SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-068 (3 of 14)

Organization: Chicago Mercantile Exchange Inc. ("CME")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 05/04/23 Filing Description: Initial Listing of Monday Through 

Friday Weekly Options on Bitcoin Futures and Ether Futures and Tuesday and Thursday 

Weekly Options on Micro Bitcoin Futures and Micro Ether Futures Contracts

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: 

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: See filing.

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

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Christopher Bowen

Managing Director and Chief Regulatory Counsel

Legal Department

May 4, 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 40.2(a) Certification. Initial Listing of Monday Through Friday 

Weekly Options on Bitcoin Futures and Ether Futures and Tuesday and Thursday 

Weekly Options on Micro Bitcoin Futures and Micro Ether Futures Contracts. 

CME Submission No. 23-068 (3 of 14)

Dear Mr. Kirkpatrick:

Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) is certifying to the Commodity Futures Trading 

Commission (“CFTC” or “Commission”) the initial listing of Monday through Friday Weekly Options on 

Bitcoin Futures, Ether Futures, and Tuesday and Thursday Weekly Options on Micro Bitcoin Futures and 

Micro Ether Futures (the “Contracts”), for trading on the CME Globex electronic trading platform (“CME 

Globex”) and for submission for clearing via CME ClearPort effective on Sunday, May 21, 2023, for trade 

date Monday, May 22, 2023, as set forth below.

Effective March 28, 2022, the Exchange initially listed Monday, Wednesday and Friday Weekly Options on 

Micro Bitcoin Futures and Micro Ether Futures contracts for trading and clearing (see CME Submission No. 

22-072 March 8, 2022). 

Contract Title Rulebook Chapter

CME Globex

and

CME ClearPort Code

Monday Options on Bitcoin Futures - Weeks 1-5 350A P1A - P5A

Tuesday Options on Bitcoin Futures - Weeks 1-5 350A P1B - P5B

Wednesday Options on Bitcoin Futures - Weeks 1-5 350A P1C - P5C

Thursday Options on Bitcoin Futures - Weeks 1-5 350A P1D- P5D

Friday Options on Bitcoin Futures - Weeks 1-4 350A P1E - P4E

Monday Options on Ether Futures - Weeks 1-5 349A Y1A - Y5A

Tuesday Options on Ether Futures - Weeks 1-5 349A Y1B - Y5B

Wednesday Options on Ether Futures - Weeks 1-5 349A Y1C - Y5C

Thursday Options on Ether Futures - Weeks 1-5 349A Y1D - Y5D

Friday Options on Ether Futures - Weeks 1-4 349A Y1E - Y4E

Tuesday Options on Micro Bitcoin Futures - Weeks 1-5 348A W1B-W5B

Thursday Options on Micro Bitcoin Futures - Weeks 1-5 348A W1D-W5D

Tuesday Options on Micro Ether Futures - Weeks 1-5 347A V1B-V5B

Thursday Options on Micro Ether Futures - Weeks 1-5 347A V1D-V5D
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Contract Specifications 

Monday through Friday Weekly Options on Bitcoin Futures and Ether Futures Contracts

Contract Title Weekly Options on Bitcoin Futures Weekly Options on Ether Futures

Contract Title

CME 

Globex and 

CME 

ClearPort 

Code

Monday Options on Bitcoin 

Futures - Weeks 1-5

P1A - P5A

Tuesday Options on Bitcoin 

Futures - Weeks 1-5

P1B - P5B

Wednesday Options on Bitcoin 

Futures - Weeks 1-5 P1C - P5C

Thursday Options on Bitcoin 

Futures - Weeks 1-5

P1D- P5D

Friday Options on Bitcoin 

Futures - Weeks 1-4

P1E - P4E

Contract Title

CME 

Globex 

and CME 

ClearPort 

Code

Monday Options on Ether 

Futures - Weeks 1-5

Y1A - Y5A

Tuesday Options on Ether 

Futures - Weeks 1-5

Y1B - Y5B

Wednesday Options on Ether 

Futures - Weeks 1-5

Y1C - Y5C

Thursday Options on Ether 

Futures - Weeks 1-5

Y1D - Y5D

Friday Options on Ether 

Futures - Weeks 1-4

Y1E - Y4E

Contract Unit / 

Underlying Futures 

Contract

1 Bitcoin Futures contract 

CME Chapter 350; Commodity Code: BTC 

1 Ether Futures contract 

CME Chapter 349; Commodity Code: ETH 

Index CME CF Bitcoin Reference Rate (BRR) CME CF Ether-Dollar Reference Rate 

(ETHUSD_RR)

Minimum Price 

Fluctuation

Outright and Spreads:

5.00 index points = $25.00 per contract for premium 

above 25.00

1.00 index points = $5.00 per contract for premium 

below 25.00

Cabinet:

1.00 index points = $5.00 per contract

Outright and Spreads: 

0.50 index points = $25.00 per contract

Price Quotation U.S. dollars and cents per index point

Trading and Clearing 

Hours 

CME Globex Pre-Open:

4:45 p.m. – 5:00 p.m. Central Time (CT) 

CME Globex:

Sunday - Friday 5:00 p.m. – 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT 

CME ClearPort:

Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday – Thursday from 5:45 p.m. – 6:00 p.m. CT 

Listing Schedule Monday – Thursday Contracts: 1 weekly expiration. 

Friday Contract: 4 Friday weekly expirations. If a Friday expiration coincides with a Monthly expiration, no 

Friday option contract will be listed. 

Initial Listing Monday Weekly Options: Monday June Week 1 (June 3)

Tuesday Weekly Options: Tuesday May Week 4 (May 23) & Tuesday May Week 5 (May 30)

Wednesday Weekly Options: Wednesday May Week 3 (May 24)

Thursday Weekly Options: Thursday May Week 3 (May 25)

Friday Weekly Options: Friday June Week 1 (June 2), Friday June Week 2 (June 9), Friday June Week 3 

(June 16), Friday June Week 4 (June 23)

Termination of Trading Trading terminates at 4:00 p.m. London time on the named day of the Contract week. 

Where the named day of the Contract week is not a business day in both the U.K and the U.S., no contract 

will be listed. 

Final Settlement 

Increment

1.00 index points = $5.00 per contract 0.50 index points = $25.00 per contract 

Exercise Procedure European Style (with no contrary instructions)

Strike Price Listing 

Schedule 

Prelisted strikes at $100,000, $50,000, $10,000, 

$5,000 and $1,000 bitcoin increment.

Strikes listed for 300% above the at-the-money strike 

and 100% below the at-the-money strike at:

• $100,000 bitcoin increment for underlying 

Prelisted strikes at $10,000, $5,000, $1,000, $500, 

and $100 ether increment.

Strikes listed for 300% above the at-the-money 

strike and 100% below the at-the-money strike at:

• $10,000 ether strike increment for underlying 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

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settlement above $500,000

• $50,000 bitcoin increment for underlying settlement 

at or below $500,000 

• $10,000 bitcoin increment for underlying settlement 

at or below $100,000

• $5,000 bitcoin increment for underlying settlement 

at or below $50,000

• $1,000 bitcoin increment for underlying settlement 

at or below $10,000

• $500 bitcoin increment for underlying settlement at 

or below $5,000

When less than 210 days remain until expiration 

(DTE), additional strikes listed for 75% above the atthe-money strike and 25% below the at-the-money 

strike at:

• $10,000 bitcoin increment for underlying settlement 

above $500,000

• $5,000 bitcoin increment for underlying settlement 

at or below $500,000 

• $1,000 bitcoin increment for underlying settlement 

at or below $100,000

• $100 bitcoin increment for underlying settlement at 

or below $10,000

• $50 bitcoin increment for underlying settlement at or 

below $5,000

When less than 5 days remain until expiration (DTE), 

additional strikes listed for 15% above the at-themoney strike and 5% below the at-the-money strike 

at:

• $5,000 bitcoin increment for underlying settlement 

above $500,000

• $2,500 bitcoin increment for underlying settlement 

at or below $500,000 

• $500 bitcoin increment for underlying settlement at 

or below $100,000

• $250 bitcoin increment for underlying settlement at 

or below $50,000

• $50 bitcoin increment for underlying settlement at or 

below $10,000

settlement above $50,000

• $5,000 ether strike increment for underlying 

settlement at or below $50,000 

• $1,000 ether strike increment for underlying 

settlement at or below $10,000

• $500 ether strike increment for underlying 

settlement at or below $5,000

• $100 ether strike increment for underlying 

settlement at or below $1,000

• $50 ether strike increment for underlying 

settlement at or below $500

When less than 210 days remain until expiration 

(DTE), additional strikes listed for 75% above the 

at-the-money strike and 25% below the at-themoney strike at:

• $1,000 ether strike increment for underlying 

settlement above $50,000

• $500 ether strike increment for underlying 

settlement at or below $50,000 

• $100 ether strike increment for underlying 

settlement at or below $10,000

• $10 ether strike increment for underlying 

settlement at or below $1,000

• $5 ether strike increment for underlying 

settlement at or below $500

When less than 5 days remain until expiration 

(DTE), additional strikes listed for 15% above the 

at-the-money strike and 5% below the at-themoney strike at:

• $500 ether strike increment for underlying 

settlement above $50,000

• $250 ether strike increment for underlying 

settlement at or below $50,000 

• $50 ether strike increment for underlying 

settlement at or below $10,000

• $25 ether strike increment for underlying 

settlement at or below $5,000

• $5 ether strike increment for underlying 

settlement at or below $1,000

Settlement at 

Expiration

Expiring options will exercise into the nearest underlying futures contract. 

Exchange Rulebook CME 350A CME 349A

Block Trade Minimum 

Threshold

10 contracts

Reportable window: 15 minutes

100 contracts

Reportable window: 15 minutes

CME Globex Matching 

Algorithm

F: First In, First Out (FIFO)
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

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Tuesday and Thursday Weekly Options on Micro Bitcoin Futures and Micro Ether Futures 

Contracts

Contract Title Weekly Options on Micro Bitcoin Futures Weekly Options on Micro Ether Futures

Contract Title

CME 

Globex and 

CME 

ClearPort 

Code

Tuesday Options on Micro 

Bitcoin Futures - Weeks 1-5

W1B-W5B

Thursday Options on Micro 

Bitcoin Futures - Weeks 1-5

W1D-W5D

Contract Title

CME 

Globex 

and CME 

ClearPort 

Code

Tuesday Options on Micro 

Ether Futures - Weeks 1-5

V1B-V5B

Thursday Options on Micro 

Ether Futures - Weeks 1-5

V1D-V5D

Contract Unit / 

Underlying Futures 

Contract

1 Micro Bitcoin Futures contract 

CME Chapter 348; Commodity Code: BTC 

1 Micro Ether Futures contract 

CME Chapter 347; Commodity Code: ETH 

Index CME CF Bitcoin Reference Rate (BRR) CME CF Ether-Dollar Reference Rate 

(ETHUSD_RR)

Minimum Price 

Fluctuation

Outright and Spreads:

5.00 index points = $0.50 per contract for premium 

above 25.00

1.00 index points = $0.10 per contract for premium 

below 25.00

Cabinet:

1.00 index points = $0.10 per contract

Outright and Spreads: 

0.50 index points = $0.05 per contract

Price Quotation U.S. dollars and cents per index point

Trading and Clearing 

Hours 

CME Globex Pre-Open:

4:45 p.m. – 5:00 p.m. Central Time (CT)

CME Globex:

Sunday - Friday 5:00 p.m. – 4:00 p.m. Central Time (CT) with a 60-minute break each day beginning at 4:00 

p.m. CT 

CME ClearPort:

Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday – Thursday from 5:45 p.m. – 6:00 p.m. CT 

Listing Schedule Tuesday and Thursday Contracts: 1 weekly expiration. 

