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IMX HEALTH, LLC

RULEBOOK

XX/XX/2022

ANY PERSON INITIATING OR EXECUTING A TRANSACTION ON OR SUBJECT TO THE 

RULES OF THE EXCHANGE, DIRECTLY OR INDIRECTLY (SUCH AS THROUGH AN 

INTERMEDIARY), AND ANY PERSON FOR WHOSE BENEFIT SUCH A TRANSACTION HAS 

BEEN INITIATED OR EXECUTED, EXPRESSLY CONSENTS TO THE JURISDICTION OF THE 

EXCHANGE AND AGREES TO BE BOUND BY AND COMPLY WITH THE RULES OF THE 

EXCHANGE IN RELATION TO SUCH TRANSACTIONS, INCLUDING, BUT NOT LIMITED TO, 

RULES REQUIRING COOPERATION AND PARTICIPATION IN INVESTIGATORY AND 

DISCIPLINARY PROCESSES. ANY FUTURES COMMISSION MERCHANT, INTRODUCING 

BROKER, ASSOCIATED PERSON, OR FOREIGN PERSON PERFORMING A SIMILAR ROLE, 

THAT CHARGES A COMMISSION OR FEE IN CONNECTION WITH TRANSACTIONS ON OR 

SUBJECT TO THE RULES OF THE EXCHANGE, ALSO EXPRESSLY CONSENTS TO THE 

EXCHANGE’S JURISDICTION.

.
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Contents

CHAPTER 1. DEFINITIONS................................................................................................5

RULE 101. Definitions ............................................................................................5

CHAPTER 2. EXCHANGE OWNERSHIP AND GOVERNANCE ........................................14

RULE 201. Ownership..........................................................................................14

RULE 202. Board.................................................................................................14

RULE 203. Officers...............................................................................................15

RULE 204. Qualifications of Directors; Eligibility/Fitness........................................ 16

RULE 205. Standing Committees..........................................................................18

RULE 206. [RESERVED]......................................................................................18

RULE 207. [RESERVED]......................................................................................18

RULE 208. Regulatory Oversight Committee.........................................................18

RULE 209. Chief Regulatory Officer......................................................................21

RULE 210. Conflicts of Interest.............................................................................21

RULE 211. Maintenance of Books and Records by the Exchange ......................... 24

RULE 212. Information-Sharing Agreements.........................................................24

RULE 213. [RESERVED]......................................................................................25

RULE 214. Services Agreement with a Technology Services Provider................... 25

CHAPTER 3. PARTICIPANTS ..........................................................................................26

RULE 301. Jurisdiction.........................................................................................26

RULE 302. Trading Privileges...............................................................................27

RULE 303. Criteria for Becoming a Participant......................................................27

RULE 304. Authorized Users and User IDs...........................................................29

RULE 305. Account Administrators and Authorized Representatives..................... 31

RULE 306. Dues, Assessments and Fees.............................................................32

RULE 307. Recording of Communications ............................................................32

RULE 308. Notices to Participants........................................................................33

RULE 309. Communications Between the Exchange and Participants................... 33

RULE 310. Withdrawal of Participant ....................................................................33

RULE 311. Independent Software Vendor.............................................................34

RULE 312. Regulatory Service Provider................................................................36

RULE 313. Sanctioned Party................................................................................36

CHAPTER 4. OBLIGATIONS OF PARTICIPANTS ............................................................38

RULE 401. Duties and Responsibilities of Participants .......................................... 38

RULE 402. Required Disclosures to the Exchange................................................39

RULE 403. Ability to Obtain Information................................................................41

RULE 404. Confidentiality of Financial and Other Information................................ 41

RULE 405. Compliance with Minimum Financial Requirements, Financial 

Reporting Requirements and Requirements Relating to Protection 

of Customer Funds.............................................................................42

RULE 406. Authority to Impose Restrictions..........................................................42

RULE 407. Customers..........................................................................................43

RULE 408. Treatment of Customer Funds and Securities...................................... 43

RULE 409. Disclosure Requirements....................................................................43

RULE 410. Information Regarding Orders.............................................................43

RULE 411. Disaster Recovery; Business Continuity..............................................44
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CHAPTER 5. TRADING PRACTICES AND BUSINESS CONDUCT................................... 45

RULE 501. Scope.................................................................................................45

RULE 502. Procedures.........................................................................................45

RULE 503. Business Days and Trading Hours......................................................46

RULE 504. Market Suspension and Emergencies.................................................46

RULE 505. Conflicts of Interest in Emergencies ....................................................47

RULE 506. Rule Violations ...................................................................................48

RULE 507. Fraudulent Acts Prohibited..................................................................48

RULE 508. Fictitious, Wash or Non-Competitive Transactions Prohibited .............. 48

RULE 509. Market Disruption Prohibited...............................................................48

RULE 510. Market Manipulation Prohibited...........................................................49

RULE 511. Disruptive Trading Practices Prohibited...............................................49

RULE 512. Prohibition of Misstatements...............................................................49

RULE 513. Acts Detrimental to Welfare of the Exchange Prohibited ...................... 49

RULE 514. Adherence to Law...............................................................................49

RULE 515. Supervision ........................................................................................49

RULE 516. Contracts Trading on the Exchange ....................................................50

RULE 517. Pre-Trade Risk Controls......................................................................50

RULE 518. Acceptable Orders..............................................................................50

RULE 519. Spread Orders....................................................................................51

RULE 520. Modification and Cancellation of Orders..............................................51

RULE 521. Orders of Other Clearing Members .....................................................52

RULE 522. Misuse of the Exchange Trading Platform........................................... 52

RULE 523. Errors and Omissions in Handling Orders............................................53

RULE 524. Withholding Orders Prohibited.............................................................53

RULE 525. Priority of Customers’ Orders..............................................................53

RULE 526. Disclosing Orders Prohibited...............................................................54

RULE 527. Position Transfers...............................................................................54

RULE 528. Wash Sales Prohibited........................................................................54

RULE 529. Recordkeeping Requirements for Entering Orders into the 

Exchange Trading Platform.................................................................54

RULE 530. Prearranged, Pre-Negotiated and Noncompetitive Trades 

Prohibited...........................................................................................57

RULE 531. Responsibility For Customer Orders....................................................57

RULE 532. Discretionary Orders...........................................................................58

RULE 533. Priority of Execution............................................................................58

RULE 534. Average Price System........................................................................59

RULE 535. Position Limits and Exemptions...........................................................60

RULE 536. Position Accountability........................................................................64

RULE 537. Reports of Large Positions..................................................................65

RULE 538. Identification of Authorized Users and Related Parties......................... 65

RULE 539. The Exchange Trading Platform Algorithms......................................... 66

RULE 540. Trade Cancellations and Price Adjustments ........................................ 66

CHAPTER 6. DISCIPLINARY RULES ...............................................................................71

RULE 601. General..............................................................................................71

RULE 602. Inquiries and Investigation ..................................................................73

RULE 603. Reports of Investigations.....................................................................74

RULE 604. Review of Investigative Reports..........................................................75

RULE 605. Notice of Charges...............................................................................77

RULE 606. Opportunity to Respond......................................................................78
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RULE 607. Service of Notice of Charges...............................................................78

RULE 608. Answer to Notice of Charges; Reply....................................................79

RULE 609. Settlements........................................................................................80

RULE 610. Disciplinary Panel...............................................................................81

RULE 611. Convening Hearings of Disciplinary Proceedings................................. 82

RULE 612. Respondent Review of Evidence.........................................................83

RULE 613. Conducting Hearings of Disciplinary Proceedings................................ 83

RULE 614. Decision of Hearing Panel...................................................................85

RULE 615. Sanctions ...........................................................................................86

RULE 616. Appeal from Hearing Panel Decision, Summary Impositions of 

Fines and Other Summary Actions......................................................87

RULE 617. Summary Imposition of Fines..............................................................89

RULE 618. Summary Suspensions and Other Summary Actions........................... 90

RULE 619. Failure to Pay Fine..............................................................................91

RULE 620. Rights and Responsibilities After Suspension or Termination............... 92

RULE 621. Notice to the Respondent and the Public.............................................93

RULE 622. Enforcement Staff...............................................................................93

CHAPTER 7. ARBITRATION RULES................................................................................94

RULE 701. Disputes Subject to Arbitration............................................................94

RULE 702. Initiating an Arbitration Claim ..............................................................96

RULE 703. Exceptions to Required Arbitration......................................................96

RULE 704. Notice.................................................................................................96

RULE 705. Right to Counsel.................................................................................96

RULE 706. Penalties............................................................................................96

CHAPTER 8. CLEARING..................................................................................................97

RULE 801. Submission to Clearing House............................................................97

RULE 802. Clearing House Rules.........................................................................97

RULE 803. Clearing Members ..............................................................................97

RULE 804. Responsibilities of Participants............................................................99

RULE 805. Settlement..........................................................................................99

RULE 806. Clearing Fees.....................................................................................99

RULE 807. Transfer of Trades..............................................................................99

RULE 808. Concurrent Long and Short Positions..................................................99

CHAPTER 9. MISCELLANEOUS ....................................................................................100

RULE 901. Governing Law.................................................................................100

RULE 902. Confidentiality...................................................................................100

RULE 903. Prohibition on Trading by Exchange Officials; Misuse of Material, 

Non-Public Information .....................................................................101

RULE 904. Gifts and Gratuities...........................................................................102

RULE 905. Market Data......................................................................................103

RULE 906. Amendments to the Rules.................................................................103

RULE 907. Extension or Waiver of Rules............................................................104

RULE 908. Effect of Amendment, Repeal or New Rule........................................ 104

RULE 909. Force Majeure..................................................................................104

RULE 910. Limitation on Liability ........................................................................105

RULE 911. Limitation on Damages.....................................................................106

RULE 912. Indemnification .................................................................................110

RULE 913. Disclaimer of Warranties...................................................................111
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CHAPTER 1. DEFINITIONS

RULE 101. Definitions

When used in this Rulebook the following terms shall have the respective meanings as follows:

“Account Administrator” means an officer or employee of a Participant appointed pursuant to 

Rule 305.

“Affiliate” means with respect to any Person, any Person who, directly or indirectly, Controls, is 

Controlled by, or is under common Control with such other Person.

“Appeal” has the meaning set forth in Rule 601.

“Appeal Decision” has the meaning set forth in Rule 616.

“Appeal Panel” is a panel constituted under and in accordance with the provisions of Rule 616. 

“Applicable Law” means, with respect to any Person, any statute, law, regulation, rule,

ordinance, order, or interpretive guidance of any governmental, judicial, administrative, selfregulatory authority or court applicable to or with jurisdiction over such Person.

“Answer” has the meaning set forth in Rule 605.

“Audit Trail” has the meaning set forth in Rule 529.

“Authorized Representative” has the meaning set forth in Rule 305. 

“Authorized User” means a natural person who is either employed by or is an agent of a 

Participant and who is authorized to access the Trading Platform.

“Board” means the Board of IMX Health, LLC, which manages the Exchange and is constituted 

from time to time in accordance with the IMX Operating Agreement.

“Book” has the meaning set forth in Rule 519.

“Business Day” means any day on which a Settlement Price for a Contract is determined by the 

Exchange.

“CEA” means the Commodity the Exchange Act, as amended from time to time.
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“CFTC” or “Commission” means the U.S. Commodity Futures Trading Commission or any 

successor regulatory body.

“CFTC Regulations” means the rules and regulations promulgated by the CFTC, as amended.

“Chief Executive Officer” or “CEO” means the individual appointed as the chief executive officer 

of the Exchange and approved by the Board to serve in such capacity. 

“Chief Regulatory Officer” or “CRO” means the individual appointed as the chief regulatory 

officer of the Exchange and approved by the Board.

“Clearing House” means any clearing house registered with the CFTC as a Derivatives Clearing 

Organization (DCO) that the Exchange designates to provide clearing services with respect to 

any or all of its Contracts. To the extent that the Exchange designates multiple DCOs to provide 

clearing services at any given time, the term Clearing House shall refer to any DCO designated 

to provide such services with respect to the Contract in question.

“Clearing Member” means an entity meeting the requirements of, and approved for, Clearing 

Membership at the Clearing House that is authorized pursuant to the Clearing House Rules to 

clear trades in any or all Contracts. Except for those Clearing Members that clear solely for their 

own proprietary accounts (each, an “Individual Clearing Member”), all other Clearing Members 

must be registered with the CFTC as FCMs (each, an “FCM Clearing Member”). A Clearing 

Member is also granted Trading Privileges and is deemed a Participant.

“Clearing House Rules” means the rules, regulatory guidance and procedures of the Clearing 

House in force from time to time.

“Contract” means any contract, agreement, or transaction approved for trading on the Exchange

and pursuant to the Rules.

“Contract Market” has the meaning set forth in CFTC Regulation 1.3.

“Contract Specifications” means the specified terms and conditions for each Contract.

“Control” means, the possession, direct or indirect, of the power to direct or cause the direction 

of the affairs or management of a Person, whether through the ownership of securities, as trustee, 

personal representative or executor, by contract, credit arrangement or otherwise.

“Covered Person” has the meaning set forth in Rule 910. 
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“Customer” means any Person for whom a Participant carries an account (other than such 

Participant or any of its affiliates) or from whom a Participant solicits or accepts an order.

“Daily Settlement Price” or “Settlement Price” means the price for each Contract supplied by 

the Exchange to the Clearing House at the end of a Business Day.

“Decision” has the meaning set forth in Rule 609. 

“Derivatives Clearing Organization” or “DCO” has the meaning set forth in § 1a(15) of the CEA

and CFTC Regulation 1.3.

“Designated Contract Market” or “DCM” has the meaning set forth in CFTC Regulation 1.3.

“Director” means any member of the Board.

“DisciplinaryPanel” means the panel appointed and convened pursuant to Chapter 6 to conduct 

hearings in connection with a Disciplinary Proceeding (other than summary impositions of fines 

pursuant to Rule 617), make findings, render decisions, and impose sanctions pursuant to 

Chapter 6 of the Rules. Each Disciplinary appointed or convened under these Rules shall include 

at least one person who would qualify as a Public Director, except in cases limited to decorum, 

attire, or the timely submission of accurate records required for clearing or verifying each Business 

Day’s Transactions in Contracts.

“DisciplinaryProceeding” has the meaning set forth in Rule 601.

“Emergency” means any occurrence or circumstance that in the opinion of the Board, or a person 

or persons duly authorized to issue such an opinion on behalf of the Board under circumstances 

and pursuant to procedures that are specified under these Rules, 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, any Transactions in Contracts, or the timely collection and payment of funds 

in connection with clearing and settlement by a Clearing House, including, without limitation:

(1) any manipulative or attempted manipulative activity, including;

(a) any actual, attempted or threatened corner, squeeze, congestion, or undue 

concentration of positions; 

(b) any circumstance which may materially affect the performance of Contracts 

or Transactions, including failure of the payment system or the bankruptcy 

or insolvency of any Person;
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(c) any action taken by any Government Agency, or any other registered entity

(including the Clearing House), board of trade, market, or facility (foreign 

or domestic) which may have a direct adverse effect on trading or on 

clearing and settlement; and

(d) any other circumstance that may have a severe, adverse effect upon the 

functioning of the Exchange.

“Emergency Action” has the meaning set forth in Rule 504. 

“Exchange” or “IMX” means IMX Health, LLC, a Delaware limited liability company designated

by the CFTC as a contract market.

“Exchange Official” means any Director or Officer of, or individual employed by, the Exchange 

or any individual rendering similar services to the Exchange under an administrative or similar 

agreement.

“Exchange Trading Platform” or “Trading Platform” means the electronic trading facility 

operated by IMX Health, LLC, as a Designated Contract Market to provide Participants with the 

ability to execute Transactions.

“Expiry” means a Contract’s date of expiration.

“Final Settlement Price” means the price for each Contract supplied by the Exchange to the 

Clearing House as the final Settlement Price for the Expiry as specified in the Contract 

Specifications.

“FCM” means a futures commission merchant as defined in the CEA and CFTC Rules and 

registered with the CFTC as such.

“Force Majeure Event” means a delay or failure that is the result of an act of God, lightning, 

earthquake, fire, epidemic, landslide, drought, hurricane, tornado, storm, explosion, flood, nuclear 

radiation, act of a public enemy or blockade, insurrection, riot or civil disturbance, strike or labor 

disturbance, or any other cause beyond the Exchange’s reasonable control (whether or not similar 

to any of the foregoing.)

“Government Agency” means any governmental entity (including the United States, a State, or 

a foreign government agency or instrumentality, including any Self-Regulatory Organization).

“Hearing Panel” means a panel constituted under and in accordance with Rule 610. 
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“Independent Software Vendor” has the meaning set forth in Rule 311.

“index” and “index licensor” have the meanings set forth in Rule 913. 

“Insolvency” and “Insolvent” means the occurrence of any of the following events with respect 

to a Person: 

(a) the Person is determined to be insolvent by a Government Agency or Self-Regulatory 

Organization; 

(b) if the Person is a member of the Securities Investor Protection Corporation, a court of 

competent jurisdiction finds that the Person meets any one of the conditions set forth in 

clauses (A), (B), (C) or (D) of Section 5(b)(1) of the Securities Investor Protection Act of 

1970;

(c) in the event of the entry or the making of a decree or order by a court, Government 

Agency or other supervisory authority of competent jurisdiction (i) adjudging the Person 

as bankrupt or insolvent, (ii) approving as properly filed a petition seeking reorganization, 

arrangement, liquidation, dissolution, adjustment or composition of or in respect of the 

Person under the Bankruptcy Code or any other applicable federal, state or other U.S. or 

non-U.S. law, including any bankruptcy, insolvency, reorganization, liquidation, dissolution 

or similar law, (iii) appointing a receiver, custodian, liquidator, provisional liquidator, 

administrator, provisional administrator, assignee, trustee, sequestrator or other similar 

official for the Person or for any substantial part of its property, 

(d) ordering the winding up or liquidation of the Person’s affairs or consenting to the 

institution by the Person of proceedings to be adjudicated as a bankrupt or insolvent; 

(e) the filing by the Person of a petition, or any case or proceeding, seeking reorganization 

or relief under the Bankruptcy Code or any other applicable federal, state or other U.S. or 

non-U.S. law, including any bankruptcy, insolvency, reorganization, liquidation, dissolution 

or similar law, or the consent by the Person to the filing of any such petition, case or 

proceeding or to the appointment of a receiver, custodian, liquidator, provisional liquidator, 

administrator, provisional administrator, assignee, trustee, sequestrator or other similar 

official for the Person or for any substantial part of its property, or the making by the Person 

of an assignment for the benefit of its creditors, or the admission by the Person in writing 

of its inability to pay its debts generally as they become due, or the taking of corporate or 

similar action by the Person in furtherance of the foregoing.
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“Investigative Report” has the meaning set forth in Rule 603. 

“Joint Audit Committee” means the Self-Regulatory Organization constituted under CFTC 

Regulation 1.52(d)(2), including the Exchange in its capacity as a Self-Regulatory Organization. 

“Joint Compliance Committee” or “JCC” means the information-sharing organization, as 

constituted and convened from time to time, whose members include compliance officials from

registered DCMs, including the Exchange.

“Loss Event” has the meaning set forth in Rule 911.

“Losses” has the meaning set forth in Rule 910. 

“Market Data” has the meaning set forth in Rule 905. 

“material relationship” is as defined in Appendix B to Part 38 of the CFTC Regulations and Rule 

202(d) of these Rules. 

“Member” or “Participant” means a Person owning or holding membership in, or admitted to 

membership representation on, the Exchange or Clearing House, or having Trading Privileges on 

the Exchange. 

“Named Party” has the meaning set forth in Rule 210. 

“NFA” means the National Futures Association. 

“NFA Rules” means the rules and by-laws of the NFA, as in force from time to time.

“No Bust Range” has the meaning set forth in Rule 540.

“Notice of Appeal” has the meaning set forth in Rule 616. 

“Notice of Charges” has the meaning set forth in Rule 605.

“Offer of Settlement” has the meaning set forth in Rule 609.

“Officer” has the meaning set forth in Rule 203.

“Operating Agreement of IMX Health, LLC” or “IMX Operating Agreement” means the First 

Amended and Restated Limited Liability Company Agreement of IMX Health LLC, dated as 

August 19, 2021, as amended from time to time.
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“Order” means any order to buy or sell a Contract on or subject to the Rules of the Exchange. 

The terms “Stop Order,” “Stop Limit Order,” “Time in Force Order,” “Day Order,” “Good Until 

Canceled Order,” “Immediate or Cancel Order,” and “Fill or Kill Order” have the meanings set 

forth in Rule 518.

“Participant” or “Member” means a Person owning or holding membership in, or admitted to 

membership representation on, the Exchange or Clearing House, or having Trading Privileges on

the Exchange.

“Participant Documentation” means the documentation required under Rule 302.

“Person” includes individuals, associations, partnerships, corporations, and trusts.

“Position Transfer” means a Transaction in Contracts that is executed by the Exchange

personnel in accordance with the provisions of Rule 527.

“Public Director” means a Director that has been determined by the Board to have no material 

relationship with the Exchange or any of its Affiliates and that satisfies the requirements for a

“Public Director” as defined in the CFTC Regulations.

“Regulatory Department” means all Exchange Officials, market surveillance, compliance staff 

and/or agents of the Exchange that assist the Exchange with the implementation, surveillance 

and enforcement of Exchange Rules.

“Regulatory Oversight Committee” has the meaning set forth in Rule 205. 

“Regulatory Service Provider” means the organization, if any, which provides regulatory 

services to the Exchange pursuant to a Regulatory Services Agreement. The Exchange shall in 

its capacity as a Self-Regulatory Organization retain supervisory authority over any Regulatory 

Service Provider.

“Related Party of the Participant” has the meaning set forth in Rule 910.

“Respondent” means a Person against whom a claim is asserted under these Rules.

“Restricted Country or Territory” has the meaning set forth in Rule 313. 

“Restricted Person” has the meaning set forth in Rule 313.

“Review Panel” means a panel constituted under and in accordance with Rule 610. 
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“Reply” has the meaning set forth in Rule 608.

“Rules” means all rules adopted by the Exchange, including notices to Members, regulatory or 

interpretive guidance or advisories, orders issued in connection with Disciplinary Proceedings,

policies and procedures published from time to time by the Exchange.

“Self-Regulatory Organization” or “SRO” shall, unless otherwise provided, have the meaning 

set forth in CFTC Regulation 1.3 and, in addition, shall include a Derivatives Clearing 

Organization that is registered as such with the CFTC.

“Sanctioned Party” has the meaning set forth in Rule 313.

“Sanctioning Body” has the meaning set forth in Rule 313.

“Settlement” has the meaning set forth in Rule 606. 

“Settlement Price” or “Daily Settlement Price” means the price for each Contract supplied by 

the Exchange to the Clearing House at the end of a Business Day.

“Summary Action” and “Summary Fine” have the meaning set forth in Rule 616. 

“Swap Execution Facility” has the meaning set forth under the CEA and the CFTC Regulations.

“TechnologyServices Agreement” means any agreement as in force from time to time between 

the Exchange and the Technology Services Provider whereby technology services are provided 

to the Exchange.

“TechnologyServicesProvider” means any organization which provides technology services 

to the Exchange pursuant to a Technology Services Agreement.

“Trade, Trading Activity or Transaction” means any purchase or sale of any Contract made on 

the Exchange or through the Trading Platform.

“Trading Account” means a ledger used to track Trading Activity under a Member or Participant 

for a particular purpose, Customer, strategy, or any other reason as determined by such Member 

or Participant in its discretion. 

“Trading Account ID” means an Exchange-assigned ID that represents a Trading Account for 

use by the Exchange, the Clearing House or any Member. 
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“Trading Platform” means the electronic trading facility operated by IMX Health, LLC, as a 

Designated Contract Market to provide Participants with the ability to execute Transactions.

“Trading Privileges” means the right granted to a Member or Participant to transmit Orders for 

Contracts through the Trading Platform. 

“Transaction” means any purchase or sale of any Contract made on the Trading Platform or 

subject to the Rules of the Exchange. 

“Trading Hours” means, for any Business Day, the hours specified on the Exchange Website. 

