SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-201

Organization: Chicago Mercantile Exchange Inc. (“CME”)

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 05/04/23 Filing Description: Amendments to the Options on 

Bitcoin Futures, Ether Futures, Micro Bitcoin Futures and Micro Ether Futures Contracts

SPECIFY FILING TYPE 

Please note only ONE choice allowed per Submission.

Organization Rules and Rule Amendments

Certification § 40.6(a)

Approval § 40.5(a)

Notification § 40.6(d)

Advance Notice of SIDCO Rule Change § 40.10(a)

SIDCO Emergency Rule Change § 40.10(h)

Rule Numbers:

New Product Please note only ONE product per Submission.

Certification § 40.2(a) 

Certification Security Futures § 41.23(a)

Certification Swap Class § 40.2(d)

Approval § 40.3(a)

Approval Security Futures § 41.23(b)

Novel Derivative Product Notification § 40.12(a)

Swap Submission § 39.5

Product Terms and Conditions (product related Rules and Rule Amendments)

Certification § 40.6(a) 

Certification Made Available to Trade Determination § 40.6(a)

Certification Security Futures § 41.24(a)

Delisting (No Open Interest) § 40.6(a) 

Approval § 40.5(a)

Approval Made Available to Trade Determination § 40.5(a)

Approval Security Futures § 41.24(c)

Approval Amendments to enumerated agricultural products § 40.4(a), § 40.5(a)

“Non-Material Agricultural Rule Change” § 40.4(b)(5)

Notification § 40.6(d)

Official Name(s) of Product(s) Affected: See filing.

Rule Numbers: See filing.
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Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

May 4, 2023

VIA ELECTRONIC PORTAL

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: CFTC Regulation 40.6(a) Certification. Amendments to the Options on Bitcoin 

Futures, Ether Futures, Micro Bitcoin Futures and Micro Ether Futures

Contracts.

CME Submission No. 23-201

Dear Mr. Kirkpatrick:

Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) certifies to the Commodity Futures Trading 

Commission (“CFTC” or “Commission”) amendments Options on Bitcoin Futures, Options on Ether Futures, 

Options on Micro Bitcoin Futures and Options on Micro Ether Futures contracts (collectively, the 

“Contracts”) effective Sunday, May 21, 2023, for trade date Monday, May 22, 2023.

Specifically, the Exchange will:

• amend the strike price listing schedule of option contracts noted in Table 1. below;

• as a result of the Exchange’s concurrent launch of additional weekly option contracts (see CME 

Submission No. 23-068 also dated May 4, 2023), (a) no weekly options will be listed on a day that 

falls on both a U.S. and U.K. holiday and (b) the first trade date for all non-monthly options on 

Bitcoin Futures, Ether Futures, Micro Bitcoin Futures and Micro Ether Futures contracts will be 

added two (2) business days prior to the expiration date of the nearest related expiring options 

contract; and 

• implement clarification amendments to the options product chapiters (collectively, the “Rule 

Amendments”).

Table 1.

Contract Title Commodity 

Code

Current Strike Price

Listing Schedule

Amended Strike Price 

Listing Schedule

Options on 

Bitcoin Futures BTC Prelisted strikes at $500,000, $100,000, $50,000, $10,000, 

$5,000 and $1,000 bitcoin 

increment plus dynamic strikes 

at $25 bitcoin increment.

Strikes listed for 300% above 

the at-the-money strike and 

100% below the at-the-money 

strike at:

 • $100,000 bitcoin 

increment for underlying 

settlement above $500,000

Prelisted strikes at $100,000, 

$50,000, $10,000, $5,000 and 

$1,000 bitcoin increment.

Strikes listed for 300% above 

the at-the-money strike and 

100% below the at-the-money 

strike at:

 • $100,000 bitcoin 

increment for underlying 

settlement above $500,000

 • $50,000 bitcoin 

increment for underlying 

Monday Weekly 

Options on Micro 

Bitcoin Futures

W1A-W5A

Wednesday 

Weekly Options 

on Micro Bitcoin 

Futures

W1C-W5C

Friday Weekly 

Options on Micro 

Bitcoin Futures

W1E-W4E
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Monthly Options 

on Micro Bitcoin 

Futures

WM

 • $50,000 bitcoin 

increment for underlying 

settlement at or below 

$500,000 

 • $10,000 bitcoin 

increment for underlying 

settlement at or below 

$100,000

 • $5,000 bitcoin 

increment for underlying 

settlement at or below $50,000

 • $1,000 bitcoin 

increment for underlying 

settlement at or below $10,000

 • $500 bitcoin increment 

for underlying settlement at or 

below $5,000

When less than 96 days 

remain until expiration (DTE), 

additional strikes listed for 

75% above the at-the-money 

strike and 25% below the atthe-money strike at:

 • $10,000 bitcoin 

increment for underlying 

settlement above $500,000

 • $5,000 bitcoin 

increment for underlying 

settlement at or below 

$500,000 

 • $1,000 bitcoin 

increment for underlying 

settlement at or below 

$100,000

 • $500 bitcoin increment 

for underlying settlement at or 

below $50,000

 • $100 bitcoin increment 

for underlying settlement at or 

below $10,000

 • $50 bitcoin increment 

for underlying settlement at or 

below $5,000

When less than 14 days 

remain until expiration (DTE), 

additional strikes listed for 

15% above the at-the-money 

strike and 5% below the atthe-money strike at:

 • $5,000 bitcoin 

increment for underlying 

settlement above $500,000

settlement at or below 

$500,000 

 • $10,000 bitcoin 

increment for underlying 

settlement at or below 

$100,000

 • $5,000 bitcoin 

increment for underlying 

settlement at or below $50,000

 • $1,000 bitcoin 

increment for underlying 

settlement at or below $10,000

 • $500 bitcoin 

increment for underlying 

settlement at or below $5,000

When less than 210 days 

remain until expiration (DTE), 

additional strikes listed for 

75% above the at-the-money 

strike and 25% below the atthe-money strike at:

 • $10,000 bitcoin 

increment for underlying 

settlement above $500,000

 • $5,000 bitcoin 

increment for underlying 

settlement at or below 

$500,000 

 • $1,000 bitcoin 

increment for underlying 

settlement at or below 

$100,000

 • $100 bitcoin 

increment for underlying 

settlement at or below $10,000

 • $50 bitcoin increment 

for underlying settlement at or 

below $5,000

When less than 5 days remain 

until expiration (DTE), 

additional strikes listed for 

15% above the at-the-money 

strike and 5% below the atthe-money strike at:

 • $5,000 bitcoin 

increment for underlying 

settlement above $500,000

 • $2,500 bitcoin 

increment for underlying 

settlement at or below 

$500,000 
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 • $2,500 bitcoin 

increment for underlying 

settlement at or below 

$500,000 

 • $500 bitcoin increment 

for underlying settlement at or 

below $100,000

 • $250 bitcoin increment 

for underlying settlement at or 

below $50,000

 • $50 bitcoin increment 

for underlying settlement at or 

below $10,000

 • $25 bitcoin increment 

for underlying settlement at or 

below $5,000

 • $500 bitcoin 

increment for underlying 

settlement at or below 

$100,000

 • $250 bitcoin 

increment for underlying 

settlement at or below $50,000

 • $50 bitcoin increment 

for underlying settlement at or 

below $10,000

Options on Ether 

Futures ETH Prelisted strikes at $50,000, $10,000, $5,000, $1,000, $500 

and $100 micro ether 

increment plus dynamic strikes 

at $5 micro ether increment.

