HEDGE
Street

@) Hedgelet Pair 3-One Contract willh Pp + Criteri

+
£ terthan xX ded-te-th +-thi dth)-+-0.005_and Contractawill
Criteri fless th. lto KL ded-to-th i"



HEDGE
Street

e} SQURCE-AGENCY The S. Apency-is- the United Stat
DepartmentofHeusi d-Urban-Devel. +-Office-of Federal Heusi
P i PRROHT S
td} FYPE The, £ Contract-is-a Fixed-B; + Hedeelet Contract



HEDGE
Street

e

@ POSITION-LIMI-—The Position- Limits for Geld shall be-75

Gn) —SETFLEMENT-VALUE—The Setth + Value is th. id
te-the-helder-ofthe in-th: y-Contract-on-Setth + Date—The-Settl.
Nal fan inth ¥-Geld-Cont $10
() EXPIRATION VALUE The Expiration Valueisthe level of th
Geld-sel. Ly, the Expiration Dat
Ge p: 7
(e} CONTINGENCIES If ne levelis- actually announced _on-th
Expiration Date due-te-adel. + + therwise+ h rel
Exp 1 4 Ys POstpt a
+ by the-S A the Settl. + Date-will be delaved until th:
anneut ¥ Berney; et ayed antl!
lerlyi ber-is-rel d-for that Series-If th: Jessthan250-GFC trad



(a) —_SEFFLEMENT VALUE—The Settl + Value-is th
te-the holder-ofthe in th ¥y-Contract-on-Settl + Date—The Settl. "
Val in-th 3 HPL New York Contract is $10.

(3) EXPIRATION-VALUE—The Expiration Value isthe Jevel-of th
HPI New-Yeorksel amb the Expiration Dat

¢e} SOURCE AGENCY The S A ¥-is-the United-Stat

5"
Underh4 HedeeSt Carrraiaet +. HedseletPai: ho f-a-diffe ft
ying, Hedg, a t
Seri Bach-of-th. HedceletPai ral istoefty PLS, Di Hedeelet
Cert 7 ho f-a-diffe +S, + A H th £1. deel it Pai. iH
Jaterth: $y {2) busi vr fe}. + the-E: $4, Dat
or ¥ & ra :



Street
{6)-4 i" sey? Js the-last Cy Pr, Ind. tad
6} 5 P
diff ef P: +-Criteri disereti basis: A:
dif Fang Payout Criteria diser Fy-ba: accordant
{g} MINIMUM -TICK—The Mini sate Tiek +7 fo¢-the-Cy Px,
thy REPORTING LEVEL The R ‘p ty: 1 for the-C

fa Price Index-Hedgelet-Contract
@ LAST-TFRADING DATE—The-Last Trading Date in-a Series isthe
date-prier-te-the Expiration Date-—Ne-tradine- in-a- Seri fterjts-Last
eat # P a i y tt Ftts-Last
43 SETTLEMENT DATE The Set} + Date-swill-be-the-dat
hich the-C Ind: ber-is-rel. fs the-S: A
a Beney:
@ EXPIRATION DATE—The Expiration Date-of the Contractwil
the-dat hich the-C Price Ind. beris-rel -by-the-S

te-the-helder-ef the in-th: fa)

+
Value forthe C. Price Index Hedgeletis $10

\ SCOPE These Rules-shall Jy to the Cl £ Contracts-referred

t the Crade Oi: tory Hedselet Contracts i: d-by HedeoeStrect
bs [> yx 8



HEDGE
Street

the-helder ef the in-th: ¥y-Contract- on Settl + Date—The-Sett} + Vals
fan in th ¥y- Silver Contract is $10.
(a-EXPIRATION VALUE The Expiration -Valueis th: i £ Si}
tH} pire P
(e}-CONFINGENCIES—Ifne-tevelis-actually d-en-th:

RULE+12;30 RULE 12.2 - RULE42.37 RULE 12.9 [except for renumbering, these
Rules are unchanged.]



HEDGE
Street



Qy Hedeelat Pair 2: One Contract vdlt-h: Pp, + Criteri
@} 7 + aPayeut-Critert

£ ter-th: 1+e X-0.929, dess-th 1to X4.9.929, d



(e} ISSUANCE FE, h sal bythe S: A £th,

Underlying, HedgeStreet-wili js Hedeelet Pai: h of a-different

Crit 4, of g at thar reg J+5-X_1209000- <a} s-than- alt Xx
40001, and-one-Contract-will have-a Payout Criterion of less-than-X

Criteri £ ter-th qual-te-X-40000-and less th 14
Contract th: Payout-Criteri fess than X
40000-or-greater than-X+40000.

Gy) Wadcoalot Pair A- 1. fa 7 t Hin Rp, it
oe oe : Lbs: ay
Criterh of. ter th: lip ¥+4A0001 vet +h 14.
EFOater ef
NebpI 20000. AF <b fal +: af 31h, Dp, ¥ t+ Critar:, £1, than
X+40001 + +h. Yu.19)
e 0000-

different £P, + Criteri di ti basis: rd:
> ‘y

ith the CEA and -C. ission R

(es MINIMUM FICK The Mini Fick Size-for Nenf Pp Hh

Contracts-shall be $0.01,



HEDGE
Street

&)- SEFFLEMENE DATE—The Seth + Date-will be the date th
Retail Sal. beris-rel d-by-the-S: A
head te y Si

dat hich the Retail-Sal. ber-is-seheduled-te-be rel. d



Street
te} ISSUANCE ky weve f thy,
A FP bit =) eA
Under HedeeSt toy Y fa diffe +
Syne; ei tHLis: a
Series-—Each-ef these Hedeelet Pairs-will ims-Contract:
each ofa different Series A issu FAMCRCE-HO

Criteri £ ter-th: 146335000 and less-th 14

rH #3 HH Og}

345000-and. Contractavit-h: Payout Criteri fless than 335000
5 tert #

(vi) —_HedgeStreet- may-Jist- additional Hedgelet Pai ith
different £P. + Criteri di ti 4 d
> y 7
ith the CEA -and-C ission Resulati
® MINIMUM-TICK The Minimum Tick size for Initial Clai
ch REPORTING LEVEL The Reserting L 1 for J ;:



Street
(4) af h sonny lc the last USD/YEN 44 ded-t
4 ASC; ee t P runded +
th t+tonth (1) rted-in-th: t+ USD/VEN ‘ketat
£0- -eporte iP

4) } h-case“Z” equals-the last USD/VEN pri ported
inthe spot USD/AYVEN forei ketat SPMET on-th ‘ busi
Pt Bt y P

day:

fless than A-3_and Contractavil-h: P, +-Criteri £ ter-th:


HEDGE
Street

LASE TRADING DATE Thel

+-Tradi

the E: tien-_Date-—No- trading +
Pi 7 S

the HPL

hall

¢ + SETTLEMENT VALUR-—TheS tt t-\) is-thi paid
to-the holder of the in the money Contract-on Settlement Date, The Settlement
Nal £ th. HPL A 1, Cent tic CIN
a y 2 Sua,



Street

befe re-thi ve) ef- Ap: 4} +h M. y SEC trad. 3 4 +1 d- Each-d: that th,

1 Jad. Fhyi ag Hf at Hat d-that+ e:3 the-third-b: in 4 ¥ befe +h. dof

Apritand before the-fourth busi day-befere-the-end-of the July-SEG
re 5

trad. i. i} by d—-Fhi +} titcel that the-third-busi:

trade-pi > -Prece: ep s S

day-before the end-of the-calend: th ding-each-J Mareh_May.