“User ID” means a unique identifier assigned to a Participant and Authorized User to enable such 

Participant or Authorized User to access the Trading Platform and which enables the Exchange 

to identify the individual entering Orders into the Exchange. 

“Warning Letter” is a cautionary letter that is considered an informal regulatory action. A Warning 

Letter may be considered by the Regulatory Department as relevant disciplinary history of the 

Participant in assessing any subsequent violation of these Rules by such Participant. 

“Website” means the Exchange’s website www.imxhealth.com
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CHAPTER 2. EXCHANGE OWNERSHIP AND 

GOVERNANCE

RULE 201. Ownership

IMX Health, LLC is a Delaware Limited Liability Company. IMX, LLC owns 100% of IMX Health, 

LLC.

RULE 202. Board

(a) The Board shall manage the day-to-day business operations of the Exchange. The Board 

has the power and authority to call for review, and to affirm, modify, suspend or overrule, any 

and all decisions and actions of standing committees or special committees of the Board or 

any panel of the Officers related to the day-to-day business operations of the Exchange. 

These duties shall include ensuring fair and impartial access to the Exchange, as well as 

ensuring that the Exchange adopts a fee structure that is non-discriminatory.

(b) The Board may act only by the decision of an absolute majority in number of the Directors by 

vote at a meeting, by unanimous written consent without a meeting, or as otherwise set forth 

in the IMX Operating Agreement.

(c) The Board shall comprise the number of directors set forth in the IMX Operating Agreement. 

At all times, at least 35% of the Directors shall be Public Directors. 

(d) To qualify as a Public Director, an individual must be found, by action of the Board, to have 

no material relationship with the Exchange. The Board must make such finding upon the 

nomination or appointment of the Director and as often as necessary in light of all 

circumstances relevant to such Director, but in no case less than annually.

A “material relationship” is one that reasonably could affect the independent judgment or 

decision-making of the Director. In making the finding specified in this Rule, the Board 

need not consider previous service as a Director of the Exchange to constitute a “material 

relationship.” A Director shall be considered to have a “material relationship” with the 

Exchange if any of the following circumstances exist or have existed within the past year:

(1) Such Director is or was an Officer or employee of the Exchange, or an 

officer or employee of an Affiliate of the Exchange;
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(2) Such Director is or was a Participant of the Exchange, or is or was a director

or officer of a Participant of the Exchange;

(3) Such Director, or an entity with which the Director is a partner, officer, 

employee, or director, receives or has received more than $100,000 in 

combined annual payments for legal, accounting or consulting services 

from the Exchange or its Affiliate. Compensation for services as a Director 

of the Exchange or as a director of an Affiliate thereof does not count 

toward the $100,000 payment limit, nor does deferred compensation for 

services rendered prior to becoming a Director, so long as such 

compensation is in no way contingent, conditioned, or revocable.

(e) If any of the “immediate family” of a Director, i.e., spouse, domestic partner, parents, children, 

and siblings, in each case, whether by blood, marriage, or adoption, or any individual residing 

in the home of the Director or that of his or her immediate family have a material relationship 

as defined above, then that material relationship is deemed to apply to such Director.

(f) Each Director (including Public Directors) shall be appointed in accordance with the IMX

Operating Agreement and these Rules, and shall serve until his or her successor is duly 

appointed, or until his or her earlier resignation or removal, with or without cause.

(g) The compensation of the Public Directors and other non-executive Directors of the Board shall 

not be directly linked to the business performance of the Exchange. 

(h) The Board shall have procedures, as may be further set forth in policies that the Exchange 

may adopt, to remove a Director from the Board where the conduct of such Director is likely 

to be prejudicial to the sound and prudent management of the Exchange. 

(i) The Board shall establish arrangements to permit consideration of Directors in connection 

with the functioning of the Exchange and with additions or amendments to the Rules and shall 

make a description of such arrangements available to the CFTC.

(j) Each Director is entitled to indemnification pursuant to the IMX Operating Agreement with 

respect to matters relating to the Exchange.

RULE 203. Officers

(a) Subject to the oversight of the Board, the Exchange shall appoint from time to time one or 

more individuals to serve as the Chief Executive Officer, Chief Regulatory Officer, and such 
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other officers of the Exchange (all of the foregoing, collectively, the “Officers”) as it may deem 

necessary or appropriate from time to time, in accordance with the IMX Operating Agreement.

(b) Any Officer may also be a Director or employee of the Exchange or any of its Affiliates, subject 

to disclosure and resolution of conflicts of interest.

(c) The Officers shall have such powers and duties in the management of the Exchange as the 

Board may prescribe from time to time.

(d) Each Officer is entitled to indemnification pursuant to the IMX Operating Agreement with 

respect to matters relating to the Exchange.

(e) No Officer or employee of the Exchange shall be admitted as a Participant.

RULE 204. Qualifications of Directors; Eligibility/Fitness

(a) A Director must meet the qualifications set forth from time to time in the IMX Operating 

Agreement.

(b) An individual may not directly or indirectly own 10% or more of the Exchange or serve as a 

Director or serve on any committee established by the Board, a Disciplinary Panel, Hearing 

Panel, Review Panel or Appeals Panel if the individual:

(1) within the prior three (3) years has been found, by a final decision in any 

action or proceeding brought in a court of competent jurisdiction, the CFTC, 

or any Self-Regulatory Organization, to have committed a disciplinary 

offense;

(2) within the prior three (3) years has entered into a settlement agreement in 

which any of the findings or, in the absence of such findings, any of the 

acts charged, included a disciplinary offense;

(3) is currently suspended from trading on a Contract Market, is suspended or

expelled from membership in a Self-Regulatory Organization, is serving 

any sentence or probation, or owes any portion of a fine or penalty related 

to either:

(i) a finding of a disciplinary offense by a final decision in any action or 

proceeding brought in a court of competent jurisdiction, the CFTC, or any 

Self-Regulatory Organization; or
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(ii) a settlement agreement in which any of the findings or, in the absence 

of such findings, any of the acts charged included a disciplinary offense;

(4) is currently subject to an agreement with the CFTC or any Self-Regulatory 

Organization to not apply for registration with the CFTC or for membership

in the Self-Regulatory Organization;

(5) is currently, or within the past three (3) years has been, subject to a 

revocation or suspension of registration by the CFTC;

(6) has been convicted of a felony listed in section 8a(2)(D)(ii) through (iv) of 

the CEA; 

(7) is currently subject to a denial, suspension, or disqualification from serving 

on a disciplinary committee, arbitration panel or governing board of any 

Self-Regulatory Organization as that term is defined in CFTC Regulation 

1.63 and Section 3(a)(26) of the Securities the Exchange Act of 1934; or

(8) is subject to a statutory disqualification pursuant to Section 8a(2) of the 

CEA.

(c) For purposes of thisRule 204, the terms “disciplinary offense,” “final decision,” and “settlement 

agreement” have the meanings set forth in CFTC Regulation 1.63.

(d) Prior to nomination to the Board, each individual shall certify that he or she is not disqualified 

pursuant to this Rule 204. Upon appointment, each member of the Board shall provide to the 

Exchange, where applicable, notice of any event giving rise to a disqualification under this 

Rule. In addition, any person appointed to a panel under this Rule shall certify their 

compliance with the requirements and conditions of this Rule. The Exchange shall make 

reasonable efforts to verify any certification hereunder, which may include reasonable reliance

on representations and certifications made in accordance with this Rule. 

(e) In addition, to serve as a Director, an individual must possess the ability to contribute to the 

effective oversight and management of the Exchange, taking into account the needs of the 

Exchange and such factors as the individual’s experience, perspective, skills and knowledge 

of the industry in which the Exchange operates. This shall include sufficient expertise, where 

applicable, in financial services, risk management, and clearing services.
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(f) An individual may not serve on any Disciplinary Panel, Hearing Panel, Review Panel or 

Appeals Panel, or on any arbitration panel convened under Chapter 7 of these Rules during 

any proceeding affecting or concerning such individual, as determined by the Exchange’s 

Chief Regulatory Officer.

(g) If the Exchange determines that an individual subject to this Rule 204 no longer meets the 

criteria set forth in Rule 204(b), the Exchange shall inform the CFTC of such determination. 

RULE 205. Standing Committees

(a) The Board shall have one standing committee, the (“Regulatory Oversight Committee.”) 

The Board may from time to time constitute and appoint such additional standing committees 

of the Board, as well as such Disciplinary Panels, Hearing Panels, Review Panels and Appeal 

Panels as it may from time to time deem necessary or advisable.

(b) Each member of such standing committee must be a Director, one of whom the Board shall 

designate as the chairperson (“Chair”) of each standing committee.

(c) Each standing committee of the Board shall assist in the supervision, management and control 

of the affairs of the Exchange within its particular area of responsibility, subject to the authority 

of the Board.

(d) Subject to the authority of the Board, each standing committee shall determine the manner 

and form in which its proceedings shall be conducted. Each standing committee may act only 

by the decision of an absolute majority in number of the members of such committee, by vote 

at a meeting or by unanimous written consent without a meeting. Subject to Rule 208, the 

Board has the power to review, and to approve, modify, suspend or overrule, any and all 

decisions of any committee of the Exchange and any Officers, subject to Applicable Law.

RULE 206. [RESERVED]

RULE 207. [RESERVED]

RULE 208. Regulatory Oversight Committee

(a) The Regulatory Oversight Committee of the Board shall consist entirely of Public Directors.

(b) The Regulatory Oversight Committee shall oversee the Exchange’s regulatory program on 

behalf of the Board. The Board shall delegate sufficient authority, dedicate sufficient 
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resources and allow sufficient time for the Regulatory Oversight Committee to fulfill its 

mandate. It shall make such recommendations to the Board as will, in its judgment, best 

promote the interests of the Exchange. The Regulatory Oversight Committee shall also have 

such other powers and perform such other duties as set forth in the Rules and as the Board 

may delegate to it from time to time.

(c) Without limiting the generality of the foregoing, the Regulatory Oversight Committee shall 

have authority to:

(1) monitor the regulatory program of the Exchange for sufficiency, 

effectiveness and independence;

(2) oversee all facets of the Exchange’s regulatory program, including trade 

practice and market surveillance, regulatory audits, examinations, and 

other regulatory responsibilities with respect to Participants (including 

ensuring compliance with, if applicable, financial integrity, financial 

reporting, sales practice, recordkeeping and other requirements) and the 

conduct of investigations; 

(3) review the size and allocation of the regulatory budget and resources, and 

the number, hiring, termination, and compensation of regulatory personnel;

(4) review the performance of the Chief Regulatory Officer and make 

recommendations with respect to such performance to the Board;

(5) prepare an annual report for the Board and the CFTC that assesses the 

Exchange regulatory program. The report shall set forth the program’s 

expenses, describe its staffing and structure, catalogue investigations and 

Disciplinary Proceedings taken during the year and review the Disciplinary 

Panel of the Exchange as established from time to time;

(6) recommend changes that would ensure fair, vigorous and effective 

regulation;

(7) review all regulatory or compliance proposals prior to implementation and

advise the Board as to whether and how such changes may affect 

regulation or compliance, as applicable;
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(8) hold regular meetings to discuss matters of regulatory concern and conduct 

periodic reviews of the services provided on the Exchange’s behalf, if any. 

Such reviews shall be adequately documented and made available to the 

CFTC on request; and

(9) assist the Board in minimizing potential conflicts of interests relating to the 

Exchange’s self-regulatory obligations.

(d) If the Board rejects a recommendation or supersedes an action of the Regulatory Oversight 

Committee, the Exchange shall provide a written report to the CFTC detailing:

(1) the recommendation of or action proposed to be taken;

(2) the rationale for such recommendation or proposed action;

(3) the rationale of the Board for rejecting such recommendation or 

superseding such action; and

(4) the course of action that the Board decided to take contrary to such 

recommendation or action.

(e) The Regulatory Oversight Committee shall have the authority, discretion, and necessary 

resources to:

(1) conduct its own inquiries;

(2) obtain or retain independent consultants or advisors in consultation with 

the Board;

(3) consult directly with the Exchange regulatory staff;

(4) review all relevant documents;

(5) interview employees, Officers, and Participants;

(6) otherwise exercise its independent analysis and judgment to fulfill its 

regulatory obligations; and

(7) ask the Exchange management staff or others to attend meetings and 

provide information.
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RULE 209. Chief Regulatory Officer

(a) It shall be the duty of the Chief Regulatory Officer to enforce the Rules.

(b) The Chief Regulatory Officer shall have available to him or her at all times those resources as 

may be necessary to conduct investigations of alleged Rule violations and market conditions.

(c) The Chief Regulatory Officer shall report to, and shall be supervised by, the Regulatory 

Oversight Committee.

(d) The Chief Regulatory Officer shall have the authority to inspect the books and records of all 

Participants and the authority to require any Participant to appear before him or her and 

produce its books and records and answer questions regarding alleged violations of the 

Exchange Rules, at the time, place and in the manner it designates. The Chief Regulatory 

Officer may also delegate such authority to the Exchange staff.

(e) The Chief Regulatory Officer may not be disqualified from registration pursuant to CEA 

Sections 8a(2) or 8a(3).

RULE 210. Conflicts of Interest

(a) Definitions. For purposes of this Rule the following definitions shall apply: 

(1) The term family relationship (“Family Relationship”) shall mean a Person’s 

spouse, former spouse, parent, stepparent, child, step child, sibling, step 

sibling, grandparent, grandchild, uncle, aunt, nephew, niece or in-law.

(2) The term “Named Party” shall mean a Person that is identified by name as 

a subject of any matter being considered by the Board or a committee.

(b) Prohibition. No member of the Board, any committee which has authority to take action 

for and in the name of the Exchange (not including any committee which is only authorized to 

make recommendations for action by the Board or some other committee) or any Disciplinary 

Panel, Hearing Panel, Review Panel, Appeals Panel or arbitration panel convened under 

Chapter 7 of these Rules shall knowingly participate in such body’s deliberations or voting in 

any matter involving a Named Party where such member: 

(1) is a Named Party or has a material relationship to the Exchange; 

(2) is an employer, employee or fellow employee of a Named Party;
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(3) is associated with a Named Party through a broker association; 

(4) has a Family Relationship with a Named Party; or

(5) has any other significant, ongoing business relationship with a Named 

Party, excluding relationships limited to executing Transactions opposite 

each other.

(c) Disclosure. Prior to the consideration of any matter involving a conflict of interest affecting 

any member of the Board, any committee or any Disciplinary Panel (including any Hearing 

Panel, Review Panel or Appeals Panel) convened under these Rules (each, a “deliberating 

body”) who does not choose to abstain from deliberations and voting by such deliberating 

body on such matter shall disclose the conflict of interest to the CEO, or their designee. In the 

case of a potential conflict of interest due to a financial interest, the affected member shall 

disclose: 

(1) gross positions held at that self-regulatory organization in the member's 

personal accounts or “controlled accounts,” as defined in CFTC Regulation 

1.3; 

(2) gross positions held at that self-regulatory organization in proprietary 

accounts, as defined in CFTC Regulation 1.17(b)(3), at the member's 

affiliated firm; 

(3) gross positions held at that self-regulatory organization in accounts in 

which the member is a principal, as defined in CFTC Regulation 3.1(a); 

(4) net positions held at that self-regulatory organization in “customer” 

accounts, as defined in CFTC Regulation 1.17(b)(2), at the member's 

affiliated firm; and, 

(5) any other types of positions, whether maintained at that self-regulatory 

organization or elsewhere, held in the member's personal accounts or the 

proprietary accounts of the member's affiliated firm that the self-regulatory 

organization reasonably expects could be affected by the significant action.

(d) Determination. The Chief Regulatory Officer shall determine whether any member of the 

relevant deliberating body who does not choose to abstain from deliberations and voting is 

subject to a conflicts restriction under this Rule 206. The determination shall be based on:
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(1) information provided by the member pursuant to this Rule;

(2) the most recent large trader reports and clearing records available to the 

Exchange; and

(3) any other source of information that is held and reasonably available to the 

Exchange taking into consideration the exigency of the situation.

(d) Participation in deliberation. Any member of the Board, any Board committee, or any 

Disciplinary Panel (including any Hearing Panel, Review Panel or Appeals Panel) convened 

under these Rules who is required to abstain from deliberations and voting pursuant to this 

Rule 210, may participate in deliberations, but not voting, if the deliberative body determines 

that participation would be in the public interest. In making its determination, the following 

factors shall be considered:

(1) the factors considered by the Chief Regulatory Officer in making a 

determination about conflicts of interest as described in this Rule 210;

(2) whether such member’s participation in the deliberations is necessary to 

achieve a quorum; and 

(3) whether such member has unique or special expertise, knowledge, or 

experience in the matter being considered.

(e) Documentation. Any meeting of the Board, any Board committee, or any Disciplinary Panel 

(including any Hearing Panel, Review Panel or Appeals Panel) convened under these Rules 

shall include in their minutes or otherwise document any conflicts determination procedures 

followed. The records must also include:

(1) the names of all members who attended the meeting either in person or 

were present by electronic means;

(2) the name of any member who voluntarily recused themselves or was 

required to abstain from deliberations and/or voting on a matter and the 

reason for the recusal or abstention; and

(3) information on the position information that was reviewed for each member.

(f) Ineligibility of the Chief Regulatory Officer. In the event that the Chief Regulatory Officer 

becomes aware that he or she may be subject to the prohibition under this Rule 210 for having 
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a conflict of interest, the Chief Regulatory Officer will report the relevant conflict of interest to 

the Chief Executive Officer. If any other Officer, Director, employee or other Person subject to 

the jurisdiction of these Rules believes that the Chief Regulatory Officer may have a conflict 

of interest under this Rule, such Person should promptly inform the Chief Executive Officer of 

any relevant information by written or electronic means. In response to any notification that 

the Chief Regulatory Officer may have a conflict of interest, the Chief Executive Officer shall 

determine whether a conflict exists, and in the event that the Chief Executive Officer

determines that one does, the Chief Executive Officer will appoint another Officer or employee 

of the Exchange to act in the Chief Regulatory Officer’s stead. In the event of a conflict or 

potential conflict between the Chief Regulatory Officer and Chief Executive Officer, the Chief 

Regulatory Officer will report any potential conflict to the Regulatory Oversight Committee.

RULE 211. Maintenance of Books and Records by the Exchange

(a) The Exchange shall keep, or cause to be kept, complete and accurate books and records of 

all activities relating to the business of the Exchange, including all books and records required 

to be maintained pursuant to Applicable Law.

(b) The Exchange shall retain all such books and records for at least a period of five years, from 

the date thereof. Electronic records shall be readily accessible for the duration of the five-year 

period. Paper records must be readily accessible during the first two years of the five-year 

period. All such books and records shall be open to inspection by and provided upon request 

to the CFTC, the U.S. Department of Justice, or anyGovernment Agency with jurisdiction over 

the Exchange or its activities.

RULE 212. Information-Sharing Agreements

(a) The Exchange may enter into information-sharing agreements or other arrangements or 

procedures to coordinate surveillance with other markets on which financial instruments 

related to the Contracts trade. As part of any information-sharing agreements or other 

arrangements or procedures adopted pursuant to this Rule, the Exchange may:

(1) provide market surveillance reports to other markets;

(2) share information and documents concerning current and former 

Participants with other markets;

(3) share information and documents concerning ongoing and completed 

investigations with other markets; and
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(4) require its current or former Participants to provide information and 

documents to the Exchange at the request of other markets with which the 

Exchange has an information-sharing agreement or other arrangements or 

procedures.

(b) The Exchange may enter into any arrangement with any Person or Government Agency 

(including, without limitation, the CFTC, the NFA, any Self-Regulatory Organization, any 

exchange, market, or clearing organization, foreign regulatory authority, the Joint Audit 

Committee, or the Joint Compliance Committee) if the Exchange considers such arrangement 

to be in furtherance of the Exchange’s purpose or duties under the Rules or Applicable Law.

(c) The Exchange may disclose to any Person or entity information concerning or associated with 

a Participant or other Person that the Exchange believes is necessary and appropriate in 

exercising a legal or regulatory function, whether or not a formal arrangement governing the 

disclosure exists or a request for information was made.

RULE 213. [RESERVED]

RULE 214. Services Agreement with a Technology Services Provider

(a) The Exchange may contract with a Technology Services Provider to provide certain 

technology services to the Exchange pursuant to a Technology Services Agreement. In 

accordance with a Technology Services Agreement, a Technology Services Provider may 

perform certain functions under these Rules and the Exchange may provide information to the 

Technology Services Provider in connection with the performance by the Technology Services 

Provider of those functions. The Exchange conducts reviews to verify that the Technology 

Services Provider is performing certain technology services to the Exchange pursuant to a 

Technology Services Agreement.

(b) The Exchange shall retain ultimate decision-making authority with respect to any functions 

that are contracted to a Technology Services Provider.
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CHAPTER 3. PARTICIPANTS

RULE 301. Jurisdiction

(a) Participants and any Person who accesses, or enters any Order or submits any Transaction

to the Trading Platform, and without any need for any further action, undertaking or 

agreement, agrees:

(1) to be bound by, and comply with, the Exchange Rules, the Clearing House 

Rules and Applicable Law;

(2) to be subject to the jurisdiction of the Exchange with respect to any and all 

matters arising from, related to, or in connection with, the status, actions or 

omissions of such Participant;

(3) that any Person initiating or executing a Transaction on or subject to the 

Rules of the Exchange, directly or indirectly (such as through an 

intermediary), and any Person for whose benefit such a Transaction has 

been initiated or executed, expressly consents to the jurisdiction of the 

Exchange and agrees to be bound by and comply with the Rules of the 

Exchange in relation to such Transactions to the extent applicable to such 

Person, including, without limitation, Rules requiring cooperation and 

participation in investigative and disciplinary process. Any futures 

commission merchant, introducing broker, associated person or foreign 

Person performing a similar role, that charges a commission or fee in 

connection with Transactions on or subject to the Rules of the Exchange

also expressly consents to the Exchange’s jurisdiction; and

(4) to assist the Exchange in complying with its legal and regulatory 

obligations, cooperate with the Exchange (and the Regulatory Service 

Provider, if applicable) and the CFTC in any inquiry, investigation, audit, 

examination or proceeding, and authorizes the Exchange to provide 

information regarding it to the CFTC or any other Government or SelfRegulatory Organization.

(b) Any Participant whose Trading Privileges and/or ability to otherwise access the IMX Trading 

Platform are revoked or terminated shall remain bound by these Rules, the Clearing House

Rules and Applicable Law, in each case to the extent applicable to it, and subject to the 
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jurisdiction of the Exchange and the Clearing House with respect to any and all matters arising 

from, related to, or in connection with, the status, actions or omissions of such Participant prior 

to such revocation or termination.

(c) A Participant who is suspended for any period remains subject to the Exchange Rules and 

the Exchange’s jurisdiction throughout the period of suspension. After revocation or 

termination, the Participant will remain subject to the Exchange Rules.

RULE 302. Trading Privileges

(a) A Participant must execute such Participant Documentation as required from time to time 

by the Exchange, and such Participant Documentation must remain in effect for the 

Participant to maintain its Trading Privileges.

(b) Admission as a Participant entitles the Participant to access the Exchange and to Trading 

Privileges, including the right to place Orders for its proprietary accounts. It does not 

confer any right of ownership in, or right to attend or vote at meetings of, the Exchange, 

or right to share in the profits, of the Exchange. A Participant may not transfer or assign 

its status as a Participant without the prior written consent of the Exchange, and any 

purported transfer or assignment without the Exchange’s prior consent is not binding on 

the Exchange.

(c) All rights and privileges of a Participant terminate upon, and all obligations of a Participant 

shall survive the dissolution of the Participant.

