Ms. Eileen Donovan
January 30, 2007
Page 4 of 4

Please do not hesitate to contact Mr. Richard Co at 312-930-3227 or rco@cme.com if any
questions arise during the processing of this submission. Please reference our CME Submission
#07-12 on all future correspondence for this submission.

Sincerely,

John W. Labuszewski, Managing Director
Research & Product Development


cme @

Chicago Mercantile Exchange

January 30, 2007

Ms. Eileen Donovan

Office of the Secretariat

Commodity Futures Trading Commission
Three Lafayette Centre, 1155 21s Street, NW
Washington, DC 20581

RE: Exchange Certification of Various Amendments to Euroyen Futures and Options

Submitted per Sec. 5ce(c)(1) of the CEA and Regulation Sec. 40.6(a).
CME Submission # 07-12.

Dear Ms. Donovan:

Chicago Mercantile Exchange (“CME” or “Exchange”) hereby certifies with the
Commission various amendments to the Euroyen Futures and Options. The Exchange certifies
that these actions neither violate nor are inconsistent with any portion of the Commodity
Exchange Act or of the rules thereunder.

On Sunday February 4, 2007, the Exchange shall commence the electronic trading of
Euroyen Futures and Options on the GLOBEX electronic trading platform. The hours of the
electronic trading session shall be identical to those of the Eurodollar contracts, i.e. session
begins at 5:00 p.m. Chicago time, Sunday through Thursday, and concludes at 4:00 p.m. the next
day. Futures trade matching shall be conducted based on the same pro-rata, implied order
algorithm under Rule 580 as the Eurodollar futures trade matching on GLOBEX. Similarly,
Euroyen options trade matching shall be conducted based on the same GLOBEX Call Market
Trading Algorithm under Rule 585 as the Eurodollar options. All rules applicable to the
electronic trading of Eurodollar futures and options shall be applicable to the electronic trading
of Euroyen futures and options. Open outcry trading of Euroyen futures shall remain while open
outcry trading of Euroyen options will not be available as of February 5, 2007.

In conjunction with the listing on GLOBEX, the termination of trading of the expiring
Euroyen contract shall amended to be 11:00 a.m. Tokyo time on the second Tokyo business day
prior to the third Wednesday of the contract month, when the final settlement price is
determined. It is usually 8:00 p.m. (or 9:00 p.m. when daylight saving time is in effect) on the
Sunday night prior to the third Wednesday of the contract month. The termination of trading for
the open outcry trading of the contract shall remain unchanged, i.e. the close of trading on the
previous business day.

20 South Wacker Drive, Chicago IL 60606-7499, Tel. 312-930-1000


Ms. Eileen Donovan
January 30, 2007
Page 2 of 4

Further, the futures contracts shall trade in increments of .005 IMM index points
regardless of contract months.

Text of relevant rule amendments are as follows, with additions underlined and deletions
bracketed and overstrucked.

CHAPTER S501

Three-Mo: yen Futures

50102.C. Price Increments
Bids and offers shall be quoted in terms of the IMM index, 100.00 minus the yield on an
annual basis for a 360-day year. (A deposit rate of 7.20% shall be quoted as 92.80.)
[4-First Four Contract Months in the March Quarterly Cyel
Minimum fluctuations of the IMM Index shall be in multiples of .005 (1250 Japanese yen).
For each .005 increase in the IMM Index the Clearing House shall credit (1250 Japanese yen
per contract) those clearing members holding open long positions and debit (1250 Japanese
yen per contract) those clearing members holding open short positions. For each .005
decrease in the IMM Index the Clearing House shall debit (1250 Japanese yen per contract)
those clearing members holding open long positions and credit (1250 Japanese yen per
contract) those clearing members holding open short positions.