()- PAYOUT-CRIFERION—The-twe-Contracts in-each-of the Hedgelet
Pai i have P: + Criteria-which tual basi f each oth hil
Y te y ERO;
bei Heetivel: hausti The PB; + Criterion-fe 4 Contractin-th:
2 y - ¥ t a a #]
Hedgelet Pair-will be set by-_HedeeStreet at the time the Hedeelet Rai initiall
S' y 6 i>

j d—For the Hedgelet Pairs, the Payout-Criteria-of the Contracts-in- the Pair will



HEDGE
Street

(e)}-Market-Malk hall h the-abilip-t i-th: £

4} (c) [except for renumbering, this Rule is unchanged.]
RULE 4.5 [UNCHANGED]

CHAPTER 5 METHOD FOR MEMBERS TO SUBSCRIBE-FOR AND
REDEEM HEDGELEF PAIRS AND- TRADE HEDGELET CONTRACTS

RULE 5.1 PRIOR REVIEW OF RISK DISCLOSURE STATEMENT AND
THESE RULES AND ACCEPTANCE OF TERMS OF MEMBERSHIP
AGREEMENT IS REQUIRED

You may not Subseribe-for Hedgelet Pai trade any Hedgelet Contracts
on the Market until you have received, read, understood, and accepted the
HedgeStreet Risk Disclosure Statement, these Rules, and the HedgeStreet
membership agreement, and have certified that you have done so.

RULE 5.2 [UNCHANGED]



HEDGE
Street

()-EXPIRATFION-_DATE—The Expiration Date of the Contract shall beth
dat hich the Heousine Price Expiration Value is scheduledte-be-rel. d-by

(e}+CONFINGENCIES If neeveHs-aetually donth
Expiration Date-due-te-a-del. ty tor otherwisei hel,

{a} SCOPRE—Fhese Rules shall 1y-te-the Cl £ Contracts-referred-t

the NAR Les Angeles Hedeeslet Contracts + d-bs-HedeeStrect
ast et > y Si

Underlying HedeeStreetavili ‘ Hedeelet Rai: hofa-different
SIRES i> > 7
Seri Each of these Hedeelet Pai iH ist-eftwe(2}. NAR Les Angel:
2 = ORSISE-O: £2} =
Hedgelet Contract h-of.a- different Series H £ Hedgelet Pai
> £ AH

iL later than tve(2)-busi: days-followine-the E: tien Dat
vie t= ‘y S PF 7



HEDGE
Street

(d)- TYPE The & £ Contract is-a- Fixed PB: + Hedgelet Contract.
Xey P y * 7 ve

(e}HSSUANCE—F. hl: d-rel, by the-S, A £th.

()PAYOUF-CRIFERION—The-twe-Contraetsi h-of the Hedgelet

4

tial: d—Ferthe Fixed 2, + Hedeoelet Contract_the B: +-Crit forth
teeny 7 y > 7
Centractssvill-besetas-foll

) Hedgelet Pair 1-One-Contractwit a Payout Criteri £
greater than X+ 88004 ded-te-th: +-thi d}-and. Contractil-h
7 5
P + Criteri Jess-th: 1 to K+ 2 900 ¢. ded-te-th: "
y a ¢ 7 u

Gi) i" 4, wey d-in-del d
is the-last Prelimi: NAR Chi Housine Pri. rted-by-the-S.
+ 7 ¥ RUSTE: 5 y
Ga)—HedeeStreet list additional Hedselet Rai: ith
A. > ‘y >
diff + £ Pp. +-Crit di H basis di; ith th

Bi ay 2-0 ret y-basis- Fdar



HEDGE
Street

(a) SEFFLEMENT- VALUE—The Setth

the holderefthe in th: ¥y-Contract-on Settl



HEDGE
Street



HEDGE
Street

(4 } h sey 1s-the-last GBP/USD pri. ted
7 5 ‘ pHee-as-repy
t+ GBPAJSD forei ket-at SPM-EF-on-th jous-b
Pp é} x P’ ra

4} —Hedgelet Pair 1 One Contract-will havea Payout Criterh
£1, +h: A-0-03.00. | Contractavill bh Pave + Criterh fp terth:
0300,
(2) —Hledgelet Pair 2 One Contract will have-a Payout Criteri
f greater th Lo A-0-0300-and less-th Lte-A+0-0200-and
6} a “oque: 9 a iF
Contract dH}-ha _a-P; it Critari, £1, +h, A-0-0300- tes th.



HEDGE
Street

ket at SPM-ET en-th: i by



HEDGE
Street

+-by-the-S A the Seth +-Datewill be delayed-untitth:

be-delayed-anti thi

(e} ISSUANCE. et del -by-the-S A £ th:

Pp
Underlying, HedgeStreet witli Hedgelet-Pai 1 of-a- different

\
T
a ter-than x1 dedte-th t-tenth)-+0-5—and Contractwil-h:

PR, + Criteri fJess-th: lte X4 ded-te-th: + tenth}-+0-5
‘ay ‘a ¥ PSS


HEDGE
Street



HEDGE
Street
Qy Hedeelet Pair 2-One- Contractavil-h: P, +-Criteri
@} 5 + ba Payout Criterion
£ ter-th }te-Y¥-0-01-and-tess-th: te ¥40-01 and
greater-than or equa 5 ct 04;
Contract-will-he: Payout-Criterion-ef less than-Y-0.01 of preater than-¥-+0.04
@) Hedeelet Pair 3-One Contractavil hb: Pp. +-Criteri
ei 12 > your J
£- greater than-¥-+0.01-and. Contractawil-h Payout Criterion-of less-thar
(4 ¥ h wy Je the last BUR USD ori sted
7 BER CASE; 4 price-as-reperted
th t+ EUR/USD fore} ket-at SPM-ET-en-th ieus-busi
in-the-spet EUF 8 ney t the-pi nas-busines:!

fant Hedselet Pair 1- One Contract ail: Pp + Criterh
(4) + + i peu ts
fess than Z-0.03_and. Contractwil-h: Payout-Criteri £ preater-th
Qy Hedeelet Pair 2- One Contractual h: Pp, +-Criteri
tt S' ° Y
th qualte-Z-0.03-and less-th 1 to Z0.03 and Contract
Payout Criteri £less-than-Z-0.03 oF greater-than Z+0.03

£ ter-th }te-A-0-03-andtess-th 1+e-A+0.03_and

8 4 2 * O35
Centractwdith: Pp + Criterion-eftess-than A-0.03 ter-thanA+0-03
£ greater than-A+-0.03,and Contract-will-h Payout Criterion-of less th



HEDGE
Street

) Hedgelet Pair +-One-Contractwill havea Payout-Criteri £
tor-than-X+45,900-( ded-to-th + thi d\-and Contract will
> 5



HEDGE
Street

Hedeelet Pai il-be-set-by-HedeeStreet at th Jet Pai initial
'y ei > eh

; For the Hedeelet Pairs the P + Criteri £ the Contracts-in-the Pai: Hy

et: ats; tracts in the Pairwilt

@ Hedgelet Pair 1 One-C
Criteri floss than-O-19 J.