RULE 303. Criteria for Becoming a Participant

(a) Any Person who desires to become a Participant shall:

(1) be of good reputation and business integrity;

(2) comply with the financial responsibility, recordkeeping and reporting 

requirements set out in Rule 405;

(3) be validly organized, in good standing, and authorized by its governing 

body and, if relevant, documents of organization, to trade Contracts; 

(4) not be Insolvent;
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(5) not be prohibited from using the services of the Exchange for any 

reason whatsoever; 

(6) hold all registrations required under Applicable Law;

(7) not be subject to statutory disqualification under Section 8a(2) of the 

CEA;

(8) provide such information and documentation as may be requested by 

the Exchange or its Regulatory Service Provider acting on behalf of the 

Exchange;

(9) follow the application procedures designated by the Exchange;

(10) execute the applicable Participant Documentation and any other 

documentation that may be required by the Exchange from time to time;

(11) be or establish a valid clearing relationship with a Clearing Member in 

good standing with the Exchange

(12) agree to abide by the Rules and Applicable Law; and

(13) provide such information and documentation as may be requested by 

the Exchange, and follow the procedures established by the Exchange 

for admission.

(b) In considering an application from a potentialParticipant, the Exchange may require additional 

information from the applicant, or conduct an investigation to verify information submitted by 

the applicant, or both.

(c) If the Exchange decides to admit an applicant as a Participant, it shall promptly notify the 

applicant and state in such notice the date on which the applicant shall become a Participant.

(d) The Exchange may deny, condition or terminate Participant status of any Person:

(1) If such Person is unable satisfactorily to demonstrate its ability to satisfy 

the eligibility criteria to become or remain a Participant;

(2) If such Person is unable satisfactorily to demonstrate its capacity to adhere 

to these Rules;
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(3) If admission of such Person would cause an adverse reputational impact 

to the Exchange, as determined by the Exchange, in its sole discretion; or,

(4) for any other cause as the Exchange may reasonably determine.

(e) If the Exchange decides to decline or condition an application for admission as a Participant, 

or terminate a Person’s status as a Participant, the Exchange shall promptly notify such 

Person (the “Affected Person”) thereof in a writing sent to the address provided by the 

applicant in the Participant application form or maintained in the Exchange registry of 

Participant. Such Affected Person may, within seven (7) calendar days, request in writing that 

the Exchange provide the reasons for the denial, conditioning or termination of Participant

status. Within fourteen (14) calendar days after receiving such written request, the Exchange

shall send a written response to the Affected Person setting forth the reasons for the denial, 

conditioning or termination. Within fourteen (14) calendar days of receiving the Exchange’s 

written response, the Affected Person may request in writing that the Exchange reconsider 

the determination.

(f) Within twenty-eight (28) calendar days of receiving the request for reconsideration, the 

Exchange shall either confirm, reverse or modify the denial, conditioning or termination of the 

Affected Person as a Participant, and shall promptly notify the Affected Person accordingly in 

writing. The Exchange may, within its discretion, schedule a hearing (in-person or by 

teleconference), request additional information from the Affected Person or establish any 

other process that it believes is necessary and appropriate to consider the request for 

reconsideration.

(g) The decision is the final action of the Exchange and is not subject to appeal under these 

Rules.

RULE 304. Authorized Users and User IDs

(a) Each Participant must designate one or more of its employees as an Authorized User(s)

who will be responsible for any Trading Activity conducted on behalf of the Participant.

(b) Each Participant will ensure on an ongoing basis that (i) none of its Authorized Users is 

subject to a statutory disqualification pursuant to CEA Section 8a(2) (unless an 

appropriate exemption has been obtained with respect thereto) and (ii) each of its 

Authorized Users is technically proficient and conducts its business in a fair and equitable 

manner.
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(a) By agreeing to become an Authorized User, an individual agrees to be bound by the duties 

and responsibilities of an Authorized User and to be subject to, and comply with, these Rules. 

Among other duties and responsibilities that the Exchange may impose, an Authorized User

must:

(1) have the authority, at the Exchange’s request, to adjust or withdraw any 

Order submitted under any User ID assigned to him or her; and

(2) ensure that any the Trading Activity conducted under any User ID assigned 

to him or her complies with these Rules.

(b) To designate an Authorized User, a Participant shall comply with such procedures and criteria 

of eligibility as the Exchange may from time to time prescribe.

(c) The Exchange will promptly notify a Participant in writing of the approval of designated 

Authorized User(s) or if the Exchange declines to approve the nomination of an Authorized 

User.

(d) The Exchange will maintain a list of all designated Authorized Users for each Participant. 

Each Participant shall maintain a list of all of its designated Authorized Users.

(e) The Exchange may, in its sole discretion, revoke or suspend the designation of an individual 

as an Authorized User and shall promptly notify the Participant or Clearing Member of such 

action.

(f) To request the termination of the designation of an individual as an Authorized User, the 

Participant shall follow procedures prescribed by the Exchange. The Exchange may, in its 

sole discretion, refuse to accept a request to terminate the registration of an Authorized User, 

or may postpone the effective date of the termination of registration if the Exchange considers 

it necessary for the protection of Participants or in the Exchange’s best interest. Based on 

the information provided to, and other information gathered by, the Exchange regarding the 

request to terminate the registration of an Authorized User, the Exchange will determine 

whether to:

(1) accept the request to terminate the designation; or

(2) postpone the effective date of termination of the designation, and/or impose 

any terms or conditions before or after the effective date of termination of 

the designation.
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(g) Participant acknowledges and agrees that it will be bound by any actions taken through the 

use of such Participant’s User IDs including any of those User IDs issued to its Authorized 

Users, whether or not such actions were actually authorized. In addition, Participant 

acknowledges that the Exchange may rely upon, and will be fully released and discharged by 

Participant for acting upon, any information, data, Transaction details, Orders, 

acknowledgements or instructions that are: (i) entered, imported, transmitted or otherwise 

communicated under its Authorized User’s IDs (whether or not such actions were actually 

authorized by Participant); or (ii) are otherwise reasonably believed by the Exchange to be 

genuine and to have been communicated or presented on behalf of Participant by an 

Authorized User, whether via the Trading Platform or otherwise.

(h) In no event may a Participant or Authorized User enter an Order or permit the entry of an 

Order by an individual using a User ID other than the individual’s own User ID. Participant is 

solely responsible for controlling and monitoring the use of the User IDs. Participant will 

immediately notify the Exchange in writing of any unauthorized disclosure, unauthorized use 

of a User ID, unauthorized access to the Trading Platform or of the need to deactivate any 

User ID.

(i) Participant agrees to provide the Exchange with information related to the Participant’s and 

its Authorized Users’ use of the Trading Platform upon the Exchange’s request, in order to 

enable the Exchange to determine the identity of any Person that is accessing the Trading 

Platform through a User ID of a Participant.

RULE 305. Account Administrators and Authorized Representatives

(a) Participants shall have at all times one or more individuals identified to the Exchange as 

Account Administrators who will be responsible for the obligations set forth in this Rule. The 

Account Administrator shall be responsible for requesting User IDs for Authorized Users and 

notifying the Exchange of the need to terminate any previously issued User IDs of Authorized 

Users for that Participant.

(b) The Account Administrator shall be responsible for all communications between the Exchange

and Participant with respect to User IDs and access to the Trading Platform, and any notices 

or other communications sent to the Account Administrator by the Exchange shall be binding 

on the Participant. The Participant shall promptly notify the Exchange in writing of any change 

in its Account Administrators.
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(c) Each Participant shall designate one or more Authorized Representative(s) who by such 

designation shall be authorized to represent the Participant before the Exchange and its 

committees and receive notices on behalf of the Participant. By the Participant’s designation, 

each Authorized Representative shall be empowered by the Participant, including its 

Authorized Users, to act on its behalf and the Exchange shall be entitled to rely on the actions 

of the Authorized Representative as binding on the Participant or Authorized User.

(d) Each Participant must provide the Exchange with current contact and other requested 

information for each of its Account Administrators and Authorized Representatives.

RULE 306. Dues, Assessments and Fees

(a) The Exchange shall have the authority to set the amounts and times of payment for any dues, 

assessments or fees (including the Trading Platform fees, execution fees, clearing fees, 

brokerage and any other Transaction surcharges) to be paid by Participants.

(b) Each Participant agrees to pay such dues, assessments, and fees as are published by the 

Exchange in a fee circular/notification, on the Exchange’s Website or as otherwise agreed 

between the Exchange and a Participant. Each Participant agrees to pay such dues, 

assessments, and fees when due. The Exchange may change fees charged to Participants

in its discretion. Any such change shall be effective upon publication in accordance with this 

Rule 306(b). 

(c) If a Participant fails to pay when due any such dues, assessments or fees levied on such 

Participant and such payment obligation remains unsatisfied for thirty days after its due date, 

the Exchange may suspend, revoke, limit, condition, restrict or qualify the Participant’s Trading 

Privileges and/or ability to otherwise access the Trading Platform as it deems necessary or 

appropriate.

RULE 307. Recording of Communications

The Exchange may record conversations and retain copies of electronic communications between

Exchange Officials or employees and Participants, their Authorized Representatives, Authorized 

Users, or Account Administrators. Any such recordings may be retained by the Exchange in such 

manner and for such periods of time as the Exchange may deem necessary or appropriate. The 

Exchange will retain such recording in compliance with Applicable Law.
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RULE 308. Notices to Participants

(a) The Exchange shall make available on its Website information pertaining to new product 

listings, new rules, rule amendments or other changes to previously-disclosed information, by 

placing such information on its Website concurrent with the filing of such information with the 

CFTC in accordance with CFTC Regulations. 

(b) To the extent that the Exchange requests confidential treatment of any information filed with 

the CFTC, the Exchange shall post on its Website the public version of such filing. 

(c) The Exchange shall ensure that these Rules are posted on its Website and shall publish any 

revision of these Rules promptly upon the date of implementation of such revision. 

RULE 309. Communications Between the Exchange and Participants

(a) Each Participant must provide the Exchange with its current electronic mail address and 

telephone number and the electronic mail address and telephone number of any of its 

Authorized Representatives and Users and immediately (and in any event within 24 hours) 

update this information whenever it changes.

(b) All communications between the Exchange and the Participant will be transmitted by 

electronic mail and/or posted on the Exchange’s Website, except as otherwise specified by 

the Exchange.

(c) The Participant shall be responsible for conveying such communications to all Authorized 

Users and Authorized Representatives.

(d) Each Participant will be responsible for promptly reviewing and, if necessary, responding to 

all electronic communications from the Exchange to the Participant or any of its Authorized 

Users.

(e) All communications made to Participants shall also be deemed to have been made to all 

Authorized Users.

RULE 310. Withdrawal of Participant

(a) To withdraw from the Exchange, a Participant must notify the Exchange following the 

procedures established by the Exchange.
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(b) The Exchange may, in its reasonable discretion, refuse to accept a Participant’s withdrawal 

request or may postpone the effective date of withdrawal of a Participant if the Exchange

considers it necessary for the protection of other Participants or otherwise in the interests of 

the Exchange.

(c) Based on the information provided to, and other information gathered by, the Exchange

regarding a Participant’s withdrawal request, the Exchange will determine whether to 

(i) accept the withdrawal request; (ii) postpone the effective date of the withdrawal; and/or 

(iii) impose any terms or conditions before or after the effective date of withdrawal.

(d) If the Exchange refuses to accept a Participant’s withdrawal request or postpones the effective 

date of withdrawal of a Participant, the Exchange may waive the obligation to pay some or all 

of the fees, costs and charges that the Exchange would have imposed during the period after 

the date on which the requested withdrawal would have otherwise taken effect.

(e) When the Exchange accepts the withdrawal of a Participant, all rights and privileges of such 

Participant terminate (including, without limitation, the Trading Privileges and ability to access 

the Trading Platform). The accepted withdrawal of a Participant shall not affect the rights of 

the Exchange under the Exchange Rules or relieve a former Participant of its obligations under 

the Exchange Rules, to perform all obligations involving any Contracts entered into by such, 

or to pay any Exchange fees, costs, or charges incurred, before the withdrawal. 

Notwithstanding the accepted withdrawal of a Participant, the withdrawn Participant remains 

subject to the Exchange Rules, the obligations and the jurisdiction of the Exchange for acts 

done and omissions made while a Participant, and must cooperate in any the Exchange

proceeding under Chapter 7 as if the withdrawn Participant were still a Participant.

RULE 311. Independent Software Vendor

For connections by Independent Software Vendors (“ISVs”) to the Exchange, the Exchange will 

apply criteria governing such access that are impartial, transparent, and applied in a fair and 

nondiscriminatory manner. An ISV shall be permitted to connect to the Exchange if it meets the 

following conditions on a continuing basis:

(i) the ISV applies for connection privileges on such form and with such 

supporting documents as the Exchange may require;

(ii) the ISV shall be duly organized, existing and in good standing under the 

laws of its jurisdiction of organization;
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(iii) the ISV will maintain and have current all applicable registrations or 

licenses to do business as an ISV, have good commercial standing and 

adequate financial resources and credit as reasonably determined by the 

Exchange;

(iv) the ISV shall have such operational capabilities as the Exchange shall 

reasonably determine are necessary and appropriate in the performance 

of the ISV’s activities;

(v) an ISV providing a Participant access to the Trading Platform is subject to 

the jurisdiction of the Exchange with respect to any and all matters arising 

from, related to, or in connection with, the status, actions or omissions of 

such Participant, and agrees to assist the Exchange in complying with its 

legal and regulatory obligations, cooperate with the Exchange (and the 

Regulatory Service Provider, if applicable), and the CFTC in any inquiry, 

investigation, audit, examination or proceeding, and authorizes the 

Exchange to provide information to the CFTC or any Self-Regulatory 

Organization;

(vi) the ISV shall meet any other criteria the Exchange may from time to time 

prescribe; 

(vii)the ISV shall pay such fees and pay such fees when due, as established 

by the Exchange, such fees being comparable for all ISVs with comparable 

access to, or obtaining comparable services from, the Exchange; and

(viii) all disputes concerning fees assessed by the Exchange must be 

submitted to the Exchange in writing and must be accompanied by 

supporting documentation. All disputes related to fees must be submitted 

to the Exchange no later than sixty (60) days after the date of the monthly 

invoice. All the Exchange invoices are due in full on a timely basis and 

payable in accordance with this Rule; and the Exchange may suspend an 

ISV’s trading connectivity for failure to pay any fees no earlier than thirty 

(30) days from the date of the invoice.
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RULE 312. Regulatory Service Provider

The Exchange may contract with a Regulatory Service Provider to provide certain regulatory 

services to the Exchange pursuant to a Regulatory Services Agreement. In accordance with such 

Regulatory Services Agreement, the Regulatory Service Provider may perform certain services 

including, but not limited to surveillance, investigative and regulatory functions under the Rules of 

the Exchange. The Exchange shall remain responsible for the performance of any regulatory 

services received, for compliance with the Exchange’s obligations under the CEA and CFTC

Regulations, and for the Regulatory Service Provider’s performance on behalf of the Exchange. 

The Exchange shall retain exclusive authority in decisions involving the cancellation of trades, the 

issuance of disciplinary charges against members or market participants, and the denials of 

access to the Trading Platform for disciplinary reasons. The Exchange must document any 

instances where its actions differ from those recommended by its Regulatory Service Provider, 

including the reasons for the course of action recommended by the Regulatory Service Provider 

and the reasons why the Exchange chose a different course of action. The Exchange may provide 

information to the Regulatory Service Provider and also receive information from the Regulatory 

Service Provider in connection with the Regulatory Service Provider’s performance under such 

Regulatory Service Agreement.

RULE 313. Sanctioned Party

(a) A “Sanctioned Party” and collectively, “Sanctioned Parties,” are not permitted to access the 

Exchange, whether directly or indirectly.

(i) A Sanctioned Party or Sanctioned Parties are:

(A) identified on the Specially Designated Nationals and Blocked Persons List 

of the U.S. Department of the Treasury’s Office of Foreign Assets Control 

(“OFAC”) (“RestrictedPersons”);

(B) 50% or more owned by Restricted Persons;

(C) located in a country or territory subject to comprehensive economic 

sanctions administered by OFAC (“Restricted Country or Territory” or 

“Restricted Countries or Territories”);

(D) owned or controlled by the governments of Restricted Countries or 

Territories;
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(E) subject to OFAC restrictions where such restriction prohibits a specific 

activity which would in turn prohibit the party from trading on the Exchange

or settling a transaction at the Exchange;

(F) subject to restrictions administered or imposed by a state or government 

authority authorized to issue economic sanctions and blocking measures 

that has jurisdiction over a Participant (each a “SanctioningBody”); or

(G)acting on behalf of any of the foregoing.

(ii) Unless permitted (either not restricted or specifically authorized) by OFAC and/or 

any Sanctioning Body, as applicable:

(A) any Clearing Member that maintains positions or carries an account 

actively trading on the Exchange for a Person that is or becomes a 

Sanctioned Party; or

(B) any Clearing Member that becomes aware, or has documentary 

information, that it maintains positions or carries an account actively trading 

on the Exchange on behalf of a Sanctioned Party, shall immediately take 

steps to:

(C) cancel all direct and indirect access and authorizations issued to such 

Sanctioned Party and provide written notice to the Exchange of such 

cancellations; or

(D) provide written instructions to the Exchange directing the Exchange to 

assist and coordinate in the cancellation of all access and authorizations 

for the Sanctioned Party at the Exchange as may be applicable.
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CHAPTER 4. OBLIGATIONS OF PARTICIPANTS

RULE 401. Duties and Responsibilities of Participants

(a) Each Participant shall, and shall cause each of its Authorized Users that directly or indirectly 

effects a Transaction on the Exchange, to:

(1) use the Exchange Trading Platform in a responsible manner and not for 

any improper purpose;

(2) use the Exchange Trading Platform only to conduct the Exchange activity;

(3) conduct all Exchange activity in a manner consistent with the Exchange

Rules;

(4) comply with all Exchange Rules and act in a manner consistent with each 

Rule of the Exchange;

(5) comply with all Clearing House Rules, to the extent applicable to it, and act 

in a manner consistent with the Clearing House Rules, to the extent 

applicable;

(6) comply with all CFTC Regulations and NFA Rules, to the extent applicable 

to it, and act in a manner consistent with the NFA Rules, to the extent 

applicable;

(7) observe high standards of integrity, market conduct, commercial honor, fair 

dealing, and just and equitable principles of trade while conducting or 

attempting to conduct any Exchange activity, or any aspect of any business 

connected with or concerning the Exchange;

(8) not knowingly mislead or conceal any material fact or matter in any dealings 

or filings with the Exchange or in response to any Exchange Proceeding;

(9) keep any User IDs, Trading Account numbers and passwords related to 

the Exchange Trading Platform confidential;
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(10) be fully liable for all trading losses arising from Transactions in 

Contracts, and from any use of the Exchange Trading Platform by 

Participant or Participant’s Authorized Users, and from all Orders, including 

for the avoidance of doubt, Orders entered as a result of a failure of security

or credit controls or risk limits, except to the extent caused by the gross 

negligence of the Exchange;

(11) use the Exchange’s pre-trade controls and risk limits functionality, 

including to the extent used by a Clearing Member as a condition to 

providing access to clearing services;

(12) employ practices to monitor and enforce compliance with risk limits;

(13) be responsible for promptly informing the Exchange of any material 

changes to the information provided to the Exchange by the Participant

pursuant to Chapter 3; 

(14) keep, or cause to be kept, complete and accurate books and 

records, including, without limitation, records required under CFTC 

Regulation 38.254, trading records in underlying commodity and 

derivatives markets related to any Contract, records and documents related 

to data submitted by the Participant to an instrument or index to which a 

Contract settles, all books and records required to be maintained pursuant 

to the CEA, the CFTC Regulations or the Exchange Rules, and Applicable 

Law, for at least five (5) years, and in the form and manner as required by 

Applicable Law, and make such books and records readily accessible for 

inspection by an authorized representative of the Exchange, the 

Regulatory Service Provider (if any) and, if requested, the CFTC or any 

other regulatory, Self-Regulatory Organization or Government Agency with 

jurisdiction; and

(15) prevent, detect, and mitigate market disruptions or system anomalies 

associated with electronic trading on the Exchange.

RULE 402. Required Disclosures to the Exchange

(a) Each Participant shall immediately notify the Exchange upon becoming aware of any of the 

following events:
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(1) any change to the contact information provided to the Exchange;

(2) any damage to, or failure or inadequacy of, the systems, facilities or 

equipment used and relied on by Participant to effect Transactions on the 

Trading Platform and pursuant to these Rules or to timely perform the 

Participant’s financial obligations under or in connection with Contracts;

(3) any refusal of admission to, or withdrawal by the Participant of any 

application for membership in, any Self-Regulatory Organization, DCM or 

DCO;

(4) any denial or withdrawal of any application for any registration or license 

by or from any Government Agency, and any revocation, suspension or 

conditioning of any registration or license granted by any Government 

Agency;

(5) the commencement of any judicial or administrative proceeding against the

Participant by a Government Agency or the imposition of any fine, cease 

and desist order, denial of trading privileges, censure or other sanction or 

remedy (whether through an adverse determination, voluntary settlement 

or otherwise) imposed by any Self-Regulatory Authority, Swap Execution 

Facility, DCM, DCO or any Government Agency;

(6) any indictment or conviction of, or any confession of guilt or plea of guilty 

or nolo contendere by, the Participant or any of its principals or senior 

officers for any felony or misdemeanor involving, arising from, or related to, 

the purchase or sale of any commodity, futures contract, option, security, 

security futures product or other financial instrument, or involving or arising 

from fraud or moral turpitude; 

(7) the occurrence of any event giving rise to a statutory disqualification of the 

Participant as defined under Section 8a(2) of the CEA.

(8) the Participant or a 10% or greater owner of the Participant becoming the 

subject of a petition for bankruptcy;

(9) the appointment of a receiver, trustee or administrator for the Participant or 

a 10% or greater owner of the Participant;
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(10) the presentment of a petition, or the passing of a resolution, for the 

winding-up of the Participant or a 10% or greater owner of the Participant;

(10) the commencement of proceedings for the dissolution of Participant or the 

10% or greater owner of the Participant; or

(11) the occurrence of an event of Insolvency with respect to the Participant or 

any 10% owner or greater owner of the Participant.

RULE 403. Ability to Obtain Information

(a) The Exchange shall have the right, in connection with its efforts to supervise, monitor and 

enforce compliance with these Rules by any Person accessing the Trading Platform and by 

all Participants, to:

(1) inspect and have access to the systems, equipment and software operated 

by the Participant in connection with the Exchange activity, wherever 

located, including any data stored in such systems, equipment or software;

(2) have access to the books and records of the Participant relating to its 

Transactions in Contracts on the Exchange; and

(3) copy or reproduce any data to which the Exchange has access under this 

Rule.

(b) Participants shall provide to authorized Persons and Officers of the Exchange the access 

required under this Rule upon reasonable notice, provided that the Exchange reserves the 

right in the event of an Emergency to require that such access be provided immediately and 

without prior notice.

(c) The Exchange Regulatory Department may require any Participant to provide to it or to the 

Regulatory Service Provider information that required in the judgment of the Regulatory 

Department or Regulatory Service Provider to discharge their obligations under Applicable 

Law to supervise, monitor and enforce compliance with these Rules. 

RULE 404. Confidentiality of Financial and Other Information

Subject to Rule 902, all information, records, materials and documents provided to the Exchange 

and all deliberations, testimony, information, records, materials and documents related thereto 

shall be treated as non-public and confidential and shall not be disclosed, except as necessary to 
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further an Exchange investigation under Chapter 7 of these Rules or as required under Applicable 

Law. 

RULE 405. Compliance with Minimum Financial Requirements, Financial 

Reporting Requirements and Requirements Relating to Protection of 

Customer Funds

Each Participant that is registered with the CFTC as an FCM or introducing broker shall:

(a) comply with the provisions of CFTC Regulation 1.17, applicable Clearing House Rules and 

other Applicable Law, including any regulations of a Government Agency or SRO applicable 

to a Participant or Clearing Member relating to minimum financial and related reporting and 

recordkeeping requirements;

(b) be required to deliver to the Exchange a copy of any notice or written report required to be 

filed with the CFTC pursuant to CFTC Regulations 1.10 and 1.12 within the time periods 

prescribed for such filing or delivery in CFTC Regulations 1.10 and 1.12;

(c) respond timely to any Exchange request for information or records relating to a Transaction 

by such Participant or any Customer or Authorized User of such Participant; and

(d) comply with all CFTC Regulations applicable to such Participant. 

Any Participant determined by order of the CFTC or any court of competent jurisdiction of an 

enforcement proceeding by the CFTC or any other Government Agency against the Participant 

to have violated any provision of the CFTC Regulations, shall be deemed thereby to be in violation 

of these Rules.

