SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-275

Organization: New York Mercantile Exchange, Inc. ("NYMEX")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 07/03/23 Filing Description: Weekly Notification of Rule 

Amendments - Week of June 26, 2023

SPECIFY FILING TYPE 

Please note only ONE choice allowed per Submission.

Organization Rules and Rule Amendments

Certification § 40.6(a)

Approval § 40.5(a)

Notification § 40.6(d)

Advance Notice of SIDCO Rule Change § 40.10(a)

SIDCO Emergency Rule Change § 40.10(h)

Rule Numbers: See filing. 

New Product Please note only ONE product per Submission.

Certification § 40.2(a) 

Certification Security Futures § 41.23(a)

Certification Swap Class § 40.2(d)

Approval § 40.3(a)

Approval Security Futures § 41.23(b)

Novel Derivative Product Notification § 40.12(a)

Swap Submission § 39.5

Official Product Name: 

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

Certification § 40.6(a) 

Certification Made Available to Trade Determination § 40.6(a)

Certification Security Futures § 41.24(a)

Delisting (No Open Interest) § 40.6(a) 

Approval § 40.5(a)

Approval Made Available to Trade Determination § 40.5(a)

Approval Security Futures § 41.24(c)

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

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

Notification § 40.6(d)

 Official Name(s) of Product(s) Affected: 

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

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

July 3, 2023

VIA ELECTRONIC PORTAL

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, DC 20581

Re: CFTC Regulation 40.6(d) Notification. New York Mercantile Exchange, Inc. 

(“NYMEX” or “Exchange”) Weekly Notification of Rule Amendments.

NYMEX Submission No. 23-275

Dear Mr. Kirkpatrick:

Pursuant to Commodity Futures Trading Commission (“CFTC” or “Commission”) Regulation 40.6(d), the 

Exchange submits this weekly notification of the following rule amendments effective during the week of 

June 26, 2023.

Effective June 26, 2023, the Exchange implemented administrative amendments to the Market Regulation 

Notices (“MRAN”) RA2112-5R in connection with the permanent delisting of all CME Eurodollar options 

contracts (the “Contracts”). The changes to the MRAN simply remove references to the Contracts and do 

not change any regulatory guidance contained therein. The MRAN is provided in Exhibit A in blackline 

format.

Copies of the above-referenced materials are available at www.cmegroup.com. If you require any additional 

information, please e-mail CMEGSubmissionInquiry@cmegroup.com or contact the undersigned at (212) 

299-2200.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory 

Counsel

Attachment: Exhibit A – Amendments to RA2112-5R (blackline format)
2

Exhibit A

MARKET REGULATION ADVISORY NOTICE

______________________________________________________________________

Exchange CME, CBOT, NYMEX & COMEX

Subject Pre-Execution Communications

Rule References Rule 539

Advisory Date September 1, 2021

Advisory Number CME Group RA2112-5R

Effective Dates October 1, 2021

Effective on trade date Friday, October 1, 2021, and pending all relevant CFTC regulatory review periods, 

this revised Market Regulation Advisory Notice will supersede CME Group Market Regulation Advisory 

Notice RA2106-5 from July 14, 2021, and is being issued to restore language from RA2106-5 codifying 

when parties to a Committed Cross (“C-Cross”) may begin to hedge the risk associated with the pending CCross that was inadvertently eliminated when RA2112-5 was issued on August 30, 2021. 

RA2112-5R eliminates references to CME Rule 549 (“Large Order Execution Transactions – (“LOX Orders”)

which is being eliminated in connection with the September 30, 2021, closure of the trading floor for all 

products other than options on CME Eurodollar futures and options on CME SOFR futures.

The text of each Exchange’s Rule 539 appears at the end of this Advisory Notice.

No other substantive changes have been made to this Advisory Notice. 

A complete list of eligible products and associated crossing protocols may be found here:

http://www.cmegroup.com/rulebook/files/rule-539-c-crossing-protocols.xlsx

1. General Overview of Pre-Execution Communications

Pre-execution communications are defined as communications between market participants for the purpose 

of discerning interest in the execution of a transaction prior to the exposure of the order to the market. Any 

communication that involves discussion of the size, side of market or price of an order, or a potentially 

forthcoming order, constitutes a pre-execution communication. 

