([e]d) [Nearby Months] Limits
(i) 10¢ Move

(A) The price limit for any [Nearby-M]month shall be ten cents (10¢) per pound above and below
the Settlement Price for such month of the preceding trading session. If the price for [anyNearby]
the Lead Month reaches said ten cents (10¢) per pound limit, trading in all Exchange Futures and
Options Months shall automatically be suspended for a period of fifteen (15) minutes, during the
last five (5) minutes of which, a stopped contract shall be held in the manner provided under Rule
4.08, provided however, that, the Floor Committee may determine to extend such five (5) minute
period during which a stopped contract shall be held, for an additional period of time not to exceed
two (2) minutes. At the end of such suspension, trading shall resume with an opening call in
futures.

(B) On the resumption of trading, the price limit for [am-Nearby-M] each month shall be ten
cents (10¢) per pound above and below the price of that [Nearby-M]month at the time of the
suspension and, if [any—Nearby] the Lead Month price limit is reached again, trading in all
Exchange Futures and Options Months shall again automatically be suspended and resumed in
accordance with the procedures as set forth in the above subparagraph ([¢]d)(i)(A) of this Rule. The
foregoing procedure shall continue during each day of trading in a [Nearby] Lead Month in the
same manner so that when the price for [any-Nearby] the Lead Month reaches the then price limit
there shall be a suspension and a resumption of trading in accordance with subparagraph
([e]d)(i)(A) of this Rule at a price limit of ten cents (10¢) per pound above and below the price in
[aay-Nearby] the Lead Month at the time of suspension until a further suspension occurs or the end
of trading on any such day.

(C) The procedures for the ten cent (10¢) move shall be followed until there are five (5)
consecutive limit moves in the same direction.

(ii) 20 ¢ Move

(A) In the event of a sixth (6th) or more consecutive limit move in the same direction, each [sueh
Nearby-M]month limit will be twenty cents (20¢) per pound above and below the price of such
[Nearby-M] month at the time of suspension until there is a limit move in the opposite direction in
which case the ten cent (10¢) procedures in subparagraphs ([e]d)(i)(A) and (B) above are followed
again.

(iii) If any futures trading occurs “off the limit”, then during the first suspension (whether caused by
a ten cent (10¢) or twenty cent (20¢) move) following such “off limit trading”, that suspension shall
apply only to futures. Options may continue to trade until the completion of the next opening call in
futures that day.

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([g]e) On the Last Trading Day of the Current Month, or an expiring Option, if there has been

suspension of trading by reason of a price movement which reaches a limit, trading in the Current Month
or expiring Option shall continue for such number of minutes during which trading was suspended during
said day; provided, however, that trading in all other months shall cease at the regular close. .


GJNEW York

BOARD OF TRADE‘
World Financial Center
One North End Avenue

New York, New York 10282

BY ELECTRONIC TRANSMISSION

06-33
December 14, 2006

Ms. Eileen A. Donovan

Acting Secretary of the Commission
Office of the Secretariat

Commodity Futures Trading Commission
Three Lafayette Centre

1155 21" Street, NW t
Washington, DC 20581 -

Re: Amendments to Licensing Rule 7.63(d) and FCOJ and
NFC Rules 13.08 and 25.08 z
Submission Pursuant to Section 5e(c)(1) of the Act and Regulation 40.4(b)

Dear Ms. Donovan:

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended, and
Commission Regulation 40.4(b), the Board of Trade of the City of New York, Inc. (“Exchange”)
submits, by written certification, amendments to Rules 7.63(d), 13.08 and 25.08, attached as
Exhibit A.

Licensing Rule 7.63(d)

Amendments to Licensing Rule 7.63(d) permit FCOJ Licensed Facilities to be under any
one of three inspection regimes: USDA Continuous Inspection, USDA Quality Assurance
Inspection, or State of Florida Florida Quality Systems Certification Program. Currently, such
Licensed Facilities must as a condition of their license be under the USDA Continuous
Inspection program. In addition, the amendments require each FCOJ and NFC Licensed Facility
to provide an on-site laboratory that is accepted by the USDA for purposes of USDA
performance of grading and testing of product at loadout.