RULE 406. Authority to Impose Restrictions

Whenever a Participant is subject to the early warning capital requirements set forth in CFTC 

Regulation 1.12, the Exchange may impose such conditions or restrictions on the business and 

operations of such Participant as the Exchange may deem necessary or appropriate for the 

protection of Customers, other Participants, or the Exchange.
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RULE 407. Customers

(a) No Participant shall carry a Trading Account for or enter an Order in the name of a Customer 

unless the Participant has entered into a written agreement with the Customer that is in 

compliance with and made subject to Applicable Lawincluding these Exchange Rules.

(b) No Participant shall engage in soliciting or accepting an Order for a Contract for a Participant

or Customer unless the Participant has entered into a written agreement with the Participant

or Customer that meets the requirements of this Rule.

RULE 408. Treatment of Customer Funds and Securities

Each Participant that is required to be registered with any Government Agency, including the 

CFTC and the U.S. Securities and the Exchange Commission or any Self-Regulatory 

Organization shall comply with the provisions of Applicable Law, including but not limited to the 

Rules and regulations such Government Agency imposes on a Participant relating to the 

treatment of Customer funds and the maintenance of books and records with respect thereto. 

Specifically, each Clearing Member must comply with the regulations of the applicable 

Government Agency and the Clearing House Rules, including but not limited to, Rules related to 

the protection of Customer funds, including the segregation of Customer and proprietary funds, 

the custody of Customer funds, the investment standards governing an intermediary’s use of 

Customer funds, intermediary default procedures and related recordkeeping, including without 

limitation CFTC Regulations 1.20 through 1.32. The Exchange shall conduct surveillance of its 

Members’ compliance with this Rule, including through its membership and participation in the 

Joint Audit Committee. Any Participant that violates any of the aforementioned CFTC Regulations, 

Clearing House Rules or other Applicable Law shall be deemed to have violated this Rule1.10

.

RULE 409. Disclosure Requirements

Each Participant must comply with all disclosure requirements set forth in these Rules and 

Applicable Law. 

RULE 410. Information Regarding Orders

(a) The Exchange will make information regarding Orders (including prices bid or offered), trades 

and any other matters it may deem appropriate available to Participant and other Participants

at such times and in such manner (whether through the Trading Platform, a ticker, financial 
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information services or otherwise) as it may consider necessary or advisable from time to 

time.

(b) Each Participantreceiving any such information through the Trading Platformmay redistribute 

such information only to such extent and in such manner as may be permitted by the 

Exchange from time to time.

RULE 411. Disaster Recovery; Business Continuity

Each Participant shall have written disaster recovery and business continuity policies and 

procedures in place to ensure that it is able to perform its obligations under these Rules in the 

event of a significant internal or external interruptionto its operations. At a minimum, such policies 

and procedures shall include: 

(i) procedures reasonably designed to allow Participant to continue to meet 

its obligations relating to Transactions in Contracts during periods of stress

(which may include procedure for transferring Trading Accounts to another 

fully operational Participant); and

(ii) periodic testing of disaster recovery and business continuity plans, 

duplication of critical systems at back up sites and periodic back-up of 

critical information. 
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CHAPTER 5. TRADING PRACTICES AND BUSINESS 

CONDUCT

RULE 501. Scope

These Rules address trading practices by Participants submitting Orders to and executing 

Transactions in Contracts on the IMX Trading Platform.

RULE 502. Procedures

(a) With respect to trading on or though the Exchange Trading Platform, the Exchange may adopt, 

without limitation, procedures relating to transactions in Contracts and trading on the 

Exchange Trading Platform, including procedures relating to:

(1) determination of Daily Settlement Price of a Contract;

(2) dissemination of bids and offers on, and Transactions in, Contracts;

(3) recordation, and accounting for, Contracts and Exchange activity;

(4) market surveillance and regulation of matters affecting Contracts and the 

Exchange activity;

(5) determination of limits on the number and/or size of Orders that may be 

submitted by a Participant through the Exchange Trading Platform;

(6) determination of limits on the number of Contracts that may be held by a 

Customer or Participant;

(7) determination of maximum daily price fluctuations for any Contract and

provide for any related restriction or suspension of trading in the Contract; 

and,

(8) the suspension or expulsion of a Participant, or the imposition of trading 

restrictions on a Participant, including a Participant with open positions in 

Contracts which are required to be liquidated or transferred. 

(b) The Exchange may, in its discretion and at any time, amend any procedures adopted pursuant 

to Rule 502(a), and will publish such amendments in a notice to Participants by means 

determined appropriate by the Exchange.
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RULE 503. Business Days and Trading Hours

The Exchange shall publish notices of Business Days and holidays of the Exchange and the 

Trading Hours for each Contract on the Exchange Website.

RULE 504. Market Suspension and Emergencies

(a) The Exchange reserves the right to adjust Trading Hours and suspend market activities for all 

or a subset of Contracts in the case of extenuating market circumstances which include, but 

are not limited to, any occurrence or circumstance which threatens or may threaten such 

matters as the fair and orderly trading in, or the liquidation of or delivery pursuant to, any 

Contracts and which is determined by the Exchange to require immediate action.

(b) During an Emergency, the Board may take temporary emergency action and/or implement 

temporary emergency procedures and Rules (“Emergency Actions”), subject to Applicable 

Law. In the event that the Exchange is unable in sufficient time under the circumstances to 

convene a meeting of the Board, the Chief Executive Officer or an Officer designated by the 

Chief Executive Officer may take Emergency Actions on behalf of the Board, pursuant to this 

Rule. The Exchange shall convene a meeting of the Board as soon as practicable thereafter 

to ratify, modify or rescind such Emergency Action.

(c) Emergency Action may require or authorize the Exchange, the Board, any Committee of the 

Board or the Chief Executive Officer to take actions necessary or appropriate to respond to 

the Emergency, on its own or in coordination with another relevant Person, including but not 

limited to the following actions:

(1) imposing or modifying position accountability limits;

(2) imposing or modifying price limits;

(3) imposing or modifying intraday market restrictions;

(4) imposing special margin requirements;

(5) ordering the liquidation or transfer of open positions in any Contract;

(6) ordering the fixing of a settlement price;

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(8) extending or shortening Expiry dates or Trading Hours;

(9) suspending or curtailing trading in any Contract;

(10) transferring Contracts as permitted by Applicable Law;

(11) altering any Contract’s settlement terms or conditions;

(12) limiting access to the Trading Platform by any Clearing Member, 

Participant or ISV; or

(13) taking such other actions as may be directed by the CFTC or other 

regulatory authority.

(d) The Exchange will document the decision-making process related to any Emergency Action. 

The Exchange will promptly notify the CFTC of any Emergency Action. In taking any 

Emergency Action, the Exchange and its Officers shall preserve books and records relating 

to the deliberative process, the reasons for taking the action and how conflicts of interest were 

minimized and shall preserve such books and records in accordance with Applicable Law.

RULE 505. Conflicts of Interest in Emergencies 

Whenever any Emergency Action or other significant action may, in the judgment of the Board or 

any Officer with the power to act on behalf of the Board under these Rules, have a material effect 

on the price of any Contract or a material impact on the market for such Contracts, the following 

procedures set forth under this Rule 505 shall apply.

(a) Disclosure. Prior to consideration of the matter, each member of the Board or any relevant 

committee who participates in the deliberations or voting on such Emergency Action shalldisclose

positions held on the Exchange in accordance with the disclosure requirements set forth under 

Rule 210. 

(b) Disqualification. Any member declining to make position disclosures in accordance with Rule 

210 shall recuse themselves from participating in or voting on the matter under consideration. Any 

participant who has, or whose Affiliate has, a position required to be disclosed under Rule 210 

and this Rule shall recuse themselves from deliberations on the matter under consideration. If 

such withdrawal results in the lack of a quorum, the Board or committee shall appoint an ad hoc 

committee comprised of members who are not disqualified and shall delegate to such ad hoc 
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committee all the powers of the Board or relevant committee with respect to the matter under 

consideration.

(c) Documentation. The minutes of any meeting at which Emergency or other significant action is 

considered shall reflect the following information: (i) the names of all Board or committee 

members who attended the meeting in person or by electronic means; (ii) the name of any 

member who recused themselves voluntarily or who were required to abstain from deliberations 

or voting; and (iii) information on the position disclosures made by each participant.

RULE 506. Rule Violations

It shall be a violation for a Participant to engage in fraud, dishonorable or dishonest conduct or 

conduct which is inconsistent with just and equitable principles of trade.

RULE 507. Fraudulent Acts Prohibited

No Participant shall engage in any fraudulent act or engage in any scheme to defraud, deceive, 

trick or mislead in connection with or related to any Transaction in Contracts on the Exchange or 

the Clearing House.

RULE 508. Fictitious, Wash or Non-Competitive Transactions Prohibited

No Participant shall engage in fictitious transactions, wash transactions or non-competitive 

transactions except, in the case of noncompetitive transactions, as otherwise authorized by the 

Rules, or execute any such Order with knowledge of its nature as a fictitious transaction, wash 

transaction, or non-competitive transaction.

RULE 509. Market Disruption Prohibited

Orders entered into the Exchange Trading Platform for the purpose of disrupting the orderly 

functioning of the market in any Contract or creating a condition in which prices do not or will not 

reflect fair market values are prohibited, and any Participant that enters or assists in entering any 

such Order with knowledge of the purpose thereof or who, with such knowledge, in any way 

assists in carrying out any plan or scheme for the entering of any such Order, will be deemed to 

have engaged in an act detrimental to the Exchange and a violation of these Rules.
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RULE 510. Market Manipulation Prohibited

No Participant shall attempt to manipulate or manipulate the market in any Contract. For purposes 

of this Rule 510 “attempt to manipulate” and “manipulation” shall be defined and understood by 

reference to interpretive guidance issued by CFTC staff, and administrative and enforcement 

proceedings commenced by the CFTC.

RULE 511. Disruptive Trading Practices Prohibited

All Orders entered into the Exchange Trading Platform must be entered for the purpose of 

executing Transactions, in good faith and for commercially legitimate purposes. No Participant

shall engage in any trading, practice or conduct that:

(a) violates bids or offers;

(b) demonstrates intentional or reckless disregard for the orderly execution of Transactions;

(c) is, or is of the character commonly known as, “spoofing;” or

(d) constitutes any other disruptive trading practice under the CEA or CFTC Regulations.

RULE 512. Prohibition of Misstatements

No Participant shall intentionally or recklessly make any misstatement of a material fact to the 

Exchange, any Exchange Official, any Board committee or any Disciplinary Panel (including any 

Hearing Panel, Review Panel or Appeals Panel) convened under these Rules.

RULE 513. Acts Detrimental to Welfare of the Exchange Prohibited

No Participant shall engage in any act that is detrimental to the welfare of the Exchange.

RULE 514. Adherence to Law

No Participant shall engage in conduct that is a violation of Applicable Law, including without 

limitation the CEA and the CFTC Regulations.

RULE 515. Supervision

A Participant shall establish, maintain and administer reasonable supervisory procedures to 

monitor the compliance of its Authorized Users, partners, directors, officers, agents, contractors, 
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representatives and employees with these Rules and Applicable Law and such Participant may 

be held accountable for the actions of suchAuthorized Users, partners, directors, officers, agents, 

contractors, representatives and employees in connection with Transactions in Contracts on the 

Exchange.

RULE 516. Contracts Trading on the Exchange

The Exchange will from time to time make Contracts available for trading on the Exchange, 

subject to Applicable Law and these Rules, including applicable Contract specifications and 

subject to review of such specifications by the CFTC as required by the CEA and the CFTC 

Regulations thereunder. All trading in Exchange Contracts must occur on or through the Trading 

Platform and in accordance with the Exchange Rules and Applicable Law.

RULE 517. Pre-Trade Risk Controls

(a) The Clearing Member must designate a natural Person as a risk manager, and such risk 

manager shall be responsible for setting and thereafter adjusting, as appropriate, pre-trade

risk controls to a level that is appropriate for the Trading Activity of a Participant. Participants 

should employ other necessary pre-trade risk controls appropriate for such Person’s Trading 

Activity.

(b) When pre-trade risk parameters have been met or exceeded, the Exchange's Trading 

Platform:

(1) may reject all new Orders in their entirety; 

(2) may accept new Orders if the Participant canceled existing Orders, but only 

to the extent that the pre-trade risk parameter was not met or exceeded; or

(3) in the Exchange’s sole discretion, may accept Orders exceeds such risk 

parameters with the Clearing Member’s prior approval. 

RULE 518. Acceptable Orders

At the discretion of the Exchange, any of the following types of Orders, as well as any other types 

that may be approved from time to time, and as set forth on the Exchange’s Website, may be 

entered into the Exchange Trading Platform with respect to any Contract:
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(a) Limit Order - Limit Orders are Orders to buy or sell a stated quantity at a specified price or at 

a better price if obtainable. 

(b) Market to Limit Order - Market to Limit Orders will match with the first available contra order 

(effectively a market order.) 

(c) Stop Order - A Stop Order becomes a Market-to-limit Order once it has been triggered.

(d) Stop Limit Order - A Stop Limit Order when triggered becomes a Limit Order.

(e) Time in Force Orders, including:

(i) Day Order: An Order that expires automatically at the end of each day’s 

trading session;

(ii) Good Until Canceled Order (GTC): An Order which is valid and remains in 

force until canceled by the Customer;

(iii) Immediate or Cancel (IOC): An Order to bid or offer that must be 

immediately filled and any unfilled portion of the Order is canceled; and

(iv) Fill-or-Kill Order (FOK): An Order that demands immediate execution or 

cancellation. Typically involving a designation, added to an Order, 

instructing the broker to offer or bid (as the case may be) one time only; if 

the Order is not filled immediately, it is then automatically canceled.

RULE 519. Spread Orders

A spread Order is an Order to simultaneously buy and sell at least two different Contracts in a 

form permitted by the Exchange, as set forth on the Exchange’s Website. The Exchange spreads 

operate on a central limit order book (“Book”) and therefore accept a single price and quantity 

even though they are constructed as combinations of multiple Contracts. 

RULE 520. Modification and Cancellation of Orders

Any Order that has been entered into the Exchange Trading Platform may be modified or 

canceled, unless and until the Order has been fully executed, by any means permitted under 

these Rules. 
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RULE 521. Orders of Other Clearing Members

No Clearing Member shall accept or submit any Order for or on behalf of another Clearing Member

without the prior written consent of such other Clearing Member. If such Order results in a 

Transaction, the Clearing Member accepting the Order must promptly send a duplicate 

confirmation of the transaction to the Clearing Member from which the prior written consent is 

required pursuant to this Rule.

RULE 522. Misuse of the Exchange Trading Platform

(a) Misuse of the Exchange Trading Platform is strictly prohibited. It shall be deemed an act 

detrimental to the Exchange to permit any unauthorized use of the Exchange Trading 

Platform, to assist any Person in obtaining unauthorized access to the Exchange Trading 

Platform, to trade on the Exchange Trading Platform without an agreement conforming in 

substance to the requirements of these Rules and a clearing account with a Clearing Member, 

to alter the equipment associated with the Exchange Trading Platform (except with the 

Exchange’s consent), to interfere with the operation of the Exchange Trading Platform, to 

interfere with or intercept information provided thereby or in any way to use the Exchange

Trading Platform in a manner contrary to the Exchange Rules.

(b) All Participants permissioned to connect to the Trading Platform must be guaranteed by a 

Clearing Member that assumes financial responsibility for all activity through the connection. 

Trades may, in accordance with these Rules, the Clearing House Rules, and the operational 

procedures prescribed by the Exchange or the Clearing House, be given up to or transferred 

to Clearing Members other than the Clearing Member that has initially cleared the Trade by 

virtue of the guarantee in favor of the Participant that executed the Trade. Pending any such 

“give-up” or transfer, the Clearing Member that issued the guarantee in favor of the Participant 

executing the Trade and that initially cleared the Trade pursuant to that guarantee, shall be 

financially responsible for the Trade. 

(c) Clearing Members shall assist the Exchange in any investigation into potential violations of 

the Exchange Rules or the CEA which occur through or with respect to a Trading Platform 

connection guaranteed by the Clearing Member. Such assistance must be timely and may 

include, but not be limited to, requiring any Participant or Customer to cooperate with any 

investigation by the Exchange. Upon request by the Exchange, Clearing Members shall 

suspend or terminate a Participant’s or Customer’s access to the Trading Platform if the 

Exchange determines that the actions of the Participant or Customer threaten the integrity or 
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liquidity of any Contract or violate any Exchange Rule or the CEA or if the Participant or

Customer fails to cooperate in an investigation. 

(d) If a Clearing Member has actual or constructive notice of a violation of Exchange Rules in 

connection with the use of the TradingPlatform by a Participant or Customer and the Clearing 

Member fails to terminate the connection, the Clearing Member may be found to have 

committed an act detrimental to the Exchange,

RULE 523. Errors and Omissions in Handling Orders

(a) If a Participant or Clearing Member discovers an error in the handling of an Order for a 

Customer after the relevant Trade is executed, and the Order cannot be executed in the 

market at a price which is better than or equal to that which the Order should have received, 

the Participant or Clearing Member shall re-execute the Order in the market and compensate 

the Customer for the difference if the price is worse than that which the Customer should have 

originally received. This Rule shall not be construed to permit a Participant or Clearing 

Member to contravene or disregard instructions received from a Customer, but shall be 

construed to permit execution of Orders under the conditions described herein without prior 

instructions from the Customer.

(b) No Participant or Clearing Member shall compensate a Customer in respect of a price 

discrepancy claim arising from an Order of such Customer executed on the Exchange, except 

in accordance with Rule 531. 

RULE 524. Withholding Orders Prohibited

Any Participant entering Orders on the Exchange Trading Platform for its Customer shall not 

withhold or withdraw from the market any Order, or any part of an Order, for the benefit of any 

Person other than such Customer.

RULE 525. Priority of Customers’ Orders

No Participant shall enter an Order into the Exchange Trading Platform for its own Trading 

Account, a Trading Account in which it has a direct or indirect financial interest or a Trading 

Account over which it has discretionary trading authority, including, without limitation, an Order 

allowing discretion as to the time and price, when such Participant is in possession of a Customer 

Order that is executable on the Exchange Trading Platform.
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RULE 526. Disclosing Orders Prohibited

No Participant shall disclose the terms of an Order prior to entry into the Trading Platform except 

to an Exchange Official or pursuant to a request by the CFTC, NFA or other Government Agency

or Self-Regulatory Organization. No Participant shall solicit or induce another Participant to 

disclose Order information. No Person shall take action or direct another to take action based on 

non-public Order information, however acquired. The mere statement of opinions or indications 

of the price at which a market may open or resume trading does not constitute a violation of this 

Rule.

RULE 527. Position Transfers

Clearing Members may transfer positions in cleared Contracts in accordance with the Rules and 

operational procedures of the Clearing House in force from time to time. 

RULE 528. Wash Sales Prohibited

No Participant shall place or accept buy and sell Orders in the same product and Expiry, where 

such Participant knows or reasonably should know that the purpose of the Orders is to avoid 

taking a bona fide market position exposed to market risk (transactions commonly known or 

referred to as wash sale). Buy and sell Orders by Participants that are entered with the intent to 

negate market risk or price competition, or to effect a money-pass between Trading Accounts with 

common beneficial ownership shall be deemed to have violated the prohibition on wash trades. 

Additionally, no Participant shall knowingly or recklessly execute or accommodate the execution 

of such Orders by direct or indirect means. 

RULE 529. Recordkeeping Requirements for Entering Orders into the 

Exchange Trading Platform

(a) General Requirements

(1) Each Participant entering Orders into the Exchange Trading Platform shall 

input for each Order the Exchange required fields for an Order to be 

accepted.

(2) With respect to Orders received by an Authorized User that are capable of 

being immediately entered into the Exchange Trading Platform, no record 

other than that set forth above need be made. However, if an Authorized 
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User receives an Order that cannot be immediately entered into the 

Exchange Trading Platform, the Authorized User must prepare a written 

Order and include the account designation, date, an electronic timestamp 

reflecting the time of receipt and other information required pursuant to 

section (a)(1) above. The Order must be entered into the Exchange

Trading Platform when it becomes executable.

(b) Electronic Audit Trail Requirements for Electronic Order Routing/Front-End Systems

(1) Each Clearing Member and Participant that accesses the Exchange 

Trading Platform electronically is responsible for maintaining or causing to 

be maintained a front-end audit trail for all electronic Orders, which shall 

include Order entry, modification, and cancellation information (the “Audit

Trail”) entered into the Exchange Trading Platform by the Participant for 

which the Clearing Member is identified in the Order or quote submission 

as the Clearing Member for the execution of the Order or quote, including 

all related modifications and cancellations.

(2) The Audit Trail must be maintained for a minimum of five years, and 

Participants must have the ability to produce this data in a standard format 

upon request of the Exchange Regulatory Department. This Audit Trail 

must contain all Order receipt, Order entry, Order modification, Order 

cancellation and response/receipt times to the highest level of precision 

achievable by the operating system, but at least to the hundredth of a 

second. The times captured must not be able to be modified. The data 

must also contain all FIX Tag information and fields which should include, 

the following: a record of all fields relating to Order entry, including 

transaction date, product, Exchange code, Expiry, quantity, Order Type, 

Order Qualifier, price, buy/sell indicator, stop/trigger price, Order number, 

unique transaction number, Trading Account number, session ID, operator 

ID, host Order number, trader Order number, Clearing Member, type of 

action, action status code, customer type indicator, origin, and timestamps. 

For executed Orders the audit trail must record the execution time of the 

trade along with all fill information. Each Clearing Member and Participant 

shall maintain such Audit Trail information for a minimum of five (5) years 

and must have the ability to produce Audit Trail data in a standard format 

upon request of the Exchange. Notwithstanding anything to the contrary 
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herein, each Participant is required to comply with the provisions of CFTC

Regulation 1.35 as applicable to that Participant.

(c) Exchange System

Notwithstanding the foregoing above, a Person can rely on electronic order routing or 

order execution systems of the Exchange to record the Audit Trail information from the 

point that it enters the Exchange Trading Platform in accordance with Commission 

requirements. The Exchange shall maintain all information on behalf of such Person any 

information entered into the Exchange Trading Platform and shall provide such information 

to such Person upon request in a time-frame sufficient for the Person to meet their 

regulatory requirements. All market participants must maintain any aspect of the Audit 

Trail that occurs outside of the Trading Platform.

(d) Customer Type Indicator (“CTI”) Codes

Each Clearing Member must identify each transaction executed on the Exchange Trading 

Platform on the record of transactions submitted to the Exchange with the correct 

CTI Code. The CTI Codes are as follows:

(1) CTI 1: Transactions initiated and executed by an individual Member for 

their own Trading Account, for a Trading Account they control or for a

Trading Account in which they have an ownership or financial interest;

(2) CTI 2: Transactions executed for the proprietary Trading Account of a 

Clearing Member or Member firm;

(3) CTI 3: Transactions where an individual Member executes for the personal 

Trading Account of another individual Member, for a Trading Account the 

other individual Member controls or for a Trading Account in which the 

other individual Member has an ownership or financial interest; and

(4) CTI 4: Any transaction not meeting the definition of CTI 1, 2 or 3.
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RULE 530. Prearranged, Pre-Negotiated and Noncompetitive Trades 

Prohibited

(a) No Person shall prearrange or pre-negotiate any purchase or sale or noncompetitively 

execute any Transaction, except in accordance with Section (b) below.

(b) Pre-Execution Communications Regarding the Exchange Trading Platform Trades

Parties may engage in pre-execution communications with regard to Transactions 

executed or to be executed on the Exchange Trading Platform where one party (the first 

party) wishes to be assured that a contra party (the second party) will take the opposite 

side of the first party’s Order subject to the restrictions below.

(1) A party may not engage in pre-execution communications with other 

market participants on behalf of another party unless the party for whose 

benefit the trade is being made has previously consented to permit such 

communications.

(2) Parties to pre-execution communications shall not:

(i) disclose to a nonparty the details of such communications; or

(ii) enter an Order to take advantage of the information conveyed 

during such communications except in accordance with this 

Rule.