Pre-execution communications are prohibited in connection with options on Eurodollar and SOFR futures

transactions executed via open outcry on the trading floor. 

Pre-execution communications are permitted in all CME, CBOT, NYMEX and COMEX futures and options 

products and CBOT invoice swap spreads traded on Globex. 

2. General Requirements for Permissible Pre-Execution Communications on Globex

Pre-execution communications may occur only when the party for whose benefit the trade is being executed 

has previously consented to such communications.

 

Parties who have been involved in an allowable pre-execution communication may not disclose the details 

of that communication to other parties, nor may a party place any order to take advantage of the information 
3

conveyed in such communications except to facilitate the trade in accordance with the rule.

All transactions arising from permitted pre-execution communications must be executed in accordance with 

the requirements set forth in Rule 539.C.

3. Pre-Execution Communications Crossing Protocols on Globex

The permissible protocol(s) for a particular product are set forth in the Table.

Market participants must ensure that the entry of orders into Globex which result from permissible preexecution communications utilize a permitted cross protocol for the particular product. In many instances, 

more than one cross protocol may be available for a particular group of products.

The use of an ineligible cross protocol for a particular product or group of products constitutes a violation of 

Rule 539.C.

A description of the four cross protocols is set forth below:

A. Globex Cross (“G-Cross”)

In a G-Cross, the order of the party that initiated the pre-execution must be entered into Globex first. The 

second party’s order may not be entered into Globex until a period of 5 seconds has elapsed from the time 

of entry of the first order. No Request for Quote (“RFQ”) is required in a G-Cross.

The G-Cross protocol is available for all futures and swaps products for which pre-execution 

communications are permissible. The G Cross protocol may not be used for the entry of any options orders 

or any spreads or combinations that include an option.

B. Agency Cross (“A-Cross”)

In an A-Cross, a Cross Sequence (“CS”) is used by a broker to enter the buy and the sell orders into 

Globex. Following the pre-execution communication, an RFQ for the particular futures, options, swap, 

spread or combination must be entered into Globex. Thereafter, a CS, which is defined as the entry of a 

day-limit order followed immediately by the entry of a day-fill-and-kill order, must be entered into Globex as 

follows:

For all NYMEX and COMEX Products, the orders must be entered no less than five (5) seconds and 

no more than thirty (30) seconds after the entry of the RFQ in order to proceed with the trade; or,

For all CME FX futures and options products, the orders must be entered no less than fifteen (15) 

seconds and no more than thirty (30) seconds after the entry of the RFQ in order to proceed with 

the trade. 

A-Cross functionality is currently supported solely on CME Direct. Information concerning registering for 

access to CME Direct may be accessed via the following link:

http://www.cmegroup.com/trading/cme-direct/registration.html

While A-Cross functionality on CME Direct allows the broker to populate the opposing buy and sell orders in 

a single ticket, those orders will result in two discrete Globex order entries, which will be handled to the 

particular algorithm applicable to the product.

 

The broker must select the non-initiating party as the ‘Aggressor’ on the order ticket, which results in the CS 

being populated with the initiating party’s order as a day limit order and the non-initiating party’s order as a 

day fill-and-kill order. Failure to enter the buy and sell orders within 30 seconds after the entry of the RFQ 

will require the entry of a new RFQ and CS in order to proceed with the trade.
4

The initiating order will immediately match against any orders in the order book on the opposite side of the 

market that are at a price better than or equal to the price on the initiating order, up to the full quantity on the 

initiating order. Any unmatched balance on the initiating order will be filled against the non-initiating 

counterparty, and any remaining unmatched balance on the non-initiating side will be immediately 

cancelled.

If the cross price improves the best bid and the offer in the order book, or if there is no bid or offer in the 

order book, the two orders on the CS will be filled in their entirety opposite one another, unless any new 

orders are entered at a price equal to or better than the intended cross price before CS reaches Globex. If a 

new order is entered at a price equal to or better than the intended cross price before the CS reaches 

Globex, either of the two orders intended to be crossed will first transact against existing orders in the order 

book.

 

C. Committed Cross (“C-Cross”)

In a C-Cross, subsequent to the pre-execution communication, a Request for Cross (“RFC”) order which 

contains both the buy and the sell orders must be entered into Globex. Upon entry of the RFC, Globex will 

display an indication that a cross has been committed to the market and will occur in five (5) seconds. 