Initial Listing Tuesday Weekly Options: Tuesday May Week 4 (May 23) & Tuesday May Week 5 (May 30)

Thursday Weekly Options: Thursday May Week 3 (May 25)

Termination of Trading Trading terminates at 4:00 p.m. London time on the named day of the Contract week. 

Where the named day of the Contract week is not a business day in both the U.K and the U.S., no contract 

will be listed. 

Final Settlement 

Increment

1.00 index points = $0.10 per contract 0.50 index points = $0.05 per contract 

Exercise Procedure European Style (with no contrary instructions)

Strike Price Listing 

Schedule 

Prelisted strikes at $100,000, $50,000, $10,000, 

$5,000 and $1,000 bitcoin increment.

Strikes listed for 300% above the at-the-money strike 

and 100% below the at-the-money strike at:

• $100,000 bitcoin increment for underlying 

settlement above $500,000

• $50,000 bitcoin increment for underlying settlement 

at or below $500,000 

• $10,000 bitcoin increment for underlying settlement 

at or below $100,000

• $5,000 bitcoin increment for underlying settlement 

at or below $50,000

• $1,000 bitcoin increment for underlying settlement 

at or below $10,000

• $500 bitcoin increment for underlying settlement at 

or below $5,000

When less than 210 days remain until expiration 

(DTE), additional strikes listed for 75% above the atPrelisted strikes at $10,000, $5,000, $1,000, $500, 

and $100 ether increment.

Strikes listed for 300% above the at-the-money 

strike and 100% below the at-the-money strike at:

• $10,000 ether strike increment for underlying 

settlement above $50,000

• $5,000 ether strike increment for underlying 

settlement at or below $50,000 

• $1,000 ether strike increment for underlying 

settlement at or below $10,000

• $500 ether strike increment for underlying 

settlement at or below $5,000

• $100 ether strike increment for underlying 

settlement at or below $1,000

• $50 ether strike increment for underlying 

settlement at or below $500

When less than 210 days remain until expiration 

(DTE), additional strikes listed for 75% above the 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

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the-money strike and 25% below the at-the-money 

strike at:

• $10,000 bitcoin increment for underlying settlement 

above $500,000

• $5,000 bitcoin increment for underlying settlement 

at or below $500,000 

• $1,000 bitcoin increment for underlying settlement 

at or below $100,000

• $100 bitcoin increment for underlying settlement at 

or below $10,000

• $50 bitcoin increment for underlying settlement at or 

below $5,000

When less than 5 days remain until expiration (DTE), 

additional strikes listed for 15% above the at-themoney strike and 5% below the at-the-money strike 

at:

• $5,000 bitcoin increment for underlying settlement 

above $500,000

• $2,500 bitcoin increment for underlying settlement 

at or below $500,000 

• $500 bitcoin increment for underlying settlement at 

or below $100,000

• $250 bitcoin increment for underlying settlement at 

or below $50,000

• $50 bitcoin increment for underlying settlement at or 

below $10,000

at-the-money strike and 25% below the at-themoney strike at:

• $1,000 ether strike increment for underlying 

settlement above $50,000

• $500 ether strike increment for underlying 

settlement at or below $50,000 

• $100 ether strike increment for underlying 

settlement at or below $10,000

• $10 ether strike increment for underlying 

settlement at or below $1,000

• $5 ether strike increment for underlying 

settlement at or below $500

When less than 5 days remain until expiration 

(DTE), additional strikes listed for 15% above the 

at-the-money strike and 5% below the at-themoney strike at:

• $500 ether strike increment for underlying 

settlement above $50,000

• $250 ether strike increment for underlying 

settlement at or below $50,000 

• $50 ether strike increment for underlying 

settlement at or below $10,000

• $25 ether strike increment for underlying 

settlement at or below $5,000

• $5 ether strike increment for underlying 

settlement at or below $1,000

Settlement at 

Expiration

Expiring options will exercise into the nearest underlying futures contract. 

Exchange Rulebook CME 348A CME 347A

Block Trade Minimum 

Threshold

10 contracts

Reportable window: 15 minutes

100 contracts

Reportable window: 15 minutes

CME Globex Matching 

Algorithm

F: First In, First Out (FIFO)

Exhibit A below provides amendments to CME Rulebook chapters 350A, 349A, 348A and 347A in 

connection with listing the Contracts. Effective concurrently with this submission, the Exchange is 

implementing additional clarification and other minor amendments to these rulebook chapters. Please see 

CME Submission No. 23-201 also dated May 4, 2023.

Compliance with Core Principles

The Exchange reviewed the designated contract market core principles (“DCM Core Principles”) as set 

forth in the Commodity Exchange Act (“CEA” or the “Act”) and identified that the following DCM Core 

Principles may be impacted as follows:

Core Principle 2 – Compliance with Rules

Trading in the Contracts shall be subject to CME Rulebook Chapter 4, which includes prohibitions against 

fraudulent, noncompetitive, unfair, and abusive practices. Additionally, trading in the Contracts shall be 

subject to the Exchange’s trade practice rules, the majority of which are contained in Chapter 5 and Chapter 

8 of the Rulebook. Trading activity in the Contracts shall be subject to monitoring and surveillance by CME 

Group’s Market Regulation Department, which has the authority to exercise its investigatory and 

enforcement power where potential rule violations are identified.

Core Principle 3 – Contracts Not Readily Subject to Manipulation 

The Exchange certifies that the underlying settlement rate for Weekly Options on Bitcoin and Ether Futures 

Contracts are not readily subject to manipulation. In the case of an option that settles delivering the 

underlying futures contract, which in turn cash settles, the “underlying market” is the futures market price 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

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series that determines the options settlement (i.e., trading activity in the futures contract settlement period). 

The Exchange has satisfied itself that the volume of the transactions and/or number of participants in the 

cash settlement is sufficiently high. The Exchange generally considers average daily volumes, average 

volume executed during the settlement period, and the number of participants active during the periods. 

The greater the participation and volume, the more difficult it would be to manipulate the settlement. The 

volume of transactions and number of participants in the settlement periods gives us comfort that the 

settlement periods are sufficiently active to support weekly Option Contracts. 

Core Principle 4 – Prevention of Market Disruption

Trading in the Contracts will be subject to CME Rulebook Chapters 4 and 7, which include prohibitions on 

manipulation, price distortion, and disruption to the expiration and assignment process. As with any new 

product listed for trading on a CME Group designated contract market, trading activity in the Contracts will 

be subject to monitoring and surveillance by CME Group’s Market Regulation Department. 

Core Principle 5 – Position Limits or Accountability

Positions for Options on the Bitcoin Futures Contract will be aggregated with the Exchange’s Bitcoin Futures 

contract (Commodity Code: BTC), Bitcoin Euro Futures contract (Commodity Code BTE), Micro Bitcoin 

Futures contract (Commodity Code: MBT) and options thereon at the applicable ratio given the differing 

notional values. Uniform position limits will be applied to the contract. The spot month position limits will be 

aggregated with Bitcoin Futures (BTC) and set at 4, 000 BTC contracts, reducing to 2,000 BTC contracts 

at the close of business three (3) business days (T-3) prior to expiration. A position accountability level of 

5,000 BTC contracts shall be applied to positions in single months outside the spot month and in all months 

combined

Positions for Options on the Ether Futures Contract will be aggregated with the Exchange’s Ether Futures 

contract (Commodity Code: ETH), Ether Euro Futures contract (Commodity Code ETE), Micro Ether 

Futures contract (Commodity Code: MET) and options thereon at the applicable ratio given the differing 

notional values. Uniform position limits will be applied to the contract. The spot month position limits will be 

aggregated with Ether Futures (ETH) and set at 8,000 ETH contracts effective on the first trading day of 

the expiring contract month. A position accountability level of 20,000 ETH contracts shall be applied to 

positions in single months outside the spot month and in all months combined.

The reportable level shall be 1 Options on the Bitcoin Futures or Ether Futures contract. The position limits 

for the Contracts are consistent with the Commission’s guidance.

Core Principle 7 – Availability of General Information

The Exchange shall disseminate a Special Executive Report (“SER”) that sets forth information in regard 

to specifications, terms, and conditions of the Contracts. The SER will also be published on the Exchange’s 

website.

Core Principle 8 – Daily Publication of Trading Information

The Exchange shall publish trading volumes, open interest levels, and price information daily of the 

Contracts on the CME Group website and through quote vendors. 

Core Principle 9 – Execution of Transactions

The Contracts will be listed for trading on the CME Globex electronic trading and for clearing through CME 

ClearPort. The CME Globex electronic trading venue provides for competitive and open execution of 

transactions. CME Globex affords the benefits of reliability and global connectivity.

Core Principle 10 – Trade Information

All requisite trade information shall be included in the audit trail and will suffice for the Market Regulation 

Department to monitor for market abuse.
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

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Core Principle 11 – Financial Integrity of Transactions

The Contracts shall be cleared by CME Clearing, which is registered with the Commission as a derivative 

clearing organization, and which is subject to all CFTC regulations related thereto. 

Core Principle 12 – Protection of Markets and Market Participants

Chapters 4 and 5 in the CME Rulebook set forth multiple strictures that preclude intermediaries from 

disadvantaging their customers. These Rules apply to trading in the Exchange’s competitive trading venues 

and will apply to transactions in the Contract. 

Core Principle 13 – Disciplinary Procedures

Chapter 4 of the CME Rulebook provide for the Exchange to discipline, suspend, or expel members or 

market participants who violate the rules of the Exchange. Trading in the Contracts shall be subject to these 

provisions. The Exchange’s Market Regulation Department has the authority to exercise its powers of 

enforcement, in the event that rule violations in the Contracts are identified. 

Core Principle 14 – Dispute Resolution

Disputes in respect of the Contracts shall be subject to the arbitration provisions set forth in Chapter 6 of 

both the CME Rulebook, which allow all nonmembers to submit to arbitration claims for financial loss 

resulting from transactions on the Exchange. Pursuant to these provisions, any member named as a 

respondent in any such claim submitted by a nonmember is required to participate in arbitration 

proceedings. Additionally, the Exchange requires members to resolve via arbitration all disputes concerning 

transactions on the Exchange. 

Pursuant to Section 5c(c) of the Act and CFTC Regulation 40.2(a), the Exchange certifies that listing the 

Contracts complies with the Act including all regulations thereunder. There were no substantive opposing 

views to this proposal. 