HEDGE
Street
CHAPTER 6 SETTLING HEDGELET PAIR-SUBSCRIPFIONS AND
REDEMPFIONS,CONTRACT TRADES, CONTRACTS AT EXPIRATION,
AND MEMBER WITHDRAWAL REQUESTS

RULE 6.1 SETTLING HEDGELET-PAIR- SUBSCRIPTIONS AND
REDEMPTIONS-AND CONTRACT TRADES

(a) HedgeStreet will maintain, on its system, a record of each Member’s
account balances and Contracts. HedgeStreet will also maintain a “HedgeStreet
settlement account,” which will reflect funds used by Members to ” Subseribe-for buy
and sell Hedgelet Pairs-a as-funds-p een
Pairs-Contracts. HedgeStreet will also maintain a “HedgeStreet proprietary
account,” which will be credited with all fees debited from Member accounts due to
trades and expiration settlements-and+edemptions. All settlements among these
accounts on the HedgeStreet system will be instantaneous.

(b) - (c) [UNCHANGED]
RULE 6.2 SETTLING CONTRACTS AT EXPIRATION

Wh Series-of Fixed Payout Hedeelet Contract: ises_the Fixed
a, y B P

Highest ent stee rey for $00.00; When a Series of Variable Payout

Hedgelet Contracts expires, those Contracts will settle in an amount (if any)
determined by the calculations set forth in the definitions for Long and Short
Variable Payout Hedgelet Contracts set forth in Chapter 1 of these Rules. When a
Series of Binary Hedgelet Contracts expires and has a Payout Criterion that
encompasses the Expiration Vale of the Underlying, such Binary Contract will pay
a minimum Settlement Value of $10 to the holder of a long position in such Binary
Contract. Conversely, when a Series of Binary Hedgelet Contracts expires and has a
Payout Criterion that does NOT encompass the Expiration Value of the Underlying,
such Binary Contract will pay aminimum Settlement Value of $10 to the holder of
a short position in such Binary Contract.

(b) On the Settlement Date;

(i) HedgeStreet will notify all members which Contract is
going to pay a Settlement Value and which Contract will not pay a
Settlement Value.



<

HEDGE

Street
ited Jet Doir 2-0; Cont tail hy. Pp, +t Critari, f

8 +, th; ZZ+$0. 19. d- 3 raecrsael haw Pp, 4, £4, +h:
{4)-} , lis A Aid Ic the last G. Ft 4, sted-byth:
UT a PF Pr

Q) Hedgelet Pair 2 One Contractwillh Pp +t Critori
£ ter th: qualte-A-$0-10-andtess-th Lo A+$O4 d

(4) } 4 “AD Js the last Gaseli: j tad b:

quats-theta: Pp pork ry

@ LAST TRADING DATE The Last Pradine Date ina S
date-prier-te-the Expiration Date—Ne-tradinc in the Gasoline Hedeelet:
4 p ate- Ag ei



HEDGE
Street

PAYOUT CRIFERION—The-tve-Contracts+ h-of the Hedgelet

ter-than-X( ded-to-th. ¢-tenth)}+$1.00-and Contractawill-have-a

Pp + Crit floss th: Ho xX ded-te-th: +-tenth)-+ $1.00



HEDGE
Street

G3) Hedgelet Pair 3-One Contract-wilt-h a-Payout Criterk £
sreater- than ZZ+$6.00-and Contractadl-h: Payout-Criteri fless th
VOUT;
(44 h “7 1s the last Cride-Oil- pri. ted-by-th:
iF ASC; + Pi Pt Y

(2) Hedeelet Pair 2: One Contract ith: Pp, +-Criteri £
Asazs i> y 3
greaterth Lie A+$2 50 and less th qualte-A+$7.50-and
Contractwillh Payout-Criteri fless-than-A+$2.50-oF greater-than A+$7.50
than A+$750 and Contractaviith P + Criteri fless-th
Brea $430; y
(44 i" “Ay Js-the-last Crude Oit ted-by-th

bi) _HedeoeStreet list additional Hedeelet Pai: ith
i may : i
different £P, +-Criter: d ti basis d ith
4: ARE ry HOF-OR ¥ ss
the CEA-and C ission Resulati



HEDGI
Street

Hedgelet Contracts shall be 125.000-contracts-

4} POSITION LIMIT The Position Limits for Crude Oil shall be 2.5

(2)-EXPIRATION-YALUE—The Expiration Value isth ‘, £ CradeOil



HEDGE
Street

(any Hedeelet Pair }- One Contract wilh Pp, + Criteri
oF et POUT SE id
f lass than A+0.25°% va Contractwil-h: P, +-Criteri £ tor-th:
- y -Breatertha:
9,
Qy H Jot Pair 2+ Contractadith Pp, + Criteri
@ dgelet Pair: tract ave-a Payout Criterion
fequalte A+0.259 d Centractavil-h: Payout-Criteri f less-th:
Q) Hedeelet Pair 3—One Contractavilt-h: Payout-Criteri
fequalte A+0.509 Contractavill-h: Payout-Criteri fess-th:
F 7 re
A+0-509 texthan A+0.5052
(4) Hedeelet Pair 4: One Contract aviith Pp, + Criteri
OT i> - y e
£ Lig A+0-750 d Contract il-h Payout-Criteri fess th:
Contract-will-have-aPayout-Criteri
iILh Pp, + Criteri fless-th



HEDGE
Street

hb iees-for-th ional £ San Di. CA-Gritheut
# ei Erith

¢

h
S'
diustment-and-hereinafi forred-t the “Median Sales Price”

“Housing Price? ast wted-by-the National A jatk £Realtors{“NAR”

ast reperted by

)-PAYOUT-CRITERION—The two-Contracts+ h-of the Hedgelet
Pais ih Payout Criteria-which tually isi: feach oth: Ail.
Hedeolet Pairwill beset by HedeeStreet-at the time the Fixed PB: + Contract:
Bt e yx > ad y sia
jalan d—Fer-the Fixed PR. + Hedeoelet Contract-the P: + Criteria for th
tnitialy-issued; ry ei zy x
Centracts-will-be-setas-fol .

) Hedeelet Pai fa) terk £
wt 3
ter-than K+ 26.000-4; ded-te-th: tractadll
8 4 D v
‘ th "

h Pp + Crit fless th:
Y



HEDGE
Street

449i) - @H(iv) [except for renumbering, these rules are
unchanged. ]

bi
RUF Fa ary si

@ E le_if the Market Maker's orderisto-sell 10

Contracts-butd. tain $70—and-th: +to-the Market Mal £ tine th

the $100-4 th ds-ef-the-sal d-the-debit-te the Market Maker” t

Pi

to-the HedgeStreet-settl + untas- pay + for the-10-Pairs—debit the Market

Maker’ +31 for th tof the trad: dit-that-$10- the HedgeStreet
Jetary t-and: the 10 “Ne” Contracts-that in-fe the-10 Pai

preprictary-a aes # a.


