00)

352.01A Unacceptable Spread Orders - Certain orders that involve the trading of
different contracts, when the contracts involved are traded in different designated trading
pits and when the resulting positions do not offset to reduce economic risk, do not
represent legitimate spreading transactions and are specifically deemed to be
unacceptable orders. Such transactions must be executed on separate orders in the
respective designated trading areas. The foregoing provisions apply to, but are not limited
to, the following examples:

There are separate trading pits for options and futures. An order to buy a put (or sell a
call) and sell the underlying future establishes a short position only, and therefore there is
no offsetting feature. An order to sell a put (or buy a call) and buy the underlying future
establishes a long position only, and therefore there is no offsetting feature. These orders
are unacceptable as spread orders. (08/01/94)

360.01 Pit Supervisory and Enforcement Authority of the Respective Pit Committees -
In conjunction with the Floor Conduct Committee, it shall be the function and duty of the
Pit Committees to supervise and enforce decorum within their respective trading pits.

1. Supervision and Enforcement of Pit Decorum.

Each Pit Committee shall have the authority over its respective pit to issue a decorum
ticket to any individual who has committed a decorum offense within the pit. This
authority is in addition to the authority given to the Floor Conduct Committee in
Regulation 519.01 A ticket may be initiated by any member of the Pit Committee in
accordance with the Pit Committee member’s duty to enforce decorum standards
within the pit. Additionally, any Exchange member may request that a ticket be
initiated for an alleged decorum offense that occurs within a trading pit by requesting
that a Pit Committee member in that pit issue a ticket. Non-members may request
that a ticket be initiated for alleged decorum violations involving physical abuse or
harassment.

For decorum offenses that do not involve a physical altercation, disorderly conduct or


hibited -fx ins taeiti

aE Pesine tay Hes FequHFe

A-floor-broker- or floortrader shall be p
istrati. f 4 yy: It ly 43 oe
registration; -FepT Hing hie te Biste d-or the repr tat agentof
‘a jot: tages: th, joe fF if 4 ;:
any—registrant—during the—p: £-any—suspension eistration. bership

privteg the-denial-of-fleor-access. Willful failure to comply with this Regulation
may be deemed an act detrimental to the interest or welfare of the Exchange.

330.02 Maintenance of Floor Broker and Floor Trader Registration - Each member
registered as a floor broker or floor trader must promptly report submit tothe Exchange

any changes i in the his registration information cont ach member!
appleation-(Form-8-R)-or-any-supp! thereto to the National Futures Association i
accordance ‘with CFIC requirements, and must promptly notify the Member Services
Department of such changes. Adifleer—brek d-dleortraders—must review thei
gistration—informati Fy—the years—t d with _Commodity—Eutr
Tradi ia icy, CCETC) R Tats, 444) Aditi 1}: the Exeh hall
adine-Commissien-¢ } Regulation-344(d)- y-the-Exchang
iedieall 4. h. bers—t eat that their 1, broek jotrots,
Pp ly—requir ntien —that—t gistration
wslieati eantas: ete and = tents 2443,
ypplication P accurate-infor to

Requests for withdrawal of floor broker or floor trader registration must be made on
Form 8-W and filed with the National Futures Association and the Exchange in
accordance with CFTC Regulation 3.33.

All registered floor brokers and floor traders must comply with Appendix B to Part 3 of
the CFTC’s Regulations — Statement of Acceptable Practices with respect to Ethics
Training. In this regard, all registered floor brokers and floor traders shall become
familiar with, and keep abreast of changes to, the Rules and Regulations of the Exchange,
tule interpretations issued by the Exchange, and relevant provisions of the Commodity
Exchange Act and CFTC Regulations.

330.03 Broker Associations - Two or more Exchange members with floor trading
privileges, of whom at least one is acting as a floor broker, shall be required to register
with the Exchange as a Broker Association, within ten days after establishment of the
Broker Association, if they: (1) engage in floor brokerage activity on behalf of the same
employer, (2) have an employer and employee relationship which relates to floor
brokerage activity, (3) share profits and losses associated with their brokerage or trading
activity, or (4) regularly share a deck of orders.