(3) The first party’s Order must be entered into the Exchange Trading Platform

first and the second party’s Order may not be entered into the Exchange

Trading Platform until a period of 15 seconds has elapsed from the time of 

entry of the first Order.

RULE 531. Responsibility For Customer Orders

(a) Standard of Responsibility

(1) A Participant shall exercise due diligence in the handling and execution of 

Customer Orders. Failure to act with due diligence shall constitute 

negligence. In the case of a dispute as to whether a Participant has 

exercised due diligence, the appropriate arbitration or disciplinary 
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committee is authorized to determine whether the Participant was negligent 

and, if so, whether an adjustment is due to the Customer.

(2) A Participant is prohibited from directly or indirectly guaranteeing the 

execution of an Order or any of its terms such as the quantity or price. A 

Participant may only report an execution that has been effected through 

the Exchange Trading Platform. Nothing herein shall be construed to 

prevent a Participant from assuming or sharing in the losses resulting from 

an error or the mishandling of an Order.

(b) Liability for Negligence

A Participant may not adjust the price at which an Order was executed or be held 

responsible for executing or failing to execute an Order unless such Participant was 

negligent or is settling a bona fide dispute regarding negligence. A Participant may not 

compel an adjustment from another Participant in the absence of a bona-fide dispute 

regarding negligence. Participants and Clearing Members shall document all adjustments. 

Participants and Clearing Members shall make and retain a record which contains the 

date the adjustment was received, the name of the Participant making the adjustment, the 

Trading Account to which the adjustment was credited, the amount of the adjustment, the 

Order number and the reason for the adjustment. Such records must be provided to the 

Exchange upon request.

RULE 532. Discretionary Orders

No Participant shall submit a discretionary order to the Exchange Trading Platformfor any Trading 

Account of another Person, without the prior written consent of such other Person to exercise 

such discretion (which may take the form of a written agreement between such Participant and 

such Person conferring on such Participant by power of attorney or otherwise the right to control 

trading in Contracts in a Trading Account beneficially owned by such Person).

RULE 533. Priority of Execution

Customer Orders received by a Participant shall be entered into the Exchange Trading Platform

in the sequence received. Orders that cannot be immediately entered into the Exchange Trading 

Platform must be entered when the Orders become executable in the sequence in which the 

Orders were received.
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RULE 534. Average Price System

(a) Application of Average Prices 

A proprietary average price system (“APS”) developed by a Participant allows a 

Participant to confirm to Customers an average price when multiple execution prices are 

received on an Order or series of Orders for the same Contract. An Order or series of 

Orders executed for the same instrument during the same trading session at more than 

one price may be averaged pursuant to APS only if each Order is for the same Trading 

Account or group of Trading Accounts and for the same Contract. 

(b) Requirements for APS Trades

(1) The Customer must have requested average price reporting.

(2) Each individual trade must be submitted to the Exchange and cleared by 

the Clearing House at the executed price.

(3) A Participant must compute and confirm the weighted mathematical 

average price, as set forth in Section (c).

(4) A Participant must possess the records to support the calculations and 

allocations to Customer Trading Accounts and must maintain these records 

pursuant to CFTC regulations.

(5) A Participant must ensure that its proprietary trades are not averaged with 

Customer APS trades.

(c) Computation of Average Price 

(1) Upon receipt of an execution or match at multiple prices for an APS Order, 

the weighted mathematical average must be computed by:

(2) multiplying the number of instruments purchased or sold at each execution 

price by that price;

(3) adding the results together; and,

(4) dividing by the total number of instruments.
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An average price for a series of Orders will be computed based on the average 

prices of each Order in that series. The actual average price or the average price 

rounded to the next price increment may be confirmed to Customers. If a 

Participant confirms the rounded average price, the Participant must round the 

average price up to the next price increment for a buy Order or down to the next 

price increment for a sell Order. The residual created by the rounding process must 

be paid to the Customer, provided that if Customer refuses payment of such 

residual in writing, Participant may retain such residual for its own account.

(d) Disclosure 

Each Participant that confirms an average price to a Customer must indicate on the 

confirmation and monthly statement that the price represents an average price.

RULE 535. Position Limits and Exemptions

(a) The Exchange shall designate for each Contract applicable position limits and/or 

accountability levels. Such position limits or accountability levels may be specific to a 

particular Contract or Contract Expiry. Position limits and position accountability levels will be 

closely monitored by the Regulatory Department. The Exchange will publish position limits 

and position accountability levels on its Website. For any Contract that is subject to a position 

limit established by the CFTC, the Exchange shall set a position limit at a level not less than 

the position limit established by the CFTC.

(b) A Person seeking an exemption from position limits must apply to the Regulatory Department

in a manner prescribed by the Exchange. In order to obtain an exemption from position limits, 

a Person must:

(1) provide a description of the exemption sought, including whether the 

exemption is for bona fide hedging positions as defined in CFTC 

Regulation 150.1 or any other applicable CFTC Regulation, risk 

management positions or arbitrage/spread positions;

(2) provide a complete and accurate explanation of the underlying exposure 

related to the exemption request;

(3) agree to promptly provide, upon request by the Regulatory Department, 

information or documentation regarding the Person’s financial condition;
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(4) agree to comply with all terms, conditions or limitations imposed by the 

Regulatory Department with respect to the exemption;

(5) agree that the Regulatory Department may modify or revoke the exemption 

at any time;

(6) agree to initiate and liquidate positions in an orderly manner; and,

(7) agree to promptly submit a supplemental statement to the 

Regulatory Department whenever there is a material change to the 

information provided in the most recent application.

(c) A Person intending to exceed position limits, including limits established pursuant to a 

previously approved exemption, must file the required application and receive approval from 

the Regulatory Department prior to exceeding such limits. Notwithstanding the foregoing, a 

Person who establishes an exemption-eligible position in excess of position limits and files 

the required application with the Regulatory Department shall not be in violation of this 

Rule provided the filing occurs within one (1) Business Day after assuming the position.

(d) In the event the positions in excess of the limits are not deemed to be exemption-eligible, the 

applicant and Clearing Member will be in violation of speculative limits for the period of time 

in which the excess positions remained open.

(e) The Regulatory Department shall, on the basis of the application and any requested 

supplemental information, determine whether an exemption from position limits shall be 

granted. The Regulatory Department may approve, deny, condition or limit any exemption 

request based on factors deemed by the Regulatory Department to be relevant, including, but 

not limited to, the applicant’s business needs and financial status, as well as whether the 

positions can be established and liquidated in an orderly manner.

(f) Nothing in this Rule shall in any way limit:

(1) the authority of the Exchange to take Emergency Action; or

(2) the authority of the Regulatory Department to review at any time the 

positions owned or controlled by any Person and to direct that such position 

be reduced to the accountability or position limit in force from time to time. 

(g) A Person who has received written authorization from the Regulatory Department for an 

exemption from position limits must annually file an updated application on the date which is 
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one year following the approval date of the most recent application. Failure to file an updated 

application will result in expiration of the exemption.

(h) Eligible Exemptions

(1) Bona Fide Hedging Positions

The Regulatory Department may grant exemptions from position limits for bona 

fide hedge positions as defined by CFTC Regulation 150.1 or any other applicable 

CFTC Regulation. Approved bona fide hedgers may be exempted from 

Emergency Rules that reduce position limits or restrict trading.

(2) Risk Management Positions

The Regulatory Department may grant exemptions from the position limits for risk 

management positions. For the purposes of this Rule, risk management positions 

are defined as Contracts which are held by or on behalf of a Person or its Affiliate 

which typically buys, sells or holds positions in the underlying cash market, a 

related cash market, or a related over-the-counter market and for which the 

underlying market has a high degree of demonstrated liquidity relative to the size 

of the positions and where there exist opportunities for arbitrage which provide a 

close linkage between Exchange market in Contracts and the underlying cash 

market in question. Exemptions related to indexed positions in the over-thecounter market may include corresponding commodity index-based Contracts 

used as components in replicating an index.

(3) Arbitrage and Spread Positions 

The Regulatory Department may grant exemptions from the position limits for 

arbitrage, intra-commodity spread, inter-commodity spread, and eligible spread

positions.

(i) Aggregation of Positions

(1) Positions to be Aggregated 

The position limits in Rule 535 shall apply to all positions in Trading Accounts for 

which a Person by power of attorney or otherwise directly or indirectly owns the 

positions or controls the trading of the positions. The position limits in Rule 535

shall also apply to positions held by two or more Persons acting pursuant to an 
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expressed or implied agreement or understanding, the same as if the positions 

were held by, or the trading of the positions was done by, a single Person.

(2) Ownership of Trading Accounts 

Except as set forth below, any Person holding positions in more than one Trading 

Account, or holding Trading Accounts or positions in which the Person by power 

of attorney or otherwise directly or indirectly has a 10% or greater ownership or 

equity interest, must aggregate all such Trading Accounts or positions, unless such 

Person is a pool participant in a commodity pool. The foregoing exception for pool 

participants shall not apply if the Person is a commodity pool operator, controls the 

commodity pool’s trading decisions, or has an ownership or equity interest of 25% 

or more in a commodity pool whose operator is exempt from registration with the 

CFTC.

(j) Limited Exceptions to Aggregation for Independently Controlled Positions

Exemptions from aggregation in all Contracts subject to Exchange position limits must comply 

with the provisions of CFTC Regulation 150.4(b). Any person claiming an exemption from 

Exchange position limits under the provisions of CFTC Regulation 150.4(b)(1)(ii), (b)(2), 

(b)(3), (b)(4), or (b)(7) must provide a notice to the Regulatory Department which sets forth 1) 

a description of the relevant circumstances that warrant disaggregation and 2) a statement by 

a senior officer or executive of the entity certifying that the conditions set forth in the applicable 

CFTC aggregation exemption provision have been met. Upon request by the Regulatory 

Department, any Person claiming an exemption from aggregation under this Rule must 

provide any requested information that demonstrates the person meets the applicable 

requirements for the exemption. The Regulatory Department, in its sole discretion, may 

amend, suspend, terminate, or otherwise modify a person’s exemption from aggregation for 

failure to comply with the provisions of this Rule.

In the event of a material change to the information provided in any notice filed under this 

Rule, an updated or amended notice must be promptly filed with the Regulatory Department 

detailing the material change.

(k) Violations

(1) No Person shall exceed the position limits set forth in the Rules unless an 

exemption is granted by the Regulatory Department.
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(2) The Regulatory Department shall have the authority to enforce the 

Exchange Rules regarding position limits

(3) Any Person making a bid or offer that would, if accepted, cause such 

Person to exceed the applicable position limits shall be in violation of this 

Rule.

(4) A Clearing Member shall not be in violation of this Rule if it carries positions 

for a Customer in excess of the applicable position limits for such 

reasonable period of time, not to exceed one Business Day, as the Clearing 

Member may require to investigate and liquidate, or cause such Customer 

to liquidate, the excess Customer positions.

(5) A Customer who exceeds the position limits as a result of maintaining 

positions at more than one Clearing Member shall be deemed to have 

waived confidentiality regarding his positions and the identity of the 

Clearing Members at which they are maintained. A Clearing Member

carrying such positions shall not be in violation of this Rule if, upon 

notification by the Regulatory Department, it liquidates, or causes 

Customer to liquidate, its pro-rata share of the positions in excess of the 

limits or otherwise ensures that the Customer is in compliance with the 

limits within a reasonable period of time, generally not exceed one 

Business Day.

(6) Violations

Position limit violations by a Participant (and by Clearing Members clearing 

positions in violation of this Rule) shall be subject to Disciplinary 

Proceedings and sanctions under these Rules and under Applicable Law. 

RULE 536. Position Accountability

(a) A Participant that holds or controls, or a Clearing Member that carries for another Person, 

aggregate positions in excess of those specified on the Exchange Website, shall:

(1) provide, in a timely manner upon request by the Regulatory Department, 

information regarding the nature of the position, trading strategy, and 

hedging information, if applicable;
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(2) be deemed to have consented, when so ordered by the Exchange, not to 

further increase the positions which exceed the levels specified on the 

Exchange Website; and

(3) initiate and/or liquidate such positions in an orderly manner.

(b) For purposes of this Rule, all positions in Trading Accounts for which a Participant, by power 

of attorney or otherwise, directly, or indirectly controls trading shall be included with the 

positions held by such Participant. The provisions of this Rule shall apply to positions held by 

two or more Participants acting pursuant to an expressed or implied agreement or 

understanding, the same as if the positions were held by or the trading of the positions was 

controlled by a single Participant.

RULE 537. Reports of Large Positions 

(a) Upon request, Clearing Members must provide the Regulatory Department with information, 

in a form and manner acceptable to the Regulatory Department, identifying the owner, any 

controlling parties and any additional required information for each reportable account. 

(b) Each Clearing Member shall submit to the Exchange (i) a daily report of all positions that 

exceed the reportable position levels set forth in the product Rules and (ii) a copy of the CFTC 

Form 102 filed by the Participant or Clearing Member with the CFTC for such Participant’s or 

Clearing Member’s Customers’ reportable accounts. The Form 102 shall be submitted to the 

Exchange no later than the Business Day following the date on which the account becomes 

reportable, in accordance with such procedures as the Exchange may from time to time 

prescribe. 

(c) Positions in Exchange products at or above the reportable level set forth in the product Rules 

trigger reportable status. For a Participant in reportable status, all positions, regardless of size, 

in relevant Exchange products must be reported to the Exchange, in addition to any regulatory 

obligations a Participant may have separate and apart from these Rules.

RULE 538. Identification of Authorized Users and Related Parties

Each Authorized User shall be identified to the Exchange, in the manner prescribed by the 

Exchange, and shall be subject to the Exchange Rules. If User IDs are required to be registered 

with the Exchange, it is the duty of the Participant to ensure that registration is current and 

accurate at all times. Each individual must use a unique User ID to access the Exchange Trading 
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Platform. In no event may a Person enter an Order or permit the entry of an Order by an individual 

using a User ID other than the individual’s own unique User ID.

RULE 539. The Exchange Trading Platform Algorithms

(a) The Exchange Trading Platform Book uses a Price/Time algorithm (also known as the First 

In, First Out or FIFO method). Under the Price/Time algorithm, Orders will be matched with 

the earliest bid or offer to arrive in the Exchange Trading Platform at the best price. If there 

are multiple bids and offers that have the same price, the earliest to arrive in the Exchange

Trading Platform will be the bid or offer to which the Order is matched. If the Order exceeds 

the quantity of the bid or offer, the Participant will be filled at the next, best bid or offer for their 

Order up to their limit order price.

(b) Additionally, the Exchange may employ an auction methodology in the pre-open period, 

during which the Book is not in a tradable state, but Participants can submit orders (including 

bids and offers which would cross under normal market conditions). Upon opening, an 

algorithm calculates the price at which the highest volume of resting bids and offers can be 

matched, and matches them at that price.

(c) Additional information on the operation of the matching algorithms is available on the 

Exchange Website.

RULE 540. Trade Cancellations and Price Adjustments

(a) Trade Cancellations and Price Adjustments

(1) The Exchange has authority to adjust trade prices or cancel (bust) trades 

when such action is necessary to mitigate market disrupting events caused 

by the improper or erroneous use of the Exchange Trading Platform or by 

system defects.

(2) Notwithstanding any other provisions of this Rule, the Exchange may adjust 

trade prices or cancel any trade if the Exchange determines that allowing 

the trade to stand as executed may have a material adverse effect on the 

integrity of the market.

(3) Any trade price adjustments or trade cancellations will be transparent to 

the market and subject to standards that are clear, fair, and publicly 

available.
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(4) All decisions of the Exchange shall be final.

(b) Review of Trades

(1) The Exchange may determine to review a trade based on its independent 

analysis of market activity or upon request for review by a Participant of the 

Exchange Trading Platform. A request for review must be made within 15 

minutes of the execution of the trade.

(2) The Exchange shall determine whether or not a trade will be subject to 

review. In the absence of a timely request for review, during volatile market 

conditions, upon the release of significant news, or in any other 

circumstance in which the Exchange deems it to be appropriate, the 

Exchange may determine, in its sole discretion, that a trade shall not be 

subject to review.

(3) Upon deciding to review a trade, the Exchange will notify all Participants 

via the Exchange Trading Platform or electronic mail indicating that the 

trade is under review.

(c) Price Adjustments and Cancellations

(1) In reviewing a trade, the Exchange will first determine whether the trade 

price is within the range for that Contract that will not be busted (“No Bust 

Range”).

(2) In applying the No Bust Range, the Exchange shall determine the fair value 

market price for that Contract at the time the trade under review occurred. 

The Exchange may consider any relevant information, including, but not 

limited to, the last trade price in the Contract or a better bid or offer price 

on the Exchange Trading Platform, a more recent price for a different 

maturity date, the price of the same or related Contract established in 

another venue or another market, the market conditions at the time of the 

trade and theoretical value of an option based on the most recent implied 

volatility.

(3) Trade Price Inside the No Bust Range
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If the Exchange determines that the price of the trade is inside the No Bust 

Range, the Exchange will issue an alert indicating that the trade shall stand.

(4) Trade Price Outside the No Bust Range

i. Futures Contracts

If the Exchange determines that a trade price is outside of the No Bust Range for 

a futures contract, the trade price shall be adjusted to a price that equals the fair 

value market price for that Contract at the time the trade under review occurred, 

plus or minus the No Bust Range. In the event there are multiple parties, prices 

and/or contracts involved in the transactions at issue, the Exchange has the 

authority, but not the obligation, to bust rather than price adjust such transactions. 

The Exchange will issue an alert regarding its decision.

ii. Option Contracts

If the Exchange determines that a trade price is outside of the applicable No Bust 

Range for an option contract, the trade price shall be adjusted. In the case of a 

buy (sell) error, the price will be adjusted to the determined ask (bid) price set forth 

in the Bid/Ask Reasonability Allowance in Section G plus or minus the No Bust 

Range. In the event there are multiple parties, prices and/or contracts involved in 

the transactions at issue, the Exchange has the authority, but not the obligation, to 

bust rather than price adjust such transactions. The Exchange will issue an alert 

regarding its decision.

iii. Busted trade prices and any prices that have been adjusted shall be 

canceled in the Exchange’s official record of time and sales. Trades that 

are price adjusted shall be inserted in the time and sales record at the 

adjusted trade price.

(d) Alternative Resolution by Agreement of Parties

(1) With the approval of the Exchange, parties to a trade that is price adjusted 

may instead mutually agree to cancel the trade.

(2) With the approval of the Exchange, parties to a trade that is busted may 

instead mutually agree to price adjust the trade to a price consistent with 

the adjustment provisions of this Rule.
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(3) Subject to Section (d)(1) and (d)(2), parties to a trade that is canceled, or 

price adjusted may mutually agree to a cash adjustment provided that such 

adjustments are reported to the Exchange and the parties maintain a 

record of the adjustment.

(4) An executed trade may not be reversed via transfer except where such 

trade is determined by the Exchange to be outside of the No Bust Range 

but not reported timely, subject to agreement of the parties and approval of 

the Exchange. Any such transfer must occur at the original trade price and 

quantity; however, the parties may mutually agree to a cash adjustment.

(e) Liability for Losses Resulting from Price Adjustments or Cancellations

(1) A party entering an order that results in a price adjustment or trade bust 

shall be responsible for demonstrated claims of realized losses incurred by 

persons whose trade prices were adjusted or busted provided, however, 

that a claimant shall not be entitled to compensation for losses incurred as 

a result of the claimant’s failure to take reasonable actions to mitigate the 

loss.

(2) A claim for a loss pursuant to this Section must be submitted to the 

Exchange on an Exchange claim form within one business day of the event 

giving rise to the claim. The Exchange will reject any claim that is not filed 

in a timely manner and such decisions shall be final. Eligible claims shall 

be forwarded by the Exchange to the party responsible for the order(s) that 

resulted in a trade bust or a price adjustment and to the Clearing Member

through which the trade was placed. Such party, or the Clearing Member

on behalf of the party, shall, within ten business days of receipt of the claim, 

admit or deny responsibility in whole or in part. Failure to respond to the 

claim within ten Business Days shall be considered a denial of liability.

(3) To the extent that liability is admitted, payment shall be made within ten 

business days. Unless otherwise agreed upon in writing by the parties, 

failure to make the payment within ten Business Days shall be considered 

a denial of liability for purposes of this Rule. A copy of any such written 

agreement must be provided to the Exchange.
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(4) To the extent that liability is denied, the party making the claim may submit 

the claim for arbitration pursuant to Chapter 7 of the Rules. Such claims 

must be submitted to the Exchange within ten Business Days of the date 

the party was issued notification that liability was denied.

(f) Schedule of Administrative Fees

(1) When the Exchange busts or price adjusts a trade, the party responsible 

for entering the Order into the Exchange Trading Platform that gave rise to 

the trade bust or price adjustment shall pay an administrative fee to the 

Exchange in the amount of $500 for each such occurrence.

(g) No Bust Ranges for each Contract will be determined by the Exchange prior to the initial listing 

of such Contract and published on the Exchange Website. 
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CHAPTER 6. DISCIPLINARY RULES

RULE 601. General

(a) All Participants shall be subject to the Exchange’s jurisdiction in accordance with Rule 301. 

All Participants are subject to this Chapter 6 if they, or with respect to a Participant, any other 

Person using any of its User IDs, are alleged to have violated or to have aided and abetted a 

violation any Rule of the Exchange or any provision of Applicable Law for which the Exchange

possesses disciplinary jurisdiction.

(b) The Exchange, acting through the Regulatory Department and other committees or panels

appointed by the Board or convened under these Rules, will conduct inquiries, investigations, 

Disciplinary Proceedings and appeals from Disciplinary Proceedings, summary impositions of 

fines, summary suspensions or other Summary Actions in accordance with this Chapter 6.

(c) Each Participant, upon becoming a Participant, shall file with the Exchange an address, 

including an electronic mail address, to which Exchange notices of Exchange investigations 

and commencements of Disciplinary Proceedings may be served. If a Participant fails to 

designate an address for such purpose, Participant consents to the Exchange using the 

Participant’s physical address as the service address. Delivery thereof shall be deemed to 

have occurred as of the date of such mailing. 

(d) Upon becoming a Participant and thereafter, the Participant will, prior to any change of 

service, physical, or mailing address, file with the Exchange a notice, written or electronically 

through the Website or by such means as may be prescribed by the Exchange, designating 

an address for receiving service of documents. The obligation to maintain service address, 

physical, and mailing address for service of documents is in addition to the Participant’s 

obligation to maintain an updated electronic mail address with the Exchange at all times which 

is the default communication method.

(e) The provisions of Chapter 6 shall not apply to or limit the authority of the Exchange to limit 

Trading Privileges or take other actions under Chapter 3 of these Rules or to take Emergency 

Actions.

(f) No Exchange Official or Director will interfere with or attempt to influence the process or 

resolution of any inquiry, investigation, disciplinary proceeding, appeal (“Appeal”) from a 
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disciplinary proceeding, summary imposition of fines, summary suspension or other Summary 

Action (collectively “Disciplinary Proceeding”), except to the extent provided under the Rules

with respect to a proceeding in which the Director or Exchange Official is a member.

(g) Any Participant may be represented by counsel during any Disciplinary Proceeding pursuant 

to this Chapter 6.

(h) Participant Liability – Individual and Joint Liability/Controlling Person Liability

(1) The Exchange may hold a Participant liable for, and impose sanctions 

against such Participant for such Participant’s own acts and omissions that

constitute a violation of the Rules as well as for the acts and omissions of 

each (A) Authorized User authorized by such Participant, (B) other Person 

using a User ID of such Participant or (C) other agent or representative of 

such Participant, in each case, that constitute a violation as if such violation 

were that of the Participant.

(2) The Exchange may hold an Authorized User liable for, and impose 

sanctions against such Authorized User, for such Authorized User’s own 

acts and omissions that constitute a violation as well as or for the acts and 

omissions of any other agent or representative of such Authorized User

that constitute a violation of the Rules as if such violation were that of the 

Authorized User.