The Exchange certifies that this submission has been concurrently posted on the Exchange’s website at 

http://www.cmegroup.com/market-regulation/rule-filings.html.

Should you have any questions concerning the above, please contact the undersigned at (212) 299-2200 

or via e-mail at CMEGSubmissionInquiry@cmegroup.com.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachments: Exhibit A CME Rulebook Chapters 350A, 348A, 347A, and 349A (blackline format)

Exhibit B Exchange Fees

Exhibit C: Strike Price Listing and Exercise Procedures Table 

Exhibit D Position Limit, Position Accountability, and Reportable Level Table in

Chapter 5 of the CME Rulebook (attached under separate cover)

Exhibit E CME Rule 588.H. – (“Globex Non-Reviewable Trading Ranges”) Table

Exhibit F CME Rule 589. – Special Price Fluctuation Limits and Daily Price Limits 

Table

Exhibit G Market Overview and Analysis of Deliverable Supply
8

Exhibit A

CME Rulebook

(additions underscored; deletions struck through)

Chapter 350A

Options on Bitcoin Futures

350A00. SCOPE OF CHAPTER 

This chapter is limited in application to oOptions on Bitcoin Futures (“futures”). In addition to the rules of 

this chapter, transactions in oOptions on Bitcoin Futures shall be subject to the general rules and 

regulations of the Exchange. as applicable.

Unless otherwise specified, times referenced herein shall refer to and indicate Chicago time.

350A01. OPTIONS CHARACTERISTICS 

350A01.A. Contract Months, Trading Hours, and Trading Halts Listing and Trading Schedule

Options shall be listed for expiration on such dates and shall be scheduled for trading during such hours 

as may be determined by the Exchange, provided that tThe number of contracts open for trading at a 

given time, and the hours of trading for options contracts shall be determined by the Exchange. There 

shall be no trading in options when trading is halted in the underlying Futures Contract Month for Bitcoin 

Futures (Chapter 350). 

350A01.B. Trading Unit 

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one Bitcoin 

Futures contract (Chapter 350). Such Bitcoin Futures contract shall represent 5 bitcoin as valued by the 

CME CF Bitcoin Reference Rate (“BRR”) in accordance with Rule 35001.

350A01.C. Minimum Fluctuations Price Increments

1. Outright

Option prices shall be quoted in USD per bitcoin (BRR Index points), each BRR Index point representing 

$1.00 per bitcoin or $5.00 per Bitcoin Futures contract. 

The minimum price fluctuation shall be $5.00 per bitcoin (equal to $25.00 per option contract), provided 

that trades at a premium equal to or less than $25.00 per bitcoin ($125.00 per option contract) may occur 

at price levels that are integer multiples of $1.00 per bitcoin (equal to $5.00 per option contract).Option 

prices shall be quoted in CME CF Bitcoin Reference Rate (“BRR”) Index points (USD per bitcoin). 

The minimum price fluctuation shall be 5 Index points (equal to $25.00 per option contract), provided that 

trades at a premium equal to or less than 25 Index points (equal to $125.00 per option contract) shall be 

in increments of 1 Index point (equal to $5.00 per option contract).

2. Option Spreads and Combinations 

Any option contract that trades as a component of a spread or combination shall be traded at a price that 

conforms to the applicable minimum price fluctuation as set forth in this Rule, provided that for any option 

spread or combination that trades at a net premium of $25.00 Index points (equal to $125.00 per option 

contract spread) or fewerless, each option contract comprised within such spread or combination may 

trade in price increments of $1.00 Index point per bitcoin (equal to $5.00 per option contract). 

350A01.D. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

350A01.E. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

350A01.DF. Underlying Futures Contract 
9

1. Monthly Options 

For any Monthly option, tThe Underlying Futures Contract shall be the nearest to expire Futures Contract 

for delivery on the last Friday of the same month as such option’s named month of expiration, subject to 

Rule 35003.A.

2. Weekly Options

The Underlying Futures Contract shall be the nearest to expire Futures contract for delivery on the same 

day as such option’s named day of expiration.

350A01.EG. Exercise Prices 

1. 1. Regularly Listed Exercise Prices

On any Business Day, and subject to Rule 350A01.A., tThe Exchange shall ensure that Monthly put and 

call options are listed for trading at all eligible exercise prices as set forth in the Strike Price Listing and 

Exercise Procedures Table.

2.

3.

4.

5.2.2. Dynamically Listed Exercise Prices 

Upon demand and at the discretion of the Exchange, an option with an out-of-current-range exercise price 

may be listed for trading as a User-Defined Instrument, on an as-soon-as-possible basis, provided that 

the exercise price of such option shall be an integer multiple of 25 Index points. The Exchange may 

modify the provisions governing the establishment of exercise prices as it deems appropriate. 

350A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

350A01.G. Nature of Options 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such option 

shall incur the obligation to assume a long position in one Underlying Futures Contract (Rule 350A01.D.) 

at such option’s exercise price (Rule 350A01.E.). Upon exercise of a call option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a short position 

in one Underlying Futures Contract at such option’s exercise price. 

Monthly Options 

A Monthly option (Rule 350A01.D.1.) will be exercised only at its expiration.

350A01.H. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

350A01.IH. Termination of Trading 

1. Monthly Options 

Trading in any of a Monthly option shall terminate on the same date and at the same time as the 

termination of trading in such option’s Underlying Futures Contract (Rule 350A01.D.1.). 

If that day is not a business day in both the U.K and the U.S., trading shall terminate on the preceding 

day that is a business day in either the U.K or the U.S. 

2. Weekly Options

Trading of a Weekly option shall terminate on its expiration date at 4:00:00 p.m. London time. 

Where the named day of the Contract week is not a business day in both the U.K and the U.S., no contract 

will be listed. 

350A01.J. [Reserved] 

350A02. EXERCISE AND ASSIGNMENT 
10

In addition to the applicable procedures and requirements of Chapter 7, the following shall apply to the 

exercise of options. 

350A02.A. Exercise 

Monthly Options 

Any Monthly option (Rule 350A01.D.1.) may be exercised only at, and not before, the expiration of such 

option. Following termination of trading in expiring options, any such option that is in the money shall be 

automatically exercised by the Clearing House, and any such option that is out of the money shall be 

abandoned by the Clearing House. For the avoidance of doubt, no such option that expires in the money 

may be abandoned, and no such option that expires out of the money may be exercised. 

An expiring call option shall be in the money if the corresponding Final Settlement Price for the Underlying 

Futures Contract (Rule 35003.A) is at or above such option’s exercise price, and shall be out of the money 

if the corresponding Final Settlement Price is strictly below such option’s exercise price. 

An expiring put option shall be in the money if the corresponding Final Settlement Price for the Underlying 

Futures Contract (Rule 35003.A) is strictly below such option’s exercise price, and shall be out of the 

money if the corresponding Final Settlement Price is at or above such option’s exercise price. 

Options may not be exercised prior to their termination of trading. They may be exercised only at, and 

not before, its expiration. Following the termination of trading any option that is in the money shall be 

automatically exercised by the Clearing House, and any such option that is out of the money shall be 

abandoned by the Clearing House. For the avoidance of doubt, no such option that expires in the money 

may be abandoned, and no such option that expires out of the money may be exercised. 

1. Monthly Options

An expiring Monthly call option (Rule 350A01.F.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 35003.A.) is at or above such option’s exercise 

price and shall be out of the money if the corresponding Final Settlement Price is strictly below such 

option’s exercise price. 

An expiring Monthly put option (Rule 350A01.F.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 35003.A.) is strictly below such option’s 

exercise price and shall be out of the money if the corresponding Final Settlement Price is at or above 

such option’s exercise price.

2. Weekly Options 

For Options other than Monthly Options, whether an option expires in the money or out of the money shall 

be determined by the Exchange, in its sole discretion, by reference to the Fixing Price of such option, as 

follows:

Such Fixing Price shall be based on the notionally-adjusted volume-weighted average price of 

transactions in Bitcoin Futures and Micro Bitcoin Futures on the CME Globex electronic trading platform 

during the last thirty (30) minutes of trading on expiration day (3:30:00 p.m. – 3:59:59 p.m. London time).

In the event such Fixing Price calculation cannot be determined pursuant to the above calculation, the 

Exchange, in its sole discretion, shall set such Fixing Price by alternative means. 

An expiring Weekly call option (Rule 350A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is at or above such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is strictly below such option’s exercise price. 

An expiring Weekly put option (Rule 350A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is strictly below such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is at or above such option’s exercise price.

350A02.B. Assignment 

Monthly Options 

For a given option contract, an exercise by the Clearing House in accordance with Rules 350A02.A. shall 

be assigned by the Clearing House to clearing members carrying open short positions in such option 

contract. 

The clearing member representing the short holder of such option shall be assigned a short position in 

such option’s Underlying Futures Contract (Rule 350A01.D.) if such option is a call, or a long position in 

such option’s Underlying Futures Contract if such option is a put. 

The clearing member representing the long holder of such option shall be assigned a long position in 

such option’s Underlying Futures Contract if such option is a call, or a short position in such option’s 

Underlying Futures Contract if such option is a put. 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such option 
11

shall incur the obligation to assume a long position in one Underlying Futures Contract (Rule 350A01.F.) 

at such option’s exercise price (Rule 350A01.G.). Upon exercise of a call option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a short position 

in one Underlying Futures Contract at such option’s exercise price. 

All such futures positions shall be assigned at a price equal to the exercise price of such option contract, 

andcontract and shall be marked to market (in accordance with Rule 814) on the Business Day on which 

the Clearing House automatically exercises such. 

(End Chapter 350A) 
12

Chapter 349A

Options on Ether Futures

349A00. SCOPE OF CHAPTER 

This chapter is limited in application to oOptions on Ether Futures (“futures”). In addition to the rules of 

this chapter, transactions in oOptions on Ether Futures shall be subject to the general rules and 

regulations of the Exchange. as applicable.

Unless otherwise specified, times referenced herein shall refer to and indicate Chicago time. 

349A01. OPTIONS CHARACTERISTICS

349A01.A. Contract Months, Trading Hours, and Trading Halts Listing and Trading Schedule

Options shall be listed for expiration on such dates and shall be scheduled for trading during such hours 

as may be determined by the Exchange, provided that tThe number of contracts open for trading at a 

given time, and the hours of trading for options contracts shall be determined by the Exchange. There 

shall be no trading in options when trading is halted in the underlying Futures Contract Month for Ether 

Futures (Chapter 349). 

349A01.B. Trading Unit 

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one Ether 

Futures contract (Chapter 349). Such Ether Futures contract shall represent 50 ether as valued by the 

CME CF Ether-Dollar Reference Rate (“ETHUSD_RR”) in accordance with Rule 34901.

349A01.C. Minimum Fluctuations Price Increments

1. Outright

Option prices shall be quoted in USD per ether (ETHUSD_RR Index points), each Index point 

representing $0.50 per ether $25.00 per Ether Futures contract. Option prices shall be quoted in CME CF 

Ether-Dollar Reference Rate (“ETHUSD_RR”) Index points (USD per ether). 