The Broker Association shall file its registration statement in a form provided by the

Exchange. Such-registratien_statement-shall specifically_disel vhether the-members-of
the—brela 30th. hh issi Fit. J jated ith
F-associal s;-profits, tosses. Pp

their-brokera: trading-activity—with-each_other-ox-with anyother individual tity:

in-additi sch repistration-sta t shail-disel ether or netthe members oth

broek F—ASé +: hay th, bu: i bgt: sy. th th, shed]
lated WAT tate eu to- Exch. 1 by 5 5 Memb f the bral, tat halt bi

dj + £. : . sHeh—ot!: ty Lot ate €:

to-provide-informal ra g-sueh_other_businest pS;

beoks-and ‘ds-relating to-sueh_businesses,apen-the request ef OLA. Any registration



331L012 A table-Ord: Market orders-to-b iH eles: ders-te-b:

y -closin: ¥-OF
1 J d, it ht | J. }- jy 4
spread straight imit order y and-straight- stop-erders-te_buy-or
H chal] by ited durine the] ad £ i: f f;.
hall_be-permitted-during the-last day_of trading in-an-expiring future rders,
$4. a J fall kind. Leet 1, int th. nA d, ; aCert
ntingeney-orders kinds mark _inter_month-sprea s-involving
sneeRC OF arene’ ers ;
piring future-at Hations; that-reach the Trading Floor_afier_H-45-am~on-th
lact 4 F tradi: ;: eitre 1. -
day ing in_an-expiring future, may-_involve-extraordinary_problems-and-hen:
phy tod Jels: at th, sok of th. + 2 Thic R Joti, holt bes Tae 4,
aecepted-selely ris ustomer- ula allonly-apply-te
it. RQ 1} Trad; h,
pen-outery Regular Trading hours.

331.02 Acceptable Orders - The following orders are acceptable for execution in this the
open auction market. Orders other than those listed below will be accepted solely at the
broker's discretion on a “not held” basis.

(1). Market order to buy or sell - A market order is an order to buy or sell a stated amount
of commodity futures contracts af the best price obtainable.

(2). Closing orders to buy or sell - A closing order to buy or sell is a market order which
is to be executed at or as near the close as practicable, or on the closing call in a call
market.

(3). Limit order to buy or sell - A limit order is an order to buy or sell a stated amount of
commodity futures-contracts at a specified price, or at a better price, if obtainable.

(4). Stop order to buy or sell - A stop order to buy becomes a market order when the stop
price is bid or a transaction in the eemmedityfutures-contracts occurs at or above the
stop price. A stop order to sell becomes a market order when the stop price is offered
or a transaction in the commedity futures-contract occurs at or below the stop price.

(5). Stop limit order to buy or sell (where the price of the limit is the same as the stop
price only) - A stop limit order to sell becomes a limit order executable at the limit
price or at a better price, if obtainable, when a transaction in the eommedity-futures
contract is offered or occurs at or below the stop price. A stop limit order to buy
becomes a limit order executable at the limit price or at a better price, if obtainable,
when a transaction in the consmedity-fitures-contract is bid or occurs at or above the
stop price.

(6). DRT ("Disregard Tape" or "Not Held") Order - An order giving the floor broker
complete discretion over price and time in execution of a trade, including discretion
to execute all, some or none of the order. It is understood the floor broker accepts
such an order solely at the risk of the customer on a "not held" basis.

(7). All-Or-None order to buy or sell - An order to be executed only for its entire quantity
at a single price and with a size at or above a predetermined threshold. for those
products for which such orders are permitted by the Exchange. Such orders must be
executed in accordance with Regulation 331.03.

