(a) Opening and Closing. The hours for floor trading of futures contracts and futures options on each day
in which the futures contracts and futures options are open for business shall be known as Regular
Trading Hours (RTH) and shall be as follows:

Futures or Options Contract Opening / Closing

Gold 8:20 A.M. - 1:30 P.M.

Silver 8:25 A.M. - 1:25 P.M.

Copper 8:10 A.M. - 1:00 P.M.

Aluminum 7:50 A.M. - 1:15 P.M.

Gold Futures Options 8:20 A.M. - 1:30 P.M.
Silver Futures Options 8:25 A.M. - 1:25 P.M.
Copper Futures Options 8:10 A.M. - 1:00 P.M.
Aluminum Futures Options 7:50 A.M. - 1:15 P.M.

(b) Warning BeHs Signal. A-warning-bell An audible warning signal shall be sounded one minute prior to
the time designated for the opening of trading in each futures contract and futures option, and one minute
prior to the time designated for the closing of trading in each futures contract and futures option.

(c) Post-Settlement Session.

After the close of trading in all futures and options contracts traded on the COMEX Division, but in no
event less than five minutes after the close of Gold, five minutes after the close of Silver, ten minutes
after the close of Aluminum, or fifteen minutes after the close of Copper, as applicable, a post-settlement
session shall commence and all applicable contracts shall resume trading for a period of three (3) minutes
(the “Session”), subject to the following conditions:

(A) Trading in all futures contract months as well as option contract months will be permitted;
(B) Futures and corresponding options will commence trading during the Session at the same time;

(C) There shall be no maximum limits on the trading range in a Session and all trades occurring during
the Session for a particular contract month of a futures contract shall be executed openly and
competitively;

(D) During the Session, Floor Members, Floor Brokers and their customers may participate in the same
manner as futures trading occurring during the regular RTH session, except that any order submitted
during the RTH session, including but not limited to, resting orders such as stop orders, limit orders and
good until cancelled (GTC) orders, will be deemed to have expired as of the end of the RTH for purposes
of this Session. Accordingly, in the event that a market participant with such an expired order seeks to
participate in the Session, a new order must be submitted;

(E) Prices for trades executed during the Session shall be reported on public ticker services as current
market prices and trades executed during the Session shall not be considered in determining any
settlement price; and

(F) Floor Members executing trades during the Session shall mark a line across their trading cards prior to
the entry of a Session trade.

104.03_[RESERVED]-Frading-Outside-Frading Hours


(d) Submission Schedule.

(1) All data shall be submitted in accordance with the following schedule:

Floor Member Floor Member /

Trade Execution Delivery of .
Bracket Period CardsITi ickets to Input te exchenge
Clearing Member
5:30 a.m. through 6:00 a.m. 6:15 a.m. 6:30 a.m.
6:01 a.m. through 6:30 a.m. 6:45 a.m. 7:00 a.m.
6:31 a.m. through 7:00 a.m. 7:15 a.m. 7:30 a.m.
7:01 a.m. through 7:30 a.m. 7:45 a.m. 8:00 a.m.
7:31 a.m. through 8:00 a.m. 8:15 a.m. 8:30 a.m.
8:01 a.m. through 8:30 a.m. 8:45 a.m. 9:00 a.m.
8:31 a.m. through 9:00 a.m. 9:15 a.m. 9:30 a.m.
9:01 a.m. through 9:30 a.m. 9:45 a.m. 10:00 a.m.
9:31 a.m. through 10:00 a.m. 10:15 a.m. 10:30 a.m.
10:01 a.m. through 10:30 a.m. 10:45 a.m. 11:00 a.m.
10:31 a.m. through 11:00 a.m. 11:15 a.m. 11:30 a.m.
11:01 a.m. through 11:30 a.m. 11:45 a.m. 12:00 noon
11:31 a.m. through 12:00 noon 12:15 p.m. 12:30 p.m.
12:01 p.m. through 12:30 p.m. 12:45 p.m. 1:00 p.m.
12:31 p.m. through 1:00 p.m. 1:15 p.m. 1:30 p.m.
1:01 p.m. through 1:30 p.m. 1:45 p.m. 2:00 p.m.
1:31 p.m. through 2:00 p.m. 2:15 p.m. 2:30 p.m.
2:01 p.m. through 2:30 p.m. 2:45 p.m. 3:00 p.m.
2:31 p.m. through 3:00 p.m. 3:15 p.m. 3:30 p.m.
3:01 p.m. through 3:30 p.m. 3:45 p.m. 4:00 p.m.
3:31 p.m. through 4:00 p.m. 4:15 p.m. 4:30 p.m.
4:01 p.m. through 4:30 p.m. 4:45 p.m. 5:00 p.m.
4:31 p.m. through 5:00 p.m. 5:15 p.m. 5:30 p.m.

Post Settlement Session

15 minutes after 30 minutes after

inutes
3 minut end of session end of session

To assure the orderly and efficient operations of the Exchange, the Operations Committee or the President
of the Exchange may modify the schedule for transmission of data, upon notification of all members.
Failure to comply with a directive modifying this schedule shall subject a floor member or clearing
member to the sanctions applicable to violations of the submission schedule set forth above.


deduct—f the-mini tit: ified inthe SMM-A +t o tit of contract
y SP oF

ht th itt der-ticket- that is-pi ted-te-the OBO -by-a Memb: Member Fi
E " placed-_in-the OB that has been- ded-ie-the OBO-by-a Memb: Member Firm—th
OBO alse-shall d-the-identificati £souch Memb Member Fi
fe} Ateach-price for whieh timit
« Pi
inthe OB tered-pri
P 'P
fallord ived-by-the OBO —which-shall-be-ti: " d int-by-the OBO usi a
y o pee apt prey 3

the OBO-M.

the-f&
£2

OBQ shall netdisel 15:

held inthe OB + tity-includi tit Joyed-b: £Gliated-with-such

hall -be-entitled + d-shallatall-ti ehtof

tent ified-by-the Beard.
Pt ry zi
ded-dewn-te-th +-whele-letenfracti oth ts-in-the trading ring,
Judine the SMM tradine for it +-for-trad 5 bi.
Se S ‘FOP! 7
forthe-OB-(“OBO-Cust Priority). ising this OBO Cust Priority, the OBO shall-b
titled to-th. ti ifed-by-the Beard-ofth o tity ofall +i tedi
P Eres! ‘x

de-by-the OBO en behalf of limit ord
trade-Therek ise-by-th



(C) If, using the procedures specified in Subsections (A) or (B) above, a settlement premium being
considered for a particular option would not be consistent with (1) trades made during the closing range in
other option series on the same underlying future, (2) the settlement price of the underlying future, or (3)
market information that is either known by Committee members or brought to their attention by Exchange
officials (including but not limited to either open outcry trading or electronic trading) then the Committee
may establish a settlement premium that is consistent with other trades, the settlement price of the
underlying future, or market information. In all instances in which the Committee establishes a settlement
premium pursuant to this Section (C), the Committee shall prepare a written record setting forth the basis
for such settlement premium.

(D) After settlements for all contract months for a particular contract are completed by the Settlement
Price Committee, there will be a ten minute period where members can object to a particular settlement.
Following this ten minute period, members may no longer make objections to the settlement premiums.

COMEX Rule 104.93, Use of Discretion to Establish Settlement Price

If a subcommittee of the Settlement Price Committee believes that any settlement price arrived at through
the application of the formula specified in Rule 104.91 is inappropriate, it shall settle the futures contracts
at a price it judges to be proper, in their best judgment at a level consistent with such other transactions or
market information, including but not limited to, information from open outcry and electronic trading
venues. Such-pri +-be-within-the permissible trading limits for that day. For any price established
by use of the subcommittees discretion, the subcommittee shall prepare a written explanation of its
reasons for deviating from the price which would have been established by application of Rule 104.91.

COMEX Rule 104.94, Settlement Price Procedures for Copper Contracts

(A)(i) The term "base month" shall mean the March, May, July, September and December delivery
months; (ii) the term "most active month" with respect to this Rule and the Rules in Chapters 111 and 117
shall mean the base month that is not the current delivery month, with the greatest reported open interest
on the official COMEX daily open interest report.

(B) The settlement price for the current delivery month shall be comprised of the weighted average price
(rounded to the nearest minimum fluctuation) of all outright transactions thateceurinthe-clesing range
including both trades executed on the trading floor by open outcry and trades executed electronically in
that delivery month which occur in the closing range combined with the weighted average price of all
spreads executed by open outcry between the current delivery month and the most active month during
the final 30 minutes of trading. If no outright transactions occur in the closing range or no spreads are
executed during the final 30 minutes of trading in the current delivery month, or, if in the opinion of the
Settlement Committee, the settlement price determined is inconsistent with value indicated by other
spread relationships established during the last thirty minutes of trading, the spread relationships
occurring within the last thirty minutes, between and among contract months from the current delivery
month to the most active month, shall be utilized by the Settlement Committee in their best judgment to
establish a settlement price at a level consistent with such other transactions or market information,
including but not limited to information from open outcry and electronic trading venues, with greater
weight given to the weighted average of executed spread trades, and lesser weight given to the implied
midpoint of spread bids and offers actively represented during the final 30 minute period of trading. In



Globex® Users and their Globex® User Agents shall be responsible for reporting to the Exchange
appropriate CTI and indicator codes for transactions executed on Globex®. Appropriate CTI and
indicator codes shall include a combination from Sections A and B below:

(A) Globex® Users who execute trades for their personal account, whether owned in whole or in part, or
for an account which they control or have the right to initiate trades in, regardless of whether or not they
have an ownership interest in the account, or whether they are an employee, partner, or a customer of a
Clearing Member, shall designate the trades as:

(A)(1) When a Globex® User who is an Exchange Floor Member or such Globex® User's Globex® User
Agent enters orders for the Globex® User's personal account, for an account the Globex® User controls,
or for an account in which the Globex® User has an ownership or financial interest, the Globex® User
and/or the Globex® User's Globex® User Agent shall designate the order as CTI 1.

(2) When a Globex® User who is an Exchange Floor Member or such Globex® User's Globex® User
Agent enters orders for the trading account of a Member Firm or Clearing Member, the User and/or the
Globex® User's Globex® User Agent shall designate the order as CTI 2. However, if such Globex® User
has either an interest in or discretionary control over such Member Firm or Clearing Member trading
account, the indicator codes of subdivision (1) shall apply.

(3) (a) When a Globex® User who is an Exchange Floor Member or such Globex® User's Globex® User
Agent enters orders for the personal account of another Floor Member, or for an account that the
Globex® User knows is controlled by another Floor Trading Member, the Globex® User and/or the
Globex® User’s User Agent shall designate the order as CTI 3.

(4) When a Globex® User or Globex® User Agent enters orders for any account, other than those listed
in Subdivisions (1), (2), (3), such Globex® User or Globex® User Agent shall designate the order as CTI
4.

(B) Indicator Codes. All of the above CTI codes summarized in Section (A) of this Rule must be used in
combination with one of the following indicator designations:

(1) C or Customer — if the account owner is not affiliated with the Clearing Member; or

(2) H or House — an account affiliated with the Clearing Member, including parent and subsidiary
corporations, or principals or authorized employees, trading for their own account at the Clearing Member
in which they have an ownership interest in or by whom they are employed.

(C) It shall be a Major Offense for Globex® Users or Globex® User Agents to knowingly assign false
indicator codes to trades executed on Globex®.