The amendments are necessary and appropriate to bring Exchange FCOJ and NFC
licensing requirements in line with commercial market conditions. By giving a Licensed Facility
the ability to choose which one of the allowable inspection regimes it will be under, the facility
operators will have increased flexibility and efficiency. In addition, the changes may also lead to
an increase in the number of FCOJ or NFC tank facilities willing to be licensed by the Exchange.


2-

FCOJ Rule 13.08 and NFC Rule 25.08

The amendments to Rules 13.08 and 25.08 provide that all FCOJ and NFC futures
contract months will have an expandable ten cent (10¢) per pound daily trading limit. Current
rules provide for an expandable ten cent (10¢) daily limit for the first two (2) listed contract
months and a fixed five cent (5¢) daily limit for all other months. The amendments provide the
same limit for all listed contract months.

The amendments also revise existing provisions so that a trading suspension can only be
triggered by a preponderance of bids, at the high of the trading range, or offers, at the low of the
trading range, in the futures contract month carrying the most open interest. However, the
suspension cannot be implemented until the bids and offers in all contract months have been
accepted. At the end of the fifteen (15) minute suspension, all contract months will resume
trading with a new limit of ten cents (10¢) per pound above or below the price of such month at
the time of the suspension. The amendments will aid the price discovery function of the market
by allowing all contract months to trade freely even after a 10-cent up or down move has
occurred and not limit the back months to the fixed five (5¢) cent limit..

The Exchange deems all of the amendments to be non-material changes as they meet the
requirements of Regulation 40.4(b)(6) because they will have no effect on the economic
characteristics of the product.

The Exchange certifies that the amendments comply with the requirements of the
Commodity Exchange Act and the rules and regulations promulgated thereunder.

The Exchange’s Board of Governors adopted the amendments on December 13, 2006.
The amendments will become effective on a date set by the President ten (10) days after
submission. No substantive opposing views were expressed by members or others with respect
to the amendments.

If you have any questions or need further information, please contact me at

jfassler@nybot.com or 212-748-4084.

Sincerely,

Jill S. Fassler
Vice President
Associate General Counsel

cc: — Riva Adriance
Thomas Leahy
CFTC, Division of Market Oversight
Allen Cooper
CFTC, New York Regional Office


(In the text of the amendments below, additions are underlined and deletions are bracketed and
lined through.)

Rule 7.63. Qualifications

(d) USDA Inspection

(1) The facility shall be equipped to handle FCOJ under continuous inspection of the USDA, or
Quality Assurance Program inspection of the USDA, or Florida Quality Systems Certification
Program inspection. Each NFC and FCOJ facility shall provide an on-site laboratory that is accepted
by the USDA for purposes of USDA performance of grading and testing of product under Rule 7.70.
Inspections will be provided without any undue delay.

(2) In the conduct of [eentinueus] inspection, the USDA may conduct such tests, as they deem
necessary, to provide assurance that the FCOJ meets the requirements set forth in Rule 13.02 for
FCOJ-A and FCOJ-B. The FCOJ-A includes the origin designation of “Florida”, “Brazil” or
“Florida/Brazil” in the following manner:

(A) Tank delivery. On the day of physical delivery of FCOJ by tank delivery, the USDA shall
issue a USDA Certificate to the Receiver.

(3) USDA inspectors will be permitted full access to select sample units of product
represented by EWRs issued by the facility operator.

[REMAINDER OF RULE UNCHANGED]
Rule 13.08. Price Limits
Rule 25.08. Price Limits
(a) For purposes of this Rule the following term shall have the following meanings:
(i) The [Gurrent]Lead Month. The [maturing] futures delivery month [measuredtromthe-clese-of
lset ma th 5 nae

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(ii) A price limit shall be deemed to have been “reached” within the meaning of subparagraph
(b)(i) of this Rule when there is a preponderance of bids at the high of the trading range or of offers
at the low of the trading range.

(b) When a price limit has been reached in the Lead Month under subparagraph (d)(i) of this Rule
offers or bids in any delivery month shall be subject to acceptance before trading is suspended.

(c) All questions with respect to this Rule and its implementation shall be determined by the
Settlement Price Committee.

[(>)}-Back-Menths—Trades-f Back Menth-shall-net-durine-a (4)-day,_be-made-at

EXHIBIT A