HEDGE
Street

RULE-S4 RULE 5.3 TRADING CONTRACTS

(a) You will be able to trade #}Fixed-Variable Payout Hedgelet Contracts-en
the Market by entering bids te-purehase-or offers to-sel-these-Contracts-ti}Variable
Payout Hedgelet Contracts-by-entering-based on the values or levels of the
Underlying at which you are willing to open a Long Variable Payout Hedgelet
Contract or a Short Variable Payout Hedgelet Contract and+ii) Binary Hedgelet
Contracts by entering bids to purchase or offers to sell those Contracts at which you
are willing to open or close a long position in a Binary Contract or open or close a
short position in a Binary Contract. After logging into the secure portion of the
HedgeStreet website, you will input your orders into the HedgeStreet trading
system.

(b) When your order is matched by an order from another Member(s);



HEDGE
Street

in-the- spot EUR/USD foreigs ket at SPM ET on th j hus

a3 SETTLEMENT DATE The Settl. + Date -will-be-the date th

BUR/JUSD ber-is-rel. -by-theS A

(a) EXPIRATION VALUE The Expiration Value is the pri alu
£EUR/UISD. 1, d-by-the-S A the Expiration Dat
yx rt BenCyY ‘P F
(e} CONFINGENGIES—IFnetevelis-actually unced-onth
Expiration-Date-due-te-adel. $5) +t therwise+ rel.
Expiratien-Date-du a-delay, pest i it et
tbs the S. A. the Setth + Date-will-be-delayed-until-th:
1 'y SOneys i y



HEDGE
Street

(b) - (f) [unchanged]

RULE-S-7 RULE 5.6 - RULE-S-HRULE 5.10 [except for renumbering, these
rules are unchanged. ]

RULE-SA2-RULE 5.11-HOURS FOR FHESUBSCRIPHON AND
REDEMPTION-OF HEDGELET PAIRS AND-TRADING HEDGELET
CONTRACTS

[Text of Rule Unchanged]
RULE-SA3RULE 5.12 PROHIBITED TRANSACTIONS AND ACTIVITIES
(a) - (d) [UNCHANGED]

(e) You are prohibited from trading in, transferring, assigning, or otherwise
disposing of HedgeletPairs-or-Contracts other than as provided for in these Rules.

(f) You are prohibited from agreeing to transfer or from transferring the

benefit of any position in any-Hedgelet-Pairs-er Contract to another person other
than through a transaction executed through the Market.

(g) - () [UNCHANGED]
RULE-S44 RULE 5.13 SPECULATIVE POSITION LIMITS

(a) HedgeStreet has imposed Speculative Position Limits on certain Classes
of Contracts as defined in Chapter 12 of these Rules. Any Member who exceeds a
Speculative Position Limit shall be deemed in violation of this Rule $44-5.13. In
addition, any Member entering bids or offers, if accepted, causing the Member to
exceed the applicable Speculative Position Limit shall be in violation of this Rule.

(b) [UNCHANGED]

(c) In addition to the restrictions and requirements imposed in Section
5445.13(a) and (b), the first violation of a Speculative Position Limit by a Member
shall result in a letter of warning to be issued by the HedgeStreet Compliance
Department to the Member.

(d) In addition to the restrictions and requirements placed in Section
$445.13(c), any subsequent violation of a Speculative Position Limit within the
preceding 12 months by a Member shall result in the issuance of a second letter of
warning to the Member and the suspension or revocation of membership privileges
in accordance with Chapter 9 of these Rules.

(©) [UNCHANGED]


HEDGE
Street

different £p. + Crit di ti hy;
t ‘y ¥

CEA and & ission Resulati
eulati a

Fixed-P. + Hedeelets-shall be $0.04
Y i> WO



eo

HEDGE
Street

in-the- spot USD/YEN foreig -ketat SPM -ET-on-th i busi

@ EXPIRATION DATE The Expiration Date of the ContractwilLb:
the-dat hich the USDAVEN. ber-is-scheduledte-be-+rel d



HEDGE
Street

January 4, 2007

VIA EMAIL: secretary@ecftc.gov

Ms. Eileen Donovan

Acting Secretary of the Commission
Commodity Futures Trading Commission .
3 Lafayette Centre r
1155 21st Street, N.W.
Washington, D.C. 20581

RE: Certification: HedgeStreet Amends its Rulebook to remove all Rules
relating to or associated with Fixed Payout Hedgelet Contract — Submission
pursuant to Commission Regulation §40.6(a)

Dear Acting Secretary Donovan:

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”),
§40.6(a) of the regulations promulgated by the Commodity Futures Trading Commission
(the Commission”) under the Act, HedgeStreet, Inc. (“HedgeStreet”) hereby certifies with
the Commission amendments to its rulebook that remove all rules that relate to or are
associated with the Type of HedgeStreet Contract formally referred to as “Fixed Payout
Hedgelet Contracts” (“Contracts”), including all such Contract specifications previously
defined in Chapter 12 as well as the terms Subscription, Redemption and Pairs which only
applied to Fixed Hedgelet Payout Contracts. All Fixed Payout Hedgelet Contracts were
delisted from the HedgeStreet market in a certification sent to the Commission dated
December 29, 2005. All rule amendments are referenced in Exhibit A.

HedgeStreet intends to implement the aforementioned amendments to its rulebook on
Friday, January 5, 2007.

There were no substantive opposing views expressed in approving these amendments.

Should you have any questions regarding the above, please do not hesitate to contact the
undersigned by telephone at (650) 638-3511 or by email at sford@hedgestreet.com.

Sincerely,

Stephanie Ford
Vice President, Legal & Compliance

ce: Clarissa Manansala — HedgeStreet , Inc.
Riva Adriance - Commodity Futures Trading Commission
Tom Leahy - Commodity Futures Trading Commission
Phil Colling - Commodity Futures Trading Commission



HEDGE
Street

Underlyi beris-rel d-for-that S.
aderhying-tu ased: thai

b) UNDERLYING—The Underlying forthis-Cl £ Contracts is-th:

jeetndex (“HRI”) forth i £San FE; j CA-last sted-by-th.
v tT +S} 5 es port

(} SOURCE AGENCY The-S. A ¥y-is the United Stat

6
D + tof Housing and Urban Develop: +t _OFF. £ Federal Housi

te} ISSUANCE F, ch-pl: d-rel, be thes A £ th.
Key prant y ECR

Underlyine _HedoeStreetavilli: j Hedgelet Pai: h of a-different
THE; > Bt 2

Ser Each ef these Hedselet Pai: i isteftyve HPI San E: ‘

Hedgelet Contract: h ofa differant Seri. A. j £ Hedeelet Pai

Hedgelet-Pair2-One-Contractvil-h Payout
Criteri ter-th: Lt dess-th: Lt
#3 than quate ad- s)
2759, d Contractwill-have-aPayout-Criteri fless-than2.25%
9,
Criteri £ ter than 2.75% 4 ContractavillLh Payout
Criteri Jass-th: 149.2759,


HEDGE
Street

HedgeStreet or its market/trade practice surveillance services provider when
potentially unusual trading activity takes place. HedgeStreet or its services provider
will initiate investigations upon receipt of notice of unusual trading activity, and
HedgeStreet will review and further investigate any reports of such activity
provided by its market surveillance services provider. HedgeStreet will also
investigate any time it has other reason to believe that inappropriate activity of any
sort is taking place on the Market or its website.