11G.11 Settlement Prices for Contracts Traded Only on Globex®

(A) The terms of this rule shall generally govern the establishment of settlement prices for futures
contracts that are listed for trading only on Globex® For each NYMEX or COMEX financially-settled
contract, such contract shall be settled pursuant to the provisions of the physically settled NYMEX or
COMEX futures contract in that commodity.

(B) Following determination of the settlement prices for a contract pursuant to this rule, such prices shall
be utilized in clearing and settlement in accordance with Exchange procedures and operations.


(iv) If an order for execution on the “close” (or the cancellation of such an order (is received by a floor
broker later than five (5) minutes prior to the warning bel! signal, the order need not be accepted by the
broker; but if accepted, the broker may not be held responsible if the order is not executed during the
closing period.

(v) An order (or cancellation of an order) which is not executed during the closing period shall expire by
its terms.

104.08 Not Held Orders

A member may accept and attempt to execute any order in a form not specified in Rule 104.07 ("Forms of
Orders"), but a member attempting to execute such order i#-a-ring shall not be held responsible for his
failure to execute such order. No member or member firm may assert a claim against any floor member
for his failure to execute such order.

(a) Not Held Orders for Execution on the Trading Floor:

(1) A Trading Member who obtains the agreement of his customer or his customer’s agent prior to
acceptance of any order from such customer, that such order will be accepted only on a “Hot Held” basis,
shall not be responsible to the customer for the execution or failure to execute such order. However, a
claim may be asserted against the Trading Member by the customer and/or the Compliance Department, if
the execution or the failure thereof, was done fraudulently or by willful misconduct.

(2) Any order accepted on a “Not Held” basis must be so designated on the customer order ticket at the
time of receipt of such order.

(b) Not Held Orders for Execution on N¥MEX-ACCESS Globex®. AnHlectrenieTrad NYMEX

ACCESS®-Operater-A Globex® User may accept orders on a “Not Held” basis provided that they have
received prior written permission from the ultimate customer.

(c) Nothing in this Rule shall be construed as a limitation of the Exchange’s disciplinary authority.

104.17 Acceptance of Orders

(a) Entry of Orders. A floor broker or trader or clerk thereof shall not accept or execute or cause to be
executed any order to buy or sell a contract for the future delivery of a commodity or option on such a
contract originating on the floor of the Bxehange COMEX Division from a person who is not a member
of the Exehange COMEX Division. Floor members may receive orders inthe-Fing on the trading floor for
execution only from members, member firms, and duly authorized clerks properly functioning in such
capacity.

(b) Order Identification. No floor broker or trader or clerk thereof shall accept or execute or cause to be
executed any order, including an order from another member, to buy or sell a contract for future delivery
of a commodity or option on such a contract unless the name of the clearing member which will clear the
transaction and the customer's account number at such clearing firm, are identified in the order.

(c) Clearing Member Authorization. No floor broker, trader or clerk thereof shall accept orders or execute
or cause to be executed trades for another person unless the floor member has previously received written
authorization (or verbal authorization, if followed by written authorization within three business days) to


(e) Corrections. The Exchange shall establish the deadline by which corrections may be submitted on
each business day.

(f) Backup Forms of Submission. Each clearing member submitting trade data to the Exchange must have
available facilities to submit trade data via magnetic tape or diskette in case of CTC or OLTE failure,
unless alternative arrangements are approved by the Exchange. Such magnetic tape or diskette shall be
generated concurrent with the storage and processing of trade data for OLTE or CTC submission by the
clearing member's computer system. The clearing member shall then submit the magnetic tape or diskette
in accordance with the schedule set forth in paragraph (c) of this Rule in the event of OLTE er CFG
failure.

(g) Trade Allocation.

(1) If a member or member firm receives an order or series of orders which, if filled, either partially or
fully, will require allocation of trades between or among multiple accounts, the member or member firm
may input the data pertaining to the trade executions into a specially designated allocation account to
facilitate trade check-out and data processing of such trades.

(2) For purposes of compliance with the input schedule set forth in section (c) of this Rule, if the member
or member firm has not received specific allocation instructions prior to trade execution or the volume of
orders required to be allocated is such that the member or member firm cannot input all data elements
needed to separately identify each account for which trades were executed before the prescribed
submission deadline, the member or member firm shall transmit the trade to the Exchange using an
aggregate account identifier that will distinguish the trades placed in the allocation account from all other
trades for which data is being submitted.

(3) After initial input of data for the allocation account, the member or member firm shall input specific
account identification for each contract purchased or sold. Specific account identification for each
contract purchased or sold must be entered as soon as practicable but in no event later than the day of
execution, prior to the end of the correction period, as described in paragraph (c) above.

(4) If the member or member firm has not allocated a trade or trades held in an allocation account by the
end of the correction period on the day of trade execution, the trade or trades shall be placed in the
account of the executing floor member at his PCM.

(h) Average Price Data Input. Following execution of a trade intended to be reported and confirmed as an
average price trade in accordance with Rule 104.90 ("Average Price Trades"), the trade shall be input at
the trade execution price with a designation as an average price trade. A separate aggregate identifier shall
be used to distinguish each set of trades to be averaged.

104.84 Verification of Trade Data

(a) Confirmation of Trades. Each party to a transaction on the floor of the Exchange or representative
thereof shall confirm promptly with the opposite floor broker or floor trader or representative thereof the
price, quantity and delivery month of each futures contract and the price, quantity, futures option series
and type of each futures option which is the subject of such transaction.

(b) Identification of Clearing Member. At any time subsequent to the consummation of a trade, a floor
member may require the other party to the trade to declare the name of the clearing member through
whom the trade will be cleared. If the other party fails to declare the name of his clearing member within


Clearing Members shall give to the Clearing House separate settlement deposits for settlement of trades
for: (1) members' own accounts, customers’ segregated accounts, and (3) customers’ non-regulated
accounts; likewise the Clearing House shall issue separate refunds to members for: total credit balances
on (1) the member's own trades, customers’ segregated trades, and customers’ non-regulated trades.

(J) Offset Memorandum

Clearing Members shall be required to submit to the Clearing House offset memoranda as demanded in
the form prescribed by the Clearing House.

(K) Daily Settlement

When a Clearing Member is long or short any amount of commodity futures and options contracts at the
end of the day, as indicated by his Clearing Sheet, settlement shall be made with the Clearing House to
the settlement price or premium for that day, and such Clearing Member shall pay to, or collect from, the
Clearing House any debit or credit, as the case may be, represented by the difference between the price or
premium at which the contract was bought or sold, and the settlement price or premium of the commodity
for that day. After making such settlement with the Clearing House such Clearing Member shall be
deemed long or short such commodity and option, as the case may be, at the settlement price of the day.

(L) No change in records of any kind submitted to the Clearing House shall be made unless approved by
the Exchange after written application thereof by the Clearing Member is made to the Exchange, stating
the reason for such change.

(M) (1) When clearing operations are conducted by means of electronic data processing machines,
amounts owed to the Clearing House must be deposited in accordance with procedures and in such form
as the Board shall specify.

(2) Transfer information containing a customer account number, clearing member number and customer
type indicator code, shall be submitted to the Exchange by the executing Floor Member within one hour
after the initial transfer information is supplied by the Exchange. Disposition sheets shall be filed by 7:00
p.m. if done by paper submission, and by 8:30 p.m. if done by electronic submission.

(i) Tardy submission of transfer information, or disposition sheets, shall constitute grounds for a fine to be
issued by designated Floor Department Staff or, where determined as appropriate by the Business
Conduct Committee, as grounds for formal disciplinary action under Chapter 8 of the Rules.

(ii) Fines for the failure to submit transfer sheets or disposition information shall be levied by the
President in amounts as the Board, by resolution, may prescribe from time to time.

(iii) As used in this subsection (M)(2), the term "failure to submit" means the failure to submit transfer
information for any trade specified in this Rule 9.04 or a disposition sheet to the Clearing House on the
day on which a trade is executed prior to the time at which the Clearing House begins final trade
processing.

(3) The President may, at his discretion, announce times, other than those stated above, from which
lateness will be computed.

(4) On the day of the expiration of an option contract, Clearing Members shall be required to have a
representative available, during the times specified by the President or his designee, to review Clearing


tt +-bet +h

oF
Exehange-and-a Specialist Market Maker that has-bi eotiated-bet the SMM-and-the Specialist
Review-C itt 4 ed-by-the Board-of DirectorsThis-agr +t -other thi hall set

iP g
i: yy dthat-has-b desi ted-by-the-Exeh: £4 ‘ket:
floortrading priviles y Ke FROFE

1.SMM int " b de4 tract: tablished-bythe Beard-of Directors-The Beard-of
t PP 7

tract for which-an SMM -has-by inted_the Exch: hall mak jlable-t. -SMM special

j h-contract-without "

(4-Fhe SMM program shall-be-supervised-by-the Specialist Review CG i The SRC shall revi



104.04 Conduct of Opening Calls

(a) When and Where Conducted. An opening call for the purchase and sale of each futures contract shall
be held in each ring designated for trading of each futures contract on each day on which the Exchange is
open for business at the time prescribed for the opening of trading in such futures contract. If the COMEX
Governors Committee determines that trading in any futures contract will be facilitated thereby, it may
order that such opening call shall not be held and that trading in all delivery months for such futures
contract shall open simultaneously at the hour prescribed for the opening of trading in such futures
contract.

(b) Person Conducting Opening Call. Opening calls shall be conducted by such employees of the
Exchange as may be designated by the President. Any disputes on the opening call shall be resolved
immediately by the Floor Committee.

(c) Procedures for Opening Call. In conducting an opening call, each delivery month shall be called
separately, commencing with the nearest delivery month and continuing until the last delivery month
prescribed by the By-Laws and Rules has been called.

RESOLUTION
{a}-A-call- forth hy d-sale-of. for future delivery-sh
h-busi day-atthe-h jbed-for-th ine-ef trading i
Y P PORInE, ia PI ,
d-shall-bi ducted-by-a-persen-designated-by the President—The-call- shall -be for the delivery th:
jbed-in Rule H1112-Bach-such deli: th-shall-be-called tel: i ith-th
Pr edd y i ¥
fied in Rule 412 has be Hed—after-which the call shall stand adi ed.

2)

bythe COMEX.G fa) ittee_th hall-b i Ta
+ 5 pet PPer:
NOTE-B: Jution- dated May-14_1986_the Beard-efG determined-that tradi
¥ 14,1986, ha PPeF
forth " dsaleof for fatare-d 1 -be-held-and that trad: 4
po PP + shal 2 hat S
del ths-f& fut tracts-shall th
PP P

104.06 Opening and Closing Periods

The RTH opening period shall be the first one minute of open outcry trading in all futures contracts and
futures options, and shall commence and end by the singing-ofa-bell sounding of an audible signal at the


(1) Each EFP entered into during regular trading hours shall be reported to an Exchange employee
designated for that purpose by no later than the close of regular trading hours on the day the transaction is
effected. Each EFP entered into after the close of regular trading hours and prior to the opening on the
next business day shall be reported to an Exchange employee designated for that purpose by no later than
10:00 a.m. on such next business day. Such report shall specify the seller of the futures contract and the
number of contracts involved in the EFP.

(2) Each order ticket prepared by a member or member firm in connection with an EFP transaction and all
trade data submitted to the Exchange to match and clear an EFP shall specially identify the transaction as
an EFP.

(3) (A) Each member or member firm which has entered into an EFP for its own account shall maintain
full and complete documentation (including, but not limited to, the time of entry) of the EFP and any cash
commodity transaction related thereto.

(B) Each member or member firm which has reported or cleared an EFP on behalf of a customer shall
provide to the Exchange such documentation of an EFP and any cash commodity transaction related
thereto as the Exchange may request.

