cme @

Chicago Mercantile Exchange

September 2, 2005

Ms. Jean A. Webb

Office of the Secretariat

Commodity Futures Trading Commission
Three Lafayette Centre

1155 21" Street, NW

Washington, DC 20581

RE: Amendments to Rules Governing Permitted Prices During Post Settlement Sessions

Submitted per Sec. 5c(c)(1) of the CEA and Regulation Sec. 40.6(a).
CME Submission # 05-082.

Dear Ms. Webb:

Chicago Mercantile Exchange (“CME” or “Exchange”) hereby certifies with the
Commission the amendments to the rules governing the Post Settlement Sessions. The Exchange
certifies that these actions neither violate nor are inconsistent with any portion of the Commodity
Exchange Act or of the rules thereunder.

The amendment applies to equity index and currency contracts. Prior to the amendment,
trades during the Post Settlement Sessions can only occur at the settlement price or adjacent
prices within a few ticks of the settlement price in the direction of the closing range in the open
outcry trading. Since the settlement prices are established to reflect the market condition at the
time of their determination, with the bulk of trading in equity index and currency futures
consummated on the Globex electronic system, the closing ranges in the open-outcry trading
may depart significantly from the settlement prices. The rule amendment provides a remedy by
introducing more flexibility in the event of such anomalies. The text of the rule amendment is as
follows, with additions underlined and deletions bracketed and overstruck.

550. POST SETTLEMENT SESSION

After the posting of the settlement price or two minutes after the close of Regular Trading
Hours for pit-and board-traded futures and options contracts, whichever is later, trading
may resume for a period of no longer than three minutes, subject to the following
exception. In the case of Eurodollar futures, trading during the post settlement session

20 South Wacker Drive, Chicago IL 60606-7499, Tel. 312-930-1000


Ms. Jean A. Webb
April 8, 2005
Page 2 of 2

may take place only in the first eight contract months in the March quarterly cycle, the
first four serial contract months, and in spreads and combinations involving Eurodollar
futures.

During the post settlement session, members are obligated to bid or offer any orders that:
(1) were received prior to the close; (2) were executable in the closing range; and (3) are
executable in the post settlement session. In addition, members are obligated to bid or
offer any orders, including customer orders, that were received after the close and are
executable in the post settlement session.

The range of prices eligible for trading outright futures or options contracts in the post
settlement session shall be the closing range, with the following exception. [Fer

tracts -which-have-been-settled_outside-of their closing range-pursuantio Rule 813.B.,
€D-4]Trades during the post settlement session may occur only at the settlement price

and the next two ticks in the direction of the closing range for interest rate contracts, [;at

direction of the closme range tor foreig: y tractsand] For equity index and

currency contracts, trades during the post settlement session may occur at the settlement
price, prices within the closing range, or any valid intervening price between the
settlement price and the closing range only.[at-the-set# price and the next fvetieh

the-directi £the-clesing range-for-equity tracts]. However, on those days when
equity contracts are settled per their "Fair Value" as determined by the Exchange
pursuant to Rule 813.D., trades in the post settlement session in those contracts shall be
within their closing range of prices.

[The remainder of Rule 550 remains unchanged.}

Please do not hesitate to contact Mr. Richard Co at 312-930-3227 or reo@cme.com if any
questions arise during the processing of this submission. Please reference our CME Submission
#05-082 on all future correspondence for this submission.

Sincerely,
sd
CY

John W. Labuszewski, Managing Director
Research & Product Development