a ee
Mini: fluetuiati f£ the IM ad hall-be-: Hish £04-49590-I, ay
iP * P Basis
E OL} jn-the IMM Indexthe Clearing Hor hall credit-2500-Japa: ¥
tract}-th 1 bers-hold i " d-debit- 2500-2
P P P € P
a in-the IMM ndex-the Clearing -H. hall debit (2500-3; tract)
S Pi Yer pi ?
the 1, rf by -heldi. 4 iti vi edit-(2500-I,
§ pr e-P € Pi Yen-p
tract} th: Jeari bers-heldi hort positions:]
+ Slearing- ig Opens P g
[50102.D. — 50102.F remain unchanged.]
50102.G._ Termination of Trading
Futures trading shall terminate at [the-cl f£+the-RegularTrading Ht trading-session
i diatel dine _the-_last_tradine-day_for the Three Month B future: +h
+P B-aay y
Ss Jat ti 1M: 7 Exeh If-thatd. t Exeh, 45 s~—d;
pe 7 a SEY;
then-trad: hall terminate-at-the-ch f trad the-first dine Exch busi

Monet Exch: i ally-its send—busi day diatel: dino—the third
7 e P
Wednesd: £ th, tract

th-] 11:00 a.m. Tokyo Time on the second Tokyo business
day immediately preceding the third Wednesday of the contract month.

[The remainder of Chapter 501 is unchanged.]

Chapter 5.
Trading Qualifications and Practices


Ms. Eileen Donovan
January 30, 2007
Page 3 of 4

539.C.5. In electronic [BuredeHar] options operated pursuant to Rule 585 (“GLOBEX® Call Market
Trading Algorithm”), solicitation of bid(s) and/or offer(s) between market participants
through private discussion for the purpose of establishing a market or improving the market
for an eligible contract or an eligible combination of contracts for [EuredeHar] futures and
options shall be preceded by issuing a Request For Quote (“RFQ”) through an eligible
terminal. Subsequent to such RFQ, a trade intended for execution pursuant to Rule 585 for
which there has been a pre-execution discussion must be initiated by the entrance of a
Request for Cross (“RFC”) Order which will contain both the buy and the sell orders. The
RFC Order must be entered within fifteen (15) minutes in the same trading session of the
entry of the RFQ. Failure to enter the RFC order within fifteen (15) minutes of the entry of
the RFQ shall be considered an abandonment of that pre-execution discussion. Any pre-
execution discussion or attempt to enter RFC orders must be preceded by the entry of a new
RFQ.

Interpretation of Rule 580.- GLOBEX Trade Algorithms

Pro Rata Allocation Algorithm

The Exchange has determined to use a Pro Rata Allocation Algorithm to match orders in Eurodollar
futures, Euroyen futures and One-Month LIBOR futures contracts entered in the GLOBEX Electronic
Trading System. [The remainder of this subsection remains unchanged.]

Implied Order Algorithm

The Exchange has determined to use an Implied Order Algorithm to create orders for selected individual
contracts, calendar spreads and butterfly spreads in Eurodollar futures, Euroyen futures and One-Month
LIBOR futures contracts, and in selected individual contracts and calendar spreads in agricultural futures
contracts and calendar spreads in CME Eurozone HICP futures contract and calendar and inter-
commodity spreads in CME Housing futures contracts entered in the GLOBEX Electronic Trading
System.

Eurodollar Futures, Euroyen Futures and One-Month LIBOR Futures Contracts: For the purpose of this
rule interpretation, buying one butterfly spread (butterfly) means simultaneously buying and selling
contracts with three different expirations in the following proportion: buying one contract with the most
nearby of the three expirations, selling two contracts with the second of the three expirations and buying
one contract with the most deferred of the three expirations. Unless specifically referenced in this
Interpretation, all other futures and options contracts will continue to use the Pro Rata Allocation
Algorithm. This Implied Order Algorithm for Eurodollar futures, Euroyen futures and One-Month
LIBOR futures contracts operates as follows:

[The remainder of the text in the section is unchanged.]

[The remainder of Chapter 5 is unchanged]