Int stati £the-G. ral ittee- of Ci dity-Exch: Jnc-R ding Exel £
P + Bey TREOB i et
i w 1H
EB tial BL ts-and- Other Indicia-o£a- Bena Fide EER
The Board-has identified the following tial el ts-ofan- BER + +4
+ be-both ht ti d-afut + ti hight ti +be-inteorally
7 prany



received in the ring or, if so specified by the customer, when an offer for the futures contract or futures
option is made at or below the specified price.

(2) A stop limit order to buy becomes a limit order when after the order is received in the ring, a
transaction in the futures contract or futures option occurs at or above the specified price or, if so
specified by the customer, when a bid for the futures contract or futures option is made at or above the
specified price. A stop limit order to sell becomes a limit order executable at the limit price when after the
order is received in the ring a transaction in the futures contract or futures option occurs at or below the
stop price or, if so specified by the customer, when an offer for the futures contract or futures option is
made at or below the specified price.

{e}(f) Market-If-Touched Order. A market-if-touched order is the same as a limit order except: (1) A
market-if-touched order to buy becomes a market order when, after the order is received in the ring, a
transaction in the futures contract or futures option occurs at or below the specified price; (2) A market-if-
touched order to sell becomes a market order when, after the order is received in the ring, a transaction in
the futures contract or futures option occurs at or above the specified price.

€$-(g) Time and Price Discretion Order. A time and price discretion order is a market order or a limit
order to buy or sell a stated number of futures contracts or futures options in which a floor member is to
exercise his own judgment and discretion in determining the price and the time of execution of the order.

€g) (h) Orders for Execution on Opening.

(i) An order which is to be executed on the opening (or the cancellation of such an order) must be given to
a floor broker not later than two minutes prior to the opening call for the commodity in question.

(ii) If such an order (or cancellation) is received by a floor broker later than two minutes prior to the
opening call for the commodity in question, the order need not be accepted by the broker.

(iii) If such an order (or cancellation) is accepted by the broker, the broker may not be held responsible
for its execution on the opening.

(iv) If such an "opening only" order (or cancellation) is received and accepted by the broker less than two
minutes prior to the opening for the commodity in question and such order (or cancellation) is not

executed on the opening, the order or cancellation expires by its terms.

8) (i) Orders for Execution on the Close.

(i) The "close" for each commodity shall be deemedte-b Jod-fixed-fromtime-to-time-by-th

above.

(ii) An order given to a floor broker at any time within a period of (5) minutes before the warning be
signal initiating the “close” for the commodity in question (or the cancellation during such period of an
order previously given) shall be subject to this Rule as it applies to orders for execution on the “close”.

(iii) An order for execution on the “close” (or the cancellation of such an order) must be given to a floor
broker at least give (5) minutes prior to the warning bel! signal initiating the “close” for the commodity in
question.


ii trade-I Lyd: ith this oblication sticut ice the SMM-may-fill-a-bid
‘SPF iy PrytRE: Bi Pi ‘Pree;
£F licable—at- the -fixed duwith limit-erders-inthe OB-at that pr. A,
7 PP + iP PA
ki d ith-a-trade-for the SMM ieti a ith binati £4. d
a ‘FOP! ¥ 5 AS
ij J. d-trading for the SMM?s-p etary tThe-bid/ask-spread-and-theimiton-th
ber-of contracts to-be-filled- by the SMM_at-such-a-spread-may-be-set-f h-centract ih_and-th

3}-Fhe SRC-shall-conti Iy itor-the- perk £ the SMM-and-shall-provide the Board-with
stork: fe Afi tal-revi The SRC shall have discretion in determini: heth
# YP 7 S
fa) ittee-determines-that an SMM has failed-t ply-with-such-rules, it shall d-te-th
Beard-that jate-action-be-taki
'PPFOP}

) Maint £ Conti Physical P: inthe Trading Ring & Appointed Contract-E
haz y iS PP 7
h-contract for which an SMM -has-b inted-the SMM. tall: i ble-best
ha! PP 2 halt
fforts-t intai ti ical throuchout-th lar tradi ‘i ithin-th
pay P BF ‘ S
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iP y Age
2) Maint fan Orderly Market Absent extraordi ts-and " SMM
inted-i +saets-shall-conti J ;: the-fl £the Exeh throushout
PPO: y Bi BF
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s- PP
E contract th such ket-shall istof. tbidand +-offer-that-shall diff
& than-the fixed. A d-set-forth-K h-centract th inthe SMM-Agr t-Ad}
i ersteed-te-be—for the mini: ber-of-centracts-set
forth inthe SMM-A +-and-at-a-civen-bid-or offer the SMM shall be eblicated+: isf-all bid
oF 2 i Si ry
d-offers inthe sing at th: ‘ ber-of-contracts-K trad
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ified-in- the SMM_A +I blication-f stioul jee-the SMM.
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order through a NYMEX electronic trading system to take advantage of information conveyed during
such discussions unless the Globex® User has agreed during the pre-execution discussions to participate
in the transaction in accordance with this Rule and the order is entered to implement that agreement.

(C) A period of at least five (5) seconds shall elapse between entry of the two orders during which the
order first entered is resting in the market.

(D) Orders entered pursuant to this Rule must be entered in accordance with the provisions of Section C,
if applicable.
11G.20 Reporting and Record keeping Requirements for Electronic Trading Systems

(A) All customer order memoranda reflecting orders for execution during the Globex® shall be retained
in accordance with NYMEX Rule 8.50 and COMEX Rule 104.97.

(B) All information entered into Globex® shall be retained by the Globex® User as provided by the
Exchange for the time period set forth in NYMEX Rule 8.50 and COMEX Rule 104.97.

11G.21 Exchange of Futures for Physicals and Exchange of Futures for Swaps

The exchange of futures for physicals for contracts listed for trading on Globex® shall be governed by the
provisions of NYMEX Rule 6.21 or COMEX Rule 104.36, and the exchange of futures for swaps for
contracts listed for trading on Globex® shall be governed by the provisions of NYMEX Rule 6.21A or
COMEX Rule 104.36A/B.

11G.22 Exchange of NYMEX or COMEX miNY Futures for, or in Connection with, NYMEX or
COMEX Futures Transactions

(A) General Requirements. An exchange of futures for, or in connection with, mini futures (EFM)
consists of two discrete, but related transactions; a purchase (sale) transaction ina NYMEX_or a COMEX
miNY futures contract and a sale (purchase) transaction in the related NYMEX futures contract. At the
time such transaction is effected, the buyer (seller) of the NYMEX_or COMEX miNY shall be the seller
(buyer) of the related NYMEX or COMEX futures contract in the ratio designated by the Board of
Directors.

(B) Final Deadline for Transactions. An EFM involving an expiring NYMEX _or a COMEX miNY futures
contract month is permitted at any time up to and must be reported to the Exchange by the close of trading
on the expiration date of the NYMEX or COMEX miNY Gride-and-Natural-Gas contracts.

(C) Contract Month and Quantity. An EFM transaction may only be effected for the same contract month
in both of the applicable NYMEX or a COMEX futures contracts. The quantity of contracts to be
exchanged in the EFM transaction must be consistent with the size ratio then in effect between the
applicable NYMEX or a COMEX miNY NYMEX futures contract listed for trading on NYMEX
ClearPort® Trading and the regular size NYMEX or COMEX contract listed for trading at NYMEX

D) Transaction Price. An EFM transaction may be transacted at the settlement price for the Physical
NYMEX or COMEX futures contract for the trading session in which the EFM transaction was reported
to the Exchange, or at a differential to the settlement price for the Physical NYMEX or COMEX futures


(E) Whenever an order of the Board, of the Control Committee or of any other Committee of the
Exchange excludes from the operation of the order bona fide hedge positions or transactions, any person
who desires his positions or transactions to be excluded must file a Hedge Notice with the Exchange as
provided in this Chapter 9.

(F) Nothing in this Chapter 9 concerning exemption from position limits or any related provision shall in
any way limit (i) the authority of the Exchange to take emergency action or (ii) the authority of the
President to review at any time the position owned or controlled by any person and to direct that a
position be reduced to the level provided for by Rules 9.26 or 9.27.

9.29A Exemptions from Position Limits for Exposure Associated with NYMEX Physical versus
Cash Settled Arbitrage Transactions

(A) A person may apply to the Exchange for an exemption from the position limits set forth in Rule 9.27
related to contracts CL, NG, HO, HU aad RB, GC, SI, and HG, where such exemption is in connection
with open arbitrage positions in the associated Penultimate Cash-Settled Contracts (WS, HP, NP, BH,
RT), miNY Contracts (QM, QG, QH, QU, QO, QI, QC), Last Day Cash-Settled Contracts (HH, NN) and
Cash-Settled Penultimate Options (LC, LN, LB, LG).

(B) Applicants for an exemption under this Rule shall apply to the President or his authorized
representative (referred to as the "President"), on forms provided by the Exchange, not more than two (2)
days after assuming a position in excess of position limits under this Rule.

The Application shall include: a list of the contracts for which exemption is requested; an agreement to
comply with the limits imposed with respect to the proposed transactions; an agreement to comply with
the By-Laws and Rules of the Exchange; agreement to initiate and liquidate positions in accordance with
sound commercial practices and in an orderly manner; and such other information, and representations as
may be required by the Exchange.

(C) Any person who receives approval to own or control positions pursuant to this Rule shall provide to
the Exchange, upon the request of the Board, the Control Committee, or the President, any information or
documentation requested relating to the exemption.

(D) The President shall, on the basis of the application and supplemental information which the Exchange
may request, determine whether an exemption from speculative position limits shall be granted. The
President may deny, condition or impose limitations upon an exemption request based upon the
applicant's business needs, financial status and integrity, the bona fides of the underlying swap
transactions, on the liquidity, depth and volume of the market for which the exemption is sought, and on
such factors as the President deems appropriate. The President may review at any time exemptions
granted under this Rule, and may modify, revoke or place limitations on the exemption.

(E) Nothing in this Rule shall in any way limit: (i) the authority of the Exchange to take emergency
action; or (ii) the authority of the President to review at any time the position owned or controlled by any
person and to direct that a position be reduced to the level provided for by Rule 9.27.

(F) Any person who has received from the President written authorization to exceed position limits
imposed under Rule 9.27 must file with the Exchange an updated application annually, no later than the
anniversary date of the initial authorization, or waive the exemption.


timate ofthe-si £ thi ition-b tract, intended te-be established-on-the Exchange, fe

Fra: tiens—Th ition-limits- specified i tion-(b) of this Rule, other than-th
not Jae ‘ intended-to-red: line fr dit
PPty te per x Pp
tall of the eriteri: iated- by the CFTC in the Policy Stat ‘Wal A
Ss T; +4 5.4 Fed -Res-30694-Guly 211989) _and-asit-may-b: ded-orinterpreted-byth
P 7 tery ety ip ry Pi YY
fa) ission—forwhich jion-has-b: ted—and-net ked-by-the Exch

7 pt e 7 yr Be:



104.47 Position Limits
See Exchange Rules, Chapter 9, including Rules 9.27 through 9.32 and Appendix A,

.
dis ts) fe thigh J} trols-tradi: indi: tla, bh: Fatt,
A as F" Pa Dei
th, ice): d—in-th. £ iti. held-by-+ ti; ant-t
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Lied tas i. hy, fall of th, held-b: 4: 1. Ty
plied agr Horund ert the-p ya single person:
£thic Dale +! +, "  chall indisidual wets
thes Yy

Adami: 750** SubjecttePesition A tabilit

the first th-shall-_be-reduced-te-350-coentracts-at the cl £ busi: three-trading-daystat 1
decided-etherwise by the Control C ittee-
HAKTE ot ti istered-stecks-fall belew-20.000-centract ivalents,the limits in-place- b

ry D ps By
tradine days-tat less-decided-othenvise-by-the- Contre Ci itt

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ee tation ef Resiti E fthis Rul
{€} iP 7 ‘Purp



(2) On the final day of trading in the delivery month of a NYMEX or COMEX Division contract that is
listed for trading solely on Globex®, N¥MEX-ACCESS® or on NYMEX ClearPort® Trading, it shall be
the responsibility of each Clearing Member who is not in a position to fulfill its contractual obligation on
any maturing contract by prescribed notice and tender, to have a liquidating order entered on N¥MEX
ACCESS NYMEX ClearPert®-Trading the relevant electronic trading platform.