Orders-other-than-these-tisted_ab: ill-be-aceepted-solely-at-the-broker's disereti
t-held-basis—This Reaulation-shall-onl Is to Regul d-Nisht trading

‘= Sy appry t g IE g-hours:


August 18, 2006
Ms. Eileen A. Donovan
Page Two

The CBOT intends to implement these amendments on or about September 1, 2006.
There were no opposing views concerning these amendments.

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

Sincerely,

ane [20th —

Paul J. Draths

Vice President and Secretary
b081506


deemed to be invalid, ineffective, or unenforceable and a customer sustains a loss,

damage or cost (including attorney's fees and court costs) resulting from use of the
Electronic Order Routing System, the entire liability of the floor brokers or member firms
and their agents or any of their officers, directors or employees shall not exceed the
brokerage commissions and any other charges actually paid by the customer.
Notwithstanding any of the foregoing provisions, this provision shall in no way limit the
applicability of any provision of the Commodity Exchange Act, as amended, and or
Regulations; thereunder. (01/01/99)

350.63-Identifieation-of Fleer Trading Personnel-and-Fleor-Trad Every-menber
i jred_to—we identifieation—bad. d by the F: a
quit anand tion Fe aed—by xchang pF t
+ di fashion-to-be-admitted to the T: Floors " th
p and in-properfashi ait Frading and ar
badge-at-all-tin shile-he the-Trading Floor—Eailure+ a-badge-shall-b
asidered +_detrimental-_te—th 1 £ the-Exech: (Rle—504-00} 195,
an—aet alt for xchange 00}.

350.04 Outtrades and Errors and Mishandling of Orders -

A. Outrades - If a floor broker discovers, either intraday or interday, that all or some
portion of a customer order was executed but cannot be cleared, the broker shall do one of
the following:

1. Re-execute the order in the market and adjust the customer by check if the re-
execution price is worse than the original execution price. If the re-execution
price is better than the original execution price, the customer is entitled to the
better price.

2. Assign the opposite side of the portion that cannot be cleared to his or her error
account and assign a fill to the customer at the execution price. The floor
broker shall not liquidate the assigned position until at least ten minutes have
elapsed after the execution of the order giving rise to the outtrade and, in any
event, after the bracket period in which the outtrade arose has ended. These
liquidation restrictions shall not apply to a liquidation during a Modified
Closing Call. Any profits resulting from the liquidation of the assigned
position belong to the floor broker, and may be retained or disbursed to
whomever he chooses, in his discretion.

B. Unfilled or Underfilled Orders — If a broker fails to execute an order or underbuys
or undersells on an order, the broker shall do one of the following:

1. Execute the order or the remainder of the order in the market and adjust the
customer by check if the customer is filled at a price less favorable than that to
which he was entitled but for the error or mishandling. If the order is filled at a
more favorable price, the customer is entitled to the better price.

2. Execute the order or the remainder of the order in the market. If the order, or
the remainder of the order, is filled at a worse price than that to which it was
entitled but for the error or mishandling, the broker may allocate the fill to his
error account and assign the opposite side of the order to his error account at
the price to which the customer was entitled. If the order is filled at a more


(d) The accounts involved on each side of an Exchange of Futures for a Related
Position: (a) must have different beneficial ownership: or (b) must be under
separate control: or (c) must involve separate legal entities.

(e) The quantity covered by the Related Position must be approximately
equivalent to the quantity covered by the futures contracts.

(f) Exchanges of Futures for Related Positions may be entered into in accordance
with the applicable trading increments set forth in the rules governing such
futures contracts, at such prices as are mutually agreed upon by the two parties
to the transaction.

(2) Clearing firms on opposite sides of an Exchange of Futures for a Related
Position must subsequently approve the terms of the transaction, including the
clearing firm (division), price, quantity, commodity. contract month and date
prior to submitting the transaction to the Clearing Services Provider. All
Exchanges of Futures for Related Positions must be submitted to the Clearing
Services Provider by a clearing firm acting on its own behalf or for the
beneficial account of a customer who is a party to the transaction.

