existence at the close of the market, to determine the closing
premium or range for each Contract. Exchange staff, in
conjunction with the Quotations Committee, shall then determine
the settlement premiums by using a theoretical pricing model.

If Exchange staff, in conjunction with the Quotations Committee,
believes, based on its review of the market and market conditions
that the settlement premium established above is not
representative of market conditions, or if the settlement premium
was inaccurately determined, then Exchange staff may establish a
settlement premium based on the settlement price of the
underlying Futures Contract and the previously prevailing
differentials:

a. among the premiums for the listed striking prices for the
option month;

b. among the premiums for the different option months listed
for trading; and

c. between the premium for the relevant striking price and
the price of the underlying Futures Contract.

Where a settlement premium is established in accordance with this
section by Exchange staff, in conjunction with the Quotations Committee,
a written record shall be prepared setting forth the basis for the
establishment of such settlement premium.

MGEXpress® Contracts.

Promptly after the close of the trading session in each Options Contract,
the Exchange shall ensure that settlement premiums are calculated as
follows. The settlement premium shall be price consistent with the
minimum fluctuations of the Contract.

1.

All trades executed during the closing period, and subsequent
higher bids and lower offers that were in existence at the close of
the market, shall determine the closing premium or range for each
Contract. The settlement premiums shall be determined by using
a theoretical pricing model.

Based on market conditions if the settlement premium established
above is not representative of market conditions, or if the
settlement premium was inaccurately determined, then a new
settlement premium based on the settlement price of the
underlying Futures Contract and the previously prevailing
differentials may be established:

a. among the premiums for the listed striking prices for the
option month;

b. among the premiums for the different option months listed
for trading; and


B. | MGEXpress® Contracts.

Promptly after the close of the trading session in each Futures Contract,
the Exchange shall ensure that settlement prices are calculated for each
contract month as follows. The settlement price shall be price consistent
with the minimum fluctuations of the contract.

1. All trades executed during the closing period, and subsequent
higher bids and lower offers that were in existence at the close of
the market, shall determine the closing price or range for each
contract. The settlement price shall be determined by the
weighted average of the trades, and applicable bids and offers
from the closing period.

2. If no trade occurs in the closing period, the settlement price shall
be the last trade price, unless there is a higher bid or lower offer
that existed at the close of the market. If there is no trade during
the day, the settlement price shall remain unchanged, unless
there is a higher bid or lower offer that existed at the close of the
market. In such cases, the higher bid or lower offer shall be the
settlement price.

3. If such settlement price is not consistent with the settlements in
other months or with market information, or if the settlement was
inaccurately determined, a new settlement price may be
established at a level consistent with such other settlement prices
or market information and a written record setting forth the basis
for any modification of such settlement price shall be prepared.

C. Open Outcry/MGEXpress® Contracts,

Settlement_prices for Futures Contracts which have both Open Outcry and
MGEXpress” sessions shall be determined by the trading session with
the later closing time D. Reservation.

The Exchange reserves the right to modify the settlement price prior to
the start of the day’s final clearing process if the settlement price arose
from data entry errors made by or on behalf of the Exchange, and
modification of the settlement price is necessary to prevent market
distortion. A written record shall be prepared setting forth the basis for
any modification.

| spacing: single

2015.00. SETTLEMENT PREMIUMS.
Pursuant to the provisions of Rule 210.01., the Board of Directors has adopted this Regulation.
A. Open Outcry Contracts.
Promptly after the close of trading in each Options Contract, Exchange
staff, in conjunction with the Quotations Committee, shall compute
settlement premiums as follows. The settlement premium shall be price

consistent with the minimum fluctuations of the Contract.

1. Exchange staff shall review all trades executed during the closing
period, and subsequent higher bids and lower offers that were in


c. between the premium for the relevant striking price and
the price of the underlying Futures Contract.

Where a settlement premium is established in accordance with this
section, a written record shall be prepared setting forth the basis for the
establishment of such settlement premium.

C. Open Outcry/MGEXpress® Contracts -

Settlement_premiums for Options Contracts which have both Open
Qutcry and MGEXpress” sessions shall_be determined by the trading
session with the later closing time.

D. Reservation.

| The Exchange reserves the right to modify the settlement premium prior to the start of *
the day's final clearing process if the settlement premium arose from data entry errors
made by or on behalf of the Exchange, and modification of the settlement premium is
necessary to prevent market distortion. A written record shall be prepared setting forth

| the basis for any modification,



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(CU _AMINNEAPOLTS GRAIN EXCHANGE WUU.NGEX.con
Electronic Mail October 25, 2005

Ms. Jean A. Webb

Secretary of the Commission
Commodity Futures Trading Commission
Three Lafayette Centre

1155 21st Street NW

Washington, D.C. 20581

SUBJECT: Rule Certification
Dear Ms. Webb:

Pursuant to Commodity Exchange Act (“CEAct”) Section 5c(c)(1) and Commodity
Futures Trading Commission (“Commission”) Regulation 40.6(a), the Minneapolis Grain
Exchange (“MGEX” or “Exchange”) hereby certifies that the attached amended
Regulations 2011.00., 2014.00. and 2015.00. comply with the CEAct and the
regulations thereunder. Additions have been underlined; there were no deletions.