Strikes listed for 300% above 

the at-the-money strike and 

100% below the at-the-money 

strike at:

 • $10,000 micro ether 

increment for underlying 

settlement above $50,000

 • $5,000 micro ether 

increment for underlying 

settlement at or below $50,000 

 • $1,000 micro ether 

increment for underlying 

settlement at or below $10,000

 • $500 micro ether 

increment for underlying 

settlement at or below $5,000

 • $100 micro ether 

increment for underlying 

settlement at or below $1,000

 • $50 micro ether 

increment for underlying 

settlement at or below $500

When less than 96 days 

remain until expiration (DTE), 

additional strikes listed for 

75% above the at-the-money 

strike and 25% below the atthe-money strike at:

Prelisted strikes at $10,000, 

$5,000, $1,000, $500, and 

$100 ether increment.

Strikes listed for 300% above 

the at-the-money strike and 

100% below the at-the-money 

strike at:

 • $10,000 ether strike 

increment for underlying 

settlement above $50,000

 • $5,000 ether strike 

increment for underlying 

settlement at or below $50,000 

 • $1,000 ether strike 

increment for underlying 

settlement at or below $10,000

 • $500 ether strike 

increment for underlying 

settlement at or below $5,000

 • $100 ether strike 

increment for underlying 

settlement at or below $1,000

 • $50 ether strike 

increment for underlying 

settlement at or below $500

When less than 210 days 

remain until expiration (DTE), 

additional strikes listed for 

75% above the at-the-money 

strike and 25% below the atthe-money strike at:

 • $1,000 ether strike 

increment for underlying 

settlement above $50,000

Monday Weekly 

Options on Micro 

Ether Futures

V1A-V5A

Wednesday 

Weekly Options 

on Micro Ether 

Futures

V1C-V5C

Friday Weekly 

Options on Micro 

Ether Futures

V1E-V4E

Monthly Options 

on Micro Ether 

Futures

VM
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

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 • $1,000 micro ether 

increment for underlying 

settlement above $50,000

 • $500 micro ether 

increment for underlying 

settlement at or below $50,000 

 • $100 micro ether 

increment for underlying 

settlement at or below $10,000

 • $50 micro ether 

increment for underlying 

settlement at or below $5,000

 • $10 micro ether 

increment for underlying 

settlement at or below $1,000

 • $5 micro ether 

increment for underlying 

settlement at or below $500

When less than 14 days 

remain until expiration (DTE), 

additional strikes listed for 

15% above the at-the-money 

strike and 5% below the atthe-money strike at:

 • $500 micro ether 

increment for underlying

settlement above $50,000

 • $250 micro ether 

increment for underlying 

settlement at or below $50,000 

 • $50 micro ether 

increment for underlying 

settlement at or below $10,000

 • $25 micro ether 

increment for underlying 

settlement at or below $5,000

 • $5 micro ether 

increment for underlying 

settlement at or below $1,000

 • $500 ether strike 

increment for underlying 

settlement at or below $50,000 

 • $100 ether strike 

increment for underlying 

settlement at or below $10,000

 • $10 ether strike 

increment for underlying 

settlement at or below $1,000

 • $5 ether strike 

increment for underlying 

settlement at or below $500

When less than 5 days remain 

until expiration (DTE), 

additional strikes listed for 

15% above the at-the-money 

strike and 5% below the atthe-money strike at:

 • $500 ether strike 

increment for underlying 

settlement above $50,000

 • $250 ether strike 

increment for underlying 

settlement at or below $50,000 

 • $50 ether strike 

increment for underlying 

settlement at or below $10,000

 • $25 ether strike 

increment for underlying 

settlement at or below $5,000

 • $5 ether strike 

increment for underlying 

settlement at or below $1,000

Exhibit A provides the Rulebook Chapters in blackline format,

The Exchange reviewed the designated contract market core principles (“Core Principles”) as set forth in 

the Commodity Exchange Act (“CEA” or “Act”) and identified that the Rule Amendments may have some 

bearing on the following Core Principles:

Availability of General Information: The Exchange will release a Special Executive Report 

(“SER”) regarding these amendments. The SER will also be posted on the CME Group website.
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Daily Publication of Trading Information: CME will continue to publish contract trading volumes, 

open interest levels, and price information daily on its website and through quote vendors for the 

Contracts.

Prevention of Market Disruption: Trading in the Contracts will continue to be subject to the rules 

of the Exchange, which include prohibitions on manipulation, price distortion, and disruption to the 

cash settlement process.

Compliance with Rules: The Exchange will continue its normal practice to establish, monitor, and 

enforce compliance with the rules of the Contracts, including the expansion of the listing schedule 

of the Contracts. 

Pursuant to Section 5c(c) of the Act and CFTC Regulation 40.6(a), the Exchange hereby certifies that the 

Rule Amendments comply with the Act, including regulations under the Act. There were no substantive 

opposing views to the proposal. 

The Exchange certifies that this submission has been concurrently posted on the CME Group website at 

http://www.cmegroup.com/market-regulation/rule-filings.html. 

Should you have any questions concerning the above, please contact the undersigned at (212) 299-2200 

or via e-mail at CMEGSubmissionInquiry@cmegroup.com.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachment: Exhibit A - CME Rulebook Chapters 350A, 349A, 348A and 347A (blackline format)
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Exhibit A

CME Rulebook

(additions underscored; deletions struck through)

Chapter 350A

Options on Bitcoin Futures

350A00. SCOPE OF CHAPTER 

This chapter is limited in application to oOptions on Bitcoin Futures (“futures”). In addition to the rules of 

this chapter, transactions in oOptions on Bitcoin Futures shall be subject to the general rules and 

regulations of the Exchange. as applicable.