Parties to a C-Cross may begin to hedge the risk associated with the pending cross by entering a riskmitigating order as soon as they have agreed to the cross, subject to the following limitations. Hedging is 

prohibited in the same product and expiration month, and, for a put or call option, the same strike price as 

the agreed upon C-Cross. Further, an intermediary taking the opposite side of a customer order in a CCross transaction is prohibited from beginning to hedge that transaction until the C-Cross has been 

executed. 

Market participants are reminded that it is a violation of Exchange rules for a person to place any order to 

take advantage of the details of a forthcoming C-Cross transaction where the participant is acting on 

material nonpublic information regarding an impending transaction by another person, or is acting on 

nonpublic information obtained through a confidential employee/employer relationship, broker/customer 

relationship, or in breach of a pre-existing duty. The Exchange may proceed with an enforcement action 

when the facts and circumstances of hedging a forthcoming C-Cross suggest deceptive or manipulative 

conduct by any of the involved parties, including when an intermediary handling a customer order violates 

its agency duties owed to the customer.

Market participants are further reminded that the C-Cross functionality will interact with the orders in the 

order book based on the C-Cross algorithm for the product as described below. Parties who engage in 

permissible hedging of a C-Cross have the potential to be left with an unhedged position after the cross is 

executed.

The matching algorithm for the C-Cross will depend on whether the group of products is eligible for a better

price or volume match (“BPVM”). See the Table for information on products eligible for a BPVM allocation 

and the specific match percentage applicable to those products.

1. Matching Algorithm for C-Cross with BPVM:

If the price of the RFC represents a new best price level (both a bid price higher than the current bid 

and an offer price lower than the current offer) or the price of the RFC is equal to the best bid or 

offer and the quantity of the RFC is greater than the quantity at that current best bid or offer at the 

time of submission of the RFC to Globex, and, during the five (5) second period between the entry 

of the RFC and the cross occurring, a better price for either the buy or sell order has not been 

entered into Globex, a certain percentage of the quantity (“BPVM allocation”) on the RFC will cross 

at the RFC price. After the initial BPVM allocation, the remainder of the RFC will match as set forth 

in #2 below.
5

Where the price of the RFC is equal to the best bid or offer and the quantity of the RFC is greater 

than the quantity at that current best bid or offer, the quantity eligible for the BPVM is the difference 

between the RFC quantity and the quantity at that current best bid or offer.

If the event the RFC price does not meet the requirements set forth above, the entirety of the cross 

will match as set forth in #2 below. 

2. Matching Algorithm for C-Cross without BPVM:

If the RFC price improves both the best bid and best offer (or if there is no bid/offer) in the order 

book after the five (5) seconds following submission of the RFC, 100% of the RFC quantity will 

match at the RFC price.

If the RFC price matches or is outside the best bid or offer in the market after the five (5) seconds 

following submission of the RFC, the applicable side of the RFC order will match against the orders 

in the book at a price better than or equal to the RFC price. Immediately thereafter, 100% of the 

smaller quantity remaining on one side of the RFC will match against the order on the opposite side 

of the RFC at the RFC price. Any unmatched balance on one side of the RFC will remain in the 

order book unless it is cancelled by the user.

C-Cross functionality is supported on CME Direct, and may be supported by other Independent Software 

Vendors (“ISVs”).

 

D. RFQ + RFC Cross (“R-Cross”)

In an R-Cross, subsequent to the pre-execution communication, an RFQ for the particular option or spread 

or combination involving an option must be entered into Globex. Thereafter, the RFC order must be entered 

no less than fifteen (15) seconds and no more than thirty (30) seconds after the entry of the RFQ in order to 

proceed with the trade. In CME Dairy futures and options, the RFC order must be entered no less than five 

(5) seconds and no more than thirty (30) seconds after the entry of the RFQ in order to proceed with the 

trade. The RFQ and the RFC order must be entered within the same trading session. Failure to enter the 

RFC order within 30 seconds after the entry of the RFQ will require a new RFQ to be entered prior to the 

entry of the RFC order, which must be entered in accordance with the time parameters described above in 

order to proceed with the trade.