(h) Each Exchange of Futures for a Related Position shall be designated as such,
and cleared through the Exchange’s Clearing Services Provider as if it were a
transaction executed in the Exchange’s central markets. The transaction shall
be submitted to the Clearing Services. Provider within the time period and in
the manner specified by the Clearing Services Provider.

qi) The time of execution of an Exchange of Futures for a Related Position must
be recorded on the futures order ticket, and on the record submitted to the
Exchange’s Clearing Services Provider.

@) Parties to any Exchange of Futures for a Related Position must maintain all
documents relevant to the futures and the cash. swap, or OTC transactions.
including all documents customarily generated in accordance with cash or
other relevant market practices and any documents reflecting payment and
transfer of title. and must provide such documents to the Exchange upon its

request. (01/01/06)

444.05 331.09 Transfer Trades and Exchanges of Futures for Related Positions in a
Delivery Month - During the delivery month and 2 business days prior to the first
delivery day, transfer trades. or Exchanges of Futures for Related Positions, as described
in Regulation 331.08. for the purpose of offsetting existing positions where no change of
ownership is involved. are prohibited when the date of execution of the position being
transferred, or the futures component of the Exchange of Futures for Related Position. is
not the same as the transfer or Exchange of Futures for Related Position trade date.
Positions carried_at the same or different futures commission merchants for the same
owner 2 business days prior to a delivery month and thereafter are required to be offset
through open auction or on e-cbot, as applicable, or fulfilled through the normal delivery



TEL: 312 435 3500

© ChicagoBoardof Trade con a eo 4
August 18, 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 # 2715.01
Rule Certification
Dear Ms. Donovan:

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

- Amendments to CBOT Rulebook Chapter 3 per the attached texts (additions
underlined; deletions struck through).

The referenced comprehensive revisions are designed to eliminate obsolete provisions and to
more appropriately reflect current Exchange trade practices. The updates include provisions
to:

- Recognize the usage of electronic order routing and confirmation of transactions, and
draw appropriate distinctions between open auction and electronic trading;

- Relocate/renumber Regulations 444.01 through 444.05 to achieve a more logical
arrangement of related provisions;

- Reflect currently applicable CTI codes (via new Regulation 332.03);

- Make specified provisions for erroneous trade resolution more consistent (i-e.,
Regulation 350.04, paragraph C has been amended to address the resolution of trades
which have been executed in the wrong commodity, to make it consistent with
Regulation 353.01);

- Conform with CFTC and industry standards concerning the asset threshold required
for commodity trading and investment advisors to enter into block trades on behalf of
customers (via revised Regulation 331.05); and

- Relocate the Exchange’s holiday definition from Regulation 312.01 to Rule 922.00.

www cbot.com


H ber-firm. facilitate;

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sponding futures: WEVEF—t ay tae!
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d-cleared through the Exchanse’s Clearing S
and-el eh the Exehangt z were-a
transacti uted-inth hange’s-central markets —T shall
be submitted te the Clearing Services Provider-within-the-time period _and+
th ified by-the-Cl Services Provid
aner- spect 2 Services Provider.
@ The-time-of execution of an Exch £ Futures-for a Related Pesition-must
b ded_on-the-fatt der_ticket—and-on-th d_submitied-to-th
the futy —and_on_the record. doth
Exchange’s-Cleari ices Provid
xchangs Jearing -
6) Pasties-+ Exeh £ Futures for-a-Related Pesiti +-maintain-all
G@ artes ta-any ange-of Futures fora sition must mai H
Jevant-to-t ty d-th hy OTC + +i
decument the futures-andt >-swap,or- OFC trar aS
i ine_all-d sat n iI ted-i dan ith-cash
including-—al nts_customarihy_p -cordanee vith F
ther_relevant-market 5 d d ais_reflecti ‘and
ther narket_practi of ments reflecting _payment-and
transfer-of title—and t id hd ts-to-the Exch it
1F itle-and- must p: decumentstoth ge-apents