RULE 9.2 - 9.7 [UNCHANGED]
CHAPTER 10 - 11 [UNCHANGED]

CHAPTER 12 TERMS OF HEDGELET CONTRACTS TRADED ON
HEDGESTREET

RULE 12.1 [UNCHANGED]

RULE+2.2—- CONSUMER PRICE INDEX-CONFRACTS

fay SCOPE Th Rul hall Ie to the Cl f£ Cont 7 farrad
NST PPS
t the Cy Pr. Ind. HedceletCont tec 4 d-by-HedeeSt 7
to-as-th si 5 Best
(3) UNDERLYING—The-U; vel shyt f¢ thi Ch ‘wal 3 to ic th,
Consumer Price Index.
re + SOURCE AGENCY The S. A. i isthe; i db States
DB ty tof Laber’s-B f Lab Statist
BDepai £
{a+ TYPE The TF f£ Cont +4 Fixed -P; + Hodoelet Cont ft
4} ¥p + Pay dgelet act
fe} ISSUANCE, h thy the S A £ th,
X@7 1d heii y BEBE Y Ore
Under: St. + i} HedeeletP, of ££ it
Bs ei adi t
Ss Fachofth HedceletP; an istefty < Pp; Ind. x
Centract: hb ofa diff 4S, A. fH, ag Jat-P, an



HEDGE
Street

4¥)(iii) HedgeStreet will immediately settle the Binary
Hedgelet Contracts by debiting the HedgeStreet’s settlement account in an
amount no less than equalte-$10.00 multiplied by the total number of
outstanding in-the-money Binary Hedgelet Contract positions and credit
those funds to the accounts of the Members holding the in-the-money
Binary Hedgelet Contract positions.

4(iv) [except for renumbering, this rule is unchanged.]
(c) [UNCHANGED]
RULE 6.3 [UNCHANGED]
CHAPTER 7 [UNCHANGED]
CHAPTER 8 INVESTMENT OF MEMBER ACCOUNT FUNDS

Member funds on deposit with HedgeStreet and funds in the HedgeStreet
settlement account (i.¢., the account containing the funds paid by Members to
purchase Fixed PayoutHedgelet Pairs-fromHedgeStreetContracts and which are to
be used to pay Members holding in-the-money-Fixed- Payout Hedgelet Contracts at
expiration) will be segregated as customer funds in accordance with the
Commission’s Regulations. HedgeStreet may invest such funds subject to the
limitations and conditions set forth in Commission Regulation 1.25. HedgeStreet
will pay interest to Members’ accounts at a floating rate to be determined by
HedgeStreet on funds in Members’ HedgeStreet accounts in excess of an amount to
be determined by HedgeStreet. HedgeStreet will retain all profit from investment
of Member funds not paid to Members in accordance with the preceding sentence.

CHAPTER 9 RULE ENFORCEMENT
RULE 9.1 MONITORING THE MARKET

HedgeStreet’s trading system will record and store for a period of not less
than 5 years in a searchable, read-only database a record of all data entered into the
HedgeStreet trading system, including the Member’s identity and the information in
Rule 5.5.5.4. Programs are run on this data by HedgeStreet and by an organization
with which HedgeStreet has entered into an agreement to provide certain market
surveillance and trade practice surveillance services, and those programs will alert


HEDGE
Street

th) REPORTFING-_LEVEL The Repertine I 1 for Non ks Pp 1.
Contracts shall -be-125.000 tract:

Pt eS ‘ey

2} ISSUANCE FE, h-pl d-rel bythe S A £th.
Underline HedseStreet wilt: jas Hedeelet Pai: hofa-different Seri
ying, Hedgestt ne-varius Hedge 7 rete oi
EFach-oefthese Hedeelet Rai An isteftwe-PR: intion-_ Dris-Contracts—each
et Pt (a p


=

HEDGE
Street



HEDGE
Street

()-EXPIRATION- VALUE The Expiration Value is the level of th
H. Pei the Expiration Dat

52 Pi 7

(e}- CONTINGENCIES If ne-levelis-actually d-en-th:
Expiration Date due-te-adel $5 + therwise-+: h-rel,

RUEEA24412.10 - RULE42-87-12.48 [except for renumbering, these rules are
unchanged. ]


HEDGE
Street

ren PAYOUT-CRITERION The tve-Contracts h-of the Hedgelet

ih Pp + Criteria which eaally asi £ each oth hil
>

2) Hedgelet Pair 2-Gne-Contractwill hs Payout-Criteri f
ter-than X¢ ded-te-th teent)-and Contract-alt-h: Pp +
g .s zo y
Criterion ef Jess-th: Lie X4 ded-te-th +eent}
‘ t At}:

(2)-Hedgelet Pair 2—One Contractwil h Payout-Criteri £
greater-th +o ZZ-$0-10 and less th: qualte-ZZ+$0-10,and
Contractavill-h. Payout-Criteri flessthan-ZZ-$0-10-oF greater-th


fe) MINIMUM -TICK—The Mini Ticksize for HPI San E: A

&} AA ACS:
BE H Hedgelet Contracts shall be 125,000 tract
et t 5 5
a POSITION LIMIT Th tly-ne- Position Limits forth
HPI San FE:

i Hedeelet Contract:
st =

} UNDERLYING—The Underlying for this-Cl £ Contracts-is-th

Manvfactarine PMI ite indextast sted_by-the-S. A.
eS Pt ey



HEDGE
Street

@ POSITION -LIMIT—Th urrently-ne-Positi its-for-th:
Federal Funds-Rate Hedgelet Contract
date-prier-te-th: tofthe FOMC. H No-tradins-in-a-Serk
p eo-the- commencement oHth # B ading tha ray

fterits-Last Trad:

aN EXPIRATION DATE—The Expiration Date-of the Contractwil bs

Ss A, the Expiration Date -(b the FOMC ti tedl:

tt pency pirat ate He ssunexpectedhy
a tpened th: ) th, ious! devel Gwhichisthelast
delayed; pestpened, or other i ashy is-thetast
announced evel_on-the Expiration Date) will & "a +4 d-sett} +
will net be- delayed ifthe level scheduled te-b: actual:

RULE-12.9- GASOLINE CONFRACES



the dat hich-the Prop: iee-is-seheduledte-be-rel. 4

(a) —SETFLEMENT-VALUE—The Set#l + Value-isthe-a: tpaid
te-the-helder-efthe in-th: ¥y-Contract-on Set] + Date-The Settl. +

es EXPIRATION-VALUE—The Expiration Valueis- the level-of th
{e} CONTINGENCIES If ne-tevelis- actually d-on-th:

tion Date due-to-a-del.

+5
> postp men

BContacieefasediet

tb UNDERLYING—TheUnd hyd ok +this-Cl. £ Cont toi. Light

Ss t Cride Oil 4 4; 1G US dell hy ef Ft, cy ts Ori d,
P P v Tr

OH. Jevlated by HedeeStreet-usi jet Joorith hich tak
eS 2 y i> ea prep YR OHAE


HEDGE
Street

Subseribed for inthe Market Maker” + Thi is-ecalled““Subserinti

¢@) (c) [except for renumbering, this rule is unchanged.]

RULESS-RULE 5.4 ORDER ENTRY

(a) You will enter orders to purchase HedgeletPairs-ortrade Contracts by

electronic transmission over the Internet, and HedgeStreet will maintain an electronic
record of your order entries.

(e}(b) [except for renumbering, this rule is unchanged.]