Unless otherwise specified, times referenced herein shall refer to and indicate Chicago time.

350A01. OPTIONS CHARACTERISTICS 

350A01.A. Contract Months, Trading Hours, and Trading Halts Listing and Trading Schedule

Options shall be listed for expiration on such dates and shall be scheduled for trading during such hours 

as may be determined by the Exchange, provided that tThe number of contracts open for trading at a 

given time, and the hours of trading for options contracts shall be determined by the Exchange. There 

shall be no trading in options when trading is halted in the underlying Futures Contract Month for Bitcoin 

Futures (Chapter 350). 

350A01.B. Trading Unit 

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one Bitcoin 

Futures contract (Chapter 350). Such Bitcoin Futures contract shall represent 5 bitcoin as valued by the 

CME CF Bitcoin Reference Rate (“BRR”) in accordance with Rule 35001.

350A01.C. Minimum Fluctuations Price Increments

1. Outright 

Option prices shall be quoted in USD per bitcoin (BRR Index points), each BRR Index point representing 

$1.00 per bitcoin or $5.00 per Bitcoin Futures contract. 

The minimum price fluctuation shall be $5.00 per bitcoin (equal to $25.00 per option contract), provided 

that trades at a premium equal to or less than $25.00 per bitcoin ($125.00 per option contract) may occur 

at price levels that are integer multiples of $1.00 per bitcoin (equal to $5.00 per option contract).Option 

prices shall be quoted in CME CF Bitcoin Reference Rate (“BRR”) Index points (USD per bitcoin). 

The minimum price fluctuation shall be 5 Index points (equal to $25.00 per option contract), provided that 

trades at a premium equal to or less than 25 Index points (equal to $125.00 per option contract) shall be 

in increments of 1 Index point (equal to $5.00 per option contract).

2. Option Spreads and Combinations 

Any option contract that trades as a component of a spread or combination shall be traded at a price that 

conforms to the applicable minimum price fluctuation as set forth in this Rule, provided that for any option 

spread or combination that trades at a net premium of $25.00 Index points (equal to $125.00 per option 

contract spread) or fewerless, each option contract comprised within such spread or combination may 

trade in price increments of $1.00 Index point per bitcoin (equal to $5.00 per option contract). 

350A01.D. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

350A01.E. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 
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from the specified position limits. 

350A01.DF. Underlying Futures Contract 

1. Monthly Options 

For any Monthly option, tThe Underlying Futures Contract shall be the nearest to expire Futures Contract 

for delivery on the last Friday of the same month as such option’s named month of expiration, subject to 

Rule 35003.A.

2. Weekly Options

The Underlying Futures Contract shall be the nearest to expire Futures contract for delivery on the same 

day as such option’s named day of expiration.

350A01.EG. Exercise Prices 

1. 1. Regularly Listed Exercise Prices

On any Business Day, and subject to Rule 350A01.A., tThe Exchange shall ensure that Monthly put and 

call options are listed for trading at all eligible exercise prices as set forth in the Strike Price Listing and 

Exercise Procedures Table.

2.

3.

4.

5.2.2. Dynamically Listed Exercise Prices 

Upon demand and at the discretion of the Exchange, an option with an out-of-current-range exercise price 

may be listed for trading as a User-Defined Instrument, on an as-soon-as-possible basis, provided that 

the exercise price of such option shall be an integer multiple of 25 Index points. The Exchange may 

modify the provisions governing the establishment of exercise prices as it deems appropriate. 

350A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

350A01.G. Nature of Options 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such option 

shall incur the obligation to assume a long position in one Underlying Futures Contract (Rule 350A01.D.) 

at such option’s exercise price (Rule 350A01.E.). Upon exercise of a call option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a short position 

in one Underlying Futures Contract at such option’s exercise price. 

Monthly Options 

A Monthly option (Rule 350A01.D.1.) will be exercised only at its expiration.

350A01.H. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

350A01.IH. Termination of Trading 

1. Monthly Options 

Trading in any of a Monthly option shall terminate on the same date and at the same time as the 

termination of trading in such option’s Underlying Futures Contract (Rule 350A01.D.1.). 

If that day is not a business day in both the U.K and the U.S., trading shall terminate on the preceding 

day that is a business day in either the U.K or the U.S. 

2. Weekly Options

Trading of a Weekly option shall terminate on its expiration date at 4:00:00 p.m. London time. 
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Where the named day of the Contract week is not a business day in both the U.K and the U.S., no contract 

will be listed. 

350A01.J. [Reserved] 

350A02. EXERCISE AND ASSIGNMENT 

In addition to the applicable procedures and requirements of Chapter 7, the following shall apply to the 

exercise of options. 

350A02.A. Exercise 

Monthly Options 

Any Monthly option (Rule 350A01.D.1.) may be exercised only at, and not before, the expiration of such 

option. Following termination of trading in expiring options, any such option that is in the money shall be 

automatically exercised by the Clearing House, and any such option that is out of the money shall be 

abandoned by the Clearing House. For the avoidance of doubt, no such option that expires in the money 

may be abandoned, and no such option that expires out of the money may be exercised. 

An expiring call option shall be in the money if the corresponding Final Settlement Price for the Underlying 

Futures Contract (Rule 35003.A) is at or above such option’s exercise price, and shall be out of the money 

if the corresponding Final Settlement Price is strictly below such option’s exercise price. 

An expiring put option shall be in the money if the corresponding Final Settlement Price for the Underlying 

Futures Contract (Rule 35003.A) is strictly below such option’s exercise price, and shall be out of the 

money if the corresponding Final Settlement Price is at or above such option’s exercise price. 

Options may not be exercised prior to their termination of trading. They may be exercised only at, and 

not before, its expiration. Following the termination of trading any option that is in the money shall be 

automatically exercised by the Clearing House, and any such option that is out of the money shall be 

abandoned by the Clearing House. For the avoidance of doubt, no such option that expires in the money 

may be abandoned, and no such option that expires out of the money may be exercised. 

1. Monthly Options

An expiring Monthly call option (Rule 350A01.F.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 35003.A.) is at or above such option’s exercise 

price and shall be out of the money if the corresponding Final Settlement Price is strictly below such 

option’s exercise price. 

An expiring Monthly put option (Rule 350A01.F.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 35003.A.) is strictly below such option’s 

exercise price and shall be out of the money if the corresponding Final Settlement Price is at or above 

such option’s exercise price.