Neither the price nor the quantity of the orders on the RFC is displayed to the marketplace. Additionally, 

there is no information on the participant-entered RFQ which identifies that an RFC is forthcoming. A

participant-entered RFQ in connection with an R-Cross is indistinguishable from a generic RFQ sent to 

Globex.

Numerous ISVs support the R-Cross. For market participants using CME Direct, functionality built into the 

application will prevent the entry of the RFC outside of the prescribed time requirements. This functionality 

is intended to facilitate compliance with the relevant entry time requirements.

The matching algorithm for R-Cross is as follows:

1. If the RFC price improves both the best bid and best offer in the order book or if there is no bid/offer 

in the order book, 100% of the RFC quantity will match at the RFC price immediately upon 

submission of the RFC.

2. If the RFC price matches or is outside the best bid or offer in the market, the applicable side of the 

RFC order will immediately match against the orders in the book at a price better than or equal to 

the RFC price. Immediately thereafter, 100% of the smaller quantity remaining on one side of the 

RFC will match against the order on the opposite side of the RFC at the RFC price. Any unmatched 

balance on one side of the RFC will remain in the order book unless it is cancelled by the user.
6

Additional information on the crossing protocols is available via the following link:

https://www.cmegroup.com/confluence/display/EPICSANDBOX/Cross+on+CME+Globex

4. Rule 539.C. Crossing Protocols Table

A complete list of eligible products and associated crossing protocols may be found here:

http://www.cmegroup.com/rulebook/files/Rule-539-C-Crossing-Protocols.xlsx 

Questions regarding this Advisory Notice may be directed to one of the following individuals in Market 

Regulation:

Erin Middleton, Director, Rules & Regulatory Outreach, 312.341.3286

Paige Gawrys, Senior Specialist, Rules & Regulatory Outreach, 312.872.5078

Jennifer Dendrinos, Senior Director, Investigations, 312.341.7812

Natasha Selkov, Manager, Investigations, 312.341.7623

Kathryn Guerra, Lead Investigator, Investigations, 312.341.3028

For media inquiries concerning this Advisory Notice, please contact CME Group Corporate Communications at 312.930.3434 or 

news@cmegroup.com.

CME

539. PREARRANGED, PRE-NEGOTIATED AND NONCOMPETITIVE TRADES PROHIBITED

539.A. General Prohibition 

No person shall prearrange or pre-negotiate any purchase or sale or noncompetitively execute any transaction, except in 

accordance with Sections B. and C. below. 

539.B. Exceptions 

The foregoing restriction shall not apply to block trades pursuant to Rule 526 or Exchange for Related Positions 

transactions pursuant to Rule 538. 

539.C. Pre-Execution Communications Regarding Globex Trades 

Parties may engage in pre-execution communications with regard to transactions executed on the Globex 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 

order under the following circumstances: 

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 non-party the details of such communications or

(ii) enter an order to take advantage of information conveyed during such communications except in accordance with 

this rule. 

3. Permissible Entry Methods for Orders 

The following order entry methods for futures, options, spreads and combinations vary by product, as set forth in the 

Rule 539.C. Crossing Protocols Table (“Table”) in the Interpretations Section at the end of Chapter 5.

a. Globex Cross (“G-Cross”)

The first party’s order is entered into the Globex platform first. The second party’s order may not be entered into 

the Globex platform until a period of 5 seconds has elapsed from the time of entry of the first order.

b. Agency Cross (“A-Cross”)

A Cross Sequence (“CS”) is used by a broker to enter the buy and the sell orders into Globex. Following the preexecution communication, a Request for Quote (“RFQ”) for the particular futures, options, spread or combination 

is entered into the Globex platform. Thereafter, a Cross Sequence, which is defined as the entry of a day-limit 

order followed immediately by the entry of a day-fill-and-kill order, must be entered into the Globex platform no 

less than fifteen (15) seconds and no more than thirty (30) seconds after the entry of the RFQ in order to proceed 

with the trade. The first party’s order must be entered first, as a day-limit order, followed immediately by the entry 

of the second order as a day-fill-and-kill order. The CS must occur within the same trading session. Failure to 
7

enter the buy and sell orders within 30 seconds after the entry of the RFQ will require a new CS to be initiated in 

order to proceed with the trade.