9.26 All Month/Any One Month Position Accountability

(A) Any person, as defined in Rule 1.26, who owns or controls positions in excess of the levels cited in
Chapter 9, Appendix (A) below, under heading 9.26 All Month/Any One Month Position Accountability
shall be subject to the following provisions pursuant to position accountability levels:

(1) promptly supply to the Exchange such information as the Exchange may request pertaining to the
nature and size of the position, the trading strategy employed with respect to the position, and the position
owner's or controller's hedging requirements, provided, however, that if the position owner or controller
fails to supply such information as and when requested, the President or his designee may order the
reduction of such position;

(2) agree, upon request by the President or his designee, not to increase the position owned or controlled
as of the time the request was received; and

(3) agree to comply with any prospective limit prescribed by the President or his designee which exceeds
the size of the position owned or controlled.

(B) For the purposes of this Rule 9.26, the futures-equivalent of an option contract and spread option
contract is the previous day's NYMEX Risk Factor for that option. Further, long calls, short puts and long
futures are on the same side of the market; short calls, long puts and short futures are on the same side of
the market.

With respect to crack spread option contracts, a call option is the equivalent of a long product futures
contract and a short crude oil futures contract; a put option is the equivalent of a short product futures
contract and a long crude oil futures contract. Therefore, long crack spread option calls and short crack
spread option puts are on the same side of the market; short crack spread option calls and long crack
spread option puts are on the same side of the market.’

With respect to calendar spread option contracts, a call option is the equivalent of a long futures contract
in the first underlying futures in the spread and a short futures contract in the second underlying futures in
the spread; a put option is the equivalent of a short futures contract in the first underlying futures in the
spread and a long futures contract in the second underlying futures in the spread.

(C) For purposes of this rule, NYMEX Light Sweet Crude Oil Mini miNY Futures Contract shall be
deemed equivalent to .50 of a Light "Sweet" Crude Oil future, a NYMEX Natural Gas Miai miNY
Futures Contract shall be deemed equivalent to .25 of a Natural Gas future, a NYMEX miNY Unleaded
Gasoline Futures Contract shall be deemed equivalent to .50 of a Petroleum Product —- New York Harbor
future and a NYMEX miNY Heating Oil Futures Contract shall be deemed equivalent to .50 of a New
York Harbor No. 2 Heating Oil future_a COMEX miNY Gold Futures Contract shall be deemed
equivalent to .50 of a Gold future, a COMEX miNY Silver Futures Contract shall be deemed equivalent
to a .50 Silver future, a COMEX miNY Copper Futures Contract shall be deemed equivalent to a .50
Copper Future.



House Reports and to make any adjustments thereto. All clearing data reported to the Exchange by a
Clearing Member following the completion of the operational procedures prescribed by the President
shall be deemed accepted by the Clearing Member and the Clearing Member shall waive any claim
against the Exchange based upon inaccurate or erroneous data appearing on said Clearing House Reports.

(N) Each Floor Member, prior to the earliest opening of trading in a contract in which the member traded
the previous day, and at regular intervals during the trading day, shall be responsible to review his Breker
Information Retrieval System(“BIRS")} screen for Electronic, or "E", mail messages.

(O) Penalties imposed under this section shall not be subject to the provisions respecting procedures for
disciplinary proceedings.

(P) Concurrent Futures Positions

(1) Concurrent long and short futures positions in the current delivery month may not be offset by netting,
transfer, expit, adjustment or any other bookkeeping procedures, but each side must be offset by normal
floor or electronic transactions in accordance with Exchange Rules. Provided, however, that a clearing
member will be exempt from this requirement if: (i) one side of the concurrent position is established the
business day prior to the date that the offset memoranda are filed with the Clearing House; (ii) a clearing
member filing such offset memoranda can satisfy the Exchange at its request that the delay in effecting
the offset is attributed to an error in the filing of its clearing sheets; and (iii) by 10:30 a.m. on the same
date that a clearing member files such offset memoranda, the clearing member also files with the Clearing
House an updated and accurate Long Open Interest Report.

(2) For the purposes of this Rule 9.04(P), the current delivery month for energy futures contracts
commences on the open of trading on the third business day prior to the termination of the respective
futures contract, including the termination date. The current delivery month ia-platinum-and- palladium for
metals futures commences on the tenth (10th) business day prior to the first business day of the delivery
month,

(Q) Metals Inventory Report

Each Clearing Member shall report to the Exchange in the form required by the Clearing House the
quantity of deliverable metal warrants, and any changes thereto, owned by the Clearing Member, or held
for customers. A report of a change in such information shall be made to the Exchange within one (1)
business day of such change.

(R) Submission of Long Open Interest Report

Each Clearing Member shall submit to the Exchange by 10:30 a.m. on each Exchange business day,
Futures and Options Long Open Interest Report(s) on the form prescribed by the Exchange.

9.19 Final Day of Trading

(A)(1) On the final day of trading in the delivery month of a contract that is listed for trading by open
outcry on the trading floor, it shall be the responsibility of each Clearing Member who is not in a position
to fulfill his contractual obligation on any maturing contract by prescribed notice and tender, to have a
liquidating order entered on the Exchange floor one hour before the time established for the beginning of
the closing range for such delivery month. All such orders shall be market orders to be executed prior to
the expiration of trading.


contract for the trading session preeeding-the-sessien in which the EFM transaction was reported to the
Exchange.

(E) Floor Reporting Requirements and Deadlines. A report of each EFM transaction must be given and
notice thereof must be posted on the Floor of the Exchange. The report of an EFM transaction must be
given on the Floor prior to the end of the trading session on the day that the agreement was made, or if
such agreement was made after the close of trading, then during the trading session on the next business
day.

(F) Clearing. EFM transactions shall be cleared through the Exchange in accordance with normal
procedures, shall be clearly identified and marked in the manner provided by the Exchange, and shall be
recorded by the Exchange and by the Clearing Members involved.

11G.27 Closing Range and Close

The closing range for each NYMEX and each COMEX Product that is listed for trading only on Globex®
for each day of trading, including the closing range on the final day of trading in such contract listed for
trading only on such system, shall include all trades made within the last (10) ten minutes of the
applicable trading session for such contract and all bids higher than as well as offers lower than any trade
made within such periods.

11G.29 Disciplinary Status of Non-Members Trading NYMEX or COMEX Products on Globex®
A Globex® User or a Globex® User Agent who is neither a Member nor a Member Firm shall not be

subject to the disciplinary jurisdiction of the Exchange except as provided in Rule 8.99B (Summary
Procedures for Denial of Access to NYMEX ClearPort® Trading or to Globex®).

From Chapter 104
COMEX Division Floor Rules

104.01 Trading Days
The business day for the COMEX Division shall be as described in NYMEX Division Rule 6.00

Exchange Business Day
(a}-Exceptas-othenvise provided in- subsection (b)-the Exch halle for-busi dail a
{845 Pt x P

Saturdays Sund: d-such-helid from-timeto-time maybe determined by the Board.
YS 7 2 :

104.02 Hours for Trading

The Board shall establish the hours for trading in commodities on the Exchange for each trading session.
All such trading shall take place within the prescribed hours.



9.27A Expiration Position Accountability Levels

A) Any person who owns or controls positions in excess of the levels cited in Chapter 9, Appendix (A)
below, under heading 9.27A Expiration Position Accountability Levels, shall be subject to the following
provisions pursuant to position accountability levels:

(1) promptly supply to the Exchange such information as the Exchange may request pertaining to the
nature and size of the position, the trading strategy employed with respect to the position, and the hedging
requirements (if any), provided, however, that if the principal or controller fails to supply such
information as and when requested, the President or his designee may order the reduction of such
position;

(2) agrees, upon request by the President or his designee, not to increase the position owned or controlled
as of the time the request was received;

(3) agrees to comply with any limit prescribed by the President or his designee, and to decrease any open
position if directed upon review of the information cited in item 1 above.

(4) The Expiration Position Accountability Levels for designated energy contracts are effective on the
open of trading of the last three (3) trading days of the related physically delivered futures contracts. The
expiration position limits shall be calculated on a net futures-equivalent basis and will aggregate
appropriate contracts as identified in Chapter 9, Appendix A.

(5) Trading in the underlying physically delivered contract that is the basis for the settlement prices for all
contracts subject to this rule shall additionally be subject to NYMEX Interpretive Notice 01-06.

9.28 Exemptions from Position Limits for Bona Fide Hedging Transactions

(A) The limits set forth at Rule 9.27 shall not apply to bona fide hedging transactions as defined in
§1.3(z)(1) of the Regulations of the Commission (17 C.F.R. §1.3(z)(1)), as it may be amended from time
to time.

(B) Notwithstanding the provisions of Subsection (A) of this Rule 9.28, any person who owns or controls
a bona fide hedging position in excess of the levels set forth in Rule 9.27 must comply with the applicable
provisions of Rules 9.29, 9.31, 9.32 and this Rule 9.28.

(C) Any person who owns or control bona fide hedge positions must initiate and liquidate positions in
accordance with sound commercial practices and in an orderly manner; trading shall not be conducted in a
manner calculated to cause unreasonable price fluctuations or unwarranted price changes. No person shall
use hedge positions to attempt to violate or avoid the By-Laws and Rules or to impair the good name of
the Exchange.

(D) Any person who received approval to own or control positions classified as bona fide hedge positions
shall submit to the Exchange, upon the request of the Board, the Control Committee or the President any
information required by the Board, the Control Committee or the President or his designee (collectively,
the "President" for purposes of Rules 9.28-9.36).


execute orders for such person or for such account from the clearing member through which the trade is to
be cleared.

(d) Acceptance of Futures Option Orders. A member or member firm shall not accept any order to buy or
sell a futures option from any futures commission merchant unless the futures commission merchant is (i)
a member of the Exchange; (ii) a member of a national futures association registered under the Act and
providing for the regulation of the futures option activities of its members; or (iii) trading for its
proprietary account.

(e) Exception for Option Permits and Memberships. Notwithstanding the provisions of subparagraphs (a)
and (b) of this Rule 104.17, persons who hold Option Memberships ("Option Members"), shall be
permitted to directly communicate to floor brokers, traders and clerks thereof but not execute (and such
floor brokers, traders and clerks thereof are permitted to accept and execute) orders to purchase and sell
futures contracts for the account of such Option Member but only to the extent that such orders represent
bona fide hedging of the positions of such Option Members in such futures options as the Option Member
is authorized to trade on the Exchange; provided, further, that under no circumstances may positions
obtained by an Option Member by direct communication to Floor Brokers, traders or clerks thereof
exceed: (i) a number of short futures contracts equal to the sum of the number of long future call options
plus the number of short future put options held by the Option Member; and (ii) a number of long futures
contracts equal to the sum of the number of short future call options plus the number of long future put
options held by the Option Member.