2. Weekly Options 

For Options other than Monthly Options, whether an option expires in the money or out of the money shall 

be determined by the Exchange, in its sole discretion, by reference to the Fixing Price of such option, as 

follows:

Such Fixing Price shall be based on the notionally-adjusted volume-weighted average price of 

transactions in Bitcoin Futures and Micro Bitcoin Futures on the CME Globex electronic trading platform 

during the last thirty (30) minutes of trading on expiration day (3:30:00 p.m. – 3:59:59 p.m. London time).

In the event such Fixing Price calculation cannot be determined pursuant to the above calculation, the 

Exchange, in its sole discretion, shall set such Fixing Price by alternative means. 

An expiring Weekly call option (Rule 350A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is at or above such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is strictly below such option’s exercise price. 

An expiring Weekly put option (Rule 350A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is strictly below such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is at or above such option’s exercise price.

350A02.B. Assignment 

Monthly Options 

For a given option contract, an exercise by the Clearing House in accordance with Rules 350A02.A. shall 

be assigned by the Clearing House to clearing members carrying open short positions in such option 
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contract. 

The clearing member representing the short holder of such option shall be assigned a short position in 

such option’s Underlying Futures Contract (Rule 350A01.D.) if such option is a call, or a long position in 

such option’s Underlying Futures Contract if such option is a put. 

The clearing member representing the long holder of such option shall be assigned a long position in 

such option’s Underlying Futures Contract if such option is a call, or a short position in such option’s 

Underlying Futures Contract if such option is a put. 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such option 

shall incur the obligation to assume a long position in one Underlying Futures Contract (Rule 350A01.F.) 

at such option’s exercise price (Rule 350A01.G.). Upon exercise of a call option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a short position 

in one Underlying Futures Contract at such option’s exercise price. 

All such futures positions shall be assigned at a price equal to the exercise price of such option contract, 

andcontract and shall be marked to market (in accordance with Rule 814) on the Business Day on which 

the Clearing House automatically exercises such. 

(End Chapter 350A) 
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Chapter 349A

Options on Ether Futures

349A00. SCOPE OF CHAPTER 

This chapter is limited in application to oOptions on Ether Futures (“futures”). In addition to the rules of 

this chapter, transactions in oOptions on Ether Futures shall be subject to the general rules and 

regulations of the Exchange. as applicable.

Unless otherwise specified, times referenced herein shall refer to and indicate Chicago time. 

349A01. OPTIONS CHARACTERISTICS

349A01.A. Contract Months, Trading Hours, and Trading Halts Listing and Trading Schedule

Options shall be listed for expiration on such dates and shall be scheduled for trading during such hours 

as may be determined by the Exchange, provided that tThe number of contracts open for trading at a 

given time, and the hours of trading for options contracts shall be determined by the Exchange. There 

shall be no trading in options when trading is halted in the underlying Futures Contract Month for Ether 

Futures (Chapter 349). 

349A01.B. Trading Unit 

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one Ether 

Futures contract (Chapter 349). Such Ether Futures contract shall represent 50 ether as valued by the 

CME CF Ether-Dollar Reference Rate (“ETHUSD_RR”) in accordance with Rule 34901.

349A01.C. Minimum Fluctuations Price Increments

1. Outright

Option prices shall be quoted in USD per ether (ETHUSD_RR Index points), each Index point 

representing $0.50 per ether $25.00 per Ether Futures contract. Option prices shall be quoted in CME CF 

Ether-Dollar Reference Rate (“ETHUSD_RR”) Index points (USD per ether). 

The minimum price fluctuation shall be 0.50 Index points, equal to $25.00 per option contract.

1.2. Option Spreads and Combinations 

Any option contract that trades as a component of a spread or combination shall be traded at a price that 

conforms to the applicable minimum price fluctuation as set forth in this Rule. The minimum price 

fluctuation shall be 0.50 Index points, (equal to $25.00 per option contract).

349A01.D. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

349A01.E. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

349A01.DF. Underlying Futures Contract 

1. Monthly Options 

For any Monthly option, tThe Underlying Futures Contract shall be the nearest to expire Futures Contract 

for delivery on the last Friday of the same month as such option’s named month of expiration, subject to 

Rule 34903.A.

2. Weekly Options

The Underlying Futures Contract shall be the nearest to expire Futures contract for delivery on the same 
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11

day as such option’s named day of expiration.

349A01.EG. Exercise Prices 

1. Regularly Listed Exercise Prices

On any Business Day, and subject to Rule 349A01.A., tThe Exchange shall ensure that Monthly put and 

call options are listed for trading at all eligible exercise prices as set forth in the Strike Price Listing and 

Exercise Procedures Table.

2. Dynamically Listed Exercise Prices 

Upon demand and at the discretion of the Exchange, an option with an out-of-current-range exercise price 

may be listed for trading as a User-Defined Instrument, on an as-soon-as-possible basis, provided that 

the exercise price of such option shall be an integer multiple of 25 Index points. The Exchange may modify 

the provisions governing the establishment of exercise prices as it deems appropriate. 

349A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are 

set forth in the Position Limit, Position Accountability and Reportable Level Table in the 

Interpretations & Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall 

apply to the Market Regulation Department on forms provided by the Exchange, and the Market 

Regulation Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits. 

349A01.G. Nature of Options 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such 

option shall incur the obligation to assume a long position in one Underlying Futures Contract 

(Rule 349A01.D.) at such option’s exercise price (Rule 349A01.E.). Upon exercise of a call option 

on behalf of the long holder of such option, the short holder of such option shall incur the 

obligation to assume a short position in one Underlying Futures Contract at such option’s 

exercise price. 

Monthly Options 

A Monthly option (Rule 349A01.D.) will be exercised only at its expiration.

349A01.H. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price 

fluctuation limits and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation 

Limits Table in the Interpretations & Special Notices Section of Chapter 5. 

349A01.IH. Termination of Trading 

1. Monthly Options 

Trading in any of a Monthly option shall terminate on the same date and at the same time as the 

termination of trading in such option’s Underlying Futures Contract (Rule 349A01.D.1). 

If that day is not a business day in both the U.K and the U.S., trading shall terminate on the preceding 

day that is a business day in either the U.K or the U.S.

2. Weekly Options

Trading of a Weekly option shall terminate on its expiration date at 4:00:00 p.m. London time. 

Where the named day of the Contract week is not a business day in both the U.K and the U.S., no contract 

will be listed. 

349A01.J. [Reserved] 

349A02. EXERCISE AND ASSIGNMENT 

In addition to the applicable procedures and requirements of Chapter 7, the following shall apply to the 

exercise of options. 