c. Committed Cross (“C-Cross”)

Following the pre-execution communication, a Request for Cross (“RFC”) order which contains both the buy and 

the sell orders must be entered into the Globex platform. Upon entry of the RFC, the Globex platform will display 

an indication that a cross will occur in five (5) seconds. In certain products as set forth in the Table in the 

Interpretations Section at the end of Chapter 5, a certain percentage of the quantity on the RFC will cross if the 

price of the RFC represents a new best price level or if the price of the RFC is equal to the best bid or offer and 

the quantity of the RFC is greater than the quantity at that current best bid or offer at the time of submission of 

the RFC to the Globex platform, and a better price for either the buy or sell order has not been entered into the 

Globex platform during the five (5) second period between entry of the RFC and the cross occurring. 

d. RFQ + RFC Cross (“R-Cross”) 

Following the pre-execution communication, a Request for Quote (“RFQ”) for the particular futures, options 

spread or combination must be entered into Globex. Thereafter, the RFC order must be entered no less than 

fifteen (15) seconds and no more than thirty (30) seconds after the entry of the RFQ in order to proceed with the 

trade, except the RFC order in Dairy futures and options must be entered no less than five (5) seconds and no 

more than thirty (30) seconds after the entry of the RFQ. The RFQ and the RFC order must be entered within 

the same trading session. Failure to enter the RFC order within 30 seconds after the entry of the RFQ will require 

a new RFQ to be entered prior to the entry of the RFC order, which must be entered in accordance with the time 

parameters described above in order to proceed with the trade.

CBOT

539. PREARRANGED, PRE-NEGOTIATED AND NONCOMPETITIVE TRADES PROHIBITED

539.A. General Prohibition 

No person shall prearrange or pre-negotiate any purchase or sale or noncompetitively execute any transaction, except in 

accordance with Sections B. and C. below. 

539.B. Exceptions 

The foregoing restrictions shall not apply to block trades pursuant to Rule 526 or Exchange for Related Positions 

transactions pursuant to Rule 538. 

539.C. Pre-Execution Communications Regarding Globex Trades 

Parties may engage in pre-execution communications with regard to transactions executed on the Globex 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 

order under the following circumstances: 

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 non-party the details of such communications or 

(ii) enter an order to take advantage of information conveyed during such communications except in accordance with 

this rule. 

3. Permissible Entry Methods for Orders

The following order entry methods for futures, options, swaps, spreads and combinations vary by product, as set forth 

in the Rule 539.C. Crossing Protocols Table (“Table”) in the Interpretations Section at the end of Chapter 5.

a. Globex Cross (“G-Cross”)

The first party’s order is entered into the Globex platform first. The second party’s order may not be entered into 

the Globex platform until a period of 5 seconds has elapsed from the time of entry of the first order.

b. Agency Cross (“A-Cross”)

A Cross Sequence (“CS”) is used by a broker to enter the buy and the sell orders into Globex. Following the preexecution communication, a Request for Quote (“RFQ”) for the particular futures, options, spread or combination 

is entered into the Globex platform. Thereafter, a Cross Sequence, which is defined as the entry of a day-limit 

order followed immediately by the entry of a day-fill-and-kill order, must be entered into the Globex platform no 

less than fifteen (15) seconds and no more than thirty (30) seconds after the entry of the RFQ in order to proceed 

with the trade. The first party’s order must be entered first as a day-limit order, followed immediately by the entry 

of the second order as a day-fill-and-kill order. The CS must occur within the same trading session. Failure to 
8

enter the buy and sell orders within 30 seconds after the entry of the RFQ will require a new CS to be initiated in 

order to proceed with the trade.

c. Committed Cross (“C-Cross”)

Following the pre-execution communication, a Request for Cross (“RFC”) order which contains both the buy and 

the sell orders must be entered into the Globex platform. Upon entry of the RFC, the Globex platform will display 

an indication that a cross will occur in five (5) seconds. In certain products as set forth in the Table in the 

Interpretations Section at the end of Chapter 5, a certain percentage of the quantity on the RFC will cross if the 

price of the RFC represents a new best price level or if the price of the RFC is equal to the best bid or offer and 

the quantity of the RFC is greater than the quantity at that current best bid or offer at the time of submission of 

the RFC to the Globex platform, and a better price for either the buy or sell order has not been entered into the 