The purpose for amending the Regulations is to allow the National Corn Index futures
and options contracts to trade by open outcry in addition to the current electronic
trading session. The amendments do not materially change the terms or conditions of
the contracts.

Pursuant to the authority of MGEX Rule 210.01., the Board of Directors unanimously
approved amending the Regulations. The MGEX plans to implement the changes
effective November 4, 2005.

If there are any questions regarding this submission, please contact me at (612) 321-
7169. Thank you for your attention to this matter.

Sincerely,

Kor Ch

Layne G. Carlson
Corporate Secretary
Enclosure

cc: Anne Reuter

Department of Audits and Investigations 130 Grain Exchange Building 400 South 4th Street Minneapolis, MN 55415-1413
800.827.4746 612.321.7165 Fax 612.321.7180 equal opportunity employer



2011.00. HOURS OF TRADING.

Pursuant to the provisions of Rule 210.01., the Board of Directors has adopted this Regulation.

The hours of trading at the Minneapolis Grain Exchange shall conform to Central Time.

A.

CASH MARKET

The hours of trading in the cash market shall be from nine-thirty o'clock
(9:30) a.m. to one-fifteen o'clock (1:15) p.m.

SPRING WHEAT CONTRACT

1.

The hours of trading in Spring Wheat Futures by open outcry shall
be from nine-thirty o'clock (9:30) a.m. to one-fifteen o'clock (1:15)
p.m,

The hours of trading in Spring Wheat Futures on MGEXpress®
shall be from six-thirty two o'clock (6:32) p.m. to six o'clock (6:00)
am.

The hours of trading in Spring Wheat Options by open outcry shall
be from nine-thirty o'clock (9:30) a.m. to one-thirty o'clock (1:30)
p.m.

The hours of trading in Spring Wheat Options on MGEXpress®
shall be from six-thirty four o’clock (6:34) p.m. to six o'clock (6:00)
am.

NATIONAL CORN INDEX CONTRACT

1.

IN

Is

The hours of trading in National Corn Index Futures on
MGEXpress® shall be from six-thirty o'clock (6:30) p.m. to one-
forty five o'clock (1:45) p.m.

The hours of trading in National Corn Index Futures by open
outcry shall be from nine-twenty o'clock (9:20) a.m. to one-thirty

o'clock (1:30) p.m.

__The hours of trading in National Corn Index Options on

MGEXpress® shall be from six-thirty two o'clock (6:32) p.m. to
one-forty five o’clock (1:45) p.m.

The hours of trading in National Corn Index Options by open
outcry shall be from nine-twenty o'clock (9:20) a.m. to one-thirt

teen [Formats Indent: Left: 1", Right:
0.5"

o'clock (1:30) p.m.

NATIONAL SOYBEAN INDEX CONTRACT

1.

The hours of trading in National Soybean Index Futures shall be
from six-thirty one o'clock (6:31) p.m. to one-forty five o'clock
(1:45) p.m.


2. The hours of trading in National Soybean Index Options shall be
from six-thirly three o'clock (6:33) p.m. to one-forty five o'clock
(1:45) p.m.

E. WHEAT INDEX CONTRACTS.

1. The hours of trading in Wheat Index Futures contracts shall be
from six-thirty two o'clock (6:32) p.m. to one-forty five o'clock
(1:45) p.m.
2. The hours of trading in Wheat Index Options contracts shall be -|
from six-thirty four o'clock (6:34) p.m. to one-forty five o'clock
(1:45) p.m.
2014.00. SETTLEMENT PRICES.

Pursuant to the provisions of Rule 210.01., the Board of Directors has adopted this Regulation, |

A. Open Outcry Contracts.

Promptly after the close of trading in each Futures Contract, Exchange
staff, in conjunction with the Quotations Committee, shall compute
settlement prices for each contract month as follows. The settlement
price shall be price consistent with the minimum fluctuations of the
contract.

1. After the closing bell, all Brokers and Traders in the Pit shall
report to the Market Observer and a member of the Quotations
Committee all trades, bids and offers made in the closing period.
The settlement price shall be determined by the weighted average
of the trades and applicable bids and offers made in the closing
period.

2. If no trade occurs in the closing period, the settlement price shall
be the last trade price, unless there is a higher bid or lower offer.
If there is no trade during the day, the settlement price shall
remain unchanged, unless there is a higher bid or lower offer. In
such cases, the higher bid or lower offer shall be the settlement
price.

3. If such settlement price is not consistent with the settlements in
other months or with market information known to the designated
Exchange official supervising the closing or to members of the
Quotations Committee, or if the settlement was inaccurately
determined, the designated Exchange official, with the advice of
the Quotations Committee, may establish a settlement price at a
level consistent with such other settlement prices or market
information and shall prepare a written record setting forth the
basis for any modification. of such settlement price.