349A02.A. Exercise 

Monthly Options 

Any Monthly option (Rule 349A01.D.) may be exercised only at, and not before, the expiration of such 
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12

option. Following termination of trading in expiring options, any such option that is in the money shall be 

automatically exercised by the Clearing House, and any such option that is out of the money shall be 

abandoned by the Clearing House. For the avoidance of doubt, no such option that expires in the money 

may be abandoned, and no such option that expires out of the money may be exercised.

An expiring call option shall be in the money if the corresponding Final Settlement Price for the Underlying 

Futures Contract (Rule 34903.A) is at or above such option’s exercise price, and shall be out of the money 

if the corresponding Final Settlement Price is strictly below such option’s exercise price.

An expiring put option shall be in the money if the corresponding Final Settlement Price for the Underlying 

Futures Contract (Rule 34903.A) is strictly below such option’s exercise price, and shall be out of the 

money if the corresponding Final Settlement Price is at or above such option’s exercise price. 

Options may not be exercised prior to their termination of trading. They may be exercised only at, and 

not before, its expiration. Following the termination of trading any option that is in the money shall be 

automatically exercised by the Clearing House, and any such option that is out of the money shall be 

abandoned by the Clearing House. For the avoidance of doubt, no such option that expires in the money 

may be abandoned, and no such option that expires out of the money may be exercised.

1. Monthly Options

An expiring Monthly call option (Rule 349A01.F.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 34903.A.) is at or above such option’s exercise 

price and shall be out of the money if the corresponding Final Settlement Price is strictly below such 

option’s exercise price. 

An expiring Monthly put option (Rule 349A01.F.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 34903.A.) is strictly below such option’s 

exercise price and shall be out of the money if the corresponding Final Settlement Price is at or above 

such option’s exercise price.

2. Weekly Options 

For Options other than Monthly Options, whether an option expires in the money or out of the money shall 

be determined by the Exchange, in its sole discretion, by reference to the Fixing Price of such option, as 

follows:

Such Fixing Price shall be based on the notionally-adjusted volume-weighted average price of 

transactions in Ether Futures and Micro Ether Futures on the CME Globex electronic trading platform 

during the last thirty (30) minutes of trading on expiration day (3:30:00 p.m. – 3:59:59 p.m. London time).

In the event such Fixing Price calculation cannot be determined pursuant to the above calculation, the 

Exchange, in its sole discretion, shall set such Fixing Price by alternative means. 

An expiring Weekly call option (Rule 349A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is at or above such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is strictly below such option’s exercise price. 

An expiring Weekly put option (Rule 349A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is strictly below such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is at or above such option’s exercise price.

349A02.B. Assignment 

Monthly Options 

For a given option contract, an exercise by the Clearing House in accordance with Rules 349A02.A. shall 

be assigned by the Clearing House to clearing members carrying open short positions in such option 

contract. 

The clearing member representing the short holder of such option shall be assigned a short position in 

such option’s Underlying Futures Contract (Rule 349A01.D.) if such option is a call, or a long position in 

such option’s Underlying Futures Contract if such option is a put. 

The clearing member representing the long holder of such option shall be assigned a long position in 

such option’s Underlying Futures Contract if such option is a call, or a short position in such option’s 

Underlying Futures Contract if such option is a put. 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such option 

shall incur the obligation to assume a long position in one Underlying Futures Contract (Rule 349A01.F.) 

at such option’s exercise price (Rule 349A01.G.). Upon exercise of a call option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a short position 

in one Underlying Futures Contract at such option’s exercise price. 
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All such futures positions shall be assigned at a price equal to the exercise price of such option contract, 

andcontract and shall be marked to market (in accordance with Rule 814) on the Business Day on which 

the Clearing House automatically exercises such. 

(End Chapter 349A) 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

14

Chapter 348A

Options on Micro Bitcoin Futures

348A00. SCOPE OF CHAPTER 

This chapter is limited in application to oOptions on Micro Bitcoin Futures (“futures”). In addition to the 

rules of this chapter, transactions in oOptions on Micro Bitcoin Futures shall be subject to the general 

rules and regulations of the Exchange. as applicable.

Unless otherwise specified, times referenced herein shall refer to and indicate Chicago time.

348A01. OPTIONS CHARACTERISTICS 

348A01.A. Contract Months, Trading Hours, and Trading Halts Listing and Trading Schedule

Options shall be listed for expiration on such dates and shall be scheduled for trading during such hours 

as may be determined by the Exchange, provided that tThe number of contracts open for trading at a 

given time, and the hours of trading for options contracts shall be determined by the Exchange. There 

shall be no trading in options when trading is halted in the underlying Futures Contract Month for Micro 

Bitcoin Futures (Chapter 348). 

348A01.B. Trading Unit 

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one Micro 

Bitcoin Futures contract (Chapter 348). Such Micro Bitcoin Futures contract shall represent one tenth 

(1/10) bitcoin as valued by the CME CF Bitcoin Reference Rate (“BRR”) in accordance with Rule 34801.

348A01.C. Minimum Fluctuations Price Increments

1. Outright

Option prices shall be quoted in BRR Index points (USD per bitcoin). 

Option prices shall be quoted in CME CF Bitcoin Reference Rate (“BRR”) Index points (USD per bitcoin). 

The minimum price fluctuation shall be 5 Index points (equal to $0.50 per option contract), provided that 

trades at a premium equal to or less than 25 Index points (equal to $2.50 per option contract) may shall 

be in increments occur at price levels that are integer multiples of 1 Index point (equal to $0.10 per option 

contract).

2. Option Spreads and Combinations 

Any option contract that trades as a component of a spread or combination shall be traded at a price that 

conforms to the applicable minimum price fluctuation as set forth in this Rule, provided that for any option 

spread or combination that trades at a net premium of 25 Index points (equal to $2.50 per option contract 

spread) or less than, each option contract comprised within such spread or combination may trade in 

price increments of 1 Index point (equal to $0.10 per option contract). 

348A01.D. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

348A01.E. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

348A01.DF. Underlying Futures Contract 

1. Monthly Options 

For any Monthly option, tThe Underlying Futures Contract shall be the nearest to expire Futures Contract

for delivery on the last Friday of the same month as such option’s named month of expiration, subject to 
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Rule 34803.A.

2. Weekly Monday Options 

For any Weekly Monday option, the Underlying Futures Contract shall be the next expiring Futures 

Contract after such option’s expiration, subject to Rule 34803.A.

3. Weekly Wednesday Options 

For any Weekly Wednesday option, the Underlying Futures Contract shall be the next expiring Futures 

Contract after such option’s expiration, subject to Rule 34803.A.