(f) No Option Member may receive brokerage for any trade which an Option Member is not authorized to
execute on the Exchange.

10. Netwithstendine th isi £ Rule 104.17(e) for the neried beginni October 19-1992
> S- Baa P S 5

104.18 Recognition Trading

(a) Acceptance by Recognition. Except to the extent otherwise permitted or required by the By-Laws and
Rules, any bid or offer to buy or sell a futures contract or futures option by open outcry shall be deemed
to be accepted by such member or members as may be acknowledged by the bidding or offering member.

(b) Simultaneous Acceptances. In the event the willingness of two or more members to accept all or any
part of a bid or offer simultaneously comes to the attention of a bidding or offering member_in open-
outcry trading, the bidding or offering member may recognize any one or more of such accepting
members and may apportion the volume of the bid or offer among such accepting members in such
manner as the bidding or offering member deems appropriate.

104.19 Price at Which Acceptance Binding; Parties to Contract

(a) Acceptance Binding. Acceptance of offers or of parts of offers to buy or sell shall be binding upon the
acceptor at the price named by the member offering.


November 29, 2006

Via E-Mail

Office of the Acting Secretary
Commodity Futures Trading Commission
Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: _Rule Certification. NYMEX Submission 06.143: Notification of
Rule Amendments Implementing Side-by-Side Electronic and Open
Outcry Trading of COMEX Division Contracts.

Dear Ms. Eileen Donovan:

The New York Mercantile Exchange ("NYMEX" or the "Exchange") is notifying the Commodity
Futures Trading Commission (“CFTC” or “Commission”) of rule amendments implementing side-by-side
electronic and open outcry trading of COMEX Division contracts.

In connection with the launch of side by side trading on the COMEX Division on Monday,
December 4, 2006, amendments to various COMEX and NYMEX Division rules designed to permit
and/or facilitate the side-by-side electronic and open-outcry trading of COMEX Division contracts are
being implemented. The changes are similar in nature to amendments recently implemented in
connection with side-by-side trading on the NYMEX Division. The attached amendments include
portions of Chapters 6, 9, 11G, and 104 of the Exchange Rulebook. While most of the amendments are
non-substantive, and merely clarify what provisions of the existing rules would apply to either or both of
the trading forums, some of the changes are explained below.

Rule 104.07: Forms of Orders. The rule is amended to address the inclusion of choice of trading foram
as an order term. Significant issues addressed include the absence of a customer’s instruction regarding
forum, the exercise of discretion in choosing forum, and how forum choice is to be dealt with in order
ticket preparation.

Rule 104.23: Solicitation of Orders. Amendments to this rule clarify that while solicitation of orders
continues to be prohibited in open-outcry unless the order to be matched against a solicited order has been
announced in the ring, pre-execution discussion of orders would be permitted for electronic executions, in
accordance with Rule 11G.19.

Rules 104.46 ~ 104.48. Rules relating to position reporting, position limits, and position accountability
are being deleted in favor of similar provisions added to Chapter 9 of the Rulebook.

Rules 104.91 — 104.94A. Rules concerning calculation of settlement prices in COMEX Division
contracts are being amended to include electronic trades in such calculations.

Rule 11G.19: Permissible Pre-Execution Discussions. A Globex® User would be permitted to agree in
advance with another Globex® User to take the opposite side of an order, provided that five (5) seconds
must elapse between the entry of the relevant orders in the system.



outright bid, or higher than the best outright offer, that: (a) was at least for 20 contracts, and (b) had been
posted with the Exchange and had remained available for execution and unfilled for the final 30 minutes
of trading of that trading day.

(C) If any settlement price, determined pursuant to Paragraph (A) or (B), is inconsistent with transactions
that occurred during the closing rate range for other delivery months of the same futures contract
(including, but not limited to, either open outcry trading or electronic trading) or with other market
information known to the Committee (including but not limited to either open outcry trading or electronic
trading), the Committee may establish a settlement price at a level consistent with such other transactions
or market information. In such event, the Committee shall prepare a written record of the basis for any
settlement price so established.



Exchange within one business day after any material change in the information supplied on the Form 102
occurs.

From Chapter 11G
NYMEX Electronic Trading Rules for Globex® Trading System

NOTE: except as otherwise specifically noted, any references to NYMEX in this Chapter 11G that are not
followed by the term the Division shall be understood to refer both to the NYMEX and COMEX

Divisions, except that for purposes of clarity, the Exchange may in addition include various references to
COMEX in these rules

11G.03 Globex® Control Center and Limitation of Liability

(A) The Globex® Control Center ("GCC") provides Globex® customer support and problem
management only to members, clearing members and customers designated by clearing members. In
addition, designated NYMEX and COMEX members and clearing members may also receive customer
support and problem management from GCC with respect to contracts traded on Globex®. In order to be
eligible for GCC support, such persons must register with the GCC ("Registered Contacts"). The GCC
provides customer support via a specified telephone number and during specified hours. GCC employees
may not always be available to assist Registered Contacts. Persons other than Registered Contacts,
including non-members with Globex® access pursuant to CME Rule 574, must contact their clearing
firms to make support requests.

(B) As provided in Rule 11G.04 below, neither NYMEX nor CME shall be liable for any loss resulting
from any inability to communicate with the GCC. The liability of the NYMEX or CME for the negligent
acts of GCC staff shall be subject to the limitations and conditions of Rule 11G.04. In no event, however,
shall the NYMEX or CME be liable for the negligence of the GCC if the person claiming to have suffered
a loss could have secured the support it sought from GCC through its own administrative terminal, its
clearing member's terminal or an Independent Software Vendor's (hereinafter "ISV") terminal. For
purposes of this Rule, a person is deemed able to take action through its own administrative terminal, a
clearing member's terminal or an ISV's terminal unless such terminal was inoperative or such terminal
service was interrupted at the time the GCC took action.

11G.05 Average Price Calculations by Futures Commission Merchants

(A) Eligible Accounts. An FCM, subject to compliance with the conditions specified in this rule, may
report and/or confirm to customers an average of multiple execution prices and may use its own
proprietary system to make such average price calculations, regardless of whether the Exchange also
provides a service for average price calculations for the applicable N¥MEX-Divisien contract, provided:

(a) that such prices were obtained as the result of the execution of an order or series of orders to purchase
or sell the same futures and/or the same option series for the same account or group of accounts; or

(b) that such prices were obtained as the result of the execution of trades to purchase or sell the same
futures and/or the same option series for the FCM's proprietary account(s), provided further however, that
trades for such a proprietary account are not averaged with trades for any other account.

For purposes of this rule, eligible accounts may include multiple accounts that are part of a managed
account program or other common investment program. Eligible accounts may include individual non-


9.33 Position Reporting

(A) Each Clearing Member shall submit to the Exchange reports of positions equal to or in excess of the
levels established by Rule 9.34. Such reports shall be submitted by no later than 8:00 A.M. in an
approved machine readable format unless authorized otherwise in advance by the Director of Market
Surveillance or his designee.

(B) Any omnibus account or foreign broker shall submit a signed NYMEX reporting agreement in the
form prescribed by the Exchange to the Exchange's Compliance Department upon becoming reportable.
Any reportable omnibus account or foreign broker shall submit to the Exchange separately identifying all
proprietary and customer positions equal to or in excess of the levels established by Rule 9.34. Such
reports shall be submitted in the form prescribed by the Exchange by no later than 8:00 A.M. unless
authorized otherwise in advance by the Senior Director of Market Surveillance or his designee. The
failure by an omnibus account or foreign broker to submit a signed NYMEX reporting agreement or
properly report positions may result in a hearing by the Business Conduct Committee to limit, condition
or deny access to the market.

(C) Interest in or Control of Several Accounts.

(1) If any person holds or has a financial interest in or controls more than one account, all such accounts
shall be considered by the clearing member, omnibus account or foreign broker as a single account for
reporting purposes.

(i) Accounts of Eligible Entities.

Accounts of Eligible Entities as defined in Rule 9.28(F) of this chapter that are traded by an independent
account controller shall, together with other accounts traded by the independent account controller or in
which the independent controller has an interest be considered a single account.

(ii) Accounts Controlled by Two or More Persons.

Accounts that are subject to day-to-day trading control by two or more persons shall, together with other
accounts subject to control by exactly the same persons, be considered a single account.

(2) For purposes of this Rule 9.33, except for the interest of a limited partner or shareholder (other than
the CPO) in a commodity pool, the term financial interest shall mean an interest of 10 percent or more in
ownership or equity of an account.

(D) For purposes of sections (A), (B) and (C) above, if a person controls or holds a position equal to or
greater than the number of contracts specified in Rule 9.34 long or short in any one month, then all such
futures and options on such futures whether above the given level or not, shall be deemed reportable
positions.

(E) All Clearing Members, omnibus accounts and foreign brokers for the purposes of sections (A), (B),
(C) and (D) above, shall report to the Exchange each account in excess of the levels established in Rule
9.34 by a unique numeric designation. The unique numeric designation shall be established by filing with
the Director of Market Surveillance a CFTC Form 102 meeting all the requirements of Section 17.01(b)
of the Regulation of the Commission (17 C.F.R. Section 17.01(b)), as it may be amended from time to
time, within one business day of when the account becomes reportable for the first time. The Clearing
Member, omnibus account or foreign broker, as the case may be, shall file an updated Form 102 with the


order. The case residual value created by the rounding process shall be paid or credited to the account
holder. Any residual amount of less than one cent may be retained by the clearing member.

Average Price Calculation Performed by the Futures Commission Merchant

(d) As an alternative to utilization of the average price calculation service provided by the Exchange, an
FCM may use its own proprietary system to make average price calculations for applicable transactions
pursuant to the conditions specified below:

1, The customer has requested average price reporting;

2. Each individual trade is submitted to and cleared by the Exchange at the executed price;

3. The FCM calculates and confirms to its customers a weighted mathematical average price, as
calculated pursuant to the requirements of section (e) below;

4. The FCM possesses the records to support the calculations and the allocations to customer accounts
and maintains all such records pursuant to CFTC regulations and further makes such records available for
inspection by affected customers upon request; and

5. The FCM identifies each trade to which an average price is assigned as having an average price on each
confirmation statement and monthly statement on which the trade is reported to the customer.

(e) Calculation of Average Price

The weighted mathematical average price shall be computed by FCMs by:

(a) multiplying the number of contracts purchased or sold at each execution price by that price;
(b) adding the results together; and

(c) dividing by the total number of contracts.

For a series of orders, the average price may be computed based on the average price of each order in that
series.

FCMs may confirm to customers either the actual average price or the average price rounded to the next
price increment, provided however, that in confirming the average price rounded to the next price
increment, the FCM must round the average price up to the next price increment for a buy order or down
to the next price increment for a sell order, and must pay any residual thus created to the customer, except
that any residual amount of less than one cent may be retained by the FCM.

COMEX Rule 104.91, Futures Settlement Prices

(a) Active Month. The settlement price of the most active futures contract month shall be the average
(rounded off to the nearest price tick) of the highest and lowest prices of all outright transactions executed
on the trading floor by open outcry for that delivery month efthe-+trades-reperted during the closing
period, except as otherwise provided in this Rule or in Rule 104.93 ("Use of Discretion to Establish
Settlement Price").





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(D) Except as provided in Rule 9.27, the any one month/all month position accountability levels for each
futures contract traded on the Exchange are listed in Chapter 9, Appendix (A) below.
Note: Specific reference to contract aggregation requirements prescribed in Chapter 9, Appendix (A).