444.05 Transfer Trades and Exchanges of Futures for Related Positions in a
Delivery Month - (See 331.09)

Durine the-delix th-and-2-busi d Jor-te-the first deli: od £ £
ng the-delvery+ business_days—pri Fy day; F
trad Exchang £ Put for Related Pesiti a ibedin-_Regulation-444.04,
S; or Exchar SOF tec tH > tbedin Regulat: 04,
forth foffsetti: cist: iti “hy h £9 hind: ed.
forthe-purp EOS Epi hange-of own ip POEs
hibited whenthe date-of th ££ th jtien-beine transferred the-fute
are-prok e-aat pi n-being transferred, HERE


A clearing member firm desiring to act as a changer for one or more of the
mini-sized contracts specified in this Regulation, shall make an application to
the Exchange, in the manner prescribed by the Exchange. The Exchange
may approve changers consonant with the needs of the Exchange,
considering such matters as liquidity in the relevant contracts, space and
physical facilities required for changing, financial capability of the applicant,
the number and character of the relevant contracts, and the number and
capacity of changers already in a particular commodity.

A changer shall notify the Exchange of the names of its changer’s
representatives who will accept orders for changing transactions, and any
changes thereto.

A changer shall file with the Exchange, notice of any limitations on the
extent to which it will make its services available, and of any changes to such
limitations, one day prior to their effective date. The Exchange may
disapprove any such limitations.

Execution of Changing Transactions

1.

A changer shall maintain a representative on the trading floor at all times
during open auction trading hours to accept orders for changing transactions.

A member may give an order to a chianger’s representative, who shall
immediately place such order for execution in the pit for the relevant: full-
sized contract. A changer may not unreasonably refuse to accept any order
that is consistent with its authorization to act as a changer.

If filled, the member placing the order and the changer’s representative shall
be deemed to have executed a changing transaction wherein the full-sized
commodity purchased (sold) has been sold to (bought from) the member
placing the order, on and subject to the rules of the Exchange.

When a changer purchases (sells) a full-sized commodity, it may mark up
(down) the price of the purchase (sale) when making the corresponding sale
to (purchase from) the member placing the order, by the amount of its
changing fee. The changer shall disclose the amount of its current changing
fee, prior to accepting any particular order for a changing transaction.

Rule 336.00, Bids and Offers ia-Commedities- Subject to Partial Acceptance,
shall not apply to the execution of a changing transaction.

Recordkeeping and Clearing


2. The members making the trades(s) may agree that either trade or both trades may
be cleared in accordance with the members’ recorded trade data. :

3. A broker may assign the opposite side of his own order to his error account,
pursuant to Regulation 350.04, and he may agree to the clearing of the transaction
according to the terms of the other member’s recorded trade data, whether the
other member was a broker or a local.

4. If both members were brokers, they may both assign their respective trades to
their error accounts, pursuant to Regulation 350.04.

A customer shall not be entitled to any portion of any profits realized by a local who was
on the opposite side of an outtrade between the local and the customer’s broker, as a
result of the local’s liquidation of his position. Such profits belong to the local, and may
be retained or disbursed to whomever he chooses, in his discretion. If the local chooses
to disburse any portion of such profits to the broker, and the broker’s customer has
received a fill in accordance with the broker’s recorded trade data, the broker is not
obligated to offer such profits to this customer.

It shall be an offense against the Exchange for members to prearrange a trade to reconcile
an outtrade.