4. Weekly Friday Options 

For any Weekly Friday option, the Underlying Futures Contract shall be the next expiring Futures Contract 

after such option’s expiration, subject to Rule 34803.A.

2. Weekly Options

The Underlying Futures Contract shall be the nearest to expire Futures contract for delivery on the same 

day as such option’s named day of expiration.

348A01.EG. Exercise Prices 

1. 1. Regularly Listed Exercise Prices

On any Business Day, and subject to Rule 348A01.A., tThe Exchange shall ensure that Monthly, Weekly 

put and call options are listed for trading at all eligible exercise prices as set forth in the Strike Price Listing 

and Exercise Procedures Table.

2. Dynamically-Listed Exercise Prices 

Upon demand and at the discretion of the Exchange, an option with an out-of-current-range exercise price 

may be listed for trading as a User-Defined Instrument, on an as-soon-as-possible basis, provided that 

the exercise price of such option shall be an integer multiple of 25 Index points ($25 per bitcoin). The 

Exchange may modify the provisions governing the establishment of exercise prices as it deems 

appropriate. 

348A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

348A01.G. Nature of Options 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such option 

shall incur the obligation to assume a long position in one Underlying Futures Contract (Rule 348A01.D.) 

at such option’s exercise price (Rule 348A01.E.). Upon exercise of a call option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a short position 

in one Underlying Futures Contract at such option’s exercise price. 

Any Monthly, Weekly Monday, Weekly Wednesday or Weekly Friday option will be exercised only at its 

expiration.

348A01.H. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

348A01.IH. Termination of Trading 

Any Monthly option (Rule 348A01.D.1.), Weekly Monday option (Rule 348A01.D.2.), Weekly Wednesday 

option (Rule 348A01.D.3.) or Weekly Friday option (Rule 348A01.D.4.) may be exercised only at, and not 

before, the expiration of such option. Following termination of trading in expiring options, any such option 

that is in the money shall be automatically exercised by the Clearing House, and any such option that is 

out of the money shall be abandoned by the Clearing House. For the avoidance of doubt, no such option 

that expires in the money may be abandoned, and no such option that expires out of the money may be 
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16

exercised. 

1. Monthly Options 

Trading of a in any Monthly option shall terminate on the same date and at the same time as the 

termination of trading in such option’s Underlying Futures Contract (Rule 348A01.D.1.). 

If that day is not a business day in both the U.K and the U.S., trading shall terminate on the preceding 

day that is a business day in either the U.K or the U.S.

2. Weekly Monday, Weekly Wednesday and Weekly Friday Options 

Trading in any Weekly Monday, Weekly Wednesday and Weekly Friday option shall terminate on its 

expiration date at 4:00:00 p.m. London time.

If such Monday is not a scheduled Business Day in both the US and the UK, then trading in expiring 

options shall be scheduled to terminate on the Business Day, in either the US or the UK, that next following 

such Monday.

If such Wednesday is not a scheduled Business Day in both the US and the UK, then trading in expiring 

options shall be scheduled to terminate on the Business Day, in either the US or the UK, that first precedes 

such Wednesday.

If such Friday is not a scheduled Business Day in both the US and the UK

, then trading in expiring options shall be scheduled to terminate on the Business Day, in either the US or 

the UK, that first precedes such Friday.

If the market in the Underlying Futures Contract for any such Weekly Monday, Weekly Wednesday or 

Weekly Friday option does not open on the day scheduled for termination of option trading and for option 

expiration, then trading in such option shall terminate, and such option shall expire, on the next day on 

which the market in such Underlying Futures Contract is open for trading.

Trading of a Weekly option shall terminate on its expiration date at 4:00:00 p.m. London time.

Where the named day of the Contract week is not a business day in both the U.K and the U.S., no contract 

will be listed.

348A01.J. [Reserved] 

348A02. EXERCISE AND ASSIGNMENT 

In addition to the applicable procedures and requirements of Chapter 7, the following shall apply to the 

exercise of options. 

Options which are in-the-money on the last day of trading are automatically exercised. 

348A02.A. Exercise

Any Monthly option (Rule 348A01.D.1.), Weekly Monday option (Rule 348A01.D.2.), Weekly Wednesday 

option (Rule 348A01.D.3.) or Weekly Friday option (Rule 348A01.D.4.) may be exercised only at, and not 

before, the expiration of such option. Following termination of trading in expiring options, any such option 

that is in the money shall be automatically exercised by the Clearing House, and any such option that is 

out of the money shall be abandoned by the Clearing House. For the avoidance of doubt, no such option 

that expires in the money may be abandoned, and no such option that expires out of the money may be 

exercised. Options may not be exercised prior to their termination of trading. They may be exercised only 

at, and not before, its expiration. Following the termination of trading any option that is in the money shall 

be automatically exercised by the Clearing House, and any such option that is out of the money shall be 

abandoned by the Clearing House. For the avoidance of doubt, no such option that expires in the money 

may be abandoned, and no such option that expires out of the money may be exercised. 

1. Monthly Options

An expiring Monthly call option (Rule 348A01.D.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 34803.A.) is at or above such option’s exercise 

price and shall be out of the money if the corresponding Final Settlement Price is strictly below such 

option’s exercise price. 

An expiring Monthly put option (Rule 348A01.D.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 34803.A.) is strictly below such option’s 

exercise price and shall be out of the money if the corresponding Final Settlement Price is at or above 

such option’s exercise price.

2. Weekly Monday, Weekly Wednesday and Weekly Friday Options 
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Whether an option expires in the money or out of the money shall be determined by the Exchange, in its 

sole discretion, by reference to the Fixing Price of such option, as follows:

Such Fixing Price shall be based on the notionally-adjusted volume-weighted average price of 

transactions in Bitcoin futures and Micro Bitcoin futures on the CME Globex electronic trading platform 

during the last thirty (30) minutes of trading on expiration day (3:30:00 p.m. – 3:59:59 p.m. London time)

In the event such Fixing Price calculation cannot be determined pursuant to the above calculation, the 

Exchange, in its sole discretion, shall set such Fixing Price by alternative means. 

An expiring Weekly Monday call option (Rule 348A01.D.2.), Weekly Wednesday call option (Rule 

348A01.D.3) or Weekly Friday call option (Rule 348A01.D.4.) shall be in the money if the corresponding 

Fixing Price for the Underlying Futures Contract (Rule 34803.A.) is at or above such option’s exercise 

price, and shall be out of the money if the corresponding Fixing Price is strictly below such option’s 

exercise price. 