Option Contract Gross Option Quadrant Position Accountability Levels

Crude Oil Light Sweet 40,000 contracts

N.Y. Heating Oil 20,000 contracts

N.Y. Harbor Unleaded Gasoline 20,000 contracts

N.Y. Harbor Gasoline Blendstock (RBOB) Option 20,000 contracts

N.Y. Heating Oil-Crude Oil Light Sweet Spread 20,000 contracts

N.Y. Harbor Unleaded Gasoline-Crude Oil Light Sweet Spread 20,000 contracts
Natural Gas 20,000 contracts

Platinum 20,000 contracts

PJM Calendar-Month LMP Swap 10,000 contracts

9.27 Expiration and Current Delivery Month Position Limits or Position Accountability

(A) No person may own or control a net long position or a net short position in the expiration or current
delivery month (as defined in this Rule 9.27 for energy and metals contracts respectively) in excess of the
levels set forth in Chapter 9, Appendix (A) below under 9.27 Expiration and Current Delivery Month
Position Limits or Position Accountability.

Note: Specific reference to contract aggregation requirements prescribed in Chapter 9, Appendix (A).

(B) The expiration position limits for energy contracts set forth below are effective on the open of trading
of the last three trading days of the futures contract. The expiration position limits shall be calculated on a
net futures-equivalent basis. For purposes of this rule, NYMEX Light Sweet Crude Oil Mini miNY
Futures Contract shall be deemed equivalent to .50 of a Light "Sweet" Crude Oil future, a NYMEX
Natural Gas MinimiNY Futures Contract shall be deemed equivalent to .25 of a Natural Gas future, a
NYMEX miNY Unleaded Gasoline Futures Contract shall be deemed equivalent to .50 of a Petroleum
Product — New York Harbor future and a NYMEX miNY Heating Oil Futures Contract shall be deemed
equivalent to .50 of a New York Harbor No. 2 Heating Oil future_a COMEX miNY Gold Futures
Contract shall be deemed equivalent to .50 of a Gold future, a COMEX miNY Silver Futures Contract
shall be deemed equivalent to a .50 Silver future, a COMEX miNY Copper Futures Contract shall be
deemed equivalent to a .50 Copper Future.

(C) The expiration month position limit for the PJM contracts are effective on the opening of trading on
all business days when a contract month becomes the first nearby month (or spot month) and continues on
an intra-day basis thereafter until the conclusion of trading in the expiring contract. The expiration month
position limit shall be calculated on a net futures-equivalent basis.

(D) The current delivery month position limits for platinum-and-palladium metals contracts are effective
on the business day prior to the first notice day for any delivery month. No person shall maintain any
position which, when combined with the number of contracts for which a delivery notice has been
tendered or accepted during the delivery month, exceeds the maximum permissible current delivery
month position limit for such contract.



time set forth for the opening of trading in each futures contract or futures options in Rule 104.02 ("Hours
for Trading"). The closing period shall be the last one minute of trading in all futures contracts and futures
options, and shall commence and end by the riaging-efa-bell-sounding of an audible signal at the time set
forth for the closing of trading in each futures contract or futures options in Rule 104.02 ("Hours for
Trading"). On expiration day for a spot month contract on Globex® trading in the spot month contract
will cease at the close of RTH.

104.07 Forms of Orders

(a) Venue. Any order received on the trading floor shall be deemed an order for execution by open outcry
in the relevant trading ring unless the customer, upon placing the order, indicates that the order shall be
for execution on another COMEX trading venue.

(1)When a customer places an order for execution on another COMEX trading venue, the venue must be
designated on the order ticket.

(2) A Trading Member may accept from a customer discretion to choose the COMEX trading venue for
execution of an order provided that:

(A) the Trading Member shall not be held to a best execution standard in exercising that discretion,

however, a claim may be asserted against the Trading Member by the customer and/or the Compliance
Department, if the execution or the failure thereof, was done fraudulently or by willful misconduct, and

(B) any order accepted with discretion as to execution venue shall be designated as such with the notation
“DV” on the order ticket.

(3) Orders as described in paragraphs (b) through (i) of this rule, shall be executable based solely on

events occurring in the venue for which the order was placed. Floor brokers shall not execute any order
electronically or cause any order to be executed electronically unless the customer has specifically
requested electronic execution or given venue discretion.

{a}(b) Market Order. A market order is an order to buy or sell a stated number of futures contracts or
futures options at the price obtainable immediately after the order is transmitted to the ring.

{6}{c) Limit Order. A limit order is an order to buy or sell a stated number of futures contracts or futures
options at a price not less favorable than that specified in the order.

{e}(d) Specified Time Order. A specified time order is an order to buy or sell a stated number of futures
contracts or futures options which, if not executed within the time specified in the order, automatically
expires. A specified time order includes, without limitation, a fill or kill order, an order executable only
on the opening, during the opening call or during the close.

¢4e) Stop Order.

(1) A stop order is an order to buy or sell a stated number of futures contracts or futures options at the
market when the market reaches a specified price. A stop order to buy becomes a market order when a
transaction in the futures contract or futures option occurs at or above the specified price after the order is
received in the ring or, if so specified. by the customer, when a bid for the futures contract or futures
option is made at, or above, the specified price. A stop order to sell becomes a market order when a
transaction in the futures contract or futures option occurs at or below the specified price after the order is


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104.82 Submission of Trade Data

(a) General Requirements. Floor Trading Members shall be responsible for reporting the following data
for each trade executed on the Exchange:

(1) all information recorded on a floor member's trading card pursuant to Rule 104.80(b) and order tickets
pursuant to Rule 104.81(a) and (b);

(2) an appropriate customer type indicator (CTI) and indicator code as described in section (b) below;

(3) the clearing member and account in which the trade will clear; and

(4) such other information as the Exchange may require to match and/or clear a trade.


(b) Customer Type Indicator Codes. Floor Trading Members shall be responsible for reporting to the
Exchange on the On-line Trade Entry System (“OLTE”), appropriate CTI and indicator codes for
transactions executed on the Exchange Floor. Authorized Terminal Users shall be responsible for
reporting to the Exchange and on N¥MEX-ACCESS Globex®, appropriate CTI and indicator codes for
transactions executed on N¥MEX-AGCESS Globex®. Appropriate CTI and indicator codes shall include
a combination from sections (1) and (2) below:

(1) CTI Codes:

(A) When a Floor Trading Member executes trades for his/her personal account, for an account he/she
controls, or for an account he/she has an ownership or financial interest, he/she shall designate the trades
as CTI 1.

(B) When a Floor Trading Member or Authorized Terminal User executes trades for the trading account
of a Member Firm or Clearing Member, he/she shall designate the trades as CTI 2. However, if the
executing Floor Trading Member has either an interest in or discretionary contro] over such Member Firm
or Clearing Member trading account, the indicator codes of subdivision (1) shall apply.

(C) (i) When a Floor Trading Member executes trades for the personal account of another Floor Trading
Member, or for an account that the Floor Trading Member knows is controlled by another Floor Trading
Member, he/she shall designate the trades as CTI 3.

(ii) When an Authorized Terminal User executes trades on N¥MEX-AGCESS Globex® for the personal
account of a Floor Trading Member, or for an account that the Authorized Terminal User knows is
controlled by a Floor Trading Member, he/she shall designate such orders as CTI 3.

(D) When a Floor Trading Member or Authorized Terminal User executes trades for any account, other
than those listed in subdivision (A), (B), (C), he/she shall designate the trades as CTI 4.

(2) Indicator Codes. All of the above CTI codes summarized in section (1) of this Rule must be used in
combination with one of the following indicator designations:

(A) C or Customer — if the account owner is not affiliated with the Clearing Member; or

(B) H or House ~ an account affiliated with the Clearing Member, including parent and subsidiary
corporations, or Principals or authorized employees, trading for their own account at the Clearing
Member in which they have an ownership interest in or by whom they are employed.

It shall be a Major Offense for Floor Trading Members or Authorized Terminal Users to knowingly
assign false indicator codes to trades executed on the Exchange Floor or on N¥MEX-ACCESS Globex®.

(c) Methods of Submission. All data shall be submitted by the methods prescribed below:

(1) A floor member shall submit trade data either to the clearing member intended to clear the trade or to
the Exchange. Submission to a clearing member shall be made by delivery of the top copy (the original)
of the floor member's trading card or order ticket to the clearing member; submission of data to the
Exchange shall be made by means of on-line trade entry (OLTE).

(2) Ifa floor member submits trade data through a clearing member, the clearing member shall transmit
the pertinent trade data to the Exchange by means of OLTE pute putertel ieati
interface (CFC).



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Each Clearing Member, at the time when payments are due to the Exchange as aforesaid, shall have
deposited with the Exchange payment, in such form as is acceptable to the Exchange, for any original
margin that may be required, as prescribed in these rules.

(C) Acceptance of Reports Final

All contracts reported to the Exchange as above provided shall be deemed accepted by it, unless the
parties thereto are notified to the contrary by the Exchange on or before 9:45 a.m. on the Exchange
business day following that on which the contracts are made, up to which time the Exchange has the right
to refuse to accept any contract reported to it as aforesaid.

(D) Submission of Clearing Sheets

Within the time specified by the President or his designated representative, after the close of future call on
each Exchange business day, each Clearing Member shall file with the Clearing House his Clearing Sheet
of that day's business. The Clearing Sheet shall be in such form as the Clearing House shall prescribe and

shall show in detail the following items:

(1) open trades brought forward at the beginning of the day;

(2) trades by such members on that day;

(3) balanced or straddled trades;

(4) number of trades offset;

(5) balance open at end of day;

(6) the amount due to or from such member on account of all adjusted transactions;

(7) the total amount of margins due on trades made on date of Clearing Sheet;

(8) the total amount of margins to be refunded on trades made on date of Clearing Sheet.

(9) the total amount of premiums due on options trades made on date of clearing sheet;

(10) the total amount of premiums to be refunded on options trades made on date of clearing sheet.

(E) Separate Sheets for House and Customer

Members having trades for their own account and for customers! accounts shall file two Clearing House
Sheets, each sheet properly designated and complying with the members' own trades and the customers!
trades.

(F) Reporting of Disputed Trades

Disputed transactions shall not appear upon the Clearing Sheet prior-to the settlement of such disputes.

(G) Deposit for Debit Balance

If the Clearing Sheets of any Clearing Member show a debit balance such Clearing Member shall pay
such balance in accordance with procedures and in such form as the Board shall specify.

(H) Refund for Credit Balance
If such Clearing Sheets show credit balances in favor of such Clearing Member after the Clearing House
has had an opportunity to verify all balances on members' Clearing Sheets, the Exchange shall pay such

balance in accordance with procedures and in such form as the Board shall specify.

(I) Separate Deposits and Refunds for House and Customer


such event, the Committee shall prepare a written record of the basis for any settlement price so
established.

(C) The settlement price for the most active month shall be the weighted average price (rounded to the
nearest minimum fluctuation) of all outright transactions including both trades executed on the trading
floor by open outcry and trades executed electronically in that delivery month which that occur in the
closing range. If no outright transactions occur in the closing range of the most active month, the
settlement price shall be the last trade price from either the open outcry or the electronic venue, unless
during the closing range a bid higher or offer lower than the last trade price is made. In such event, such
higher bid or lower offer shall be the settlement price.