€4}- (c) Upon entry of an order to i
eFte-trade one or more Contracts, you will be required to confirm the order before it
is sent to HedgeStreet. Once the order is accepted by HedgeStreet, HedgeStreet will
send to you by electronic mail an order confirmation number. You will be
responsible for any and all order entries confirmed for your account and accepted
by HedgeStreet.

¢e}(d) HedgeStreet’s trading system will keep an electronic record of all

iptions-and Redemptions fer Hedgelet Pairs_all orders to trade Contracts, and
all executed Contract trades. The records kept by HedgeStreet will include all of the
terms identified in paragraphs (b) - (e}(c) of this Rule as well as the date and time
that the transaction was completed to the nearest tenth of a second, for all executed
Contract trades, including Subseriptt Redemptions; and to the nearest
second for all orders to trade Contracts.

Sub

RULE-S.6—RULE 5.5 DISPUTED ORDERS

(a) If you believe that an order to Subseribe-& Red Hedgelet Pat
erte-trade one or more Contracts was incorrectly executed or rejected by
HedgeStreet you may request review of the order by providing the confirmation
number for the order and stating the grounds for your disagreement with the
handling of the order.



HEDGE
Street

3) REPORTING LEVEL—The Reporting 1 | forthe GRR/USD
Hedgelet Contracts-shall- be 425,000 tract
@ POSITION LIMIT —Th. thy Position Limits-f

43 SETTLEMENT DATE The Setth + Datewill be the-date-+th:
GBPUSD ber is-ral d-by-the-S A
ry GenCy
a EXPIRATION-DATE—The Expiration Date-of the Contracts
the-dat hich the GBP/USD. ‘ber-is-scheduledte-be-rel. d

te-the-helder-of the in th: ¥- Contract th + Date—The Settl. +
Val in-th GBPR/USD Cont is $10.

(a) EXPIRATION VALUE The Expiration Value-is the pri "
£GBR/USD- 4 d-by-the-S. A. the Expiration-_Dat

D4 sed byt a geoney p -

} CONTINGENCIES —If nelevelis-actually d-en-th

Expiration Date duete-adel, $5 + therwise-+: rel
P GOA POStpt 1d



HEDGE
Street

CONTINGENCIES If no-levelis-actiall d-en-th:



HEDGE
Street

(s)-MINIMUM-TICK The Mini Tieksizeforthe NAR San Di

Gn)-SETFTLEMENT VALUE—The Setth + Value-is th: + paidt
the helder- of the in-th _Contract

+Date-The Set} +Val

)- CONTINGENCIES If ne-levelis actually d-en-th:
Expiration Date duete-adel: $5 + therwise-+:

rted-by-the National A jati £Realt,
i ry ett



¢ > }. +t additi, 1H, dg JetPai: ith diffe +
FP, + -Criteri: -bas ye ith the CEA a
i) J Ps

th) REPORTING-LEVEL TheR rt: 1 | forthe Resid: 1

NAT PF" J

ino LAST TRADING DATE—Thel + Trad: Date: Sari, is_th,

dat 4 +o-the-E; drat Date-Ne-tradi: inthe Residential Heat: Oi
ibid x I a ~ o oS



HEDGE
Street

(e} CONTINGENCHIS—Ifnetevels- actually d-enth
Expiration Date duete-adel: +pen wat therwise-+ h-rel
Expirat at 4 ys -pestp
bythe S A, the Settle; t-Date+will-be-delayed-unti th:

) UNDERLYING—The Underlying for this Class of Contracts-isth
H, Price Index HPP) for th. j £ Chi, Wast sted-by- the S.
€ T S' Oy Pt y



HEDGE

Street
CD) -Hedselet Pair }- One Contractavil-h: Pp. +-Criteri £
(4) Hedgelet Pairt+- t ry
greater than X+12,900-4 ded-te-th +th ad, and Centractewill
Fthan 42; nd; iH
hi Payeut-Criterion-eftless-th: qualte-X-+12,900-(reunded-te-th "

)-LASE-FRADING DATE—Thet ing

u 4 at i

)-SEFFLEMENT DATE—The Set}



HEDGE

Street

fal tS 7 ey bo f-a-diff +t Seri, . nN Hf f Hedeelet Pai it
Jater th. ty £2) busi a, fol, H +he-E: +4. Dat

€@' 4 y e P te:

; POSITION LIMIT —Fh. ely Position Limits-for-th

HPECh: Hedgeolet Contract:
et =

the dat hich the HPI-Chicagi beris-scheduled-to-be-+rel d



HEDGE
Street

ae EXPIRATION VALUE The —: pt +4, Val is-the-h I of th.

Mert Rate+Yy, AR by, +he-E: ati. Dat
Bae he Exp’ rf o

¢ } CONTINGENCIES. TF j u ect 4: vel +h

E: irath Dated r? del 54 t th. 4 + i“ |.
P a v7 postponemen
+ hu the S, A the Settl. + Dat i} be del. dd 431th,
ea 1) ca

Und aber bs 4 J. forth: +S,

LeanMert ral tien(‘Breddie Mac”).
EAB re F



HEDGE
Street

(2) MINIMUM-TICK The Mini Tieksize for USD/CHE

Hedgelets-shall-be-$0.04

Hedgelet-Contracts-shall-pe125,000 tract

@ LAST TRADING DATE—The-Last Trading Date in-a Series-is-th
ame-dat the Expiration Date—Ne-tradi the USD/CHF Hedgelets shal}
far its Last Trading Dat

the-dat hich the USD/CHE beris-scheduledte-be rel: d.





HEDGE
Street

+-by-the S, A the Seth. + Date-will be delaved-until-th.
annett yy the Beney> tDat layed: +4
Underly: beris-rel d-forthat Seri

GOFF INE

RULE 42:27 RESIDENTIAL PROPANE CONTRACTS

a

\ SCOPE These Rules-shall Jy to the Cl. £ Contracts referred
+ pply et act: dt
Residential P; Hedgelet Contracts +: d-by HedoeStreet

Pe Bi 'y B 1

5 SOURCE AGENCY The S A isthe LLS_D.

>
£E E Ink tien Administration EIAZ).
BY BY sa F

8 PAYOUT-CRITERION— The tvo-Contracts-i: h-of the Hedgelet

Hedgelet-Pair-will-be-set by HedgeStreet-at-the time the Hedgelet Pai initiall

For-the Hedgelet Pairs_the Payout Criteria of the Contracts-in-the Pair will



HEDGE
Street

the funds4:

(¥-(ii) - G+(vi) [except for renumbering, these rules are

unchanged. ]

}ix}(vii) to view all non-secure parts of the HedgeStreet
website, including these Rules, and descriptions of the Hedgelet Pairs-and

Contracts traded on the Market as well as all secure parts of the HedgeStreet
website outlined above in Rule 3.1(d)(i) - (¥#ivi).
(c) - (f) [UNCHANGED].
RULE 3.2 - 3.4 [UNCHANGED]
RULE 3.5 DUES, FEES, AND EXPENSES PAYABLE BY MEMBERS
(a) {UNCHANGED]

(b) Members are charged fees for ane Hedgelet Contracts. The fees for
trading Fixe
Binary Hedgelet Contracts are charged i in van amount to be reflected from ti time to
time on HedgeStreet’s website.