The minimum price fluctuation shall be 0.50 Index points, equal to $25.00 per option contract.

1.2. Option Spreads and Combinations 

Any option contract that trades as a component of a spread or combination shall be traded at a price that 

conforms to the applicable minimum price fluctuation as set forth in this Rule. The minimum price 

fluctuation shall be 0.50 Index points, (equal to $25.00 per option contract).

349A01.D. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

349A01.E. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

349A01.DF. Underlying Futures Contract 

1. Monthly Options 

For any Monthly option, tThe Underlying Futures Contract shall be the nearest to expire Futures Contract 

for delivery on the last Friday of the same month as such option’s named month of expiration, subject to 

Rule 34903.A.

2. Weekly Options

The Underlying Futures Contract shall be the nearest to expire Futures contract for delivery on the same 

day as such option’s named day of expiration.

349A01.EG. Exercise Prices 

1. Regularly Listed Exercise Prices
13

On any Business Day, and subject to Rule 349A01.A., tThe Exchange shall ensure that Monthly put and 

call options are listed for trading at all eligible exercise prices as set forth in the Strike Price Listing and 

Exercise Procedures Table.

2. Dynamically Listed Exercise Prices 

Upon demand and at the discretion of the Exchange, an option with an out-of-current-range exercise price 

may be listed for trading as a User-Defined Instrument, on an as-soon-as-possible basis, provided that 

the exercise price of such option shall be an integer multiple of 25 Index points. The Exchange may modify 

the provisions governing the establishment of exercise prices as it deems appropriate.

349A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are 

set forth in the Position Limit, Position Accountability and Reportable Level Table in the 

Interpretations & Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall 

apply to the Market Regulation Department on forms provided by the Exchange, and the Market 

Regulation Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits. 

349A01.G. Nature of Options 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such 

option shall incur the obligation to assume a long position in one Underlying Futures Contract 

(Rule 349A01.D.) at such option’s exercise price (Rule 349A01.E.). Upon exercise of a call option 

on behalf of the long holder of such option, the short holder of such option shall incur the 

obligation to assume a short position in one Underlying Futures Contract at such option’s 

exercise price. 

Monthly Options 

A Monthly option (Rule 349A01.D.) will be exercised only at its expiration.

349A01.H. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price 

fluctuation limits and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation 

Limits Table in the Interpretations & Special Notices Section of Chapter 5. 

349A01.IH. Termination of Trading 

1. Monthly Options 

Trading in any of a Monthly option shall terminate on the same date and at the same time as the 

termination of trading in such option’s Underlying Futures Contract (Rule 349A01.D.1). 

If that day is not a business day in both the U.K and the U.S., trading shall terminate on the preceding 

day that is a business day in either the U.K or the U.S.

2. Weekly Options

Trading of a Weekly option shall terminate on its expiration date at 4:00:00 p.m. London time. 

Where the named day of the Contract week is not a business day in both the U.K and the U.S., no contract 

will be listed. 

349A01.J. [Reserved] 

349A02. EXERCISE AND ASSIGNMENT 

In addition to the applicable procedures and requirements of Chapter 7, the following shall apply to the 

exercise of options. 

349A02.A. Exercise 

Monthly Options 

Any Monthly option (Rule 349A01.D.) may be exercised only at, and not before, the expiration of such 

option. Following termination of trading in expiring options, any such option that is in the money shall be 

automatically exercised by the Clearing House, and any such option that is out of the money shall be 

abandoned by the Clearing House. For the avoidance of doubt, no such option that expires in the money 

may be abandoned, and no such option that expires out of the money may be exercised.

An expiring call option shall be in the money if the corresponding Final Settlement Price for the Underlying 

Futures Contract (Rule 34903.A) is at or above such option’s exercise price, and shall be out of the money 

if the corresponding Final Settlement Price is strictly below such option’s exercise price.
14

An expiring put option shall be in the money if the corresponding Final Settlement Price for the Underlying 

Futures Contract (Rule 34903.A) is strictly below such option’s exercise price, and shall be out of the 

money if the corresponding Final Settlement Price is at or above such option’s exercise price. 

Options may not be exercised prior to their termination of trading. They may be exercised only at, and 

not before, its expiration. Following the termination of trading any option that is in the money shall be 

automatically exercised by the Clearing House, and any such option that is out of the money shall be 

abandoned by the Clearing House. For the avoidance of doubt, no such option that expires in the money 

may be abandoned, and no such option that expires out of the money may be exercised.

1. Monthly Options

An expiring Monthly call option (Rule 349A01.F.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 34903.A.) is at or above such option’s exercise 

price and shall be out of the money if the corresponding Final Settlement Price is strictly below such 

option’s exercise price. 

An expiring Monthly put option (Rule 349A01.F.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 34903.A.) is strictly below such option’s 

exercise price and shall be out of the money if the corresponding Final Settlement Price is at or above 

such option’s exercise price.

2. Weekly Options 

For Options other than Monthly Options, whether an option expires in the money or out of the money shall 

be determined by the Exchange, in its sole discretion, by reference to the Fixing Price of such option, as 

follows:

Such Fixing Price shall be based on the notionally-adjusted volume-weighted average price of 

transactions in Ether Futures and Micro Ether Futures on the CME Globex electronic trading platform 

during the last thirty (30) minutes of trading on expiration day (3:30:00 p.m. – 3:59:59 p.m. London time).

In the event such Fixing Price calculation cannot be determined pursuant to the above calculation, the 

Exchange, in its sole discretion, shall set such Fixing Price by alternative means. 

An expiring Weekly call option (Rule 349A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is at or above such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is strictly below such option’s exercise price. 

An expiring Weekly put option (Rule 349A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is strictly below such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is at or above such option’s exercise price.

349A02.B. Assignment 

Monthly Options 

For a given option contract, an exercise by the Clearing House in accordance with Rules 349A02.A. shall 

be assigned by the Clearing House to clearing members carrying open short positions in such option 

contract. 

The clearing member representing the short holder of such option shall be assigned a short position in 

such option’s Underlying Futures Contract (Rule 349A01.D.) if such option is a call, or a long position in 

such option’s Underlying Futures Contract if such option is a put. 

The clearing member representing the long holder of such option shall be assigned a long position in 

such option’s Underlying Futures Contract if such option is a call, or a short position in such option’s 

Underlying Futures Contract if such option is a put. 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such option 

shall incur the obligation to assume a long position in one Underlying Futures Contract (Rule 349A01.F.) 

at such option’s exercise price (Rule 349A01.G.). Upon exercise of a call option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a short position 

in one Underlying Futures Contract at such option’s exercise price. 

All such futures positions shall be assigned at a price equal to the exercise price of such option contract, 

andcontract and shall be marked to market (in accordance with Rule 814) on the Business Day on which 

the Clearing House automatically exercises such. 

(End Chapter 349A) 
15

Chapter 348A

Options on Micro Bitcoin Futures

348A00. SCOPE OF CHAPTER 

This chapter is limited in application to oOptions on Micro Bitcoin Futures (“futures”). In addition to the 

rules of this chapter, transactions in oOptions on Micro Bitcoin Futures shall be subject to the general 

rules and regulations of the Exchange. as applicable.

Unless otherwise specified, times referenced herein shall refer to and indicate Chicago time.

348A01. OPTIONS CHARACTERISTICS 

348A01.A. Contract Months, Trading Hours, and Trading Halts Listing and Trading Schedule

Options shall be listed for expiration on such dates and shall be scheduled for trading during such hours 

as may be determined by the Exchange, provided that tThe number of contracts open for trading at a 

given time, and the hours of trading for options contracts shall be determined by the Exchange. There 

shall be no trading in options when trading is halted in the underlying Futures Contract Month for Micro 

Bitcoin Futures (Chapter 348). 

348A01.B. Trading Unit 

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one Micro 

Bitcoin Futures contract (Chapter 348). Such Micro Bitcoin Futures contract shall represent one tenth 

(1/10) bitcoin as valued by the CME CF Bitcoin Reference Rate (“BRR”) in accordance with Rule 34801.

348A01.C. Minimum Fluctuations Price Increments

1. Outright

Option prices shall be quoted in BRR Index points (USD per bitcoin). 

Option prices shall be quoted in CME CF Bitcoin Reference Rate (“BRR”) Index points (USD per bitcoin). 

The minimum price fluctuation shall be 5 Index points (equal to $0.50 per option contract), provided that 

trades at a premium equal to or less than 25 Index points (equal to $2.50 per option contract) may shall 

be in increments occur at price levels that are integer multiples of 1 Index point (equal to $0.10 per option 

contract).

2. Option Spreads and Combinations 

Any option contract that trades as a component of a spread or combination shall be traded at a price that 

conforms to the applicable minimum price fluctuation as set forth in this Rule, provided that for any option 

spread or combination that trades at a net premium of 25 Index points (equal to $2.50 per option contract 

spread) or less than, each option contract comprised within such spread or combination may trade in 

price increments of 1 Index point (equal to $0.10 per option contract). 

348A01.D. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

348A01.E. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

348A01.DF. Underlying Futures Contract 

1. Monthly Options 

For any Monthly option, tThe Underlying Futures Contract shall be the nearest to expire Futures Contract

for delivery on the last Friday of the same month as such option’s named month of expiration, subject to 

Rule 34803.A.

2. Weekly Monday Options 

For any Weekly Monday option, the Underlying Futures Contract shall be the next expiring Futures 
16

Contract after such option’s expiration, subject to Rule 34803.A.

3. Weekly Wednesday Options 

For any Weekly Wednesday option, the Underlying Futures Contract shall be the next expiring Futures 

Contract after such option’s expiration, subject to Rule 34803.A.

4. Weekly Friday Options 

For any Weekly Friday option, the Underlying Futures Contract shall be the next expiring Futures Contract 

after such option’s expiration, subject to Rule 34803.A.

2. Weekly Options

The Underlying Futures Contract shall be the nearest to expire Futures contract for delivery on the same 

day as such option’s named day of expiration.

348A01.EG. Exercise Prices 

1. 1. Regularly Listed Exercise Prices

On any Business Day, and subject to Rule 348A01.A., tThe Exchange shall ensure that Monthly, Weekly 

put and call options are listed for trading at all eligible exercise prices as set forth in the Strike Price Listing 

and Exercise Procedures Table.

2. Dynamically-Listed Exercise Prices 

Upon demand and at the discretion of the Exchange, an option with an out-of-current-range exercise price 

may be listed for trading as a User-Defined Instrument, on an as-soon-as-possible basis, provided that 

the exercise price of such option shall be an integer multiple of 25 Index points ($25 per bitcoin). The 

Exchange may modify the provisions governing the establishment of exercise prices as it deems 

appropriate. 

348A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

348A01.G. Nature of Options 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such option 

shall incur the obligation to assume a long position in one Underlying Futures Contract (Rule 348A01.D.) 

at such option’s exercise price (Rule 348A01.E.). Upon exercise of a call option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a short position 

in one Underlying Futures Contract at such option’s exercise price. 

Any Monthly, Weekly Monday, Weekly Wednesday or Weekly Friday option will be exercised only at its 

expiration.