Nothing herein shall in any way limit a member's right to submit an outtrade to Exchange
arbitration if an outtrade cannot be resolved by agreement. (04/01/05)

352.01 Spreading Transactions - A spread transaction involving options, or the
purchase and sale of different futures, at a price or yield difference or simultaneously at a
separate price for each side of the spread is permitted on this Exchange previded subject
to the following conditions:

1. that-eEach side of the spread (the purchase of one future and the sale of another
future) is must be for the same account, or in the case of spreads in options, all sides
are must be for the same account. Provided that, when an order has been executed in
the wrong month, wrong strike price or wrong commodity, and the erroneous
transaction has been placed in the broker's or firm's error account, the error may be
corrected by a spread transaction in which one leg of the spread offsets the position
in the error account and the other legi is the correct execution on of the order,-Previded
Ruther thattheliab © mined in accordance

with Regulation 350.04.

2. that-aAll sides of the spread are must be priced at prices within the daily trading
limits specified in Regulation 1008.01, if any:.

3. that+The spread is must be offered by public eutery open auction in the pit assigned
to the commodity(ies) or option(s) involved, or on e-cbot, as permitted.

4. that4The transaction shall be reported, recorded and publicized as a spread in the
ratio in which it was executed.


10:30-10:45 a.m. 0 3:00-3:15 p.m. 8 8:30-8:45 p.m. oO
10:45-11:00 a.m. P 3:15-3:30 p.m. 9 8:45-9:00 p.m. P
11:00-11:15 a.m. Q 9:00-9:15 p.m. Q
11:15-11:30 am. R 9:15-9:30 p.m. R

The first time bracket in the trading session of each respective eommedity futures or
options contract will be less than 15 minutes, as determined by the Regulatory

Compliance Committee Exchange for each particular contract, and will be designated by
a "dollar" sign "$".

The last time bracket in the trading session of each respective commodity futures or
options contract will be one minute or less, as determined by the Regulatory-Compliance
Committee Exchange for each particular contract, and will be designated by a "percent"
sign "%"; provided however, that each respective contract’s market's close may be
expanded or reduced by an amount of time which shall not exceed one minute due to
unique market conditions on a particular trade date as determined in the discretion of
each commodity's futures or options Pit Committee:, These time constraints do not apply
to contracts which close by public call. aAny closing period other than that established
by the Regulatery_Cempli Committee Exchange shall be communicated to the
market at least five minutes prior to the commencement of the revised close for that date.

The modified closing call in the trading session of each respective commedity futures or
options contract, as applicable, will be designated by a "pound" sign "#".

If the member executing the trades does not submit a bracket designation to the clearing
member, the clearing member shall enter "?" as the bracket designation when submitting
the record of such transaction to the Clearing Services Provider. [1979] (01/01/04)

332.03 Customer Type Indicator (“CTI”) Codes - Each clearing member must identify

each transaction executed on the Floor of the Exchange or on e-cbot, on the record of
transactions that it submits to the Clearing Services Provider, with the correct customer
type indicator (“CTI”) code. The CTI codes are as follows:

CTI 1: Electronic Trading and Open Auction - Applies to transactions
initiated and executed by an individual member for his/her own account,
for an account he/she controls, or for an account in which he/she has an
ownership or financial

interest. However, transactions initiated and executed by a member for
the



Ch3 Market Quotations

futures or options contract.

(b) The Pit Committee Chairmen, Vice Chairmen or their Pit Committee designees may
change a closing range only within 15 minutes after the closing of the-commedity a
futures contract or within 30 minutes after the closing of an options contract.

(c) The Pit Committee Chairmen, Vice Chairmen or their Pit Committee designees may
authorize the insertion of a quotation which affects a high or low at any time prior to

15 minutes after the closing of the-commedity a futures contract or within 30 minutes
after the closing of an options contract.

(d) The Pit Committee Chairmen, Vice Chairmen or their Pit Committee designees may
authorize any quotation change or insertion which does not affect an open, high, low

or close at any time prior to the opening of the commedity futures or options contract
on the next business day.

No Pit Committee member may authorize any quotation change, insertion or cancellation,
if such individual has a personal or financial interest in such change, insertion or
cancellation.

