June 27, 2007

Ms. Eileen A. Donovan

Acting Secretary

Commodity Futures Trading Commission
Three Lafayette Center

1155 21% Street, N.W.

Washington, D.C. 20581

Reference File # 2804.01
Rule Certification
Dear Ms. Donovan:

Pursuant to Commission Regulation 40.6(a), the Chicago Board of Trade (CBOT®) hereby
submits the following:

- Amendments to regulations in Rulebook Chapter 59 per the attached texts
(additions underlined; deletions bracketed and struck through).

The referenced amendments represent technical revisions to the specifications for CROT
Denatured Fuel Ethanol Forward Month Swaps. This product is trade off-exchange (OTC) based
on prices of CBOT Ethanol futures contracts, and is cleared through the Exchange’s Clearing
Services Provider. The amendments reflect this product’s “clearing only” status by replacing
references to “trading” with the term “clearing”. Additionally, the amendments clarify that the
last clearing day and final settlement day both occur on the last business day of the month.

The CBOT intends to implement these amendments one day after the Commission’s receipt of
this filing.

There were no opposing views concerning these amendments.

The CBOT certifies that these amendments comply with the Commodity Exchange Act and the
rules thereunder.

Sincerely,

Paul J. Draths
Vice President and Secretary

6061907


ee rere eee eres
hapter 59
Denatured Fuel Ethanol Forward Month Swap

Ch59 Trading Conditions

5901.01 Authority - Clearing fFradiag] in Denatured Fuel Ethanol Forward Month Swaps may be
conducted under such terms and conditions as may be prescribed by Regulation.

5902.01 Application of Regulations - Transactions in Denatured Fuel Ethanol Forward Month
Swaps shail be subject to the general Rules and Regulations of the Exchange as far as applicable and
shail also be subject to the Regulations contained in this chapter, which are exclusively applicable to
clearing [tradiag] in Denatured Fuel Ethanol Forward Month Swaps.

5904.01 Unit of [Frading] Clearing - The unit of clearing ftrading] shall be 14,500 gallons of
Denatured Fuel Ethanol. Bids and offers may be accepted in dollars and cents and tenths of a cent or
multiples thereof per gallon.

5905.01 Months Cleared fFrraded4n} - Clearing ffrading} of [] Denatured Fuel Ethanol Forward
Month Swaps is regularly conducted in all twelve months but shall be permitted in the current delivery
month plus any succeeding months. The number of months [Jin which clearing may occur at one time
shall be at the discretion of the Exchange.

5906.01 Price Basis — Minimum price fluctuations shall be in multiples of one tenth of one cent
($0.001) per gallon. Contracts shall not be made on any other price basis.

5907.01 Hours for Clearing Entry — The Exchange shall determine the hours during which
Denatured Fuel Ethanol Forward Month Swaps may be submitted to the Clearing Services Provider.

Positions shall be initiated or closed out using off-exchange transactions.

5909.01 Last Day of Clearing [Frading] — The last day of clearing ftradinglof Denatured Fuel
Ethanol Forward Month Swaps deliverable in the current delivery month shall be [the-trading- day

ipamediately preceding} the final settlement day as prescribed in Regulation 5942.03.

5909.02 Liquidation During the Delivery Month — After clearing [trading] of Denatured Fuel
Ethanol Forward Month Swaps in the current delivery month has ceased, in accordance with Regulation
5909.01 of this chapter, outstanding contracts for such delivery shall be liquidated by cash settlement as
prescribed in Regulation 5942.01.

5910.01 Margin Requirements - See Regulation 431.03.

5911.01 Disputes - All disputes between interested parties may be settled by arbitration as
provided in the Rules and Regulations.

5912.01 Position Limits and Reportable Positions - See Regulation 425.01.


Ch59 Delivery Procedures

5942.01 Delivery - Delivery against Denatured Fuel Ethanol Forward Month Swaps must be
made through the Clearing Services Provider. Delivery under these regulations shall be on the final
settlement day (as described in Regulation 5942.03) and shall be accomplished by cash settlement.

Clearing members holding open positions in Denatured Fuel Ethanol Forward Month Swaps at the time of
termination of clearing {trading} shall make payment to and receive payment through the Clearing
Services Provider in accordance with normal variation settlement procedures based on a settlement price
equal to the final settlement price (as described in Regulation 5942.02).

5942.02 Final Settlement Price and Daily Settlement During the Last Month of Clearing
fFrade} - The final settlement price shall be determined on the final settlement day. The f[F]inal
settlement price shall be the cumulative average of the settlement prices for the CBOT Denatured Fuel
Ethanol futures contract following the Denatured Fuel Ethanol Forward Month Swap contract month for
each clearing [trading] day in the Denatured Fuel Ethanol Forward Month Swap contract month.

For example, final settlement for a May Denatured Fuel Ethanol Forward Month Swap would be the
cumulative average of the daily settlement prices for the June Denatured Fuel Ethanol futures contract
during the month of May.

Daily settlement during the last month of clearing {trade} shall be the cumulative average of the
settlement prices for the CBOT Denatured Fuel Ethanol futures contract following the Denatured Fuel
Ethanol Forward Month Swap contract month for each clearing firading] day in the last month of
clearing ftradiag} the Denatured Fuel Ethanol Forward Month Swap contract.

For example, the daily settlement for a May Denatured Fuel Ethano! Forward Month Swap on the 5
clearing [trading] day in May would be the average settlement price over the first 5 clearing [trading]
days in May of the June Denatured Fuel Ethanol futures contract. On the 6” clearing [trading] day, the

daily settlement would be the average settlement price over the first 6 clearing ftrading] days.
5942.03 Final Settlement Day - The final settlement day shall be defined as the last business

[trading] day [] of the contract month.

5942.04 Daily Settlement - Daily settlement other than settlement on the final settlement day (as
described in Regulation 5942.03) or during the last month of clearing [trading] shall be the settlement
price for the CBOT Denatured Fuel Ethanol futures contract following the Denatured Fuel Ethanol
Forward Month Swap contract month on that day.

5947.01 Payment - See Regulation 1049.04