CFE

‘CBOE FUTURES EXCHANGE

September 20, 2005

Via Electronic Mail

Ms. Jean A. Webb

Secretary

Commodity Futures Trading Commission
Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: CBOE Futures Exchange, LLC Rule Certification
Submission Number CFE-2005-27

Dear Ms. Webb:

ise
Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended ("Act"), awd,
§40.6(a) of the regulations promulgated by the Commodity Futures Trading Commission under
the Act, CBOE Futures Exchange, LLC ("CFE" or "Exchange") hereby submits an amendment.
("Amendment") to CFE Policy and Procedure VI, which sets forth CFE's Trading Privilege:
Holder Permit Program ("Program"). The Amendment extends the Program through the end of
2006 so that all trading permits issued under the Program will now expire on December 31, 2006.
As was the case previously, CFE may subsequently determine to further extend the Program or
allow the permits issued under the Program to expire and replace the Program with a different
permit program. The Amendment will become effective on September 22, 2005.

CFE is not aware of any substantive opposing views to the Amendment. CFE hereby
certifies that the Amendment complies with the Act and the regulations thereunder.

The Amendment, marked to show additions in underlined text and deletions in
[bracketed] text, consists of the following:

RRR RK
Policy and Procedure VI. Trading Privilege Holder Permit Program

Any Person that desires to become a Trading Privilege Holder is required to obtain a
Trading Privilege Holder permit ("TPH Permit").

Initially, the Exchange will make available 2,500 TPH Permits. The Exchange may

subsequently make available additional TPH Permits if the initial supply of 2,500 TPH Permits is
exhausted.

TPH Permits may be obtained by any Person that is a member of CBOE with CBOE
trading privileges and any other Person that satisfies the requirements of Rule 304(b).

Each Person desiring to obtain a TPH Permit must submit an application to the Exchange
in a form and manner prescribed by the Exchange pursuant to Rule 304 and become approved by

400 South LaSalle Street Chicago, Illinois 60605-1023 www.cboe.com/cfe

91 ch Wd 0% did Sul



Ms. Jean A. Webb
Page 2 of 2

the Exchange as a Trading Privilege Holder. Each Trading Privilege Holder may permit one or
more individuals to act as its Authorized Traders pursuant to Rule 303.

Any organization that desires to become a Clearing Member of the Exchange is required
to become a Trading Privilege Holder and to obtain a TPH Permit. Additionally, in order to be an
Exchange Clearing Member, an organization is required to be a member of the Clearing
Corporation that is authorized under the rules of the Clearing Corporation to clear trades in
Contracts traded on the Exchange.

Each TPH Permit entitles its holder to access the CBOE System through one login code.
To the extent that a Trading Privilege Holder desires to use more than one login code, the Trading
Privilege Holder must obtain additional TPH Permits from the Exchange.

The Exchange may from time to time determine to limit the amount of CFE bandwidth
that may be utilized through each TPH Permit.

TPH Permit holders shall have all of the rights and obligations of Trading Privilege
Holders under the Rules of the Exchange except to the extent otherwise provided under this
Policy and the Rules of the Exchange.

A TPH Permit is non-transferable and non-assignable, except in connection with a
transfer, assignment, sale, or lease of a CBOE membership pursuant to Rule 302. Any recipient
of a TPH Permit as permitted by Rule 302 is required to provide the Exchange with the
appropriate application materials and to be approved as a Trading Privilege Holder pursuant to
Rule 304 before the recipient will be permitted to act as a Trading Privilege Holder.

All TPH Permits shall expire on [September 25] December 31, 2006[5]. The Exchange
may determine to extend the term of TPH Permits or allow TPH Permits to expire and replace the
TPH Permit program with a different permit program.

All Exchange fees applicable to TPH Permit holders and all other Exchange fees will be
as set forth in a separate Exchange fee schedule.

RRR RK

Questions regarding this submission may be directed to David Doherty at (312) 786-
7466. Please reference our submission number CFE-2005-27 in any related correspondence.

CBOE Futures Exchange, LLC

a
By: Gte\ Sp “
Edward J. Joyee_ /\7
President

ce: Mark Baumgardner (OCC)