(c) Members are charged fees for settlement of all Hedgelet Contracts at
Expiration-and
settlement of Hedgelet Contracts will be charged i in an amount to be reflected from
time to time on HedgeStreet’s website. Fh fi Hhapph-perHedeelei Pat

i-be-ch d fleeted-f time-te-ti HedgeStreet’ bs

€e)(d) - (e) [except for renumbering, these rules are unchanged.]
CHAPTER 4 MARKET MAKERS
RULE 4.1 - 4.3 [UNCHANGED]
RULE 4.4 BENEFITS OF BECOMING A MARKET MAKER

(a) - (b) [UNCHANGED]


Street
Criterion of-less- than 3-259 d Contract-wil-h Payout
Criterion-of-creater th: 1 49-3.259,
BF et : o
Gi) Headcolet Pair 2- 0; Cont till bh Pp, t
tHy 5 * yeu
Critesi £ oreater th 1-+0-3.25% and -less-th: Le
t BF ef 7 qualt
3.759 a Contract-will-h Payout-Criterion-of less-than- 3.25%
>and 23%

2} MATIN MALI MA TICK The Min: Tiek <j: for HPLS Dj ei

oo REPORTING LEVEL The R /p rt. < T I forthe DIS oat =
Hedgelet Contracts-shall-be125,000-contracts:

G) POSITION LIMIT Th. Frenth Peciti Limite for th,

VT A

or LAST TRADING DATE The I t Ten di. sb. te}: Seri ic th,
dat +, tothe E: 4 4 Dat No-tradi. in the TID] Di Hadsoelet shall

F Ort P +. S et +t) ee
£4, the I + Trad. Dat

aN EXPIRATION- DATE The Expiration Date of the Contractavill be

the-dat hich the HPI San Dieg beris-scheduledte-be-+rel:

te-the-helder-ofth th Contractor Setth +-Date—The Settl +

(e} CONTINGENCIES —If-no-levelis actually ad-en-th



HEDGE
Street

en PAYOUT CRITERION The tve-Contracts-: Hedgelet
; iL: P +-Criteria whieh tual} Jiasi £

a os ay ‘Bh by

bei: Heetixel: hausti The Payout Criterion-f wal

different £P, +-Criteri di th d
dt Fane prout-Critert Fda
iththe CBAC ission Regulati
& MINIMUM TICK The Mini TFick-size-for HP] New York
) REPORTING-LEVEL—The Reporting 1 | for the HPT New York

date-prierto-the Expiration Date—Ne-trading in the HPI New York Hedgelet shall

fierthe-Last Trading Date.

HPL New York ber-is-rel d-by-the S: A




HEDGE

Street
aes UNDERLYING—TheUnd 4 ie fo-+this-Cl f£ Cont act is-th.
Crade-Oi-4 t {1S _ Cride Oil st ha: ih. CaN 1c)
oe oF TU PRES mm 7
hadi: Stratesic-Petrol, R \ _h, +: £4, £¢ at “<Cridea Oi
i i Ty
Be it 2" last rted-by-the-S. A.
vr Pt y BCRCY-

an Hedgelet Pair +—One-Contractvil-h Payout-Criteri
f-less-than-Y 3_and- Contractavill-h PayoutCriteri £-preater-th

Qy Hedeelet Pair 2-One-Contractavilt Payout Criteri
£ tar th: 1 te-¥ 3-and-ess-th: 1to-Y_and Contractavill
$} ‘i bs ee ¢ >

By Hedgelet Pair 3- One Contract wilh: p. + Critesi

7 8 ‘y
£ ter-th qualte-¥+0-andtess-th Lip V4 and Contract
Lh: Pp + Criteri floss than ¥+0-4 ter than ¥+3



HEDGE
Street

Gy} HedeseSt t list addits. I Hedeelet Pai: ith
(47 i=) ay en

t the- Natural Gast tery Hedeelet Contracts + d-by HedeeStreet
te-as-the-Natii fs tery i a ry Bestreet



HEDGE
Street

{0} CONTINGENCIES If no level is-actuall d-en-th:

# PAVOUT CRITERION Fhe tye-C

Ihave Payout Criteriaswhieh-ar



j Heetivel hausti Fhe-Payout-Criterion-f h- Contractinth
Hedegelet Pais will-be-set by HedoeStreet-at the time the Hed.
dgelet Pai y ie
i For the Hedgelet P the Payout Criteria of the Contracts-in-the Pairwill
2 os tht Fiteria

both fetes



HEDGE
Street

¢aa)— (w) “Type” means the classification of a Hedgelet as a Fixed Payout

Hedgelet-Contract,a-Variable Payout Hedgelet Contract or a Binary Hedgelet
Contract.

(bb) (x) eeHy) [except for renumbering, these rules are unchanged.]
CHAPTER 2 MARKET GOVERNANCE
RULE 2.1 - 2.3 [UNCHANGED]
RULE 2.4 EMERGENCY RULES
(a) - (b) [UNCHANGED]
(c) For the purposes of this Rule, an “‘emergency” is:
(i) - Gi) [UNCHANGED]

(iii) any circumstance that may materially affect the performance of

the Hedgelet Pairs-originated-by,or the Contracts traded on, HedgeStreet;
(iv) - (vii) [UNCHANGED]

(viii) any other unusual, unforeseeable, and adverse circumstance
which, in the opinion of the governing board, requires immediate action and
threatens or may threaten such things as the fair and orderly trading in, or the
liquidation of or delivery pursuant to-HedgeletPairs-or Contracts traded on
HedgeStreet.

(d) - (f) [UNCHANGED]
RULE 2.5 - 2.8 [UNCHANGED]
CHAPTER 3 MEMBERS
RULE 3.1 APPLICATIONS, CLASSIFICATIONS AND PRIVILEGES

(a) - (¢c) [UNCHANGED]

(d) If your application is approved by HedgeStreet and the HedgeStreet
settlement bank confirms to HedgeStreet that you have deposited with it the funds
required in paragraph (b) of this Rule, you will be a Member of HedgeStreet and
will have the following privileges, which HedgeStreet may revoke, amend, or

expand in accordance with, or by amending, these Rules:

(i) to maintain a HedgeStreet account;


HEDGE
Street

(en PAYOUT CRITERION The te-Contracts 4 h-of the Hedgelet
J

Pai ia Pp + Criteria which tually

ig
>
D
lo
D
t



fa} SCOPE These Rules-shall s+ the Cl. £ Contracts-referred-t.
tay PPry
the NAR New-YorkHedeelet Contracts-i d-by HedeeStreet
as-the-NAF te = y 5 a
{6} -UNDERLYING—The Underlying for this Cl £ Contracts-is-th
{oye SHE i

EN,

(e} ISSUANCE—F hph d-rel by the S
Underhine HedeeStreetailli: js Hedeelet Pai hof.a-different
HES S

(PAYOUT CRITERION The two Contracts + h-of the Hedgelet
Pai: s1Lh: Payeut-C jaswhich tually Jas feach-otherwhik
bei Heetively-exhaustive—The Payout-Criterion-f 1b Contract in-th
Hedgelet Pair will be-set- by-HedgeStreet-at-the-time the Fixed Payout Contract

initially For the Fixed Payout Hedgelet Contract, the Pi + Criteria for th:



HEDGE
Street

+by the-S A the-Settl. + Date-will-be-delaved-unti- th:
y BOReY; eH y

Under ber-is-rel d-forthat-Seri

ying 1S:



HEDGE
Street

EXHIBIT A
(The following new Rule additions are underlined and deletions are stricken out)

CHAPTER 1 DEFINITIONS
RULE 1.1 DEFINITIONS

(a) - (h) [unchanged]

; “Fj d-P, +t Hodoalot C, ts $99. +h, iobt t, +: S10
6)-“Fixed-Pay tedgi es) $

P-(i)_ [except for renumbering, this rule is unchanged.]

