Via Portal Submission

May 9, 2023

MGEX Submission No. 23-22

Mr. Christopher Kirkpatrick

Secretary of the Commission

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street NW

Washington, DC 20581

RE: Rule Certification Submission Pursuant to Regulation 40.6(a); Amendments to MGEX 

Bylaws and Rules

Dear Mr. Kirkpatrick:

Pursuant to Commodity Exchange Act (“CEAct”) Section 5c and Commodity Futures Trading Commission 

(“CFTC” or “Commission”) Regulation 40.6(a), the Minneapolis Grain Exchange, LLC (“MGEX” or 

“Exchange”) hereby certifies that the amendments to MGEX Rules 2011.02., 83.18., and Resolution 

2101.00.C., as set forth in Exhibit A, comply with the CEAct and the Commission regulations promulgated 

thereunder (the “Proposed Amendments”). MGEX further certifies that the submission and pending 

changes to the MGEX Bylaws and Rules have been posted on the Exchange website at the following link:

http://www.mgex.com/regulation.html.

Overview of Proposed Amendments

The Proposed Amendments to the above-referenced Rules account for the forthcoming SPIKES Minis

(“SPM”) Futures Contract, making certain Rules that are appliable to the SPIKES Futures Contract also 

applicable to the SPM Futures Contract.

DCM Core Principles

MGEX has reviewed the Core Principles for designated contract markets (“DCM Core Principles”) and 

identified that the Proposed Amendments may impact the following DCM Core Principles:

• DCM Core Principle 2 – Compliance with Rules: The Proposed Amendments make certain Rules 

that are appliable to the SPIKES Futures Contract also applicable to the forthcoming SPM Futures 

Contract.

• DCM Core Principle 5 – Position Limitations or Accountability: The Proposed Amendments 

maintain the reduced threat of manipulation in the SPK Futures market by applying appropriate 

position accountability levels to SPK and SPM Futures positions in the aggregate.

• DCM Core Principle 7 – Availability of General Information: The Proposed Amendments have been 

disseminated on the MGEX website, and will be available in the MGEX Rulebook, which is 

accessible online.
MINNEAPOLIS GRAIN EXCHANGE, LLC

400 South 4th Street | 130 Grain Exchange Building | Minneapolis, MN 55415

612-321-7101

mgex.com

Pursuant to MGEX Bylaw 3.1., the Board unanimously approved the Proposed Amendments at its meeting 

held on May 8, 2023. There were no substantive opposing views expressed by the Board, nor is the 

Exchange aware of any substantive opposing views with respect to this filing. The Proposed Amendments 

are to be effective when incorporated into the MGEX Rulebook and posted on its website, which will be at 

least 10 business days following the date of this submission. 

If there are any questions regarding this submission, please contact me at (612) 321-7141 or 

cstuhlmann@mgex.com. Thank you for your attention to this matter.

Sincerely,

Carmen M. Stuhlmann

Associate Counsel

Enclosure
MINNEAPOLIS GRAIN EXCHANGE, LLC

400 South 4th Street | 130 Grain Exchange Building | Minneapolis, MN 55415

612-321-7101

mgex.com

EXHIBIT A

The following MGEX Rules are to be amended. Additions are underlined while deletions are marked 

through.

2011.02. LAST DAY FOR EXCHANGE FOR PHYSICAL AND RISK TRANSACTIONS.

The last day that a National Corn Index, National Soybean Index or Wheat Index futures contract may be 

exchanged for, or in connection with, a physical (“EFP”) or risk (“EFR”) transaction shall be the last business 

day of the contract month.

The last day that a SPKIKES or SPM futures contract may be exchanged for, or in connection with, an EFR 

transaction shall be the last trading day of that contract. 

The last day that a Spring Wheat futures contract may be exchanged for, or in connection with, an EFP or 

EFR transaction shall be the sixth (6th) business day following the last trading day of the contract month.

After the last trading day of the Spring Wheat futures contract, EFP and EFR transactions are permitted 

only for the purpose of liquidating futures positions. Such transactions shall not be permitted to initiate or 

establish new futures positions. 

