Russell 2000 Position Limits
April 19, 2006

Page 4 of 4
Clean Copy of Rule Amendments
CHAPTER 354
Russell 2000 Stock Price IndexTM Futures
35402.D. Position Limits

A person shall not own or control more than 10,000 contracts net long or net short in all contract months
combined. For positions involving options on Russell 2000 Stock Price Index futures, this rule is superseded by
the option speculative position limit rule.

CHAPTER 354A
Options on Russell 2000 Stock Price IndexTM Futures

354A01.F. Position Limits

No person shall own or control a combination of options and underlying futures contract that exceeds 10,000
futures-equivalent contracts net on the same side of the market in all contract months combined.

For the purpose of this rule, the futures equivalent of an option contract is | times the previous business day's
IOM risk factor for the option series. Also for purposes of this rule, a long call option, a short put option, and a
long underlying futures contract are on the same side of the market; similarly, a short call option, a long put
option, and a short underlying futures contract are on the same side of the market.

CHAPTER 361
E-mini Russell 2000 Futures

36102.D. Position Limits .

A person shall not own or control more than 10,000 Russell 2000 Stock Price Index contracts or equivalent
contracts net long or net short in all contract months combined. For purposes of this rule an E-Mini Russell 2000
Stock Price Index futures contract shall be deemed to be equivalent to one-fifth (0.20) of a Russell 2000 Stock
Price Index futures contract. For positions involving options on E-Mini Russell 2000 Stock Price Index futures,
this rule is superseded by the option speculative position limit rule.

CHAPTER 361A
Options on E-Mini Russell 2000 Futures

361A01.F. Position Limits

No person shall own or control a combination of options and underlying futures contract that exceeds 10,000
Russell 2000 Stock Price Index futures-equivalent contracts net on the same side of the market in all contract
months combined. For the purpose of this rule, each E-Mini Russell 2000 futures-equivalent contract shall be
deemed equal to one-fifth (0.20) of a Russell 2000 Stock Price Index futures-equivalent contract.

For the purpose of this rule, the futures equivalent of an option contract is 1 times the previous business day's
1OM risk factor for the option series. Also for purposes of this rule, a long call option, a short put option, and a
long underlying futures contract are on the same side of the market; similarly, a short call option, a long put
option, and a short underlying futures contract are on the same side of the market.


cme @

Chicago Mercantile Exchange

20 South Wacker Drive 312/930.1000 tel
Chicago, IL 60606-7499 312/466.4410 fax
www.cme.com,

April 19, 2006

Ms. Jean A. Webb £

Office of the Secretariat se
Commodity Futures Trading Commission :

Three Lafayette Centre r

1155 21st Street, NW : id
Washington, DC 20581

RE: Section 5c(c)(1), Part 40.6 - Amendment to the position limits
on the Russell 2000 and the E-Mini Russell 2000 contracts.
CME Submission# 06-39.

S

Dear Ms. Webb:

Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) hereby notifies the Commission of
an amendment to the position limits on the Russell 2000 and the E-Mini Russell 2000 contracts.

The Exchange certifies that this amendment complies with the Act and rules thereunder.

Due to increased trading volume, customers are repeatedly hitting the current position limit of
5,000 contracts in Russell 2000 contracts. Per delegate authority, Staff intends to increase this limit from
5,000 contracts to 10,000.contracts, effective April 21, 2006. Amended rule language follows below
with additions underlined and deletions bracketed and struck out.

If you require any additional information regarding this action, please do not hesitate to contact
Ms. Ariel Hantin, Senior Research Analyst, at 312-559-4951. Please reference our CME Submission
#06-39 on all future correspondence regarding this notification.



Russell 2000 Position Limits
April 19, 2006
Page 2 of 4

Sincerely,

John W. Labuszewski, Director
Research & Product Development

ce: Mr. Thomas M. Leahy and Mr. Steven B. Benton
CFTC Division of Market Oversight, Product Review & Analysis Section


Russell 2000 Position Limits

April 19, 2006
Page 3 of 4
Text of Rule Amendments
(Additions are underlined, deletions are bracketed and overstruck.)
CHAPTER 354
Russell 2000 Stock Price IndexTM Futures
35402.D. Position Limits

A person shall not own or control more than [5]]10,000 contracts net long or net short in all contract months
combined. For positions involving options on Russell 2000 Stock Price Index futures, this rule is superseded by
the option speculative position limit rule.

CHAPTER 354A
Options on Russell 2000 Stock Price IndexTM Futures

354A01.F. Position Limits

No person shall own or control a combination of options and underlying futures contract that exceeds [5]10,000
futures-equivalent contracts net on the same side of the market in all contract months combined.

For the purpose of this rule, the futures equivalent of an option contract is 1 times the previous business day's
IOM risk factor for the option series. Also for purposes of this rule, a long call option, a short put option, and a
long underlying futures contract are on the same side of the market; similarly, a short call option, a long put
option, and a short underlying futures contract are on the same side of the market.

CHAPTER 361
E-mini Russell 2000 Futures

36102.D. Position Limits

A person shall not own or control more than [$]10,000 Russell 2000 Stock Price Index contracts or equivalent
contracts net long or net short in all contract months combined. For purposes of this rule an E-Mini Russell 2000
Stock Price Index futures contract shall be deemed to be equivalent to one-fifth (0.20) of a Russell 2000 Stock
Price Index futures contract. For positions involving options on E-Mini Russell 2000 Stock Price Index futures,
this rule is superseded by the option speculative position limit rule.

CHAPTER 361A
Options on E-Mini Russell 2000 Futures

361A01.F. Position Limits

No person shall own or control a combination of options and underlying futures contract that exceeds [$]10,000
Russell 2000 Stock Price Index futures-equivalent contracts net on the same side of the market in all contract
months combined. For the purpose of this rule, each E-Mini Russell 2000 futures-equivalent contract shall be
deemed equal to one-fifth (0.20) of a Russell 2000 Stock Price Index futures-equivalent contract.

For the purpose of this rule, the futures equivalent of an option contract is 1 times the previous business day's
IOM risk factor for the option series. Also for purposes of this rule, a long call option, a short put option, and a
long underlying futures contract are on the same side of the market; similarly, a short call option, a long put
option, and a short underlying futures contract are on the same side of the market.