+-(i) “Hedgelet Contract,” “Hedgelet,” or “Contract” means a Fixed

Payout Hedgelet Contract Variable Payout Hedgelet Contract or a Binary
Hedgelet Contract.

¢a}(k) - + (p) [except for renumbering, these rules are unchanged.]

ts} “Red: tion”-or-“Selline Both” Hi Hedeelet Pair-t

{s} Pp Bott ASH ie ie

HedgeStreet for $104. Red: tien-f ified-elsewhereinthese Rul:
Bett + y P P

€4+(q) [except for renumbering, this rule is unchanged. ]

€}(r) “Settlement Date” means the date on which money is paid to the
account of a Member who has the right to receive money pursuant to-a-Fixed
PayoutHedgelet- Contract, a Variable Payout Hedgelet Contract or Binary Hedgelet
Contract held until Expiration, and on which money is paid from the account of a
Member who is obligated to pay money pursuant to a Variable Payout Hedgelet
Contract held until Expiration. Unless otherwise specified in these Rules, the
Settlement Date is the same day as the Expiration Date.

4 (s) - 6 (v) [except for renumbering, these rules are unchanged.]

PR S i>
§ HedeeStreet- for $104. Sub: tien-fe jfied-elsewhere-in-th:
y Pt Pt

Rules-or-on-the HedgeStreet-website.

(=) “Subseription” or “Buyine Beth”. hasi Hedeelet Pai
7 @ YH Bot ‘7



HEDGE
Street

& PAYOUT CRITERION The: tracts-in-each of the Hedeel.

Pai ill have Payout Criteria whicha tually isi feach oth: ik

being-eollectively aust The Payout-Cr for each Contractinth

Hedgelet Pair will be set by HedeeStreetat- the time the Hedeelet Pai initial:
e' 'y > 4 S'

; d—Fer the Hedgelet- Pairs, the Payout Criteria of the Contract the-P: iH





HEDGE
Street



{e} CONTINGENCIES If ne-levelis actually unced-onth
Expiration Date dueto-adel. 54 + therwise-i: h rel
Expiration Date duet Hs pestp aS
+-bs-the S: A the Settl + Date-will- be delaved-until- th
ROW thy Berney
L Jas} ber-is-rel d-for that Seri

Ind:
Underbying

toon UNDERLYING—TheUnd Ls ry £¢ ‘zal tract ic-th.
Tt + Fed, 1 Funds-Rate last rted-by-the-S:
zo P J a
fe} SOURCE AGENCY The S, A 3s-theFed, ‘Wat
MT BCHCY eat Pt
Market Ci itt f£theFed, 1p de “FOMC*}
ta) TYPE Thet f£ Cont T= E: .d-P, + Hedoelet-Cent t
5 rype-ef Contra yy rs 2
fe} ISSUANCE EF. b-5h: d- +-bu theS.
WT Pe o
A fthe Underh HedeoeSt Carerra het 4, HedeseletPai bof
EOHEY HE Meee Cotreet Ww a
different Series—Bach-of these Hedgelet Pairs-will ist of-bve-Federal Fund.

@
uy -
Criteri f belew-X~and-one Contractavil-h Payout-Criteri £
Gb Hedgelet Pair 2- One Contractavil-h: Pp "
€ eK + pyout
Criteri £ J+e-X_and Contractwdi-h: ay +-Critesi £
te + 7 ry


£ less than X-0.2 and Contractavit-h: Pp + Criteri £ ter-th:

nae 2-and-on ¥ greater-than or

Gs Hedgelet Pair 2One-Contractavil hi Payout Criteri
£ ter-th: }+o-X-0.2 and-less-th: lte K402 and Contract
Breat te ett = ti bi tract
il-have-a Payout Criter fless than X-0.2 ter than X+0.2

Gs —_Hedeelet Pair 4-One Contractavil-h: Pp + Criteri

th qualte X+0:8- and less-th to K4+12 and Contract
Lh: P +-Criteri £-less-than-X-+0.8-or- greater than X+12



HEDGE
Street

@) SCOPE—FThese- Rules-shall-apply-to-the- Class-ef Contracts referred
t the Residential Heatine Oil Hedeelet Contracts: d-by HedoeStreet
eS > yx >

fless-than-X— $0.00. d Contractail-h: Pp + Crit £ +


HEDGE
Street

h +-Criteri flass-th: 14o-X-+24,3004 ded-te-th: +

Pa:
aPayou

H. Pri ap. + Hedgelets-shall be $0.04
SIRE ry Bi WO:
4h) REPORTING LEVEL—The Reporting Level forthe NAR-N k
Housing Price Fixed Payout Hedgelets-shall- be 125,000 contract

fan in-th: ¥y NAR -New York Housing Price Contract is $10

()-EXPIRATFION-VALUE—The Expi

{a} SCOPE—These- Rules shal} 1s-+9-the Cl. £ Contracts referred t
the NAR-San- Di. Hedeelet Contractsi d-bs- HedeeStreet
S' B ‘yx S 7



HEDGE
Street

@ LAST-FRADING DATE The Last Trading Date in-a-Series-isthe
date-prier-te-the Expiration Date-—No tradine-in the Manufactirine PMI-Hedeelet
ate-pi tet pirat o ie ae MH

(a) EXPIRATION VALUE The Expiration Value is the level of th
Manufactirine PMI bi the Expiration Dat
Se ‘Pi

} UNDERLYING—The Underlying for this Class of Contracts-is th

bh: adiusted- Initial U 1 +-Claims (“Initial Claims”)
Hy Cla £ ms-)



HEDGE
Street

SCOPE These Rules-shall 1y-to-the-Ch £ Contracts-referred-4

the Mert Rate Year ARM)-Contracts d-by HedeeStreet
EAB v 7 yx i>

td TYPE Thess £ Contract is-a Fixed PR. + Hedoelet Contract
t * P 'Y et



HEDGE
Street

fa MINIMUM-TICK The Mini: Tieksize-forthe-Cride-Oil

8} AFH th

&). LAST TRADING DATE—The Last Trading Date in-a Series is-th
date prier-to-the Expiration Date-No- trading in the Crude-OiLt: tory Hedeelet
a 2 S v >
halt ftar its Last Trading Dat
r=

0) SETTLEMENT DATE The Setth + Date-will-be the date th:

Crade-OiLt: + ber-is-rel d-by-the-S A.
a yx Beney:

& + SETTLEMENT VALUE—TheS. eth +-Val is-th: + p id
tethe-held ££ the in-th, “7 Contract Sett). t-_Date- The Set} it
Nal f +n—thi ¥ di Oi: 7 Ei traet+ $40.

e + EXPIRATION VALUE-—The E: st +i. Val + th 4 oe f+th
Seed nese sopehe Bape Pe