83.18. POSITION ACCOUNTABILITY.

The position accountability levels for SPK Futures Contracts are as follows: 

A. Ownership or control at any time of more than 50,000 the number of contracts net long or 

net short in all SPK and SPM Futures Contracts combined that in the aggregate would 

exceed the equivalent of 50,000 SPK Futures Contracts;

B. Ownership or control of more than 30,000 the number of contracts net long or net short in 

the expiring SPK and SPM Futures combinedContract, that in the aggregate would exceed 

the equivalent of 30,000 SPK Futures Contracts, effective commencing at the start of Hours 

of Trading for the Friday prior to the final settlement date of the expiring SPK Futures; or

C. Ownership or control of more than 10,000 the number of contracts net long or net short in 

the expiring SPK and SPM Futures Contract,combined that in the aggregate would exceed 

the equivalent of 10,000 SPK Futures Contracts, effective commencing at the start of the 

Hours of Trading for the Business Day immediately preceding the final settlement date of 

the expiring SPK Futures.

For purposes of this Rule, one SPM Futures Contract shall be deemed to be equivalent to one tenth (.10) 

of one SPK Futures Contract.

For the purpose of this Rule, each new trading day commences with the start of trading at 5:00 p.m. Central 

Time.

RESOLUTION 2101.00.C. 

The Exchange has adopted the following schedule of reporting deadlines (all times listed shall conform to 

Central Time):
MINNEAPOLIS GRAIN EXCHANGE, LLC

400 South 4th Street | 130 Grain Exchange Building | Minneapolis, MN 55415

612-321-7101

mgex.com

7:30 a.m. Position reports 

9:00 a.m. Settlement and margin payment

11:00 a.m. Trading directive for same day collateral pledges*

Trading directive for same day collateral pledge release*

11:15 a.m. Weekly account position updates

Daily Delivery/Exercise account updates

11:30 a.m. Intraday variation payment

4:10 p.m. Unmatched trade adjustments

4:15 p.m. Last submission of trades

Give-up execution

4:20 p.m. Give-up acceptance

4:30 p.m. Auto-Exercise Cancellation Notices 

Options position reports on expiration day

SPK and SPM Futures position reports on expiration day

TAX Futures position reports on expiration day

4:45 p.m. Long position lists for delivery (HRSW Futures) 

Delivery Notices 

Exercise Notices

5:10 p.m. SPK and SPM Futures delivery accounts updates

TAX Futures delivery accounts updates

7:30 p.m. Customer gross margin files

*Submitting a Trading directive to the Exchange does not guarantee same day transfers of a 

security. MGEX is not responsible for delays caused by the inaccuracy or untimely submission of 

information by a Clearing Member required to facilitate the transfer of securities to or from MGEX’s 

safekeeping accounts. 

Trading activity after five o’clock (5:00) p.m. to four o’clock (4:00) p.m. the following day will be cleared with 

said following day’s trading activity. 

Trades must be entered in “TEMS” within forty-five (45) minutes of the conclusion of each half (1⁄2) hour 

trading bracket. Notwithstanding the aforementioned, all trades must be submitted no later than four fifteen 

o’clock (4:15) p.m.

Any unresolved unmatched trades may be suspended pending possible resolution the following business 

day as an "as of" trade. "As of" trades can be carried no longer than one business day.

All give up trades properly entered in accordance with Rule 2102.00. by the executing Clearing Member by 

four fifteen o’clock (4:15) p.m. must be accepted by the carrying Clearing Member by four twenty o’clock 

(4:20) p.m.
MINNEAPOLIS GRAIN EXCHANGE, LLC

400 South 4th Street | 130 Grain Exchange Building | Minneapolis, MN 55415

612-321-7101

mgex.com

Pursuant to Rules 2.3.5. and 1227.00., any deadline or submission listed herein that is missed, late, 

inaccurate or incomplete, may result in a fine or the matter being referred to the Disciplinary Committee as 

determined by the Exchange.