(D) In all other delivery months, the settlement prices shall be determined based upon spread relationships
between and among contract months, which relationships shall be determined in the judgment of the
Settlement Price Committee with: (a) greater weight given to spreads executed at open outcry later in the
trading day in large volumes, and (b) lesser weight given to (i) spreads traded at open outcry in lesser
volumes, (ii) spread bids and offers actively represented at open outcry later in the trading day, and (iii)
spread transactions, bids and offers at open outcry from earlier in the trading day. Notwithstanding the
foregoing, no settlement price shall be established that would be lower than the best outright bid, or
higher than the best outright offer, that: (a) was for at least 20 contracts, and (b) had been posted with the
Exchange and had remained available for execution and unfilled for the final 30 minutes of trading of that
trading day.

(E) If any settlement price, determined pursuant to Paragraph (D), is inconsistent with transactions that
occurred during the closing range for other delivery months of the same futures contract (including but
not limited to either open outcry trading or electronic trading) or with other market information known to
the Committee, the Committee may establish a settlement price at a level consistent with such other
transactions or market information. In such event, the Committee shall prepare a written record of the
basis for any settlement price so established.

COMEX Rule 104.94A, Settlement Price Procedures for Aluminum Contracts

(A) For aluminum futures contracts, the settlement price for the current delivery month and the delivery
month with the greatest reported open interest on the official COMEX daily open interest report that is
not the current delivery month shall be the weighted average price (rounded to the hearest minimum
fluctuation) of all outright transactions in that delivery month

including both trades executed on the trading floor by open outcry and trades executed electronically i in
that delivery month which occur in the closing range. If no outright transactions occur in the closing
range of either the current deliver month and the deliver month with the greatest reported open interest on
the official COMEX daily open interest report that is not the current delivery month, the settlement price
for the applicable month shall be the last trade price from either the open outcry or electronic venue,
unless during the closing period a bid higher or offer lower than the last trade price is made. In such
event, such higher bid or lower offer shall be the settlement price.

(B) In all other delivery months for such futures contracts, the settlement price shall be determined based
upon spread relationships between and among contract months, which relationships shall be determined in
the judgment of the Settlement Price Committee with: (a) greater weight given to spreads executed at
open outcry late in the trading day in large volumes, and (b) lesser weight given to (i) spreads traded at
open outcry in lesser volumes, (ii) spread bid and offers actively represented at open outcry late in the
trading day, (iii) spread transactions, bids and offers at open outcry from earlier in the trading day.
Notwithstanding the foregoing no settlement price shall be established that would be lower than the best


(b) In All Other Delivery Months. The settlement prices shall be determined based upon spread
relationships between and among contract months, which relationships shall be determined in the
judgment of the Settlement Price Committee with: (a) greater weight given to spreads executed at open
outcry later in the trading day in large volumes, and (b) lesser weight given to (i) spreads traded at open
outcry in lesser volumes, (ii) spread bids and offers actively represented on the trading floor later in the
trading day, and (iii) spread transactions, bids and offers from the trading floor from earlier in the trading
day.

(c) Exception - Matched Order Price. The settlement price for the nearest copper futures delivery month
(spot) shall be the matched order price established pursuant to Rule 104.42 ("Matched Orders"). If the
only trades entered into during the closing period were effected through matching, the contract will be
settled by the respective subcommittee of the Settlement Price Committee in accordance with sections (a)
and (b) of this Rule 104.91.

COMEX Rule 104.92, Option Settlement Premiums
The settlement premiums for option series shall be determined upon the following procedures:

(A) With the exception of the day of expiration, option settlement premiums shall be determined in
accordance with the following:

1. For call (put) options whose strike price is greater (less) than or equal to the settlement price of the
underlying futures contract and have traded during the closing range, the option settlement premium shall
be based on, but not limit to, (i) the price traded, (ii) volume traded, (iii) the underlying futures price, (iv)
the bid/offer spread on the underlying future, and (v) the length of time between trade and the close of
trading.

2. For call (put) options whose strike price is less (greater) than the settlement price of the underlying
futures contract and have traded during the closing range, the option settlement premium will be
determined consistent with the corresponding put (call) using an appropriate option pricing model.

3. Bids and offers for twenty-five (25) lots or more that have been posted at least ten (10) minutes before
the close and throughout the closing range shall be considered for settlement, unless the Settlement Price
Committee (“Committee”) determines that it is unreasonable to do so given spread relationships at the
close of trading. Any member wishing to protect a bid or offer posted during that period must remain
available to the Committee until settlements are final and provide appropriate documentation of the bid
offer if requested by the Committee.

4. The Committee shall endeavor to use its best efforts to maintain appropriate price spread relationships
between and within listed months using an appropriate options model.

(B) On the day of option expiration, the option settlement premium shall be determined in accordance
with the following:

1. For call (put) options whose strike price is greater (less) than or equal to the settlement price of the
underlying futures contract the option settlement premium shall be zero.

2. For call (put) options whose strike price is less (greater) than the settlement price of the underlying
futures contract, the option settlement premium shall be determined on the basis of the absolute difference
between the futures price and the strike price.


11G.14 Electronic Trading Spread Transactions and Strip Transactions

(A) This Rule shall apply to all orders for and execution of spread transactions and strip transactions on
Globex®, notwithstanding anything to the contrary in NYMEX Rules 6.07, 6.07A, 6.08A, 6.08B, and
6.08D and COMEX Rules 104.38 and 104.38A which Rules shall apply exclusively to spread transactions
and strip transactions on the Exchange Floor, respectively.

(B) All orders for spread transactions (intercommodity, intra-commodity, cracks, options or futures-
options) and strip transactions on such Exchange electronic trading systems shall be made at a stated price
differential.

(C) Triggering of Stops. Transactions executed by the Globex® matching system as legs as a result of
orders for spread transactions or strip transactions shall set off stops in the affected contract. Transactions
executed by the Globex® matching System as spread transactions or strip transactions shall not set off
stops in the affected contract, but shall set off stops with respect to the spread transaction or the strip
transaction, as applicable.

11G.15 Standard Forms of Orders for Trading of NYMEX and COMEX Products on Globex®

Until further notice from NYMEX, the following order types for NYMEX and COMEX products will be
supported by the Globex® matching host:

Market Order: Market Orders at CME are implemented using a "Market With Protection" approach.
Unlike a conventional "Market" order, where customers are at risk of having their orders filled at extreme
prices, "Market With Protection" allows the order to be filled within a pre-defined range of prices
(Protected Range). The Protected Range is typically the current best bid or offer, plus/minus 50% of the
"no bust range" for that instrument. If the entire order cannot be filled within the protected range, the
unfilled quantity becomes a Limit Order at the limit of the Protected Range.

Stop Order: Stop Orders at CME are implemented using a "Stop With Protection" approach. Unlike a
conventional "Stop" order, where customers are at risk of having their orders filled at extreme prices,
"Stop With Protection" allows the order to be filled within a pre-defined range of prices (Protected
Range). A Stop With Protection order is triggered when the order’s trigger price is traded on the market.
The order then enters the order book as a Limit Order with the limit price equal to the trigger price
plus/minus the pre-defined Protected Range. The Protected Range is typically the trigger price,
plus/minus 50% of the "no bust range" for that instrument. The order will be executed at all price levels
between the trigger price and the limit price. If the order is not fully executed, the remaining quantity of
the order is left in the system at the limit price. A Buy Stop order must have a trigger price greater than
the last traded price for the instrument. A Sell Stop order must have a trigger price lower than the last
traded price.

Limit : A Limit Order allows the buyer to define the maximum price to pay and the seller the minimum
price to sell (the Limit Price). A Limit Order remains on the book until the order is either executed,
cancelled, or expires. Any portion of the order that can immediately be matched is executed as soon as the
order is entered,


Stop W/Discretion Pts. NO NO

Limit YES YES

Market-Limit If Touched (MIT) NO YES

Market-Limit If Touched (MIT) W/Discretion NO NO
Pts.

Stop Limit YES YES

Order Cancels Order (OCO) NO YES

Market On Open (MOO) NO NO

Market On Close (MOC) NO NO

Hit/Take NO YES

(must use FAK)

Order Qualifiers

Session YES YES

Day YES YES

Good 'Til Date (GTD) YES YES
Good 'Til Canceled (GTC) YES YES
Fill Or Kill (FOK) NO YES

Fill And Kill (FAK) YES YES
Max Show/Display YES YES

(C) A Globex® User or Globex® User Agent may accept orders on a "Not Held" basis provided that they
have received prior written permission from the ultimate customer and retained such written
documentation with their required records. A Globex® User shall not be responsible to the customer for
the execution or failure to execute such order on Globex®. However, a claim may be asserted against the
Globex® User by the customer and/or the Compliance Department, if the execution or the failure thereof,
was done fraudulently or by willful misconduct.

Nothing in this rule shall be construed as a limitation of the Exchange's disciplinary authority.

11G.17 Surrender of Trading Records for Examination

Each Globex® User that is a NYMEX or COMEX Member or Member Firm shall be required to submit
for examination trading records maintained in the manner required by the Exchange at such times and in
such manner as requested by the President or other designated Exchange employee.

11G.19 Permissible Pre-Execution Discussions

Firms may engage in pre-execution discussions with regard to transactions executed on Globex® in
NYMEX and COMEX Products where the firm wishes to be assured that a counter-party will take the
opposite side of the order. One party may agree in advance with another party that the first party will take
the opposite side of the first party’s order, under the following circumstances:

(A) Customers must consent to allow pre-execution discussions with other market participants.

(B) Globex® Users who are solicited to participate in an electronic transaction through pre-execution
discussions shall not (i) disclose to another Globex® User the details of such discussions; or (ii) enter an


Amendments to Exchange Rules to Address COMEX Division Side-by-Side Trading
(Underlining indicates additions; strikethroughs indicate deletions)

From Chapter 6
NYMEX Division Floor Rules
6.00 Exchange Business Day

The Exchange business day shall include three the following trading sessions:

a NY¥YMEX_ACCESS® tradi ion {COMEX Division p ts-only);

a regular trading hours (RTH) trading session and
@ an electronic trading session en-Glebex®.

The trading day shall commence with the opening of trading on Globex®. The Globex® session for
NYMEX and COMEX Division products extends through RTH. The trading day will end at the close of
the following session of RTH on the Exchange floor, or at the end of the Globex® trading session,
whichever is later. No business will be conducted on Saturdays or Sundays with the exception of
Glebex® electronic trading sessions on Sunday evening for the purpose of commencing Monday's
business day. The Exchange may be closed for one or more business days or trading sessions at any time
by a vote of the Board.

From Chapter 9
Exchange Clearing Rules

9.04 Clearing Procedure
(A) Submission of Daily Reports and Checks

For each contract for the future delivery of commodities, for each options contract, and for each other
contract made and/or cleared on or subject to the rules of the Exchange, each Clearing Member shall, on
the day when such transaction takes place, make and deliver to the Exchange a daily report of all such
contracts in accordance with rules prescribed by the Board. The aforementioned daily report shall provide
the Exchange with a complete record of the essential details of all transactions.

At times and under procedures established by the Board each Clearing Member shall deposit with the
Exchange required variation margin, and original margin in such form as is acceptable to the Exchange.
The Exchange in like manner shall pay each Clearing Member such amounts as are due such Clearing
Member. The amount payable to or by the Exchange as aforesaid shall be such amount as is necessary,
after allowing for amounts theretofore paid on account, to adjust outstanding contracts with the Exchange
together with all other contracts set forth in the daily report, to the last settlement prices and premiums
posted by the Exchange.