348A01.H. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

348A01.IH. Termination of Trading 

Any Monthly option (Rule 348A01.D.1.), Weekly Monday option (Rule 348A01.D.2.), Weekly Wednesday 

option (Rule 348A01.D.3.) or Weekly Friday option (Rule 348A01.D.4.) may be exercised only at, and not 

before, the expiration of such option. Following termination of trading in expiring options, any such option 

that is in the money shall be automatically exercised by the Clearing House, and any such option that is 

out of the money shall be abandoned by the Clearing House. For the avoidance of doubt, no such option 

that expires in the money may be abandoned, and no such option that expires out of the money may be 

exercised. 

1. Monthly Options 

Trading of a in any Monthly option shall terminate on the same date and at the same time as the 

termination of trading in such option’s Underlying Futures Contract (Rule 348A01.D.1.). 

If that day is not a business day in both the U.K and the U.S., trading shall terminate on the preceding 

day that is a business day in either the U.K or the U.S.
17

2. Weekly Monday, Weekly Wednesday and Weekly Friday Options 

Trading in any Weekly Monday, Weekly Wednesday and Weekly Friday option shall terminate on its 

expiration date at 4:00:00 p.m. London time.

If such Monday is not a scheduled Business Day in both the US and the UK, then trading in expiring 

options shall be scheduled to terminate on the Business Day, in either the US or the UK, that next following 

such Monday.

If such Wednesday is not a scheduled Business Day in both the US and the UK, then trading in expiring 

options shall be scheduled to terminate on the Business Day, in either the US or the UK, that first precedes 

such Wednesday.

If such Friday is not a scheduled Business Day in both the US and the UK

, then trading in expiring options shall be scheduled to terminate on the Business Day, in either the US or 

the UK, that first precedes such Friday.

If the market in the Underlying Futures Contract for any such Weekly Monday, Weekly Wednesday or 

Weekly Friday option does not open on the day scheduled for termination of option trading and for option 

expiration, then trading in such option shall terminate, and such option shall expire, on the next day on 

which the market in such Underlying Futures Contract is open for trading.

Trading of a Weekly option shall terminate on its expiration date at 4:00:00 p.m. London time.

Where the named day of the Contract week is not a business day in both the U.K and the U.S., no contract 

will be listed.

348A01.J. [Reserved] 

348A02. EXERCISE AND ASSIGNMENT 

In addition to the applicable procedures and requirements of Chapter 7, the following shall apply to the 

exercise of options. 

Options which are in-the-money on the last day of trading are automatically exercised. 

348A02.A. Exercise

Any Monthly option (Rule 348A01.D.1.), Weekly Monday option (Rule 348A01.D.2.), Weekly Wednesday 

option (Rule 348A01.D.3.) or Weekly Friday option (Rule 348A01.D.4.) may be exercised only at, and not 

before, the expiration of such option. Following termination of trading in expiring options, any such option 

that is in the money shall be automatically exercised by the Clearing House, and any such option that is 

out of the money shall be abandoned by the Clearing House. For the avoidance of doubt, no such option 

that expires in the money may be abandoned, and no such option that expires out of the money may be 

exercised. Options may not be exercised prior to their termination of trading. They may be exercised only 

at, and not before, its expiration. Following the termination of trading any option that is in the money shall 

be automatically exercised by the Clearing House, and any such option that is out of the money shall be 

abandoned by the Clearing House. For the avoidance of doubt, no such option that expires in the money 

may be abandoned, and no such option that expires out of the money may be exercised. 

1. Monthly Options

An expiring Monthly call option (Rule 348A01.D.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 34803.A.) is at or above such option’s exercise 

price and shall be out of the money if the corresponding Final Settlement Price is strictly below such 

option’s exercise price. 

An expiring Monthly put option (Rule 348A01.D.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 34803.A.) is strictly below such option’s 

exercise price and shall be out of the money if the corresponding Final Settlement Price is at or above 

such option’s exercise price.

2. Weekly Monday, Weekly Wednesday and Weekly Friday Options 

Whether an option expires in the money or out of the money shall be determined by the Exchange, in its 

sole discretion, by reference to the Fixing Price of such option, as follows:

Such Fixing Price shall be based on the notionally-adjusted volume-weighted average price of 

transactions in Bitcoin futures and Micro Bitcoin futures on the CME Globex electronic trading platform 

during the last thirty (30) minutes of trading on expiration day (3:30:00 p.m. – 3:59:59 p.m. London time)

In the event such Fixing Price calculation cannot be determined pursuant to the above calculation, the 

Exchange, in its sole discretion, shall set such Fixing Price by alternative means. 

An expiring Weekly Monday call option (Rule 348A01.D.2.), Weekly Wednesday call option (Rule 

348A01.D.3) or Weekly Friday call option (Rule 348A01.D.4.) shall be in the money if the corresponding 

Fixing Price for the Underlying Futures Contract (Rule 34803.A.) is at or above such option’s exercise 
18

price, and shall be out of the money if the corresponding Fixing Price is strictly below such option’s 

exercise price. 

An expiring Weekly Monday put option (Rule 348A01.D.2.), Weekly Wednesday put option (Rule 

348A01.D.3.) or Weekly Friday put option (Rule 348A01.D.4.) shall be in the money if the corresponding 

Fixing Price for the Underlying Futures Contract (Rule 34803.A.) is strictly below such option’s exercise 

price, and shall be out of the money if the corresponding Fixing Price is at or above such option’s exercise 

price. For Options other than Monthly Options, whether an option expires in the money or out of the 

money shall be determined by the Exchange, in its sole discretion, by reference to the Fixing Price of 

such option, as follows:

Such Fixing Price shall be based on the notionally-adjusted volume-weighted average price of 

transactions in Bitcoin Futures and Micro Bitcoin Futures on the CME Globex electronic trading platform 

during the last thirty (30) minutes of trading on expiration day (3:30:00 p.m. – 3:59:59 p.m. London time).

In the event such Fixing Price calculation cannot be determined pursuant to the above calculation, the 

Exchange, in its sole discretion, shall set such Fixing Price by alternative means. 

An expiring Weekly call option (Rule 348A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is at or above such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is strictly below such option’s exercise price. 

An expiring Weekly put option (Rule 348A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is strictly below such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is at or above such option’s exercise price.

348A02.B. Assignment 

For a given option contract, an exercise by the Clearing House in accordance with Rules 348A02.A. shall 

be assigned by the Clearing House to clearing members carrying open short positions in such option 

contract. 

The clearing member representing the short holder of such option shall be assigned a short position in 

such option’s Underlying Futures Contract (Rule 348A01.D.) if such option is a call, or a long position in 

such option’s Underlying Futures Contract if such option is a put. 

The clearing member representing the long holder of such option shall be assigned a long position in 

such option’s Underlying Futures Contract if such option is a call, or a short position in such option’s 

Underlying Futures Contract if such option is a put. 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such option 

shall incur the obligation to assume a long position in one Underlying Futures Contract (Rule 348A01.F.) 

at such option’s exercise price (Rule 348A01.G.). Upon exercise of a call option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a short position 

in one Underlying Futures Contract at such option’s exercise price. 

All such futures positions shall be assigned at a price equal to the exercise price of such option contract, 

andcontract and shall be marked to market (in accordance with Rule 814) on the Business Day on which 

the Clearing House automatically exercises such. 

(End Chapter 348A) 
19

Chapter 347A

Options on Micro Ether Futures

347A00. SCOPE OF CHAPTER 

This chapter is limited in application to oOptions on Micro Ether Futures (“futures”). In addition to the rules 

of this chapter, transactions in oOptions on Micro Ether Futures shall be subject to the general rules and 

regulations of the Exchange. as applicable.

Unless otherwise specified, times referenced herein shall refer to and indicate Chicago time. 

347A01. OPTIONS CHARACTERISTICS 

347A01.A. Contract Months, Trading Hours, and Trading Halts Listing and Trading Schedule

Options shall be listed for expiration on such dates and shall be scheduled for trading during such hours 

as may be determined by the Exchange, provided that tThe number of contracts open for trading at a 

given time, and the hours of trading for options contracts shall be determined by the Exchange. There 

shall be no trading in options when trading is halted in the underlying Futures Contract Month for Micro 

Ether Futures (Chapter 347). 

347A01.B. Trading Unit 

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one Micro 

Ether Futures contract (Chapter 347). Such Micro Ether Futures contract shall represent one tenth (1/10) 

ether as valued by the CME CF Ether-Dollar Reference Rate (“ETHUSD_RR”) in accordance with Rule 

34701.

347A01.C. Minimum Fluctuations Price Increments

1. Outright

Option prices shall be quoted in ETHUSD_RR Index points (USD per ether), Option prices shall be quoted 

in CME CF Ether-Dollar Reference Rate (“ETHUSD_RR”) Index points (USD per ether). 

The minimum price fluctuation shall be 0.50 Index Points, (equal to $0.05 per option contract).

2. Option Spreads and Combinations 

Any option contract that trades as a component of a spread or combination shall be traded at a price that 

conforms to the applicable minimum price fluctuation as set forth in this Rule. The minimum price 

fluctuation shall be 0.50 Index Points, (equal to $0.05 per option contract).

347A01.D. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

347A01.E. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

347A01.DF. Underlying Futures Contract 

1. Monthly Options 

For any Monthly option, tThe Underlying Futures Contract shall be the nearest to expire Futures Contract 

for delivery on the last Friday of the same month as such option’s named month of expiration, subject to 

Rule 34703.A.

2. Weekly Monday Options 

For any Weekly Monday option, the Underlying Futures Contract shall be the next expiring Futures 

Contract after such option’s expiration, subject to Rule 34703.A

3. Weekly Wednesday Options 

For any Weekly Wednesday option, the Underlying Futures Contract shall be the next expiring Futures 

Contract after such option’s expiration, subject to Rule 34703.A.
20

4. Weekly Friday Options 

For any Weekly Friday option, the Underlying Futures Contract shall be the next expiring Futures Contract 

after such option’s expiration, subject to Rule 34703.A.

2. Weekly Options 

The Underlying Futures Contract shall be the nearest to expire Futures contract for delivery on the same 

day as such option’s named day of expiration.

347A01.EG. Exercise Prices 

1. Regularly Listed Exercise Prices

On any Business Day, and subject to Rule 347A01.A., tThe Exchange shall ensure that Monthly, Weekly 

put and call options are listed for trading at all eligible exercise prices as set forth in the Strike Price Listing 

and Exercise Procedures Table.

2. Dynamically-Listed Exercise Prices 

Upon demand and at the discretion of the Exchange, an option with an out-of-current-range exercise price 

may be listed for trading as a User-Defined Instrument, on an as-soon-as-possible basis, provided that 

the exercise price of such option shall be an integer multiple of 25 Index points ($25 per ether). The 

Exchange may modify the provisions governing the establishment of exercise prices as it deems 

appropriate. 

347A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

347A01.G. Nature of Options 

Upon exercise of a put option on behalf of the long holder of such option, the short holder of such option 

shall incur the obligation to assume a long position in one Underlying Futures Contract (Rule 347A01.D.) 

at such option’s exercise price (Rule 347A01.E.). Upon exercise of a call option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a short position 

in one Underlying Futures Contract at such option’s exercise price. 