An expiring Weekly Monday put option (Rule 348A01.D.2.), Weekly Wednesday put option (Rule 

348A01.D.3.) or Weekly Friday put option (Rule 348A01.D.4.) shall be in the money if the corresponding 

Fixing Price for the Underlying Futures Contract (Rule 34803.A.) is strictly below such option’s exercise 

price, and shall be out of the money if the corresponding Fixing Price is at or above such option’s exercise 

price. For Options other than Monthly Options, whether an option expires in the money or out of the 

money shall be determined by the Exchange, in its sole discretion, by reference to the Fixing Price of 

such option, as follows:

Such Fixing Price shall be based on the notionally-adjusted volume-weighted average price of 

transactions in Bitcoin Futures and Micro Bitcoin Futures on the CME Globex electronic trading platform 

during the last thirty (30) minutes of trading on expiration day (3:30:00 p.m. – 3:59:59 p.m. London time).

In the event such Fixing Price calculation cannot be determined pursuant to the above calculation, the 

Exchange, in its sole discretion, shall set such Fixing Price by alternative means. 

An expiring Weekly call option (Rule 348A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is at or above such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is strictly below such option’s exercise price. 

An expiring Weekly put option (Rule 348A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is strictly below such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is at or above such option’s exercise price.

348A02.B. Assignment 

For a given option contract, an exercise by the Clearing House in accordance with Rules 348A02.A. shall 

be assigned by the Clearing House to clearing members carrying open short positions in such option 

contract. 

The clearing member representing the short holder of such option shall be assigned a short position in 

such option’s Underlying Futures Contract (Rule 348A01.D.) if such option is a call, or a long position in 

such option’s Underlying Futures Contract if such option is a put. 

The clearing member representing the long holder of such option shall be assigned a long position in 

such option’s Underlying Futures Contract if such option is a call, or a short position in such option’s 

Underlying Futures Contract if such option is a put. 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such option 

shall incur the obligation to assume a long position in one Underlying Futures Contract (Rule 348A01.F.) 

at such option’s exercise price (Rule 348A01.G.). Upon exercise of a call option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a short position 

in one Underlying Futures Contract at such option’s exercise price. 

All such futures positions shall be assigned at a price equal to the exercise price of such option contract, 

andcontract and shall be marked to market (in accordance with Rule 814) on the Business Day on which 

the Clearing House automatically exercises such. 

(End Chapter 348A) 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

18

Chapter 347A

Options on Micro Ether Futures

347A00. SCOPE OF CHAPTER 

This chapter is limited in application to oOptions on Micro Ether Futures (“futures”). In addition to the rules 

of this chapter, transactions in oOptions on Micro Ether Futures shall be subject to the general rules and 

regulations of the Exchange. as applicable.

Unless otherwise specified, times referenced herein shall refer to and indicate Chicago time. 

347A01. OPTIONS CHARACTERISTICS 

347A01.A. Contract Months, Trading Hours, and Trading Halts Listing and Trading Schedule

Options shall be listed for expiration on such dates and shall be scheduled for trading during such hours 

as may be determined by the Exchange, provided that tThe number of contracts open for trading at a 

given time, and the hours of trading for options contracts shall be determined by the Exchange. There 

shall be no trading in options when trading is halted in the underlying Futures Contract Month for Micro 

Ether Futures (Chapter 347). 

347A01.B. Trading Unit 

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one Micro 

Ether Futures contract (Chapter 347). Such Micro Ether Futures contract shall represent one tenth (1/10) 

ether as valued by the CME CF Ether-Dollar Reference Rate (“ETHUSD_RR”) in accordance with Rule 

34701.

347A01.C. Minimum Fluctuations Price Increments

1. Outright

Option prices shall be quoted in ETHUSD_RR Index points (USD per ether), Option prices shall be quoted 

in CME CF Ether-Dollar Reference Rate (“ETHUSD_RR”) Index points (USD per ether). 

The minimum price fluctuation shall be 0.50 Index Points, (equal to $0.05 per option contract).

2. Option Spreads and Combinations 

Any option contract that trades as a component of a spread or combination shall be traded at a price that 

conforms to the applicable minimum price fluctuation as set forth in this Rule. The minimum price 

fluctuation shall be 0.50 Index Points, (equal to $0.05 per option contract).

347A01.D. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

347A01.E. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

347A01.DF. Underlying Futures Contract 

1. Monthly Options 

For any Monthly option, tThe Underlying Futures Contract shall be the nearest to expire Futures Contract 

for delivery on the last Friday of the same month as such option’s named month of expiration, subject to 

Rule 34703.A.

2. Weekly Monday Options 

For any Weekly Monday option, the Underlying Futures Contract shall be the next expiring Futures 

Contract after such option’s expiration, subject to Rule 34703.A
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19

3. Weekly Wednesday Options 

For any Weekly Wednesday option, the Underlying Futures Contract shall be the next expiring Futures 

Contract after such option’s expiration, subject to Rule 34703.A.

4. Weekly Friday Options 

For any Weekly Friday option, the Underlying Futures Contract shall be the next expiring Futures Contract 

after such option’s expiration, subject to Rule 34703.A.

2. Weekly Options 

The Underlying Futures Contract shall be the nearest to expire Futures contract for delivery on the same 

day as such option’s named day of expiration.

347A01.EG. Exercise Prices 

1. Regularly Listed Exercise Prices

On any Business Day, and subject to Rule 347A01.A., tThe Exchange shall ensure that Monthly, Weekly 

put and call options are listed for trading at all eligible exercise prices as set forth in the Strike Price Listing 

and Exercise Procedures Table.

2. Dynamically-Listed Exercise Prices 

Upon demand and at the discretion of the Exchange, an option with an out-of-current-range exercise price 

may be listed for trading as a User-Defined Instrument, on an as-soon-as-possible basis, provided that 

the exercise price of such option shall be an integer multiple of 25 Index points ($25 per ether). The 

Exchange may modify the provisions governing the establishment of exercise prices as it deems 

appropriate. 

347A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

347A01.G. Nature of Options 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such option 

shall incur the obligation to assume a long position in one Underlying Futures Contract (Rule 347A01.D.) 

at such option’s exercise price (Rule 347A01.E.). Upon exercise of a call option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a short position 

in one Underlying Futures Contract at such option’s exercise price. 

Any Monthly, Weekly Monday, Weekly Wednesday or Weekly Friday option will be exercised only at its 

expiration.

347A01.H. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

347A01.IH. Termination of Trading 

1. Monthly Options 

Trading in any Monthly option shall terminate on the same date and at the same time as the termination 

of trading in such option’s Underlying Futures Contract (Rule 347A01.D.1.). 