(B) Payments for Original Margin


(6}-Eradestnvelvine the OB inthe SMM/’s PB: etary A. t.
<8} S Se

£-trad: K-to-trade-k "
pacity
" is ith Rule-104.24 shall first
PP wate
to-the-trading +i hased-and-seld and
ith bid hoffe Jd-respond-t b bid
ffer_the SMM_atthe SMM. sent specified by-th
Beard ded-d te-th ded ite the OB:
5 o PP
to-the SMM’s-simult bid-and off
per :
forthe SMM2 jet: t
iS PrP’ ¥
i fant "
'P P B

SMM?s bid. fferpri gard thet t-which the SMM jeined-the bid fferprovided
h that the SMM-shall not-be ded-such priority in-th ¢-the SMM jeins-the-trading
ds-bid for af h-bid ffar has bee: ted-by-the tradi d
P os S F
(3)-C. 15 ith Exch: Rules-The SMM-and- ti the SMM’s Designated SMM
{8} P ‘> 7 YP
Trader-shall- be bound-by-and hy-with all Exch Rut. ept-that-te-the-extentthat- rules-that
Pry 2 pt

(9) Applicability ef BrokerA jatien Previsi As-provided in COMEX Rule 3.10 and-&

QBO-shall-net-be-d. d-to-be-a-part-ofa-brok



(b) Parties to contract for future delivery. No contract for the future delivery of a commodity or an option
contract traded by open-outcry in or on the Exchange shall be recognized, acknowledged or enforced by
the Exchange, or any Committee or Officer thereof, unless both parties thereto shall be members of the
Exchange provided, however, that members shall offer their contracts for clearance to the Clearinghouse,
operating in conjunction with the Exchange, and the Clearinghouse shall become by substitution a party
thereto in place of a member, and thereupon such Clearinghouse shall become subject to the obligation
thereof and entitled to all the rights and privileges of a member in holding, fulfilling or disposing thereof.

104.23 Solicitation of Orders

No member or member firm that has received on the trading floor an order to buy or sell a futures contract
or futures option by open outcry shall attempt to obtain the other side by soliciting a selling order or
buying order until such order has been bid or offered in the ring. In the case of an order eligible for
execution on Globex®, solicitation of a matching order may not occur unless the order has been first

offered or bid on Globex® for at least five (5) seconds, or is otherwise eligible for pre-execution
discussion in accordance with Exchange Rule 11G.19.

Rule 104.36, Exchanges for Physicals

(a) General Rule. An exchange of physical commodities for futures contracts ("EFP") shall be permitted
by arrangement between members in accordance with the requirements of this Rule.

. (b) Parties to an EFP. An EFP may be consummated between two parties if one of the parties is the buyer
of the physical commodity and the seller of the futures contract, and the other party is the seller of the
physical commodity and the buyer of the futures contract.

(c) Simultaneity of Transfer. The purchase and sale of the futures contract shall be simultaneous with the
sale and purchase of an equal quantity of the physical commodity.

(d) Ownership of Commodity. The seller of the physical commodity must have either possession or a

contractual right to future possession of the physical commodity at the time of entry into the EFP. Inthe
£ BED + ted-at +4 : hich the Exch; a fF +3 ding rt? 3 ts ing the

S

(e) Equivalent Physical Commodities. For purposes of this Rule, the physical commodity (1) need not
comply with the specifications therefore contained in the futures contract which is being exchanged, but
need only be substantially the economic equivalent thereof, and (2) may not be a futures contract or a
contract for future delivery traded on a "designated contract market" as that term is used and defined
under the Act.

(f) Price of EFP. An EFP may be transacted at such prices as is mutually agreed upon by the two parties
to the EFP.

(g) Reports and Recordkeeping.


Rule 11G.22: Exchange of miNY Futures for Futures Transactions: Subject to certain conditions,
transactions will be permitted whereby miNY Futures may be exchanged, via two discrete but related
transactions, for full-size futures contracts on the same underlying commodity, in a ratio designated by
the Board of Directors. :

Pursuant to Section Sc(c) of the Commodity Exchange Act (“Act”) and CFTC Rule 40.6, the
Exchange hereby certifies that the attached rule amendments comply with the Act, including regulations
under the Act.

Questions regarding the amendments to the COMEX Rules can be directed to Nancy Minett, Vice
President, Compliance, at (212) 299-2940, Adam Wernow, Compliance Counsel, at (212) 299-2851, and
myself at (212) 299-2897.

Very truly yours,

Thomas F, LaSala
Chief Regulatory Officer

ce: Nancy Minett
Adam Wernow
Brian Regan


G) Durati £B: tien tien-fr ition dimit-will in-infall ik d-effectuntil-G)
o Apt tH)

104.48 Position Accountability
See Exchange Rules, Chapter 9, including Rule 9.26 and Appendix A.

Th troller-of.a-net-fut: ivalent-pesition+: Jd—sit: umai hich h

+Fee-Fhe-t “Contract Develepment-Fee”-{“CDF5.
te-b. det SMM-bythe-E: suant-te-Secti is R Q
tablished by the Beard-and-se-provided inthe SMM Agr "

(4) Official Product Order Book The term Official Product Order Book tor OB‘ shall the-order
7 « +



ten (10) minutes, the floor member shall report such failure to the Floor Committee and immediately
close out the contract. Any loss or damages sustained by reason of closing out a contract pursuant to this
Rule shall be paid by the defaulting party.

(c) Availability of Members and Clerks. Each clearing member and each floor member shall provide a
sufficient number of clerks, not less than one, authorized and registered with the Exchange, to check
trades, verify and submit trade data, and resolve unmatched and unreconciled trades throughout the day
(which shall include the evening corrections period) to insure that the general business of the members
shall not be unduly hindered or delayed. Any floor member who executed trades on a business day must
have such a representative available on the COMEX trading floor on the next business day one hour prior
to the opening of the earliest contract market which that floor member trades fexeeptin-the-case-of
Burotep-100-steekind tracts, in. which instance; th b, his rep: ati +b. ilabl.
the-fl est inates-befe ket

pening) and each clearing member shall have such a
representative available on the COMEX trading floor by 7:15 a.m. each business day, or at such time as
may be determined by the Operations Committee, to assist in the resolution of any problems, including
those involving unmatched trades, which have arisen in connection with the prior day's submission of the
floor member's trade data. All members shall be present or available while their trades of the day are
being verified and submitted and shall have representatives present with a copy of all relevant and
necessary trade documentation including their trading card sand order tickets.

104.90 Average Price Trades

(a) A member or member firm may report and/or confirm to customers an average of multiple execution
prices, provided that such prices were obtained as the result of the execution of an order or series of
orders to purchase or sell the same futures and/or the same option series for the same account or group of
accounts. A member or member firm may also employ average pricing for trades executed for the
member's or member firm's proprietary account, provided that the trades are not averaged with trades

_executed by the member or member firm for any other account without the express written authorization
of the account holder.

For purposes of this Rule, eligible accounts may include multiple accounts that are part of a managed
account program or other common investment program. Eligible accounts may include individual non-
discretionary accounts, except that prices for non-discretionary accounts may not be averaged with prices
for other non-discretionary accounts. Eligible accounts also may include individual discretionary
accounts.

Average Price Calculation Performed by the Exchange for Trades Executed at Open Outcry

(b) Each member or member firm that accepts an order intended to be priced at the average price must
designate the order as an average price order (APO) on each office and floor order ticket relating to the
trade at the time of acceptance. Following trade execution, the confirmation statement and monthly
statement on which the trade is reported shall clearly indicate that the price assigned to that trade is an
average price.

(c) For purposes of this section (c), the average price shall be computed by the Exchange by multiplying
each execution price by the number of contracts purchased or sold at that price divided by the total
number of contracts filled of the particular order or series of orders. Either the actual average price or the
average price rounded to the next price may be confirmed. If the average price is to be rounded, it must be
rounded up to the next price increment for a buy order or down to the next price increment for a sell


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TOP FS POR Spi ry



discretionary accounts, except that prices for non-discretionary accounts may not be averaged with prices
for other non-discretionary accounts. Eligible accounts also may include individual discretionary accounts

consistent with the provisions of Exchange Rule NYMEX Division Rule 6.41and COMEX Division Rule
104.32.

(B) An FCM may use its own system to calculate average prices for contracts executed on the Exchange
provided that the following conditions are met for all such transactions:

1. The customer has requested average price reporting;
2. Each individual trade is submitted to and cleared by the Exchange at the executed price;

3. The FCM calculates and confirms to its customers a weighted mathematical average price, as
calculated pursuant to the requirements of Section (C) below;

4. The FCM possesses the records to support the calculations and the allocations to customer accounts
and maintains all such records pursuant to CFTC regulations and further makes such records available for
inspection by affected customers upon request; and

5. The FCM identifies each trade to which an average price is assigned as having an average price on each
confirmation statement and monthly statement on which the trade is reported to the customer.

t
(C) Calculation of Average Price. The weighted mathematical average price shall be computed by FCMs
by:

(a) multiplying the number of contracts purchased or sold at each execution price by that price;
(b) adding the results together; and
(c) dividing by the total number of contracts.

For a series of orders, the average price may be computed based on the average price of each order in that
series.

FCMs may confirm to customers either the actual average price or the average price rounded to the next
price increment, provided however, that in confirming the average price rounded to the next price
increment, the FCM must round the average price up to the next price increment for a buy order or down
to the next price increment for a sell order, and must pay any residual thus created to the customer, except
that any residual amount of less than one cent may be retained by the FCM.

11G.06 Price Fluctuation Limits

Notwithstanding that there will be no price limits directly applicable to any financially settled NYMEX
contract listed by the Exchange for trading on Globex®, trading in a financially settled contract will be
subject to the terms of the price fluctuation limit rule, if any, for the physically settled futures contract
providing for the same or related underlying commodity.

11G.10 Customer Type Indicator Codes for Trading of NYMEX and COMEX Division Products on
Globex®


Market-Limit: A Market-Limit Order immediately executes as much as possible at the best available
price. If the entire quantity cannot be filled at the best opposite price, the unfilled quantity remains in the
market as a Limit Order at that opposite price.

Stop-Limit Order: A Stop Limit order is triggered when the order's trigger price is traded on the market.
The order then enters the order book as a Limit Order with the specified limit price. The order will be
executed at all price levels between the trigger price and the limit price. If the order is not fully executed,
the remaining quantity of the order is left in the system at the limit price. A Buy Stop Limit order must
have a trigger price greater than the last traded price for the instrument. A Sell Stop Limit order must have
trigger price lower than the last traded price.

The CME iLink® interface supports only the order types available at the Globex® matching host.
However, third-party Globex® front-end applications generally provide additional order types. For a
comprehensive list of order types supported by your front-end trading application, please contact your
broker or software vendor.

Order Qualifiers
The following order qualifiers are supported by the Globex® matching host:

Day,

Session,

Good Til Canceled (GTC),
Good 'Til Date (GTD),

Fill Or Kill (FOK),

Fill And Kill (FAK).

The CME iLink® interface supports only the order qualifiers available at the Globex® matching host.
However, third-party Globex® front-end applications generally provide additional order qualifiers. For a
comprehensive list of order qualifiers supported by your front-end trading application, please contact your
broker or software vendor.

Maximum Show Quantity

The Globex® matching host offers users the capability to specify whether or not the entire quantity of an
order is exposed to the market by optionally defining a "maximum show" quantity. By using this
qualifier, a user can expose the order to the market gradually. For example, a user may place an order
with a quantity of 1000. Ifa "maximum show" quantity of 100 is also specified, no more than 100 lots are
exposed to the market at any time.

Please note that this capability is accessible only through iLink® V2.0 and the Globex Trader®
application.

Globex Host & Globex Trader Front-

Functionality iLink end
Order Types

Market YES YES

Stop YES YES

Market-Limit YES YES

Market W/Discretion Pts. NO NO