All quotation changes, insertions, or cancellations must be authorized by at least two Pit
Committee members. However, if there is only one Pit Committee member who does not
have a personal or financial interest in a change, insertion or cancellation, that one Pit
Committee member may authorize such change, insertion or cancellation.

When a Pit Committee member is requested to authorize a quotation change, insertion or
cancellation, the relevant pit shall be notified of such request.

0 . '
bares-Opti (Put d-Calls)}—_}. +496 Quetation-Ch: me $3.

BR A
pttens-(Puts-a aS} Fespi 7 ch
R lati 390.17 the Pit C, itt 4} Jesi: 1 ithin 30
ROR it 5 tt mnt May—ehane re
ftex—the—el: £ bh Fatires Opti tract (Put d—Calls)-and
Faaut the uF pions—contract_{(Put ry
th: +h ti £ tat: hich -affects-a-hich and-] + anti jerte30
Q

320.18 Authority of the Market Report Department andthe RegulateryCompli

Conmmittee over Quotation Changes and Insertions -The Market Report Department
may review and authorize any request for a quotation change or insertion which was not
teviewed by the Pit Committee or which is not encompassed by Regulation 320.17.

320.19 Opening and Closing Orders - For open eutery auction Regular—Ftrading
Hhours, orders entered prior to or on the opening (or resumption) of the market, as
applicable, and orders eaffected by such opening (or resumption) orders, as applicable,
shall not be required to be executed at a specified price due to the unique and rapid
market conditions existing during an opening or a resumption. Similarly, orders entered
for execution on the close of the market, and orders eaffected by such closing orders,
shall not be required to be executed at a specific price due to the unique and rapid market
conditions existing during a close.


tHanskk hy, ith ‘i

+ hant
Hiferen aH rehants; CEPVIRE

ibility-to-as: 1H ith thi Jation (01/01/06)

# mA pian LULAHOH



information provided to the Exchange which becomes deficient or inaccurate must be
updated or corrected promptly.

A member of a Broker Association shall be prohibited from receiving or executing an
order unless the Broker Association is registered with the Exchange.

Members of a broker association may not share profits or losses associated with their
personal trading activity by direct or indirect means.

No registered broker association or member thereof shall permit a non-member or non-
member firm to have any direct or indirect profit or ownership interest in a registered
broker association. Moreover, no registered broker association or member thereof shall
permit a member who is not involved in the pre-execution or execution of customer
orders to have any direct or indirect profit or ownership interest in a registered broker
association.

The Board may establish limits on the percentage of trading between a member of a
broker association and (1) other members of broker associations with which he is
affiliated;or 2) bers of other broker asseciati vhich-are-positioned-contiguously
+ his-br heey path jn the tradi +H.

associat ef

4+-of-Hevidit id -L-oth:
quidity-and-su
to-th t acti nth-or
rately: f; seh fill eglands
ately-for-eat
The Regulatery-Compli. & i#teel:xchange may grant exceptions to the percentage
‘8 J Pp EXCNaNge

limits on intra-association er-contigueus—asseciatien_trading in circumstances where a
broker association can demonstrate that compliance with the limits may reduce liquidity
or impede the creation of new business in the affected market.

si Si

the LST Bond fat n by jred_t "7 ith the-Exch:

the-U-S.—TreasuryBond- p requ eister—with_the-Exchange;

identifyi is-affiliation—_loeati d i duties Such-individual Hf}
jentifying -his-affiliation, spation-or-duties- individuals-shall-fil

thei istrati tat $5} ry ided_-by_the Exch istrati

th istration. provided—by > ge-—Any_registration

information—provided_tothe Exchange which_becomes_deficient-or_ inaceurate-must-be

331.01 Price of Execution Binding - The price at which a transaction for ceommedities
futures or options is executed on the Exchange shall be binding. A member shall not
guarantee the price of execution to any customer, but a floor broker's or clearing firm's
error in handling a customer order may be resolved by a monetary adjustment or in
accordance with Regulation 350.04.