Globex platform during the five (5) second period between entry of the RFC and the cross occurring. 

d. RFQ + RFC Cross (“R-Cross”) 

Following the pre-execution communication, a Request for Quote (“RFQ”) for the particular futures, options

spread or combination must be entered into Globex. Thereafter, the RFC order must be entered no less than 

fifteen (15) and no more than thirty (30) seconds after the RFQ in order to proceed with the trade. The RFQ and 

the RFC order must be entered within the same trading session. Failure to enter the RFC order within 30 seconds 

after the entry of the RFQ will require a new RFQ to be entered prior to the entry of the RFC order, which must 

be entered in accordance with the time parameters described above in order to proceed with the trade.

NYMEX/COMEX

539. PREARRANGED, PRE-NEGOTIATED AND NONCOMPETITIVE TRADES PROHIBITED

539.A. General Prohibition 

No person shall prearrange or pre-negotiate any purchase or sale or noncompetitively execute any transaction, except in 

accordance with Sections B. and C. below. 

539.B. Exceptions 

The foregoing restriction shall not apply to block trades pursuant to Rule 526 or Exchange for Related Positions 

transactions pursuant to Rule 538. 

539.C. Pre-Execution Communications Regarding Globex Trades 

Parties may engage in pre-execution communications with regard to transactions executed on the Globex 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 

order under the following circumstances: 

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 non-party the details of such communications or

(ii) enter an order to take advantage of information conveyed during such communications except in accordance with 

this rule. 

3. Permissible Entry Methods for Orders 

The following order entry methods for futures, options, spreads and combinations vary by product, as set forth in the 

Rule 539.C. Crossing Protocols Table (“Table”) in the Interpretations Section at the end of Chapter 5.

a. Globex Cross (“G-Cross”)

The first party’s order is entered into the Globex platform first. The second party’s order may not be entered into 

the Globex platform until a period of 5 seconds has elapsed from the time of entry of the first order.

b. Agency Cross (“A-Cross”)

A Cross Sequence (“CS”) is used by a broker to enter the buy and the sell orders into Globex. Following the preexecution communication, a Request for Quote (“RFQ”) for the particular futures, options, spread or combination 

is entered into the Globex platform. Thereafter, a Cross Sequence, which is defined as the entry of a day-limit 

order followed immediately by the entry of a day-fill-and-kill order, must be entered into the Globex platform no 

less than five (5) seconds and no more than thirty (30) seconds after the entry of the RFQ in order to proceed 

with the trade. The first party’s order must be entered first as a day-limit order, followed immediately by the entry 

of the second order as a day-fill-and-kill order. The CS must occur within the same trading session. Failure to 

enter the buy and sell orders within 30 seconds after the entry of the RFQ will require a new CS to be initiated in 

order to proceed with the trade.
9

c. Committed Cross (“C-Cross”)

Following the pre-execution communication, a Request for Cross (“RFC”) order which contains both the buy and 

the sell orders must be entered into the Globex platform. Upon entry of the RFC, the Globex platform will display 

an indication that a cross will occur in five (5) seconds. In certain products as set forth in the Table in the 

Interpretations Section at the end of Chapter 5, a certain percentage of the quantity on the RFC will cross if the 

price of the RFC represents a new best price level or if the price of the RFC is equal to the best bid or offer and 

the quantity of the RFC is greater than the quantity at that current best bid or offer at the time of submission of 

the RFC to the Globex platform, and a better price for either the buy or sell order has not been entered into the 

Globex platform during the five (5) second period between entry of the RFC and the cross occurring. 

d. RFQ + RFC Cross (“R-Cross”)

Following the pre-execution communication, a Request for Quote (“RFQ”) for the particular option or option 

spread or combination must be entered into Globex. Thereafter, the RFC order must be entered no less than 

fifteen (15) seconds and no more than thirty (30) seconds after the entry of the RFQ in order to proceed with the 

trade. The RFQ and the RFC order must be entered within the same trading session. Failure to enter the RFC 

order within 30 seconds after the entry of the RFQ will require a new RFQ to be entered prior to the entry of the 

RFC order, which must be entered in accordance with the time parameters described above in order to proceed 

with the trade.