(i) Ex Parte Communications

(1) A Person subject to a Disciplinary Proceeding or an appeal from a 

Disciplinary Proceeding (and any counsel or representative of such 

Person) and the Regulatory Department (and any counsel or 

representative of the Regulatory Department) shall not knowingly make or 

cause to be made an ex parte communication relevant to the merits of a 

Disciplinary Proceeding or an Appeal from a Disciplinary Proceeding to any 

member of a Disciplinary Panel or Appeal Panel, as appointed by the 

Board, hearing such proceeding.

(2) Participants of a Disciplinary Panel or Appeal Panel shall not knowingly 

make or cause to be made an ex parte communication relevant to the 

merits of a Disciplinary Proceeding or an Appeal from a Disciplinary 

Proceeding to any Person subject to such proceeding (and any counsel or 
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representative of such Person) and the Regulatory Department (and any 

counsel or representative of the Regulatory Department).

(3) Any Person who receives, makes or learns of any communication that is 

prohibited by this Rule shall promptly give notice of such communication 

and any response thereto to the Regulatory Department and all parties to 

the proceeding to which the communication relates.

(4) A Person shall not be deemed to have violated this Rule if the Person 

refuses an attempted communication concerning the merits of a 

proceeding as soon as it becomes apparent the communication concerns 

the merits.

RULE 602. Inquiries and Investigation

(a) The Regulatory Department will investigate any matter within the Exchange’s jurisdiction of 

which it becomes aware that warrants investigation. The Regulatory Department will 

commence an investigation upon the receipt of a request from CFTC staff or upon the 

discovery or receipt of information by the Exchange that, in the judgment of the 

Regulatory Department, indicates a possible basis for finding that a Rule violation has 

occurred or will occur. The Regulatory Department will determine the nature and scope of its 

inquiries and investigations in its sole discretion and will function independently of any 

commercial interests of the Exchange.

(b) The Regulatory Department has the authority to:

(1) initiate and conduct inquiries and investigations;

(2) prepare investigative reports and make recommendations concerning 

initiating Disciplinary Proceedings;

(3) prosecute alleged violations within the Exchange’s disciplinary jurisdiction; 

and,

(4) represent the Exchange on Appeal from any Disciplinary Proceeding, 

summary imposition of fines, summary suspension or other Summary 

Action.

(c) Each Participant:
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(1) is obligated to appear and testify and respond in writing to interrogatories 

within the time period required by the Regulatory Department in connection 

with:

(i) any Rule or any relevant requirement of Applicable Law;

(ii) any inquiry or investigation; or

(iii) any preparation and presentation during a Disciplinary Proceeding;

(2) is obligated to produce books, records, papers, documents or other 

tangible evidence in its or their possession, custody or control within the 

time period required by the Regulatory Department in connection with:

(i) any Rule or any relevant requirement of Applicable Law;

(ii) any inquiry or investigation; or

(iii) any preparation and presentation during a Disciplinary Proceeding; and

(2) may not impede or delay any Disciplinary Proceeding.

(d) The Chief Regulatory Officer, upon a good faith determination that there is a substantial 

reason to believe that such immediate action is necessary to protect the best interests of the 

Exchange, may order that any Participant be denied access to the Exchange for a period not 

to exceed sixty (60) Business Days. Notice shall promptly be given to the Participant subject 

to the access denial. Such notice shall state the reasons for the denial, the effective date, time 

and the duration of the denial and advise the Participant of their right to an expedited hearing 

before a Disciplinary Panel by filing a request with the Chief Regulatory Officer within ten (10) 

Business Days after receiving the notice. The Exchange shall immediately notify the CFTC of 

any denial of access under this Rule 602 in accordance with the requirements of CFTC 

Regulation 9.12(b).

RULE 603. Reports of Investigations

(a) The Regulatory Department will maintain a log of all investigations and their disposition. The 

Regulatory Department will prepare a written report of each investigation, regardless of 

whether the evidence gathered during any inquiry or investigation forms a reasonable basis 

to believe that a violation within the Exchange’s jurisdiction has occurred or is about to occur 
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or whether the evidence gathered results in closing the matter without further action or through 

Summary Action.

(b) Any written report of investigation (“Investigative Report”) will include the reasons for 

initiating the investigation (including a summary of the complaint, if any), all relevant facts and 

evidence gathered, the Regulatory Department staff’s analysis and conclusions, the 

Participant’s disciplinary history at the Exchange and the recommendation of the 

Regulatory Department. For each Participant subject to an investigation (“Respondent”), the 

Regulatory Department will recommend either:

(1) closing the investigation without further action;

(2) Settlement;

(3) Summary Action;

(4) the preparation and service of a Notice of Charges for instituting a 

Disciplinary Proceeding; or,

(5) resolving the investigation through an informal disposition, including the 

issuance of a Warning Letter. An informal disposition (including the 

issuance of a Warning Letter) will not constitute a finding of a violation or a 

sanction, however, the Investigative Report must include a copy of any 

Warning Letter and no more than one Warning Letter for the same potential 

violation may be issued to the same Respondent during a rolling 12-month 

period.

(c) The Investigative Report will be provided to the Chief Regulatory Officer for a determination 

as to whether the Investigative Report is complete. The Chief Regulatory Officer will then 

provide the completed Investigative Report to a Review Panel of a Disciplinary Panel.

RULE 604. Review of Investigative Reports

(a) Review of Investigative Reports by the Chief Regulatory Officer

(1) Within sixty (60) days of the receipt of a completed Investigative Report, 

the Chief Regulatory Officer will review the completed Investigative Report 

to determine whether a reasonable basis exists to believe that a violation 

within the Exchange’s jurisdiction has occurred or is about to occur.
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(2) If the Chief Regulatory Officer determines that additional investigation or 

evidence is needed to decide whether a reasonable basis exists to believe 

that a violation within the Exchange’s jurisdiction has occurred or is about 

to occur, the Chief Regulatory Officer will direct the Regulatory Department 

to conduct further investigation.

(3) Upon receiving the completed Investigative Report or after receiving 

additional information upon the completion of an investigation, the Chief 

Regulatory Officer will determine for each potential Respondent whether to 

authorize:

(i) the informal disposition of the investigation (by issuing a Warning Letter 

or otherwise) because Disciplinary Proceedings are unwarranted;

(ii) the closing of the investigation without any action because no 

reasonable basis exists to believe that a violation within the Exchange’s 

jurisdiction has occurred or is about to occur; or

(iii) the commencement of a Disciplinary Proceeding because a reasonable 

basis exists to believe that a violation within the Exchange’s jurisdiction 

has occurred or is about to occur.

(b) Review of Investigative Reports by a Review Panel of a Disciplinary Panel

(1) After receiving a completed Investigative Report pursuant to this Rule, a 

Review Panel must promptly review the report and, within thirty 

(30) Business Days of such receipt, must take one of the following actions:

(i) if a Review Panel determines that additional investigation or evidence 

is needed, it must promptly direct the Regulatory Department to 

conduct further investigation;

(ii) if a Review Panel determines that no reasonable basis exists for finding 

a violation of a Rule or that prosecution is otherwise unwarranted, it 

may direct that no further action be taken. Such determination must be 

in writing and must include a written statement setting forth the facts 

and analysis supporting the decision; or
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(iii) if the Review Panel determines that a reasonable basis exists for 

finding a violation of a Rule and adjudication is warranted, it must direct 

that the Person or entity alleged to have committed the violation be 

served with a Notice of Charges and proceed in accordance with the 

Rules of Chapter 6.

(2) A failure of a Disciplinary Panel to act within the time prescribed in this 

Chapter shall not prevent the Chief Regulatory Officer from acting pursuant 

to their duties hereunder. The Chief Regulatory Officer shall inform the 

Regulatory Oversight Committee of any such failure of a Disciplinary Panel 

to act.

(3) Any conflict between the actions of the Chief Regulatory Officer pursuant 

to this Chapter and a Disciplinary Panel shall be resolved by the Regulatory 

Oversight Committee.

RULE 605. Notice of Charges

(a) If the Chief Regulatory Officer or a Review Panel determines that a matter should be 

adjudicated in a formal hearing before a Disciplinary Panel, the Regulatory Department will 

prepare and serve a Notice of Charges on the Respondent.

(b) A Notice of Charges will:

(1) state the acts, practices or conduct that the Respondent is alleged to have 

engaged in;

(2) state the Rule or provision of Applicable Law alleged to have been violated 

or about to be violated;

(3) state the proposed sanctions;

(4) advise the Respondent of its right to a hearing;

(5) advise the Respondent of the right to be represented by legal counsel or 

any other representative of Respondent’s choosing in all succeeding 

stages of the disciplinary process, except by any member of the Board or 

Disciplinary Panel, any employee of the Exchange, or any Person 
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substantially related to the underlying investigations, such as a material 

witness;

(6) state the period of time within which the Respondent can request a hearing 

on the Notice of Charges, which will not be less than twenty (20) Business 

Days after service of the Notice of Charges;

(7) advise the Respondent that any failure to request a hearing within the 

period stated, except for good cause, will be deemed to constitute a waiver 

of the right to a hearing;

(8) advise the Respondent that the failure of the Respondent to file an answer 

(“Answer”) within twenty (20) Business Days after service of the Notice of 

Charges will be deemed an admission of all of the allegations in the Notice 

of Charges; and

(9) advise the Respondent that any allegation in the Notice of Charges that is 

not expressly denied will be deemed to be admitted.

RULE 606. Opportunity to Respond

(a) After completing its Investigative Report, the Regulatory Department may, upon approval of 

the Chief Regulatory Officer, notify each potential Respondent that the Regulatory 

Department has recommended formal disciplinary charges against the potential Respondent. 

(b) The Regulatory Department may allow a Respondent to propose a settlement (“Settlement”) 

of the matter or to submit a written statement explaining why a Disciplinary Proceeding should 

not be instituted or one or more of the potential charges should not be brought. The 

Respondent shall submit such written statement within the time limit established by the 

Regulatory Department.

RULE 607. Service of Notice of Charges

(a) Any Notice of Charges or other documents to be served pursuant to this Chapter 6 may be 

served upon the Respondent and service shall be deemed complete either personally, by 

electronic mail to an electronic mail address on record with the Exchange, or by leaving the 

same at Respondent’s place of business, by deposit in the United States mail, postage 

prepaid, via registered or certified mail addressed to the Respondent at the address as it 

appears on the books and records of the Exchange.
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(b) Any Notice of Charges or other documents contemplated to be served pursuant to this 

Chapter 6 may be served upon the Respondent and service shall be deemed complete via 

electronic mail to the electronic mail address as it appears on the books and records of the 

Exchange.

RULE 608. Answer to Notice of Charges; Reply

(a) The Respondent shall serve the Regulatory Department with a written Answer to the Notice 

of Charges and/or a written request for a hearing on the charges within twenty (20) Business 

Days of the date of service of the Notice of Charges. 

(b) An Answer shall be signed by the Respondent, or its representative, and contain a statement 

specifying the allegations that the Respondent:

(i) denies or admits; 

(ii) does not have sufficient information to either deny or admit;

(iii) if denied, specify any specific facts that contradict the Notice of 

Charges;

(iv) if denied, specify any affirmative defenses to the Notice of Charges; 

and

(v) sign and serve the Answer to the Chief Regulatory Officer.

(c) Any failure by the Respondent to timely serve an Answer to a Notice of Charges will be 

deemed to be an admission to the allegations in such Notice of Charges. Any failure by the 

Respondent to Answer one or more allegations in a Notice of Charges will be deemed to be 

an admission of that allegation or those allegations. Any allegation in a Notice of Charges that 

the Respondent fails to expressly deny will be deemed to be admitted. A general denial by 

the Respondent, without more, will not satisfy the requirements of Paragraph (b) of this Rule. 

(d) The Regulatory Department may serve to the Respondent a reply to the Answer (“Reply”) 

within ten (10) Business Days of the date of service of the Answer. The Reply must be limited 

to the matters set forth in the Answer.
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RULE 609. Settlements

(a) A Respondent may at any time propose in writing an offer of settlement (“Offer of

Settlement”) related to anticipated or instituted Disciplinary Proceedings.

(b) Any Offer of Settlement should contain proposed findings and sanctions and be signed by the 

Respondent and submitted to the Regulatory Department.

(c) A Respondent may offer to settle any Disciplinary Proceedings without admitting or denying 

the findings but must accept the jurisdiction of the Exchange over it and over the subject 

matter of the proceedings and consent to the entry of the findings and sanctions imposed.

(d) If a Respondent submits an Offer of Settlement, the Regulatory Department will forward the 

Offer of Settlement to the Chief Regulatory Officer with a recommendation on whether to 

accept or reject the Offer of Settlement. Any preliminary determination by the Chief 

Regulatory Officer to accept the Offer of Settlement shall be submitted for review by the

Disciplinary Panel. If the Disciplinary Panel agrees, then the Chief Regulatory Officer shall 

conditionally accept an Offer of Settlement and that the settlement will become final upon the 

expiration of twenty (20) Business Days after an order of the Disciplinary Proceedings 

consistent with the terms of the Offer of Settlement is served on the Respondent.

(e) If an Offer of Settlement is accepted by the Disciplinary Panel, the Disciplinary Panel 

accepting the offer must issue a written decision (“Decision”) specifying the Rule violations it 

has reason to believe were committed, including the basis or reasons for the Disciplinary 

Panel’s conclusions, and any sanction to be imposed, which must include full Customer 

restitution where Customer harm is demonstrated. If an Offer of Settlement is accepted 

without the agreement of the Regulatory Department or Chief Regulatory Officer, the Decision 

must adequately support the Disciplinary Panel’s acceptance of the Settlement. If applicable, 

the Decision must also include a statement that the Respondent has accepted the sanctions 

imposed without either admitting or denying the Rule violations.

(f) If an Offer of Settlement is accepted and the related order of Disciplinary Proceedings 

becomes final, the Respondent’s submission of the Offer of Settlement will be deemed to 

constitute a waiver of the right to notice, opportunity for a hearing and review and Appeal 

under the Exchange Rules.

(g) If the Offer of Settlement of a Respondent is not accepted by agreement between the Chief 

Regulatory Officer and the Disciplinary Panel, fails to become final or is withdrawn by the 
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Respondent, the matter will proceed as if the Offer of Settlement had not been made and the 

Offer of Settlement and all documents relating to it will not become part of the record. Neither 

the Respondent nor the Regulatory Department may use an unaccepted Offer of Settlement 

as an admission or in any other manner at a hearing of, or Appeal from any Disciplinary 

Proceedings.

RULE 610. Disciplinary Panel

(a) The Disciplinary Panel shall function as a ReviewPanel and Hearing Panel.

(1) The Review Panel shall review completed Investigative Reports in order to 

determine whether a reasonable basis exists for finding a violation of the 

Rules and for authorizing the issuance of Notices of Charges against 

Persons.

(2) The Hearing Panel shall conduct hearings in connection with any 

Disciplinary Proceedings (except for summary impositions of fines 

pursuant to Rule 617), to make findings, render decisions and impose 

sanctions pursuant to this Chapter 6.

(3) The individuals on the Review Panel who determine that a violation has 

occurred shall not be the same individuals on the Hearing Panel who will 

adjudicate the matter.

(b) The Board shall appoint individuals at the recommendation of the Chief Regulatory Officer to 

serve as participants on the Disciplinary Panel. 

(c) The Disciplinary Panel will consist of three or five panelists. At least one member of any 

Hearing Panel must be someone who qualifies as a Public Director who will also serve as he 

Chair.

(d) Disciplinary Panels shall not include any members of the Regulatory Department or any 

Person involved in adjudicating any other stage of the same proceeding. 

(e) Disciplinary Panels must meet the composition requirements set forth in Appendix B to Part 

38 of the CFTC Regulations, Acceptable Practices to Core Principle 16, Section (b)(4) 

Disciplinary Panels.
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(f) The Disciplinary Panel shall conduct hearings in connection with any Disciplinary 

Proceedings, to make findings, render decisions and impose sanctions (other than summary 

fines under Rule 617) pursuant to this Chapter 6.

(g) No person shall serve on a Disciplinary Panel unless that person has agreed in writing that 

they will not publish, divulge, or make known in any manner, any facts or information regarding 

the business of any Person or any other information which may come to their attention in their 

capacity as a member of the Disciplinary Panel, except when reporting to the Board or to a 

committee concerned with such information or to the Regulatory Department, when requested 

by the CFTC or other Government Agency or when compelled to testify in any judicial or 

administrative proceeding.

(h) All information, records, materials and documents provided to the Disciplinary Panel and all 

deliberations, testimony, information, records, materials and documents related thereto shall 

be treated as non-public and confidential and shall not be disclosed, except as necessary to 

further an Exchange investigation or as required by Applicable Law.

(i) No member of the Disciplinary Panel shall have a financial, personal, or other direct interest 

in the matter under consideration

RULE 611. Convening Hearings of Disciplinary Proceedings

(a) A hearing will be conducted before participants of the Hearing Panel and will be conducted 

privately and confidentially. Notwithstanding the confidentiality of hearings, the Hearing Panel 

may appoint an expert to attend any hearing and assist in deliberations if such expert agrees 

to be subject to an appropriate confidentiality agreement.

(b) After reasonable notice to each Respondent, the Hearing Panel will promptly convene a 

hearing to conduct the Disciplinary Proceedings with respect to such Respondent. Parties to 

a Disciplinary Proceeding include each Respondent and the Regulatory Department.

(c) The Chair of the Hearing Panel may continue, adjourn or otherwise conduct the hearing as 

he or she may deem appropriate. The Chair of the Hearing Panel will determine all procedural 

and evidentiary matters, including the admissibility and relevance of any evidence proffered. 

In determining the procedural and evidentiary matters, the Chair of the Hearing Panel will not 

be bound by any evidentiary or procedural rules or law. Once admitted during the hearing, 

the Hearing Panel may consider and attach the weight it believes appropriate to evidence or 

other materials. 
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RULE 612. Respondent Review of Evidence

(a) Prior to the commencement of a hearing, each Respondent will be given the opportunity to 

review all books, records, documents, papers, transcripts of testimony and other tangible 

evidence in the possession or under the control of the Exchange that the 

Regulatory Department will use to support the allegations and proposed sanctions in the 

Notice of Charges or which the Chair of the Hearing Panel deems relevant to the Disciplinary 

Proceedings. Notwithstanding the foregoing, no Respondent will have the right to review, and 

the Exchange will have no obligation to disclose, any information protected by attorney-client 

privilege.

(b) If any books, records, documents, papers, transcripts of testimony or other tangible evidence 

contain information that could adversely affect the competitive position of the Person providing 

the information or if such information might compromise other investigations being conducted 

by the Regulatory Department, the Regulatory Department may redact, edit or code such 

information before furnishing it to the Respondent.

(c) Notwithstanding anything in Paragraph (b) above to the contrary, the Regulatory Department:

(1) will not redact, edit or code competitive or investigative information 

contained in documents in a manner that would impair the Respondent’s 

ability to defend against the allegations or proposed sanctions in the 

Notices of Charges; and

(2) will provide the Respondent with access to the information and portions of 

the documents that the Regulatory Department intends to rely on to support 

the allegations or proposed sanctions in the Notice of Charges.

(d) For purposes of this Rule 612, information that could adversely affect competitive positions 

include positions in Contracts currently held, trading strategies employed in establishing or 

liquidating positions, the identity of any Participant or Authorized User and the personal 

finances of the Person providing the information.

RULE 613. Conducting Hearings of Disciplinary Proceedings

(a) At a hearing conducted in connection with any Disciplinary Proceeding, the 

Regulatory Department will present its case supporting the allegations and proposed 

sanctions in the Notice of Charges to the Hearing Panel. If a Respondent has timely filed an 
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Answer to the Notice of Charges in accordance with Rule 608, the Respondent is entitled to 

attend and participate in the hearing.

(b) At a hearing conducted in connection with any Disciplinary Proceeding, the Hearing Panel or 

the Regulatory Department and each Respondent may:

(1) present evidence and facts determined relevant and admissible by the 

Chair of the Hearing Panel;

(2) call and examine witnesses; and

(3) cross-examine witnesses called by other parties.

(c) If the Respondent failed to file an Answer, has filed a general denial, or if any or all of the 

allegations in the Notice of Charges are not expressly denied in the Respondent’s Answer, 

the Chair of the Hearing Panel may limit evidence concerning any allegations not expressly 

denied in determining the sanctions to impose. If a Respondent failed to file an Answer but 

appears at the hearing, the Respondent may not participate in the hearing (by calling or crossexamining witnesses, testifying in defense, presenting evidence concerning the Notice of 

Charges, or otherwise) unless the Hearing Panel determines that the Respondent had a 

compelling reason for failing to timely file an Answer. If the Hearing Panel determines that 

the Respondent had a compelling reason for failing to timely file an Answer, the Hearing Panel 

will adjourn the hearing and direct the Respondent to promptly file a written Answer in 

accordance with Rule 608.

(d) Any Person entitled, or required or called upon, to attend a hearing before a Hearing Panel 

pursuant to paragraph (b)(2) above will be given reasonable notice, confirmed in writing, 

specifying the date, time and place of the hearing and the caption of the Disciplinary 

Proceeding. All Authorized Users and other individual related parties of Participants that are 

called as witnesses are required to appear at the hearing and, where applicable, produce 

evidence. The Exchange will make reasonable efforts to secure the presence of all other 

Persons called as witnesses whose testimony would be relevant.

(e) If during any Disciplinary Proceedings the Hearing Panel determines that a reasonable basis 

exists to believe that the Respondent has violated or is about to violate a Rule or a provision 

of Applicable Law. Other than the violations alleged in the Notice of Charges, the Hearing 

Panel may consider those apparent violations after providing the Respondent with an 

opportunity to answer the additional allegations. In connection with considering apparent 

violations pursuant to this paragraph (e), the Hearing Panel may request that the 
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Regulatory Department provide the Hearing Panel with any additional information related to 

the violations at issue.

(f) The Hearing Panel may summarily impose sanctions on any Participant or Authorized User

that impedes or delays the progress of a hearing.

(g) The Exchange will arrange for any hearing conducted in connection with Disciplinary 

Proceedings to be recorded verbatim, or substantially verbatim, in a manner capable of 

accurate transcription. If the Respondent requests a copy of all or portions of the recording 

of a hearing, the Chair of the Hearing Panel may within their sole discretion require the 

Respondent to pay the costs for transcribing the recording of the hearing.

(h) No interlocutory appeals of rulings of any Hearing Panel or Chair of the Hearing Panel are 

permitted.

RULE 614. Decision of Hearing Panel

(a) As promptly as reasonable following a hearing, the Hearing Panel will issue a written order 

rendering its decision (“Decision”) based on the weight of the evidence contained in the 

record of the Disciplinary Proceedings. A Decision by a majority of the Hearing Panel will 

constitute the Decision of the Hearing Panel.

(b) The Exchange will serve a copy of the Decision of the Disciplinary Proceedings on the 

Respondent and the Regulatory Department. The Decision will include:

(1) the Notice of Charges or summary of the allegations;

(2) the Answer, if any, or a summary of the Answer;

(3) a brief summary of the evidence introduced at the hearing or, where 

appropriate, incorporation by reference of the Investigative Report;

(4) findings of fact and conclusions concerning each allegation, including a 

complete explanation of the evidentiary and other basis for such findings 

and conclusions with respect to each allegation;

(5) each specific Rule and provision of Applicable Law that the Respondent is 

found to have violated;
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(6) the sanctions, if any, including the basis for such sanctions and the 

effective date of each sanction; and

(7) the availability to the Respondent under CFTC Regulation 9.11 for a review 

of any Disciplinary Proceeding or denial of access. 

(c) Unless a timely Notice of Appeal is filed pursuant to Rule 616, the Decision of the Hearing 

Panel will become final upon the expiration of twenty (20) Business Days after the Decision is 

served on the Respondent and provided to the Regulatory Department.

RULE 615. Sanctions

(a) If the Hearing Panel determines that a Respondent has committed a violation for which the 

Exchange has jurisdiction, the Hearing Panel may impose one or more of the following 

sanctions or remedies:

(1) censure or reprimand;

(2) restriction, suspension or termination of Trading Privileges;

(3) Warning Letter, subject to the limitations in the applicable CFTC 

regulations;

(4) a cease and desist order;

(5) a fine;

(6) restitution or disgorgement; or

(7) any other sanction or remedy deemed to be appropriate.