If that day is not a business day in both the U.K and the U.S., trading shall terminate on the preceding 

day that is a business day in either the U.K or the U.S.

2. Weekly Monday, Weekly Wednesday and Weekly Friday Options 

Trading in any Weekly Monday, Weekly Wednesday and Weekly Friday option shall terminate on its 

expiration date at 4:00:00 p.m. London time.
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If such Monday is not a scheduled Business Day in both the US and the UK, then trading in expiring 

options shall be scheduled to terminate on the Business Day, in either the US or the UK, that next following 

such Monday.

If such Wednesday is not a scheduled Business Day in both the US and the UK, then trading in expiring 

options shall be scheduled to terminate on the Business Day, in either the US or the UK, that first precedes 

such Wednesday.

If such Friday is not a scheduled Business Day in both the US and the UK, then trading in expiring options 

shall be scheduled to terminate on the Business Day, in either the US or the UK, that first precedes such 

Friday.

If the market in the Underlying Futures Contract for any such Weekly Monday, Weekly Wednesday or 

Weekly Friday option does not open on the day scheduled for termination of option trading and for option 

expiration, then trading in such option shall terminate, and such option shall expire, on the next day on 

which the market in such Underlying Futures Contract is open for trading.

2. Weekly Options 

Trading of a Weekly option shall terminate on its expiration date at 4:00:00 p.m. London time.

Where the named day of the Contract week is not a business day in both the U.K London and the U.S., 

no contract will be listed.347A01.J. [Reserved]

347A02. EXERCISE AND ASSIGNMENT 

In addition to the applicable procedures and requirements of Chapter 7, the following shall apply to the 

exercise of options. 

Options which are in-the-money on the last day of trading are automatically exercised. 

347A02.A. Exercise

Any Monthly option (Rule 347A01.D.1.), Weekly Monday option (Rule 347A01.D.2.), Weekly Wednesday 

option (Rule 347A01.D.3.) or Weekly Friday option (Rule 347A01.D.4.) may be exercised only at, and not 

before, the expiration of such option. Following termination of trading in expiring options, any such option 

that is in the money shall be automatically exercised by the Clearing House, and any such option that is 

out of the money shall be abandoned by the Clearing House. For the avoidance of doubt, no such option 

that expires in the money may be abandoned, and no such option that expires out of the money may be 

exercised. Options may not be exercised prior to their termination of trading. They may be exercised only 

at, and not before, its expiration. Following the termination of trading any option that is in the money shall 

be automatically exercised by the Clearing House, and any such option that is out of the money shall be 

abandoned by the Clearing House. For the avoidance of doubt, no such option that expires in the money 

may be abandoned, and no such option that expires out of the money may be exercised. 

1. Monthly Options

An expiring Monthly call option (Rule 347A01.D.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 34703.A.) is at or above such option’s exercise 

price and shall be out of the money if the corresponding Final Settlement Price is strictly below such 

option’s exercise price. 

An expiring Monthly put option (Rule 347A01.D.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 34703.A.) is strictly below such option’s 

exercise price and shall be out of the money if the corresponding Final Settlement Price is at or above 

such option’s exercise price.

2. Weekly Monday, Weekly Wednesday and Weekly Friday Options 

Whether an option expires in the money or out of the money shall be determined by the Exchange, in its 

sole discretion, by reference to the Fixing Price of such option, as follows:

Such Fixing Price shall be based on the notionally-adjusted volume-weighted average price of 

transactions in Ether futures and Micro Ether futures on the CME Globex electronic trading platform during 

the last thirty (30) minutes of trading on expiration day (3:30:00 p.m. – 3:59:59 p.m. London time)

In the event such Fixing Price calculation cannot be determined pursuant to the above calculation, the 

Exchange, in its sole discretion, shall set such Fixing Price by alternative means. 

An expiring Weekly Monday call option (Rule 347A01.D.2.), Weekly Wednesday call option (Rule 

347A01.D.3) or Weekly Friday call option (Rule 347A01.D.4.) shall be in the money if the corresponding 

Fixing Price for the Underlying Futures Contract (Rule 34703.A.) is at or above such option’s exercise 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

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price, and shall be out of the money if the corresponding Fixing Price is strictly below such option’s 

exercise price. 

An expiring Weekly Monday put option (Rule 347A01.D.2.), Weekly Wednesday put option (Rule 

347A01.D.3.) or Weekly Friday put option (Rule 347A01.D.4.) shall be in the money if the corresponding 

Fixing Price for the Underlying Futures Contract (Rule 34703.A.) is strictly below such option’s exercise 

price, and shall be out of the money if the corresponding Fixing Price is at or above such option’s exercise 

price.For Options other than Monthly Options, whether an option expires in the money or out of the money 

shall be determined by the Exchange, in its sole discretion, by reference to the Fixing Price of such option, 

as follows:

Such Fixing Price shall be based on the notionally-adjusted volume-weighted average price of 

transactions in Ether Futures and Micro Ether Futures on the CME Globex electronic trading platform 

during the last thirty (30) minutes of trading on expiration day (3:30:00 p.m. – 3:59:59 p.m. London time).

In the event such Fixing Price calculation cannot be determined pursuant to the above calculation, the 

Exchange, in its sole discretion, shall set such Fixing Price by alternative means. 

An expiring Weekly call option (Rule 347A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is at or above such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is strictly below such option’s exercise price. 

An expiring Weekly put option (Rule 347A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is strictly below such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is at or above such option’s exercise price.

347A02.B. Assignment 

For a given option contract, an exercise by the Clearing House in accordance with Rules 347A02.A. shall 

be assigned by the Clearing House to clearing members carrying open short positions in such option 

contract. 

The clearing member representing the short holder of such option shall be assigned a short position in 

such option’s Underlying Futures Contract (Rule 347A01.D.) if such option is a call, or a long position in 

such option’s Underlying Futures Contract if such option is a put. 

The clearing member representing the long holder of such option shall be assigned a long position in 

such option’s Underlying Futures Contract if such option is a call, or a short position in such option’s 

Underlying Futures Contract if such option is a put. Upon exercise of a put option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a long position 

in one Underlying Futures Contract (Rule 347A01.F.) at such option’s exercise price (Rule 347A01.G.). 

Upon exercise of a call option on behalf of the long holder of such option, the short holder of such option 

shall incur the obligation to assume a short position in one Underlying Futures Contract at such option’s 

exercise price. 

All such futures positions shall be assigned at a price equal to the exercise price of such option contract, 

and shall be marked to market (in accordance with Rule 814) on the Business Day on which the Clearing 

House automatically exercises such. 

(End Chapter 347A)