Any Monthly, Weekly Monday, Weekly Wednesday or Weekly Friday option will be exercised only at its 

expiration.

347A01.H. Daily Price Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

and daily price limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

347A01.IH. Termination of Trading 

1. Monthly Options 

Trading in any Monthly option shall terminate on the same date and at the same time as the termination 

of trading in such option’s Underlying Futures Contract (Rule 347A01.D.1.). 

If that day is not a business day in both the U.K and the U.S., trading shall terminate on the preceding 

day that is a business day in either the U.K or the U.S.

2. Weekly Monday, Weekly Wednesday and Weekly Friday Options 

Trading in any Weekly Monday, Weekly Wednesday and Weekly Friday option shall terminate on its 

expiration date at 4:00:00 p.m. London time.

If such Monday is not a scheduled Business Day in both the US and the UK, then trading in expiring 

options shall be scheduled to terminate on the Business Day, in either the US or the UK, that next following 

such Monday.

If such Wednesday is not a scheduled Business Day in both the US and the UK, then trading in expiring 

options shall be scheduled to terminate on the Business Day, in either the US or the UK, that first precedes 

such Wednesday.

If such Friday is not a scheduled Business Day in both the US and the UK, then trading in expiring options 
21

shall be scheduled to terminate on the Business Day, in either the US or the UK, that first precedes such 

Friday.

If the market in the Underlying Futures Contract for any such Weekly Monday, Weekly Wednesday or 

Weekly Friday option does not open on the day scheduled for termination of option trading and for option 

expiration, then trading in such option shall terminate, and such option shall expire, on the next day on 

which the market in such Underlying Futures Contract is open for trading.

2. Weekly Options 

Trading of a Weekly option shall terminate on its expiration date at 4:00:00 p.m. London time.

Where the named day of the Contract week is not a business day in both the U.K London and the U.S., 

no contract will be listed.347A01.J. [Reserved]

347A02. EXERCISE AND ASSIGNMENT 

In addition to the applicable procedures and requirements of Chapter 7, the following shall apply to the 

exercise of options. 

Options which are in-the-money on the last day of trading are automatically exercised. 

347A02.A. Exercise

Any Monthly option (Rule 347A01.D.1.), Weekly Monday option (Rule 347A01.D.2.), Weekly Wednesday 

option (Rule 347A01.D.3.) or Weekly Friday option (Rule 347A01.D.4.) may be exercised only at, and not 

before, the expiration of such option. Following termination of trading in expiring options, any such option 

that is in the money shall be automatically exercised by the Clearing House, and any such option that is 

out of the money shall be abandoned by the Clearing House. For the avoidance of doubt, no such option 

that expires in the money may be abandoned, and no such option that expires out of the money may be 

exercised. Options may not be exercised prior to their termination of trading. They may be exercised only 

at, and not before, its expiration. Following the termination of trading any option that is in the money shall 

be automatically exercised by the Clearing House, and any such option that is out of the money shall be 

abandoned by the Clearing House. For the avoidance of doubt, no such option that expires in the money 

may be abandoned, and no such option that expires out of the money may be exercised. 

1. Monthly Options

An expiring Monthly call option (Rule 347A01.D.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 34703.A.) is at or above such option’s exercise 

price and shall be out of the money if the corresponding Final Settlement Price is strictly below such 

option’s exercise price. 

An expiring Monthly put option (Rule 347A01.D.1.) shall be in the money if the corresponding Final 

Settlement Price for the Underlying Futures Contract (Rule 34703.A.) is strictly below such option’s 

exercise price and shall be out of the money if the corresponding Final Settlement Price is at or above 

such option’s exercise price.

2. Weekly Monday, Weekly Wednesday and Weekly Friday Options 

Whether an option expires in the money or out of the money shall be determined by the Exchange, in its 

sole discretion, by reference to the Fixing Price of such option, as follows:

Such Fixing Price shall be based on the notionally-adjusted volume-weighted average price of 

transactions in Ether futures and Micro Ether futures on the CME Globex electronic trading platform during 

the last thirty (30) minutes of trading on expiration day (3:30:00 p.m. – 3:59:59 p.m. London time)

In the event such Fixing Price calculation cannot be determined pursuant to the above calculation, the 

Exchange, in its sole discretion, shall set such Fixing Price by alternative means. 

An expiring Weekly Monday call option (Rule 347A01.D.2.), Weekly Wednesday call option (Rule 

347A01.D.3) or Weekly Friday call option (Rule 347A01.D.4.) shall be in the money if the corresponding 

Fixing Price for the Underlying Futures Contract (Rule 34703.A.) is at or above such option’s exercise 

price, and shall be out of the money if the corresponding Fixing Price is strictly below such option’s 

exercise price. 

An expiring Weekly Monday put option (Rule 347A01.D.2.), Weekly Wednesday put option (Rule 

347A01.D.3.) or Weekly Friday put option (Rule 347A01.D.4.) shall be in the money if the corresponding 

Fixing Price for the Underlying Futures Contract (Rule 34703.A.) is strictly below such option’s exercise 

price, and shall be out of the money if the corresponding Fixing Price is at or above such option’s exercise 

price.For Options other than Monthly Options, whether an option expires in the money or out of the money 

shall be determined by the Exchange, in its sole discretion, by reference to the Fixing Price of such option, 

as follows:

Such Fixing Price shall be based on the notionally-adjusted volume-weighted average price of 
22

transactions in Ether Futures and Micro Ether Futures on the CME Globex electronic trading platform 

during the last thirty (30) minutes of trading on expiration day (3:30:00 p.m. – 3:59:59 p.m. London time).

In the event such Fixing Price calculation cannot be determined pursuant to the above calculation, the 

Exchange, in its sole discretion, shall set such Fixing Price by alternative means. 

An expiring Weekly call option (Rule 347A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is at or above such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is strictly below such option’s exercise price. 

An expiring Weekly put option (Rule 347A01.F.2.), shall be in the money if the corresponding Fixing Price 

for the Underlying Futures Contract is strictly below such option’s exercise price, and shall be out of the 

money if the corresponding Fixing Price is at or above such option’s exercise price.

347A02.B. Assignment 

For a given option contract, an exercise by the Clearing House in accordance with Rules 347A02.A. shall 

be assigned by the Clearing House to clearing members carrying open short positions in such option 

contract. 

The clearing member representing the short holder of such option shall be assigned a short position in 

such option’s Underlying Futures Contract (Rule 347A01.D.) if such option is a call, or a long position in 

such option’s Underlying Futures Contract if such option is a put.

The clearing member representing the long holder of such option shall be assigned a long position in 

such option’s Underlying Futures Contract if such option is a call, or a short position in such option’s 

Underlying Futures Contract if such option is a put. Upon exercise of a put option on behalf of the long 

holder of such option, the short holder of such option shall incur the obligation to assume a long position 

in one Underlying Futures Contract (Rule 347A01.F.) at such option’s exercise price (Rule 347A01.G.). 

Upon exercise of a call option on behalf of the long holder of such option, the short holder of such option 

shall incur the obligation to assume a short position in one Underlying Futures Contract at such option’s 

exercise price. 

All such futures positions shall be assigned at a price equal to the exercise price of such option contract, 

and shall be marked to market (in accordance with Rule 814) on the Business Day on which the Clearing 

House automatically exercises such. 

(End Chapter 347A) 
23

Exhibit B

Exchange Fees

Membership Type

Venue/Transaction 

Type Bitcoin Ether 

Micro 

Bitcoin 

Micro 

Ether 

Individual Members

Clearing Members

Rule 106.J Equity Member Firms & 

Rule 106.J Qualified Subsidiaries

Rule 106.I Members & Rule 106.I 

Qualified Affiliates

Rule 106.S Member Approved 

Funds

CME Globex $2.50 $2.00 $1.25 $0.10

EFP $3.75 $3.67 $2.00 $0.16

EFR $3.75 $3.67 $2.00 $0.16

Block $3.75 $3.67 $2.00 $0.16

Delivery $1.25 $0.75 $0.65 $0.05

Exe|Asn|Future 

From $1.30 $0.80 $0.70 $0.05

Rule 106.D Lessees

Rule 106.F Employees 

CME Globex $4.00 $2.90 $2.00 $0.16

EFP $6.00 $4.41 $3.20 $0.26

EFR $6.00 $4.41 $3.20 $0.26

Block $6.00 $4.41 $3.20 $0.26

Delivery $2.00 $1.20 $1.00 $0.08

Exe|Asn|Future 

From $2.05 $1.25 $1.05 $0.08

Rule 106.R Electronic Corporate 

Members 

(For other than CME Globex - Non-Member 

rates apply)

CME Globex $4.10 $2.96 $2.05 $0.17

Rule 106.H and 106.N Firms 

CME Globex $4.40 $3.14 $2.20 $0.18

EFP $6.40 $4.63 $3.55 $0.29

EFR $6.40 $4.63 $3.55 $0.29

Block $6.40 $4.63 $3.55 $0.29

Delivery $2.20 $1.32 $1.10 $0.09

Exe|Asn|Future 

From $2.25 $1.37 $1.15 $0.09

International Incentive Program 

(IIP) Participants

International Volume Incentive 

Program (IVIP) Participants 

(For other than CME Globex - Non-Member 

rates apply)

CME Globex $5.00 $4.00 $2.50 $0.20

Central Bank Incentive Program 

(CBIP) Participants

Latin American Fund Manager 

Incentive Program (FMIP) 

Participants 

(For other than CME Globex - Non-Member 

rates apply)

CME Globex $4.85 $4.00 $2.50 $0.20

Members Trading Outside of 

Division 

(For other than CME Globex During ETH -

Non-Member rates apply)

CME Globex

During ETH Only $4.75 $3.85 $2.40 $0.18

Non-Members

CME Globex $5.00 $4.00 $2.50 $0.20

EFP $7.50 $7.33 $4.00 $0.32

EFR $7.50 $7.33 $4.00 $0.32

Block $7.50 $7.33 $4.00 $0.32

Delivery $2.50 $1.50 $1.25 $0.10

Exe|Asn|Future 

From $2.55 $1.55 $1.30 $0.10
24

Processing Fees Fee

Position Adjustment/Position Transfer $0.10 

Give-Up Surcharge $0.05 

Facilitation Fee $0.40 
25

Exhibit C

Strike Price Listing and Exercise Procedures Table 

Product Name Weekly Options on 

Bitcoin Futures

Weekly Options on 

Micro Bitcoin Futures

Weekly Options on 

Ether Futures

Weekly Options on 

Micro Ether Futures

Product Group Cryptocurrencies

Product Subgroup Bitcoin Ether

Exchange CME

Rulebook Chapter 350A 348A 349A 347A

Option Style European

Contrary 

Instructions

No

Exact at the Money 

Characteristics

Exercise calls –

Abandon puts

Underlying 

Commodity Code

BTC MBT ETH MET

Underlying Product 

Name

Bitcoin Futures Micro Bitcoin Futures Ether Futures Micro Ether Futures

Strike Price Listing 

Rule

Prelisted strikes at $100,000, $50,000, $10,000, 

$5,000 and $1,000 bitcoin increment.