(b) The Exchange may impose a fine of up to $1,000,000 for each violation of a Rule or a provision 

of Applicable Law not including any disgorgement amount levied, together with interest 

reasonably determined by the Exchange for the period from date such fine is imposed to the 

date of payment. 
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RULE 616. Appeal from Hearing Panel Decision, Summary Impositions of 

Fines and Other Summary Actions

(a) A Respondent found by the Hearing Panel to have violated (or, in the case of a Respondent, 

whose Authorized User or other Person using its User ID was found to have violated) a Rule 

or a provision of Applicable Law or who is subject to any summary fine (“Summary Fine”) or 

any (“Summary Action”) may Appeal the Decision within twenty (20) Business Days of 

receiving the Decision of the Hearing Panel or the notice of Summary Action, as the case may 

be, by filing a notice (“Notice of Appeal”) with the Chief Regulatory Officer. While an Appeal 

is pending, the effect of the Decision or the Summary Action (including any sanctions, 

remedies or costs imposed thereby) shall be suspended, except as provided in this Rule 616

with respect to any denial or limit on Trading Privileges or the ability to otherwise access the 

Exchange Trading Platform.

(b) The Notice of Appeal must state in writing the grounds for Appeal, including the findings of 

fact, conclusions or sanctions to which the Respondent objects. A Respondent may Appeal 

the Decision or any Summary Fine or Summary Action on the grounds that:

(1) the Decision, Summary Fine or Summary Action was arbitrary, capricious, 

an abuse of discretion or not in accordance with the Rules;

(2) the Decision, Summary Fine or Summary Action exceeded the authority or 

jurisdiction of the Hearing Panel, the Chief Regulatory Officer or the 

Exchange;

(3) the Decision, Fine or Summary Action was unsupported by the facts or 

evidence; or

(4) the imposed sanctions, remedies or costs are inappropriate or unsupported 

by the record.

(c) Upon receipt of a Notice of Appeal, the Chief Regulatory Officer will forward copies to the nonappealing party to the Disciplinary Proceeding or Summary Action. On or before twenty (20)

Business Day after filing a Notice of Appeal, the Respondent must file with the Chief 

Regulatory Officer and serve on the Regulatory Department a brief supporting the Notice of 

Appeal and documents supporting the brief. 
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(d) In connection with any Appeal, the Regulatory Department will furnish to the Chief Regulatory 

Officer and to the Respondent any transcript of the hearing, any exhibits introduced at the 

hearing, the Notice of Appeal and briefs filed to support and oppose the Appeal.

(e) Within thirty (30) Business Days after the last submission filed pursuant to paragraph (c) 

above, the Board will appoint an Appeal Panel to consider and determine the Appeal. The 

Board shall appoint individuals at the recommendation of the Chief Regulatory Officer to serve 

on the Appeal Panel for a term of one year, subject to reappointment by the Board, as potential 

participants on Appeal Panels. Any Appeal Panel shall include at least one Public Director. 

The term of an individual that has been selected as a member of an Appeal Panel will not 

expire until the related proceedings are completed. Individuals are prohibited from 

participating as a member of an Appeal Panel if such individual participated on a prior Review 

Panel, Hearing Panel or Appeal Panel proceeding in the same matter. Exchange Officials or 

employees are prohibited from serving on an Appeal Panel.

(f) The Chair of the Appeal Panel shall be an individual who would qualify as a Public Director.

(g) Within ten (10) Business Days of being notified of the appointment of the Appeal Panel, a 

Respondent may seek to disqualify any individual named to the Appeal Panel for the reasons 

identified in Rule 210 or for any other reasonable grounds, including, but not limited that such 

individual participated on a prior Review Panel, Hearing Panel or Appeal Panel proceeding in 

the same matter, by serving written notice on the Chief Regulatory Officer. By not timely filing 

a request for disqualification, the Respondent will be deemed to have waived any objection to 

the composition of an Appeal Panel. Legal counsel to the Exchange will decide the merits of 

any request for disqualification.

(h) The Appeal Panel will hold a hearing to allow parties to present oral arguments. Any hearing 

will be conducted privately and confidentially. Notwithstanding the confidentiality of hearings, 

the Appeal Panel may appoint an expert to attend any hearing and assist in the deliberations 

if such individuals agree to be subject to appropriate confidentiality agreements. In 

determining procedural and evidentiary matters, the Appeal Panel will not be bound by 

evidentiary or procedural rules or law.

(i) The Appeal Panel will only consider on appeal the record before the Hearing Panel or, in the 

case of a Summary Action, the record considered by the Chief Regulatory Officer, the Notice 

of Appeal, the briefs filed in support and opposition of the Appeal and any oral arguments of 

the parties. The Appeal Panel may only consider new evidence when the Appeal Panel 
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determines that good cause exists as to why the evidence was not introduced during the 

Disciplinary Proceeding or when imposing the Summary Action.

(j) After completing its review, the Appeal Panel may affirm, modify or reverse any Decision of 

the Hearing Panel, Summary Fine or Summary Action under Appeal, in whole or in part, 

including increasing, decreasing or eliminating any sanction or remedy imposed, imposing 

any other sanction or remedy authorized by the Rules, remanding the matter to the same or 

a different Hearing Panel for further Disciplinary Proceedings or ordering a new hearing.

(k) As promptly as reasonably possible following its review, the Appeal Panel will issue a written 

decision (“Appeal Decision”) based on the weight of the evidence before the Appeal Panel. 

The Appeal Decision will include a statement of findings of fact and conclusions for each 

finding, sanction, remedy and cost reviewed on Appeal, including each specific Rule and 

provision of Applicable Law that the Respondent is found to have violated, if any, and the 

imposition of sanctions, remedies and costs, if any, and the effective date of each sanction, 

remedy or cost.

(l) The Appeal Panel’s written Appeal Decision will be the final action of the Exchange and will 

not be subject to appeal within the Exchange.

RULE 617. Summary Imposition of Fines

(a) The Chief Regulatory Officer may summarily impose a fine against a Participant or Authorized 

User for failing:

(1) to make timely payments of fees, cost, charges or fines to the Exchange or 

the Clearing House;

(2) to make timely and accurate submissions to the Exchange of notices, 

reports or other information required by Rules; and

(3) to keep any books and records required by the Rules.

(b) The Regulatory Department, acting on behalf of the Chief Regulatory Officer, will give notice 

of any fine imposed pursuant to this Rule 617 to each Participant or Authorized User subject 

thereto. The notice will specify:

(1) the violations of the Rules for which the fine is being imposed;

(2) the date of the violation for which the fine is being imposed;
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(3) the amount of the fine; and

(4) the due date of the fine.

Within twenty (20) Business Days of serving the notice of fine, the Participant or Authorized User, 

as the case may be, must either pay or cause the payment of the fine or file Notice of an Appeal 

pursuant to Rule 616. Unless timely Notice of Appeal is filed, the fine will become final upon the 

expiration of twenty (20) Business Days after the notice of fine is served on the Participant or 

Authorized User, as the case may be.

(c) The Exchange will set the amount of any fines imposed pursuant to this Rule 617, with the 

maximum fine for each violation not to exceed $15,000. Summary imposition of fines pursuant 

to this Rule 617 will not preclude the Exchange from bringing any other action against the 

Participant or Authorized User, as the case may be.

RULE 618. Summary Suspensions and Other Summary Actions

(a) Notwithstanding anything in the Exchange Rules to the contrary, the Chief Regulatory Officer 

may, after consultation with the Regulatory Oversight Committee, if practicable, summarily 

suspend, revoke, limit, condition, restrict or qualify a Participant’s Trading Privileges and/or 

ability to otherwise access the Exchange Trading Platform, and may take other Summary 

Action against any Participant or any of its Authorized Users in accordance with the Exchange

Rules; provided, however, that the Chief Regulatory Officer must reasonably believe that the 

business, conduct or activities of the Participant, including Authorized Users in question is not 

in the best interests of the Exchange or the marketplace, including based on any of the 

following:

(1) statutory disqualification from registration as provided in CEA Section 8a(2) or Section 

8a(3);

(2) nonpayment of fees, costs, charges, fines or arbitration awards; or

(3) the reasonable belief that immediate action is necessary to protect the public or the best 

interests of the Exchange.

(b) Whenever practicable, the Exchange shall provide prior written notice to the Respondent

against whom any action in accordance with paragraph (a) of this Rule shall be taken. If prior 

notice is not practicable, the Exchange will give notice at the earliest possible opportunity to 

the Respondent against whom the action is brought.
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(c) Unless timely Notice of Appeal is filed pursuant to Rule 616, the Summary Action will become 

final upon the expiration of twenty (20) Business Days after the notice of action is served on 

the Respondent.

(d) At the request of the Exchange, a Respondent against whom a Summary Action is brought 

pursuant to this Rule 618 must provide books and records over which the Respondent has 

access or control and must furnish information to, or appear or testify before, the Exchange

in connection with the enforcement of any Rule.

(e) A Participant for which Trading Privileges and/or ability to otherwise access the Exchange

Trading Platformare suspended, revoked, limited, conditioned, restricted or qualified pursuant 

to this Rule 618 may apply for reinstatement by filing with the Regulatory Department a written 

request stating the party’s reasons for seeking reinstatement. The Exchange will not consider 

a request for reinstatement if the Participant (i) owes any fines, fees, charges or costs to the 

Exchange, (ii) continues to fail to appear at Disciplinary Proceedings without good cause or 

(iii) continues to impede the progress of Disciplinary Proceedings.

(f) Within a reasonable period after the filing of a request for reinstatement, the Appeal Panel will 

conduct a hearing to consider the request. At the hearing for reinstatement, the Respondent

will present its case supporting the reinstatement and the Regulatory Department, acting on 

behalf of the Chief Regulatory Officer may, in its discretion, present its case opposing or 

supporting the reinstatement and each may present evidence and facts and call, examine and 

cross-examine witnesses. At the hearing for reinstatement, the Exchange may require any 

Participant or Authorized User to appear as witnesses and produce evidence if the Appeal 

Panel determines that the evidence is relevant.

(g) As promptly as reasonably possible after a reinstatement hearing, the Appeal Panel will issue 

an order reinstating, denying the reinstatement, or placing conditions on the reinstatement of 

the Trading Privileges and/or ability to otherwise access the Exchange Trading Platform of 

the Respondent. The order will include a brief summary of the evidence introduced at the 

reinstatement hearing and, if applicable, findings of fact and conclusions not contained in the 

notice of Summary Action. The Appeals Panel’s order may not be appealed.

RULE 619. Failure to Pay Fine

If a Respondent fails to pay any fine imposed by the Hearing Panel on or before the date on which 

such fine becomes due and payable, such Respondent shall be suspended automatically without 

further action by the Exchange and shall remain suspended until such fine is paid in full and the 
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Respondent is reinstated by the Exchange; provided however, that on written application received 

prior to such date, the Hearing Panel, in its sole discretion, may postpone the date when payment 

is due.

RULE 620. Rights and Responsibilities After Suspension or Termination

(a) When a Participant’s or Authorized User’s Trading Privileges and/or ability to otherwise 

access the Exchange Trading Platform are suspended for a period of twelve (12) months or 

less, none of its rights (including the right to hold oneself out to the public as a Participant or 

Authorized User, enter Orders into the Exchange Trading Platform and receive Participant

rates for fees, costs, and charges and deposit margin at Participant levels) will apply during 

the period of the suspension, except for the right of the Participant or Authorized User in 

question to assert claims against others as provided in the Rules. Any such suspension will 

not affect the rights of creditors under the Rules or relieve the Participant or Authorized User

in question of its, his or her obligations under these Rules to perform any Contracts entered 

into before the suspension, or for payment of any Exchange fees, costs, or charges incurred 

during the suspension. The Exchange may discipline a suspended Participant or Authorized 

User under this Chapter 6 for any violation of a Rule or provision of Applicable Law committed 

by the Participant or Authorized User before, during or after the suspension.

(b) When a Participant’s or Authorized User’s Trading Privileges and/or ability to otherwise 

access the Exchange Trading Platform are terminated, all of its related rights will terminate, 

except for the right of the Participant or Authorized User in question to assert claims against 

others as provided in the Rules. Any such termination will not affect the rights of creditors 

under the Rules. A terminated Participant or Authorized User may only seek to be reinstated 

by applying for Trading Privileges pursuant to Rule 302.

(c) The Exchange will not consider the application of a terminated Participant or Authorized User

if such Participant or Authorized User, as the case may be, continues to fail to appear at 

Disciplinary Proceedings without good cause or continues to impede the progress of 

Disciplinary Proceedings.

(d) A suspended or terminated Participant or Authorized User remains subject to the Rules and 

the jurisdiction of the Exchange for acts and omissions prior to the suspension or termination, 

and must cooperate in any inquiry, investigation, Disciplinary Proceeding, Appeal of 

Disciplinary Proceedings, summary suspension or other Summary Action as if the suspended 

or terminated Participant or Authorized User still had Trading Privileges or the ability to 

otherwise access the Exchange Trading Platform.
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(e) In the event of the suspension or revocation of a Participant’s Trading Privileges and/or ability 

to otherwise access the Exchange Trading Platform, the Exchange shall seek to facilitate the 

transfer of any Customer Trading Accounts held by such Participant to other Participants with 

Trading Privileges and/or the ability to otherwise access the Exchange Trading Platform.

RULE 621. Notice to the Respondent and the Public

(a) The Exchange will provide written notice of Disciplinary Proceedings to the parties consistent 

with applicable CFTC Regulations. Whenever the Exchange suspends, expels, fines or 

otherwise disciplines, or denies any Person access to the Exchange, the Exchange will make 

the public disclosures required by CFTC Regulations.

(b) A brief summary of the disposition of a finding by the Chief Regulatory Officer, or the Hearing

Panel, and each hearing, settlement, and each imposition of any penalty, shall be kept 

permanently in the Participant’s regulatory history file maintained by the Exchange. The 

record of any hearing, together with all related records, shall be retained for a period of five 

(5) years.

(c) All information, records, and documents provided to the Panel, as well as proceedings 

conducted before the Hearing Panel shall be confidential and shall not be disclosed to any 

Person except: (i) as required by Applicable Law or the Rules; (ii) in any action or proceeding 

brought by or against the Exchange; and (iii) as may be determined from time to time by the 

Board.

RULE 622. Enforcement Staff

The Exchange must establish and maintain sufficient enforcement staff and resources to 

effectively and promptly prosecute possible Rule violations within the disciplinary jurisdiction of 

the Exchange. The Exchange must also monitor the size and workload of its enforcement staff 

annually, and ensure that its enforcement resources and staff are at appropriate levels. The 

Exchange’s enforcement staff may not include persons whose interests’ conflict with their 

enforcement duties. A member of the Exchange’s enforcement staff may not operate under the 

direction or control of any person or persons with Trading Privileges at the Exchange. The 

Exchange’s enforcement staff may operate as part of its Regulatory Department.
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CHAPTER 7. ARBITRATION RULES

RULE 701. Disputes Subject to Arbitration

(a) Mandatory Arbitration of Disputes Among Participants

(1) It is contrary to the objectives and policy of the Exchange for Participants 

to litigate Exchange-related disputes. By accessing the Exchange for the 

purpose of entering into Transactions in Contracts on the Exchange each 

Participant agrees that it shall arbitrate all disputes that relate to or arise 

out of any such Transaction, through the American Arbitration Association 

(“AAA”) in accordance with its Commercial Arbitration Rules. In the event 

of a conflict between the Rulebook and the AAA’s Commercial Arbitration 

Rules, the terms of the Rulebook shall control.

(2) Notwithstanding the foregoing, this Rule 701 does not require an employee 

of a Participant to submit to arbitration any claim that includes allegations 

of a violation of federal, state, or local employment discrimination, sexual 

harassment, wage payment or benefits laws.

(b) Claims Against the Exchange or Clearing House

(1) Claims Against the Exchange

(2) Claims against the Exchange pursuant to the provisions of Rule 540, 

subject to the limitations of Rules 910 and 911 can be submitted to 

arbitration through the American Arbitration Association or another 

arbitration program permitted by the CFTC Regulations. Such arbitration 

shall be conducted pursuant to the Rules and the AAA’s Commercial 

Arbitration Rules. 

(3) Claims Against the Clearing House

(4) Claims against the Clearing House must be pursued pursuant to the Rules 

of the Clearing House.

(c) Permissive Arbitrations
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The following may be submitted for arbitration through the American Arbitration 

Association and, in the event such a claim is submitted against a Participant, that 

Participant is required to arbitrate the dispute under these Rules, unless otherwise 

provided:

(1) claims of a Customer that is not a Participant against a Participant that 

relate to or arise out of any Transaction on or subject to the Rules of the 

Exchange;

(2) claims against a Participant pursuant to Rule 540;

(3) claims of a Customer that is not a Participant against a Clearing Member

responsible for the performance of a Contract on or subject the Rules of 

the Exchange and/or against a Participant in connection with a Transaction; 

and

(4) at the discretion of the Chief Regulatory Officer, any claim involving the 

interests of the Exchange, its Participants, their business relations, or 

commodity futures trading in general not otherwise arbitrable under these 

Rules, provided the parties have consented to such arbitration.

(d) Waiver of Any Objection to Jurisdiction

Any Person who is not a Participant who submits a claim or grievance to arbitration or any 

Person who appeals any arbitration decision, or who takes any steps therein, shall be

conclusively presumed to have voluntarily recognized and agreed to the jurisdiction of the 

American Arbitration Association to hear and determine the claim or appeal.

(e) Referral to the American Arbitration Association

If a complaint is received by the Exchange from a Customer, it shall be referred to the 

Regulatory Department, which shall inform the Customer of alternatives under Applicable 

Law for asserting a claim based on that complaint. 

(f) IMX is adopting the AAA Commercial Arbitration Rules as set forth in this Rule 701. Any 

violation of the AAA Commercial Arbitration Rules shall be a violation of this Rule 701.
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RULE 702. Initiating an Arbitration Claim

(a) A claimant may initiate a claim by submitting the required documents and fees to the American 

Arbitration Association. 

(b) A claimant shall provide notice of such arbitration claim to the Exchange.

RULE 703. Exceptions to Required Arbitration

This Chapter 7 does not apply to disputes between Participants where: (1) such 

Participants are required by the Rules of a Self-Regulatory Organization to submit to the 

dispute resolution procedures of that Self-Regulatory Organization; or (2) that such 

Participants have, by valid and binding agreement, committed to negotiate or litigate in a 

forum other than AAA.

RULE 704. Notice

The Exchange will ensure that Persons subject to arbitration under this Chapter7 will be provided 

with adequate notice of the claims presented against such Person, as well as any fees and costs 

that may be assessed against such Person.

RULE 705. Right to Counsel

Every Person is entitled to represent his or her own interests, be represented by counsel of his or 

her choosing and at his or her own expense who is admitted to practice before the highest court 

in any State, by a family member or be represented by any other non-compensated 

representative. An entity must be represented by an officer or owner of the entity or by counsel.

RULE 706. Penalties

(a) Any failure on the part of a Participant to arbitrate a dispute subject to this Chapter, or the 

commencement by any such Participant of a suit in any court prior to arbitrating a case subject 

to this Chapter, violates the Rules and may subject such Person to a Disciplinary Proceeding

pursuant to Chapter 6 of these Rules.

(b) The Exchange may summarily suspend, pursuant to Chapter 6 of these Rules, a Participant

that fails to timely satisfy an arbitration award or settlement rendered in any arbitration 

pursuant to this Chapter.
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CHAPTER 8. CLEARING

RULE 801. Submission to Clearing House

All Contracts shall be cleared through the Clearing House in accordance with Clearing House 

Rules and in conformity with all Rules specified in this Chapter.

RULE 802. Clearing House Rules

(a) The clearing services provided by the Clearing House with respect to any Contract, and the 

rights and obligations of purchasers and sellers under cleared Contracts (including without 

limitation rights and obligations in respect of clearing and settlement, variation payments and 

performance at maturity), shall be governed by the Clearing House Rules, except as otherwise 

provided in the Rules or Notices to Participants issued from time to time by the Exchange.

(b) The Clearing House provides clearing and settlement services for the Contracts. 

(c) The Clearing House Rules shall prevail in the event of any conflict or inconsistency between 

the Rules and the Clearing House Rules with respect to any Clearing Member’s responsibilities 

or obligations under the Clearing House Rules. All Clearing Members are bound by the Clearing 

House Rules.

(d) The Clearing House shall have the right to reject Contracts that arise from Transactions and 

to suspend clearing of such Transactions without notice, in accordance with the Clearing House

Rules.

(e) Open positions in any Contract may only be offset by opposite Transactions in the same 

Contract that are executed on the Exchange.

RULE 803. Clearing Members

(a) All Participants must be a Member of the Clearing House or have an agreement with an FCM 

Clearing Member that establishes an account for the Participant for the purpose of clearing 

the Participant’s Transactions through the Clearing House. A Participant that is also a 

Clearing Member guarantees its own performance on any Contract executed on the Exchange 

to both the Exchange and the Clearing House. An FCM Clearing Member that has established 

a Clearing House account for an Exchange Participant thereby guarantees such Participant’s 

performance on any Contract executed on the Exchange to both the Exchange and the 

Clearing House. 
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(b) A Clearing Member may at any time revoke any authorization granted and guarantee made 

by it to any Participant in accordance with the preceding paragraph, by providing written notice 

of such revocation to the Exchange. The guarantee will remain in effect until the Participant 

has liquidated or transferred its positions and funds to another Clearing Member and no 

revocation made under this Rule shall have retroactive effect on any Transaction in Contracts 

entered into prior to the effectiveness of such revocation. 

(c) For clearing purposes, a Participant must specify Trading Accounts that it wishes to be 

separately tracked and margined by its Clearing Member. The Exchange will give each of 

these Trading Accounts a Trading Account ID for use by the Clearing House and its Clearing 

Members.

(d) The Clearing Member will set risk limits for each of the Participant’s Trading Account IDs, and 

has the right to suspend trading by a Participant on the Exchange.

(e) Each Clearing Member shall develop and implement a written compliance program approved 

in writing by senior management of such Clearing Member that is reasonably designed to 

achieve and monitor the Clearing Member’s compliance with all applicable requirements of 

the Bank Secrecy Act, and the Executive Orders and regulations issued pursuant thereto, 

including the regulations issued by the U.S. Department of the Treasury and, as applicable, 

the CFTC. The compliance program shall, at a minimum: 

(i) establish and implement policies, procedures and controls reasonably 

designed to assure compliance with all applicable provisions of the Bank 

Secrecy Act, and all applicable Executive Orders and regulations issued 

pursuant thereto;

(ii) provide for independent testing for compliance to be conducted by Clearing 

Member personnel or a qualified outside party; 

(iii) designate an individual or individuals responsible for implementing and 

monitoring the day-to-day operations and internal controls of the program; 

and

(iv) provide ongoing training for appropriate personnel.
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RULE 804. Responsibilities of Participants

Each Participant must assist its FCM Clearing Member, if any, and the Clearing House in the 

clearing of its Transactions in Contracts. Without limiting the generality of the foregoing, each 

Participant must provide its FCM Clearing Member, if any, contact information sufficient to ensure 

that such Participant may be reached at any time that Transactions in Contracts are open at the 

Clearing House. 

RULE 805. Settlement

The Exchange will provide the Clearing House with Settlement Prices each Business Day. The 

Daily Settlement Price shall be determined at the conclusion of Trading Hours on a Business Day

as defined under the relevant Contract Specification. For each Contract Expiry, the Exchange 

shall publish on the Exchange Website a Daily Settlement Price and other pricing information 

(open, close, high, low), as well as volume and open interest. 

The Exchange will provide the Clearing House with the Final Settlement Prices at the end of the 

Final Settlement Period on the Expiry of the Contract. Settlement Prices will be calculated as 

defined by the Contract Specification. 

The Exchange reserves the right to adjust Daily and Final Settlement Prices as it deems 

necessary based on current market conditions or otherwise.

RULE 806. Clearing Fees

Clearing fees shall be assessed against a Clearing Member for each side of a Transaction cleared 

by or processed through the Clearing House as the Clearing House may from time to time 

prescribe. Such Clearing House-related clearing fees may be separate from or incorporated into 

the Exchange fees.