Strikes listed for 300% above the at-the-money 

strike and 100% below the at-the-money strike at:

• $100,000 bitcoin increment for underlying 

settlement above $500,000

• $50,000 bitcoin increment for underlying 

settlement at or below $500,000 

• $10,000 bitcoin increment for underlying 

settlement at or below $100,000

• $5,000 bitcoin increment for underlying settlement 

at or below $50,000

• $1,000 bitcoin increment for underlying settlement 

at or below $10,000

• $500 bitcoin increment for underlying settlement 

at or below $5,000

When less than 210 days remain until expiration 

(DTE), additional strikes listed for 75% above the 

at-the-money strike and 25% below the at-themoney strike at:

• $10,000 bitcoin increment for underlying 

settlement above $500,000

• $5,000 bitcoin increment for underlying settlement 

at or below $500,000 

• $1,000 bitcoin increment for underlying settlement 

at or below $100,000

• $100 bitcoin increment for underlying settlement 

at or below $10,000

• $50 bitcoin increment for underlying settlement at 

or below $5,000

When less than 5 days remain until expiration 

(DTE), additional strikes listed for 15% above the 

at-the-money strike and 5% below the at-the-money 

strike at:

• $5,000 bitcoin increment for underlying settlement 

above $500,000

• $2,500 bitcoin increment for underlying settlement 

at or below $500,000 

• $500 bitcoin increment for underlying settlement 

at or below $100,000

• $250 bitcoin increment for underlying settlement 

at or below $50,000

• $50 bitcoin increment for underlying settlement at 

or below $10,000

Prelisted strikes at $10,000, $5,000, $1,000, $500, 

and $100 ether increment.

Strikes listed for 300% above the at-the-money 

strike and 100% below the at-the-money strike at:

• $10,000 ether strike increment for underlying 

settlement above $50,000

• $5,000 ether strike increment for underlying 

settlement at or below $50,000 

• $1,000 ether strike increment for underlying 

settlement at or below $10,000

• $500 ether strike increment for underlying 

settlement at or below $5,000

• $100 ether strike increment for underlying 

settlement at or below $1,000

• $50 ether strike increment for underlying 

settlement at or below $500

When less than 210 days remain until expiration 

(DTE), additional strikes listed for 75% above the 

at-the-money strike and 25% below the at-themoney strike at:

• $1,000 ether strike increment for underlying 

settlement above $50,000

• $500 ether strike increment for underlying 

settlement at or below $50,000 

• $100 ether strike increment for underlying 

settlement at or below $10,000

• $10 ether strike increment for underlying 

settlement at or below $1,000

• $5 ether strike increment for underlying settlement 

at or below $500

When less than 5 days remain until expiration 

(DTE), additional strikes listed for 15% above the 

at-the-money strike and 5% below the at-the-money 

strike at:

• $500 ether strike increment for underlying 

settlement above $50,000

• $250 ether strike increment for underlying 

settlement at or below $50,000 

• $50 ether strike increment for underlying 

settlement at or below $10,000

• $25 ether strike increment for underlying 

settlement at or below $5,000

• $5 ether strike increment for underlying settlement 

at or below $1,000
26

Exhibit D

CME Rulebook

Chapter 5

(“Trading Qualifications and Practices”)

Position Limit, Position Accountability, and Reportable Level Table

(attached under separate cover)

Exhibit E

CME Rulebook

Chapter 5

(“Trading Qualifications and Practices”)

Rule 588.H. – (“Globex Non-Reviewable Trading Ranges”) Table

(additions underscored)
27

Exhibit F

CME Rulebook

Chapter 5

(“Trading Qualifications and Practices”)

Rule 589. – Special Price Fluctuation Limits and Daily Price Limits Table

(additions underscored)
28

Exhibit G

Cash Market Overview and Deliverable Supply Analysis

Bitcoin Cash Market Overview

Bitcoin was created by Satoshi Nakamoto, a pseudonymous person or team who outlined the technology 

in a 2008 white paper. The bitcoin network went live in 2009. Every transaction involving bitcoin is tracked 

on the bitcoin blockchain ledger which is public and permissionless. Unlike a bank’s ledger, the bitcoin 

blockchain is distributed across the entire network. No company, country, or third party is in control of it; 

and anyone can become part of that network.

The network’s native cryptocurrency token is bitcoin. According to Coinmarketcap.com, the market cap for 

all digital assets is over $1.2 TN as of 31 March 2023. Bitcoin is the largest cryptocurrency by market 

capitalization, is estimated to be $550 BN as of 31 March 2023. The 24-hour trading volume in bitcoin is 

currently $19 BN. Bitcoin is actively traded across approximately 400 spot exchanges and other execution 

platforms that offer leveraged exposure Bitcoin is traded against many other crypto pairs (e.g., Ether) and

in a number of fiat currency pairs. The dominant fiat currency pair is the USD. 

Figure 1: Bitcoin Market Capitalization

Source: CoinMarketCap.com 
29

Figure 2: Bitcoin Price History 

Source: CoinMarketCap.com 

The value of a single bitcoin has steadily climbed to an all-time high of $68,789.63 on November 10, 2021

The current price on March 31, 2023, is $28,500. 

In terms of market dominance, bitcoin is consistently the dominant cryptocurrency, as demonstrated in 

Figure 3. As of March 26, 2023, bitcoin’s dominance stood at 46.31%.

Figure 3: Bitcoin’s Percentage of Total Market Capitalization (Dominance) 

 

Source: CoinMarketCap.com
30

Bitcoin Deliverable Supply Analysis 

Bitcoin Mining and Blocks

The bitcoin protocol defines, in advance, how the currency will be created and at what rate. Upon release 

of bitcoin in 2009, Satoshi Nakamoto coded the creation of 21 million bitcoin. The supply of new bitcoins is 

designed to grow toward a ceiling of 21 million units. However, not all 21 million coins are currently in 

circulation.

Bitcoin mining is the process by which new bitcoin enter circulation. Miners are individuals or groups who 

work to secure the network by verifying transactions and adding them to a public ledger; the bitcoin 

blockchain, in what is called blocks. A block contains details of all the transactions that have been 

transacted within a given timeframe. Blocks form a chain by referring to the hash (or fingerprint) of the 

previous block

Mining requires specialist equipment and great power. The miners are an important part of preserving the 

blockchain ledgers. The miner that first finds the newest block is rewarded with new bitcoin for their work. 

Miners also take transaction fees paid by parties sending bitcoin.

The bitcoin code is designed to create a new block every ten minutes. As such the number of bitcoins in 

existence increases about every 10 minutes when new blocks are mined and added to the bitcoin 

blockchain. 

The bitcoin protocol defines how many bitcoins are released each time a miner discovers a new block. At 

the current mining rate each new block adds 6.25 bitcoins into circulation, which is approximately 900 

bitcoins per day. 

Initially, the block reward was set to 50 bitcoins per solved block. The protocol states that the number of 

bitcoins created per block, i.e., the mining reward, will decrease geometrically. This system is in place to 

systematically reduce the rate at which new bitcoins are issued into circulation This gradual systematic 

process will see a 50% reduction every 210,000 blocks, or approximately every four (4) years, until all the 

21 million units of bitcoin have been created, which will occur in 2140. 

Bitcoin in Circulation

As of March 30, 2023, 19,332,509 million bitcoin are in circulation. This represents circa 92% of all the 

bitcoin supply originally set. 

Figure 4: Total Circulating Supply 

Source: www.blockchain.com/en/charts/total-bitcoins

As designed, the percent growth of bitcoin in circulation has slowed since inception. The growth of the 

bitcoin in circulation is expected to slow with time, eventually ending at 21 million bitcoins.
31

The theoretical circulating supply of bitcoin, however, is not the total spendable supply. The total spendable 

supply is lower than the total circulating supply due to accidental loss, willful destruction, and technical 

peculiarities. 

From the total circulating supply of 19.33 million bitcoins, it would be prudent to discount for unrecoverable 

bitcoins that are burned (bitcoins that will never be spent - for example, if the bitcoin were sent to a public 

address without any party knowing or having a way to compute the private key, the bitcoin associated with 

that key are considered “burned.”); permanently withdrawn from circulation or lost. There is no consensus 

on the number to be deducted, but best estimates indicate there to be about a 20% total loss. This would 

produce an estimate of 15.46 million bitcoin as circulating supply (equal to 19.33 million x 0.80).

Options on both Bitcoin futures and Micro Bitcoin futures contracts will aggregate into the Exchange’s 

standard Bitcoin futures contract for position limit purposes. For the discussion of position limits that follows, 

the contract size referenced is for the existing Bitcoin Futures contract. The standard contract has a 5 

bitcoin multiplier. The Micro Bitcoin contract has a 0.1 bitcoin multiplier. 

In theory, all 15.46 million units extant may be considered as notional deliverable supply of contract-grade 

commodity. A prudent and conservative estimate, however, would acknowledge that bitcoin is traded in 

multiple currency denominations, of which USD is one. 

For illustration, consider that during the six months ending March 31, 2023, approximately 60% of fiat bitcoin 

transaction volume was in the BTC:USD currency pair per Coinmarketcap.com. Were this used as a proxy 

for the share of outstanding bitcoin that stands as notional contract-grade supply for Bitcoin futures, it would 

produce an estimate of 9.28 million bitcoin (equal to 15.46 million x 0.60) as the ‘money stock’ notionally 

eligible for delivery in fulfilment of expiring contract months. The following analysis uses this estimate.

By the standards applicable to agricultural or other commodity futures for physical delivery (i.e., 17 CFR 

150.5(b)(1)), the position limit would be set at or below 25 percent of estimated spot month deliverable 

supply. Under current bitcoin market conditions, the resultant maximum position limit would be 2.32 million 

bitcoin, or 463,920 contracts ((equal to 9.28 million bitcoin x 0.25) / (5 bitcoin per contract)).

An alternative approach is based on the standard that the Exchange has typically applied to foreign 

exchange futures products, according to which the position limit is set at or below one percent of the money 

stock in the contract-grade currency denomination. Applied to the estimated bitcoin ‘money stock’, the result 

would be a position limit of 92,784 bitcoin, or 18,556 contracts ((equal to (9.28 million bitcoin x 0.01) / (5 

bitcoin per contract)) or less.

Position Limits 

In its certification of CME Bitcoin Futures contract (Commodity Code: BTC) product rules to the CFTC in 

September 2021, the Exchange proposed a spot-month position limit of 4,000 BTC contracts, reducing to 

2,000 BTC contracts at the close of business three (3) business days (T-3) prior to expiration.

The position limit will be applicable in aggregate to Bitcoin Futures, Micro Bitcoin Futures, Options on Bitcoin 

Futures, Options on Micro Bitcoin futures and Bitcoin Euro Futures. 

Viewed in the context of the preceding cash market overview and to align with the Bitcoin Futures contract, 

the aggregated Spot Month Position Limit shall be 4,000 BTC contracts effective on the first trading day of 

the expiring contract month. 