RULE 807. Transfer of Trades

Clearing Members may transfer positions in cleared Contracts in accordance with the Rules and 

operational procedures of the Clearing House in force from time to time.

RULE 808. Concurrent Long and Short Positions

Clearing Members shall adhere to the Clearing House Rules and procedures relating to 

concurrent long and short positions in Contracts and hold-open accounts holding such positions.
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CHAPTER 9. MISCELLANEOUS

RULE 901. Governing Law

The law of the State of Illinois shall govern any dispute arising between the Exchange and a 

Participant without giving effect to the provisions, policies or principles of any state law relating to 

choice or conflict of laws provisions.

RULE 902. Confidentiality

(a) All non-public information provided by a Participant or Authorized User to the Exchange shall 

be held in confidence and shall not be made known to any other Person except as follows:

(1) with the consent of the Participant or Authorized User providing such 

information; 

(2) to a Government Agency if the Exchange is requested or legally required 

to do so by such Government Agency; 

(3) pursuant to a lawful discovery request; 

(4) subject to appropriate confidentiality requirements, to any Person providing 

services to the Exchange;

(5) pursuant to an information sharing agreement or other arrangement or 

procedures in accordance with the Rules or Applicable Law;

(6) subject to appropriate confidentiality requirements, to the Exchange 

Officials, the Board, Board committees, Disciplinary Panels (including 

Hearing Panels, Review Panels and Appeals Panels), attorneys, auditors, 

and agents, independent contractors or other Persons that have been 

engaged by the Exchange, in each case, who require such information in 

connection with the discharge of their duties to the Exchange; and

(7) as otherwise permitted under these Rules. 

(b) All information and data obtained or received by the Exchange from inspections of accounting 

and other records will be treated as confidential by the Exchange, subject to the Exchange’s 

exercise of its rights and powers under Chapter 6 of these Rules and Rule 504, or any other 

requirement of or arising under Applicable Law.
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RULE 903. Prohibition on Trading by Exchange Officials; Misuse of 

Material, Non-Public Information

(a) Terms used in this Rule and not otherwise defined in the Rules of the Exchange shall have 

the meanings set forth in CFTC Regulations 1.3 and 1.59.

(b) Employees of the Exchange are prohibited from:

(1) trading, directly or indirectly, in any product traded on or cleared by the 

Exchange;

(2) trading, directly or indirectly, in any related commodity interest;

(3) trading, directly or indirectly, in a commodity interest traded on contract 

markets or swap execution facilities or cleared by derivatives clearing 

organizations other than the Exchange, if such employee has access to 

material non-public information concerning such commodity interest; and

(4) trading, directly or indirectly, in a commodity interest traded on or cleared 

by a linked exchange, if such employee has access to material non-public 

information concerning such commodity interest.

(c) Exchange Officials and consultants are prohibited from disclosing to any other Person any 

material non-public information which such Person obtains as a result of their employment or 

services at the Exchange, where such Person has or should have a reasonable expectation 

that the information disclosed may assist another person in trading any commodity interest; 

provided however, that this paragraph shall not prohibit disclosures made in the course of 

such Person's duties, or disclosures made to another Self-Regulatory Organization, linked 

exchange, court of competent jurisdiction or representative of any Government Agency. 

(d) The Chief Regulatory Officer (or in the case of the Chief Regulatory Officer the Board) may 

grant exemptions from the provisions of paragraph (b) of this Rule to employees of the 

Exchange on a case-by-case basis under circumstances which are not contrary to the 

purposes of this Rule and CFTC Regulation 1.59. Such circumstances may include, but are 

not limited to:

(1) participation in pooled investment vehicles where such employee has no 

direct or indirect control with respect to transactions executed on or behalf 

of such vehicles;
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(2) service by such employee as an executor or administrator of an estate; 

(3) service by such employee in any other fiduciary capacity, such as an officer 

of a charitable organization, in which such employee receives no pecuniary 

benefit from the trading in any product traded on or cleared by the 

Exchange or any related commodity interest;

(4) trading, including trading for educational or demonstration purposes, in any 

product traded on or cleared by the Exchange or any related commodity 

interest executed on or subject to the Rules of a Swap Execution Facility, 

a Designated Contract Market or a National Securities Exchange under 

circumstances in which such employee’s access to material non-public 

information in respect of such financial instruments is sufficiently minimal 

or attenuated so as to be insignificant; and

(5) such other circumstances as the Chief Regulatory Officer (or, in the case 

of the Chief Regulatory Officer, the Board) may determine.

(e) For the avoidance of doubt, participation by an employee of the Exchange in a retirement plan 

sponsored by the Exchange shall not be deemed to constitute trading directly or indirectly in 

any product traded on or cleared by the Exchange or any related commodity interest, 

notwithstanding such plan’s trading of such products or related commodity interests.

(f) Any employee of the Exchange that has received an exemption under this Rule shall: 

(1) furnish to the Exchange (or in the case of the Chief Regulatory Officer the 

Board) account statements and other documents relevant to the trading 

activities that are so exempted; and

(2) inform the Chief Regulatory Officer (or in the case of the Chief Regulatory 

Officer, the Board) within one (1) Business Day of any material change of 

information that may affect such employee’s qualification for such 

exemption.

RULE 904. Gifts and Gratuities

Except as permitted in writing by the Chief Executive Officer or the Chief Regulatory Officer, no 

Participant shall, directly or indirectly, give or permit to be given anything of value, including gifts 
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and gratuities, in excess of one hundred dollars ($100) per individual per year to an Exchange 

Official.

RULE 905. Market Data

(a) All Participants, employees, agents, vendors and other Persons Affiliated with the foregoing

understand and acknowledge that the Exchange has a proprietary interest in:

(1) the price and quantity data from each and every Transaction executed on 

the Exchange Trading Platform, including the time at which the Transaction 

was executed by, or submitted to the Exchange Trading Platform;

(2) the price and quantity data for each and every bid and offer submitted for 

entry into the Exchange Trading Platform, including the time at which the 

bid and offer was entered into the Exchange Trading Platform;

(3) the Daily Settlement of each Contract;

(4) any data and information derived from (1), (2) and (3) and the format and 

presentation thereof; and

(5) the transmissions and dissemination of the data and information to 

Participants, any publisher of the data or information with which the 

Exchange has a written agreement and any other Persons (collectively 

“Market Data”).

(b) Participants may not distribute, sell or retransmit information displayed on the Exchange

Trading Platformto any third party. Notwithstanding the foregoing, Participants may distribute, 

sell or retransmit Market Data pursuant to a duly executed Market Data agreement.

RULE 906. Amendments to the Rules

The Exchange shall be authorized to amend these Rules and any related procedures or other 

documents from time to time as necessary with the approval of the Board or Regulatory Oversight 

Committee, and without the consent of any other Person, subject to Applicable Law, and in 

connection therewith to determine the effective date of any such amendment and whether, and 

how, any such amendment may apply to existing Contracts. Any proposed Rule changes will be 

sent to the CFTC pursuant to its self-certification process. The Exchange will notify Participants 
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of Rule changes by posting a notice and revised Rulebook on the Exchange Website. Each 

Participant shall be bound by any such amendments.

RULE 907. Extension or Waiver of Rules

If necessary and expedient, the Exchange may, in its sole discretion, waive or extend the time 

period for performing any act or acts designated by the Rules, but only to the extent such waiver 

or extension is not inconsistent with the CEA or the CFTC Regulations.

RULE 908. Effect of Amendment, Repeal or New Rule

(a) If an amendment or repeal of a Rule or adoption of a new Rule does not materially change 

the terms or conditions of a Contract and does not affect the value of open Contracts, then 

the effective date of any amendment or repeal of the Rule or adoption of a new the Rule 

relating to Contracts is binding on all Contracts entered into before and after the effective date 

of such amendment, repeal or adoption.

(b) If an amendment or repeal of a Rule or adoption of a new Rule materially changes the terms 

or conditions of a Contract or affects the value of open Contracts, then the amendment, repeal 

or new Rule is binding only on Contracts listed for trading after the effective date of such 

amendment, repeal or adoption and Contracts listed as of the effective date of such 

amendment, repeal or adoption with no open positions then in existence, unless otherwise 

specifically provided by the Board.

RULE 909. Force Majeure

Notwithstanding any other provision of the Rules, the Exchange shall not be obligated to perform 

its obligations under the Rules or any agreement with a Participant, or to compensate any Person 

for losses occasioned by any delay or failure of performance, to the extent a delay or failure of 

performance is the result of circumstances that the Exchange determines, in its sole discretion, 

may have an adverse effect upon the functions and facilities of the Exchange, including, but not 

limited to, acts of God, fire or other natural disasters, inclement weather, embargos, bomb threats, 

pressure waves, disruption of electricity, communication outages or delays, acts or threats of 

terrorism, riots, commotions, strikes, war, invasions, hostilities (whether declared or not), 

epidemics, pandemics, and contaminations.
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RULE 910. Limitation on Liability

(a) Except as otherwise set forth in this Rule, neither the Exchange nor any Exchange Official, 

Director, employee, agent or other representative, nor any Affiliate of the Exchange or any 

representative of such Affiliate (“Covered Persons”) shall be liable to a Participant or to any

partner, director, officer, branch manager, broker, supervised Person, Authorized User, 

employee or agent of such Participant(or any Person occupying a similar status or performing 

similar functions), or to any Person directly or indirectly controlling, controlled by, or under 

common control with, such Participant (collectively, “Related Party of the Participant”), for 

any loss, damage, injury, delay, cost, expense, other liability or claim (including loss of profits, 

loss of use, direct, indirect, incidental or consequential or punitive damages) (collectively, 

“Losses”), whether in contract, tort or restitution, or under any other cause of action, suffered 

by or made against them as a result of their use of some or all of the Exchange Trading 

Platform or any other action by the Exchange. By making use of the Exchange Trading 

Platform, such persons expressly agree to accept all liability arising from their use of same.

(b) Except as otherwise set forth in this Rule, neither the Exchange nor any of its Covered 

Persons shall be liable to a Participant or any Related Party of the Participant, thereof, for 

Losses or other liability or claim whether in contract, tort or restitution, or under any other 

cause of action, suffered by or made against them arising from:

(1) any failure or non-availability of the Exchange Trading Platform;

(2) any act or omission on the part of the Exchange or its Covered Persons 

including without limitation a decision of the Exchange to suspend, halt, or 

terminate trading or to void, nullify or cancel Orders or Trades in whole or 

in part; 

(3) any errors or inaccuracies in information provided by the Exchange, its 

Covered Persons or the Exchange Trading Platform;

(4) unauthorized access to or unauthorized use of the Exchange Trading 

Platform by any Person; or

(5) any Force Majeure Event affecting the Exchange.

This limitation of liability will apply regardless of whether or not the Exchange, or its 

Covered Persons (or any designee thereof) was advised of or otherwise might have 

anticipated the possibility of such damages. 
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(c) No Participant, or Related Party of the Participant or any other Person shall be entitled to 

institute a lawsuit or other legal proceeding against the Exchange or its Covered Persons for 

actions taken or omitted to be taken in connection with the official business of the Exchange. 

This provision shall not apply to Disciplinary Proceedings by the Exchange, administrative 

appeals of Exchange actions or in any specific instance where the Board has granted a waiver 

of this provision. 

(d) Any actions, suits or proceedings against the Exchange or its Covered Persons must be 

brought, within two years from the time they first arise, in a U.S. Federal Court located in Cook 

County, Illinois, or if the requirements for Federal subject matter jurisdiction are not met, in a 

State Court located in Cook County, Illinois. This provision shall in no way create a cause of 

action and shall not authorize an action that would otherwise be prohibited by the Rules of the 

Exchange. 

(e) Any Participant or Related Party of the Participant that fails to prevail in a lawsuit or other legal 

proceeding instituted by such Person against the Exchange related to the business of the 

Exchange, shall pay to the Exchange all reasonable expenses, including attorneys’ fees, 

incurred by the Exchange in the defense of such proceeding.

(f) This provision shall not restrict the right of such persons to apply for a review of a direction, 

order or decision of the Exchange by the CFTC. Notwithstanding any of the foregoing 

provisions, this Rule 910 shall in no way limit the liability of any Person arising from any 

violation by such Person of the CEA or the CFTC Regulations.

(g) The limitations on liability in this Rule shall not protect any party for which there has been a 

final determination (including exhaustion of any appeals) by a United States court or arbitrator 

to have engaged in willful or fraudulent misconduct or has acted in bad faith. Additionally, the 

foregoing limitations on liability of this Rule shall be subject to the CEA and CFTC Regulations, 

each as in effect from time to time.

RULE 911. Limitation on Damages

(a) The maximum aggregate liability of the Exchange, and its Covered Persons to any Participant, 

or any Related Party of a Participant, or any other Person, on an aggregate basis, for any and 

all claims made in relation to the use of or failure of the Exchange Trading Platform or any 

action or failure to act in any calendar year shall be one hundred thousand dollars ($100,000) 

to include any legal, court or attorney fees assessed against the Exchange or any Covered 

Persons, however that liability arises, including (without limitation) breach of contract, tort, 
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misrepresentation or breach of statutory duty. This aggregate liability limit applies regardless 

of whether a claim is allowed under Exchange Rules or a U.S. court of competent jurisdiction 

unless held to be invalid, unlawful, or unenforceable.

(b) Neither the Exchange nor any Covered Persons, solely by reason of acting in such capacity 

(including a Person having more than one such capacity), shall be personally liable for any 

expenses, liabilities, debts or obligations of the Exchange, whether arising in contract, tort or 

otherwise. 

(c) Except as otherwise provided, and except in instances where there has been a finding of fraud 

or willful misconduct, in which case the party found to have engaged in such conduct cannot 

avail itself of the protections in the Rules, neither the Exchange nor its Covered Persons shall 

be liable to any other Person, including any Participant or any Related Party of the Participant 

for any Losses, arising from: 

(1) any failure or malfunction of, including any inability to enter or cancel 

Orders, the Exchange Trading Platform or any Exchange services or 

facilities used to support the Exchange Trading Platform;

(2) any fault in delivery, delay, omission, suspension, inaccuracy or 

termination, or any other cause in connection with the furnishing, 

performance, maintenance, use of or inability to use all or any part of the 

Exchange Trading Platform or any Exchange services or facilities used to 

support the Exchange Trading Platform; or 

(3) any action taken or omitted to be taken in respect to the business of the 

Exchange except, in each case, to the extent that such Losses are 

attributable to the willful misconduct, gross negligence or criminal acts of 

the Exchange or its Covered Persons acting within the scope of their 

respective authority. Without limiting the generality of the foregoing, and 

subject to the same exception, no Covered Person shall have any liability 

to any Person for any Losses that result from any error, omission, or delay 

in calculating or disseminating any current or closing value or any reports 

of Transactions in or quotations for Contracts, including underlying data 

and securities. The foregoing shall apply regardless of whether a claim 

arises in contract, tort, negligence, strict liability or otherwise. The 

limitations of liability and disclaimers set forth in this Rule shall be in 
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addition to, and not in limitation of, any limitations otherwise available under 

Applicable Law. 

(d) Whenever custody of an unexecuted Order or a message or other data is transmitted by a 

Participant or Related Party of a Participant to the Exchange and the Exchange acknowledges 

receipt of and assumes responsibility for the transmission or execution of the Order or the 

processing of the Order, message or other data, the Exchange may, in its sole discretion, 

compensate the Participant for the Losses of the Participant or its Related Party alleged to 

have resulted from the failure to process the Order, message or other data correctly due to 

the acts or omissions of the Exchange or due to the failure of the Exchange Trading Platform

or facilities (each, a “Loss Event”), subject to the following limits and requirements: 

(1) as to any one or more requests for compensation made by a single 

Participant (including any Related Party of the Participant) that arose on a 

single Business Day, the Exchange may compensate the Participant up to, 

but not exceeding the larger of $10,000 or the amount of any recovery 

obtained by the Exchange under any applicable insurance maintained by 

the Exchange; and

(2) as to the aggregate of all requests for compensation made by all 

Participants (including any Related Party of the Participants) that arose 

during a single calendar month, the Exchange may compensate the 

Participants (including any Related Party of the Participants) in the 

aggregate, up to but not exceeding the larger of $25,000 or the amount of 

the recovery obtained by the Exchange under any applicable insurance 

maintained by the Exchange. 

(3) Nothing in this Rule shall obligate the Exchange to seek recovery under 

any applicable insurance policy. 

(4) Notice of all requests for compensation pursuant to this Rule shall be in 

writing in a form and manner prescribed by the Exchange, along with 

supporting documentation, and must be submitted no later than 12:00:00

PM Central Time on the next Business Day following the Loss Event giving 

rise to such requests. 

(5) The submission time frame shall commence upon the later of the 

occurrence of the Loss Event or when the Participant or Related Party of 
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the Participant submitting the request for compensation reasonably should 

have been aware of the occurrence of the Loss Event as determined by the 

Exchange. Additional information related to the request as requested by 

the Exchange is also required to be provided in a form and manner 

prescribed by the Exchange. The Exchange shall not consider requests for 

which timely notice and submission have not been provided as required 

under paragraph (d) of this Rule. 

(6) If all of the granted requests submitted pursuant to paragraph (d)(i) of this 

Rule cannot be fully satisfied because in the aggregate they exceed the 

maximum amount of payments authorized in paragraph (d)(ii) of this Rule 

for a single calendar month, then such maximum amount shall be allocated 

among all such granted requests during that calendar month based upon 

the proportion that the amount of each such granted request bears to the 

sum of all such granted requests, except as provided in this Rule. Requests 

made pursuant to paragraph (c) of this Rule shall constitute a Participant’s 

(including any Related Party’s) sole recourse to seek compensation from 

Covered Persons relating to a Loss Event. 

(7) All payments to Participants (including any Related Party of the Participant) 

pursuant to this Rule will be contingent upon the execution and delivery to 

the Exchange of a release by the Participant(and any Related Party of the 

Participant) of all claims by it or its Affiliates against the Exchange and its 

Covered Persons for Losses that arise out of, are associated with or relate 

in any way to the Loss Event or to any actions or omissions related in any 

way to the Loss Event.

(8) Failure to provide the release within fourteen (14) calendar days of 

notification of the payment amount by the Exchange will void the 

Participant’s (including any Related Party of the Participant’s) eligibility to 

receive a payment pursuant to this Rule 911 in determining whether to 

make payment of a request pursuant to paragraph (d) of this Rule. The 

Exchange may determine whether the amount requested should be 

reduced based on the actions or inactions of the requesting Participant(or 

Related Party of the Participant), including, without limitation, whether the 

actions or inactions of the Participant(including by any Related Party of the 

Participant) contributed to the Loss Event; whether the Participant
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(including by any Related Party of the Participant) made appropriate efforts 

to mitigate its Loss, whether the Participant(including by any Related Party 

of the Participant) realized any gains as a result of the Loss Event, whether 

there were Losses of the Participant (including by any Related Party of the 

Participant), if any, that were offset by hedges of positions either on the 

Exchange or on another affiliated or unaffiliated market, and whether the 

Participant (including any Related Party of the Participant) provided 

sufficient and appropriately recorded information to document the request 

submitted to the Exchange. 

(9) All determinations made pursuant to this Rule by the Exchange shall be 

final and not subject to appeal. Nothing in the Rules, nor any payment 

pursuant to this Rule, shall in any way limit, waive, or proscribe any 

defenses a Covered Person may have to any claim, demand, liability, 

action, or cause of action, whether such defense arises in law or equity, or 

whether such defense is asserted in a judicial, administrative or other 

proceeding.

RULE 912. Indemnification

(a) In the event any legal proceeding is brought by a third party against the Exchange which 

arises directly or indirectly from the use of the Exchange Trading Platform by a Participant, 

and/or any Related Party of the Participant, then such Participant or Related Party of the 

Participant must undertake to hold the Exchange harmless in respect of, and to reimburse to 

the Exchange all costs related to the same including all legal fees and expenses. 

(b) Participants and any Related Party of the Participant shall indemnify and hold the Exchange 

and its Covered Persons harmless from and against all costs, including without limitation 

amounts paid to settle an action or to satisfy a judgment, legal and professional fees, 

expenses for attending trials, hearings and meetings, that the Exchange incurs in any civil, 

criminal or administrative action, suit, proceeding, investigation, inquiry, hearing, appeal, or 

review that is threatened or brought against the Exchange or its Covered Persons, or in 

respect of which the Exchange is compelled or requested to participate, in respect of any act 

committed or permitted by the Participant and/or any Related Party of the Participant.

(c) Any Participant and/or any Related Party of the Participant which institutes an action or 

proceeding against the Exchange or its Covered Persons, and which fails to prevail in such 

action or proceeding, shall reimburse the Exchange and/or its Covered Persons for any and 
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all costs or expenses (including but not limited to attorneys’ fees, expenses of investigation 

and amounts paid by way of indemnifying any Exchange Officials, Directors, or other persons 

by the Exchange) incurred in connection with the defense of such action or proceeding. 

RULE 913. Disclaimer of Warranties

(a) The Exchange provides any licensed products, access to the Exchange Trading Platform, the 

equipment and any part or parts of the Exchange Trading Platform and data on an “as is” 

basis. The Exchange Trading Platform and all related services of the Exchange are being 

provided on an “as-is” basis at each Participant’s, including any Authorized User’s sole risk.

(b) There are no express or implied warranties or representations provided by the Exchange or 

its Covered Persons relating to the Exchange Trading Platform or any Exchange services or 

facilities used to support the Exchange Trading Platform, including warranties of 

merchantability and warranties of fitness for a particular purpose or use. Neither the Exchange 

nor any of its Covered Persons make any warranty with respect to, and no such party shall 

have any liability to any Participant for the accuracy, timeliness, completeness, reliability, 

performance or continued availability of the Exchange Trading Platform, the Exchange or 

data, for delays, omissions or interruptions therein or the creditworthiness of any other 

Participant. The Exchange and its Covered Persons shall have no duty or obligation to verify 

any information displayed on the Exchange Trading Platform or otherwise to verify any 

information displayed on the Exchange Trading Platform or otherwise.

(c) Each Participant acknowledges and agrees that the Exchange and its Covered Persons do 

not and shall not serve as the primary basis for any decisions made by any Participant and 

that the Exchange and its Covered Persons do not act as an advisor or fiduciary for any 

Participant.

(d) No index licensor with respect to any index underlying a Contract traded on the Exchange and 

no Affiliate of such index licensor makes any warranty, express or implied, as to the results to 

be obtained by any Person from the use of such index, any opening, intra-day or closing value 

therefor, or any data included therein or relating thereto, in connection with the trading of any 

Contract based thereon or for any other purpose.

(e) The index licensor and its Affiliates shall obtain information for inclusion in, or for use in the 

calculation of, such index from sources they believe to be reliable, but the index licensor and 

its Affiliates do not guarantee the accuracy or completeness of such index, any opening, intraday or closing value therefor, or any date included therein or related thereto. 
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(f) The index licensor and its Affiliates hereby disclaim all warranties of merchantability or fitness 

for a particular purpose or use with respect to such index, any opening, intra-day, or closing 

value therefor, any data included therein or relating thereto, or any Contract based thereon.

(g) The index licensor and its Affiliates shall have no liability for any damages, claims, losses 

(including any indirect or consequential losses), expenses, or delays, whether direct or 

indirect, foreseen or unforeseen, suffered by any Person arising out of any circumstance or 

occurrence relating to the Person’s use of such index, any opening, intra-day or closing value 

therefor, any data included therein or relating thereto, or any Contract based thereon, or 

arising out of any errors or delays in calculating or disseminating such index. 

(h) For purposes of this Rule 913, the term “index licensor” includes any Person that grants the 

Exchange a license to use an index in connection with the trading on the Exchange of a 

Contract based on the index and any Person designated by the exchange as the source for 

calculating and/or reporting the level of an index underlying a Contract traded on the 

Exchange, and also includes, with respect to any index of which the Exchange or an Affiliate 

of the Exchange is the proprietor or for which the Exchange or an Affiliate of the Exchange 

calculates and/or reports levels of the index. 

(i) For purposes of this Rule 913, references to the term “index” shall also be deemed to 

encompass and apply to any benchmark other than an index and to any value or price of a 

commodity.