The proposed quantity is sufficiently stringent that it would be highly unlikely to motivate attempted 

manipulation of the benchmark in connection with Contract final settlement and is significantly below the 

standard 25% ‘money stock’ analysis of deliverable supply test. 

Options on Bitcoin Futures and Micro Bitcoin Futures contract shall share the Accountability Level with the 

Bitcoin Futures contract. The Single Month Accountability Level and All Month Accountability Level shall be 

5,000 BTC contracts. Additionally, to allow for increased transparency and more effective market 
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surveillance, a reportable position level of one (1) Option on Bitcoin Futures or Micro Bitcoin Futures 

contract is proposed.

Ethereum Cash Market Overview

Vitalik Buterin founded Ethereum as a concept in a White Paper in late 2013. Since then, the development 

of Ethereum has been managed by a community of developers. A crowd sale to fund development took 

place in July 2014, and the blockchain went live on 30 July 2015.

Ethereum is a decentralized open source blockchain featuring smart contract functionality. The main 

Ethereum network is public and permissionless. Anyone can download or write software to connect to the 

network and start creating transactions and smart contracts without needing permission from any 

organization. 

Ethereum’s inbuilt native token is called ether (ETH). It can be traded for other cryptocurrencies or other 

sovereign currencies, just like bitcoin (BTC). According to Coinmarketcap.com 

(https://coinmarketcap.com/), Ether’s market capitalization is estimated to be $219.5 B as of March 31, 

2023. It is the second-largest cryptocurrency by market capitalization, behind bitcoin. 

Figure 5: Ether Market Capitalization

Source: coinmarketcap.com

The 24-hour trading volume in ether is $9B as of March 31, 2023. Many altcoins are based on the Ethereum 

network, which brings liquidity into the network’s native cryptocurrency. Ether is actively traded across 

approximately 400 spot exchanges and other execution platforms that offer leveraged exposure. The value 

of a single ether has steadily climbed to an all-time high of $4,891.70 on November 16, 2021, the current 

price on March 31, 2023, is approximately $1,820.
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Figure 6: Ethers Price History 

Source: coinmarketcap.com

Total Supply

Ethereum has its own blockchain, which contains blocks of data pertaining to transactions on the Ethereum 

network. A block contains details of all the transactions and smart contracts that have been transacted 

within a given timeframe. Blocks form a chain by referring to the hash (or fingerprint) of the previous block.

The biggest difference between ether and bitcoin are the rules around token generation. For bitcoin, there 

will be a maximum supply of 21 million coins. According to the protocol, future ETH generation will be 

capped at 25% of the pre-mine, per year. This is to say that there is a maximum growth rate of 18 million 

ether which can be mined per year. There is no upper cap or limit. Theoretically the maximum is infinite. 

Ether token generation

New units of ether are created through mining. Mining is the process of confirming transactions, combining 

them into blocks and adding them to the blockchain. As a reward, and to keep miners incentivized, every 

time a block is completed, the miner responsible for creating that block receives a reward in the form of 

new ether. Miners compete to earn newly issued tokens known as the block reward. 

Ether in Circulation 

The total number of ETH in existence can be calculated as:

Pre-mine + Block rewards + Uncle rewards + Uncle referencing rewards + Eth2 staking rewards

Pre-mine 

Around 72 million ETH were issued for the genesis block – the first ever block of the Ethereum blockchain. 

60 million ETH were allocated to the initial contributors in the 2014 crowd sale that funded the project, and 

20% or 12 million ETH were given to the development fund and the Ethereum Foundation. 

Block reward

In Ethereum the time between blocks is around 14 seconds, compared with bitcoin’s ~10 minutes. 

The original block reward in 2015 was 5 ETH per block, which later went down to 3 ETH in late 2017. As of 

2019, when a block is successfully mined on the Ethereum blockchain, a miner receives 2 ETH as a reward.

Over time, as more and more ETH are mined, the constant amount mined becomes a smaller and smaller 

portion of the total amount of existing ETH. The percentage mined of the total existing amount tends to 0% 

over time, asymptotically, never actually reaching 0%. Therefore, mining will never tail off. A constant 

amount of ETH will be mined forever. The chart below shows the bitcoin and ethereum generation models. 

Additionally, an equilibrium will eventually be reached when the rate of ETH lost due to carelessness, 

destruction, etc. equals the rate of new ETH mined.
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Figure 7: BTC vs ETH generation model 

Source: https://bitsonblocks.net/2016/10/02/gentle-introduction-ethereum/

Uncle reward

Ethereum’s rate of block generation is much higher than that of bitcoin. When more blocks get created 

more quickly, the rate of “block clashes” increases – i.e., multiple valid blocks can get created at almost the 

same time, but only one of them can make it into the main chain. 

In bitcoin these blocks, that are mined a little late and don’t form part of the main blockchain are called 

‘orphans’ and are entirely discarded. However, with ethereum they are called ‘uncles’ and can be 

referenced by later blocks. This is called the uncle reward.

Uncle referencing reward

A miner who references an uncle also gets a fraction of ETH per uncle.

Gas Reward 

The blocks are created or mined by some participants and distributed to other participants who validate 

them. 

When a user sends ether or uses an Ethereum application, a small fee in ETH is charged to use the 

Ethereum network. In addition to block rewards for mining new ether tokens, the miner also receives a fee 

as an incentive to process and verify what the user is doing. Miners are like the record-keepers of Ethereum 

– they check and assure the validity of the transaction and keep the Ethereum network secure and free of 

centralized control. 

In bitcoin, the maximum block size is specified in bytes whereas Ethereum’s block size is based on 

complexity of contracts being run – known as a Gas limit per block, and the maximum can vary slightly from 

block to block.

Recent Developments

Ethereum moved to a consensus mechanism called proof-of-stake (PoS) in 2022, this change has been on 

Ethereum’s roadmap, as a plan to move from the electricity-expensive Proof of Work (PoW) mining to a 

more energy-efficient PoS protocol as part of the Eth2 upgrades. 

Eth2 refers to a set of interconnected upgrades that will make Ethereum more scalable, more secure, and 

more sustainable. These upgrades are being built by multiple teams from across the Ethereum ecosystem.

Proof-of-stake is the underlying mechanism that activates validators upon receipt of enough stake. For 
35

Ethereum, users will need to stake 32 ETH to become a validator. Validators are chosen at random to 

create blocks and are responsible for checking and confirming blocks they do not create. 

Unlike proof-of-work, validators do not need to use significant amounts of computational power because 

they are selected at random and are not competing.

Validators do not mine blocks; they just need to create blocks when chosen and validate or attest proposed 

blocks when they are not. Validators get rewards for proposing new blocks and for attesting to ones they've 

seen.

A user's stake is also used to incentivize good validator behavior. For example, a user can lose a portion 

of their stake for things like going offline (failing to validate) or their entire stake for deliberate collusion. 

With any changes to Ethereum, such as the transition to PoS, the generation rate is guaranteed to not 

increase. But it may decrease.

Ether in Circulation

Currently there are 120.45 million ether in circulation. 72 million of which were issued in the genesis block. 

The remaining amount has been generated in the form of block rewards to the miners on the Ethereum 

network. 

The chart below shows the ether supply growth– a breakdown of daily block reward, uncle inclusion reward, 

uncle reward and Eth2 staking to arrive at the total daily Ether supply.

Figure 8: Ether Supply Growth Chart

Source: etherscan.io
36

Figure 9: Ether Supply Distribution 

Source: etherscan.io

The table and pie chart above, shows the distribution of ether from reward of both block and uncle block 

mining to arrive at the current total ether supply of 120.45 million.

The total circulating supply of ETH is not the total spendable supply. The total spendable supply is lower 

than the total circulating supply, due to accidental loss, willful destruction, and technical peculiarities.

From the total circulating supply of 120.45 million ether, one must discount for unrecoverable ether that are 

burned; permanently withdrawn from circulation or lost. There is no consensus on the number to be 

deducted, but best estimates indicate there to be about a 20% total loss. This would produce an estimate 

of 96.36 million ether as circulating supply. (equal to 120.45 million x 0.80).

Ethereum Deliverable Supply Analysis

Options on both Ether futures and Micro Ether futures contracts will aggregate into the Exchange’s standard 

Ether futures contract for position limit purposes. For the discussion of position limits that follows, the 

contract size referenced is for the existing Ether Futures contract. The standard contract has a 50 ether 

multiplier. The Micro Ether contract has a 0.1 ether multiplier

In theory, all 96.36 million units extant may be considered as notional deliverable supply of contract-grade 

commodity. A prudentially conservative estimate, however, would acknowledge that ether is traded in 

multiple currency denominations, of which USD is one. 

For illustration, consider that during the six months ending March 31, 2023, approximately 80% of fiat ether 

transaction volume was in the ETH:USD currency pair per Coinmarketcap.com. Using 80%, as a 

conservative USD market share as a proxy for the share of outstanding ether that stands as notional 

contract-grade supply for Ether Futures, it would produce an estimate of 77.09 million ether (equal to 96.36 

million x 0.80) as the ‘money stock’ notionally eligible for delivery in fulfilment of expiring Contracts. The 

following analysis uses this estimate.
37

By the standards applicable to agricultural or other commodity futures for physical delivery (i.e., 17 CFR 

150.5(b)(1)), the position limit would be set at or below 25 percent of estimated spot month deliverable 

supply. Under current ether market conditions, the resultant maximum position limit would be 19.27 million 

ether, or 385,440 contracts ((equal to 77.09 million ether x 0.25) / (50 ether per contract)).

An alternative based on the standard that the Exchange has typically applied to foreign exchange futures 

products, according to which the position limit is set at or below one percent of the money stock in the 

contract-grade currency denomination. Applied to the estimated ether ‘money stock’, the result would be a 

position limit of 770,880 ether or 15,417 contracts ((equal to (77.09 million ether x 0.01) / (50 ether per 

contract)) or less.

Position Limits 

In its initial certification of CME Ether Futures contract (Commodity Code: ETH) product rules to the CFTC 

in February 2021, the Exchange proposed a spot-month position limit of 8,000 ETH contracts. 

The position limit will be applicable in aggregate to Ether Futures, Micro Ether Futures, Options on Ether 

Futures, Options on Micro Ether futures and Ether Euro Futures. 

Viewed in the context of the preceding cash market overview and to align with the Ether Futures contract, 

the aggregated Spot Month Position Limit shall be 8,000 ETH contracts effective on the first trading day of 

the expiring contract month. 

The proposed quantity is sufficiently stringent that it would be highly unlikely to motivate attempted 

manipulation of the benchmark in connection with Contract final settlement and is significantly below the 

standard 25% ‘money stock’ analysis of deliverable supply test. 

Options on Ether Futures and Micro Ether Futures contract shall share the Accountability Level with the 

Ether Futures contract. The Single Month Accountability Level and All Month Accountability Level shall be 

20,000 ETH contracts. Additionally, to allow for increased transparency and more effective market 

surveillance, a reportable position level of one (1) Option on Ether Futures or Micro Ether Futures contract 

is proposed.