Via Portal Submission

May 9, 2023

MGEX Submission No. 23-20

Mr. Christopher Kirkpatrick

Secretary of the Commission

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street NW

Washington, DC 20581

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

Dear Mr. Kirkpatrick:

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

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

“Exchange”) hereby certifies that the amendments to MGEX Rules 1404.01., 2100.00., 2102.00., 23.9., 

7409.00., 7418.00., 7609.00., 7618.00., 7809.00., 7818.00., 8009.00., 8018.00., 8209.00., 8218.00., as 

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

regulations promulgated thereunder (the “Proposed Amendments”). MGEX further certifies that the 

submission and pending changes to the MGEX Rules have been posted on the Exchange website at the 

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

Overview of Rule Amendment

Pursuant to CFTC Regulations, MGEX is a registered derivatives clearing organization (“DCO”). In an effort 

to modernize its systems, MGEX is implementing a new clearing system. Implementation of said system 

requires updates to certain rules related to option expiration, option exercise, and give-ups, among other 

items. MGEX now proposes amending MGEX Rules 1404.01., 2100.00., 2102.00., 23.9., 7409.00., 

7418.00., 7609.00., 7618.00., 7809.00., 7818.00., 8009.00., 8018.00., 8209.00., 8218.00., as well as 

Resolution 2101.00.C. related to changes concerning the adoption of the new MGEX clearing system. 

Amendments to MGEX Rule 1404.01. clarify the timing by which a writer of an options contract must buy/sell 

to the holder by book entry the underlying futures contract with respect to expiration day. 

Amendments to MGEX Rule 2100.00. add language aligning with the requirements of CFTC Regulation 

39.19(c)(1)(i)(D) that clearing member must submit legal entity identifiers, when available. Amendments to 

Rule 2100.00. also remove references to “TEMS”, which is a component of the old clearing system. Finally, 

Amendments to Rule 2100.00. further clarify the required transaction data clearing members must submit 

to MGEX. 

Amendments to MGEX Rule 2102.00. clarify language outlining the timing by which give-up trades should 

be accepted and transferred. Specifically, the Proposed Amendments detail that all give-up trades properly 

entered by the executing clearing member should be accepted and transferred to the account of the carrying 

clearing member on the same business day, but no later than 5 business days from the date the trade is 
MINNEAPOLIS GRAIN EXCHANGE, LLC

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

612-321-7101

mgex.com

submitted for clearing in accordance with the corresponding deadlines. Any non-accepted allocations on 

the fifth business day will expire and be removed automatically at the end of that day. 

Amendments to MGEX Rule 23.9. clarify reporting deadlines and requirements pertaining to Bitnomial 

products cleared by MGEX. The Proposed Amendments also add that any “as of” trade which is 

subsequently given up must be done in accordance with MGEX Rule 2102.00. and the deadlines 

established in MGEX Resolution 2101.00.C.

Amendments to MGEX Rules 7409.00., 7609.00., 7809.00., 8009.00., and 8209.00. add language revisions 

capitalizing the term “Business Day,” to signal it is a defined term in Chapter 1 of the MGEX Rules. The 

revisions are identical in each of the listed Rules. 

Amendments to MGEX Rules 7418.00., 7618.00., 7818.00., 8018.00., and 8218.00. add language revisions 

capitalizing the term “Business Day,” to signal it is a defined term in Chapter 1 of the MGEX Rules and 

include a minor stylistic change. The revisions are identical in each of the listed Rules. 

Amendments to MGEX Resolution 2101.00.C. clarify reporting deadlines and requirements and remove 

references to TAX Futures products, which are no longer listed or cleared by MGEX. The Proposed 

Amendments also remove references to “TEMS”, which is a component of the old clearing system. 

Additionally, the Proposed Amendments delete a paragraph regarding give-up trades since that language 

has been moved and updated in MGEX Rule 2102.00. Finally, the Proposed Amendments add language 

revisions capitalizing the term “Business Day,” to signal it is a defined term in Chapter 1 of the MGEX Rules.

DCO Core Principles

The Exchange has reviewed the core principles for derivatives clearing organizations (“DCO Core 

Principles”) and has determined that the amendments comply with the requirements of such principles. 

During the review, MGEX identified the following DCO Core Principles as potentially being impacted:

• DCO Core Principle D – Risk Management: Core Principle D requires a DCO to ensure it possesses 

the ability to manage the risks associated with discharging the responsibilities of the DCO through 

the use of appropriate tools and procedures. MGEX has imposed a framework for managing the 

risks associated with clearing contracts, and the Proposed Amendments impact this framework. 

MGEX believes the requirements, as revised, remain sufficient, particularly in light of the existing

risk mitigation measures in place. As such, the amendments are consistent with Core Principle D 

as well as CFTC Regulations 39.13 and 39.36. 

• DCO Core Principle L – Public Information: Core Principle L requires DCOs to provide market 

participants with sufficient information to enable them to identify and evaluate accurately the risks 

and costs associated with using the services of the DCO and to have clear, comprehensive rules 

and procedures. The Proposed Amendments enhance transparency and will be incorporated into 

MGEX’s publicly available Rulebook, thus ensuring that the information available to the public is 

accurate, clear, and comprehensive. As such, the amendments are consistent with Core Principle 

L as well as CFTC Regulation 39.21. 

Pursuant to MGEX Bylaw 3.1., the MGEX Board of Directors (the “Board”) unanimously approved the 

Proposed Amendments at its special meeting held on May 8, 2023. There were no substantive opposing 

views expressed by the Board, nor is the Exchange aware of any substantive opposing views with respect 
MINNEAPOLIS GRAIN EXCHANGE, LLC

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

612-321-7101

mgex.com

to this filing. The Proposed Amendments are to be effective when incorporated into the MGEX Rulebook 

and posted on its website, which will be at least 10 business days following the date of this submission. 

If there are any questions regarding this submission, please contact me at (612) 321-7176 or 

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

Sincerely,

James D. Krause

Associate Counsel, MGEX Clearing

Enclosure
MINNEAPOLIS GRAIN EXCHANGE, LLC

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

612-321-7101

mgex.com

EXHIBIT A

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

are marked through.

CHAPTER 14

OPTION SPECIFICATIONS

HARD RED SPRING WHEAT FUTURES

1404.01. AUTOMATIC EXERCISE.

By close of business on expiration day, in the case of a call option contract, the writer shall sell to 

the holder by book entry the underlying Futures Contract at the contracted striking price, or, in the 

case of a put options contract, the writer shall buy from the holder by book entry the underlying 

Futures Contract at the contracted striking price. Notwithstanding the provisions of Rule 1404.00., 

based upon the settlement price for Spring Wheat futures on the last day of trading for Spring 

Wheat options, the Exchange shall automatically exercise all in-the-money options unless notice 

to cancel automatic exercise is given to the Clearing House at such time identified in Resolution 

2101.00. C. 

Notwithstanding the foregoing, notice to cancel automatic exercise may be given to the Clearing 

House prior to expiration:

A. to correct errors or mistakes made in good faith;

B. to take appropriate action as the result of unreconciled MGEX option 

transactions;

C. In exceptional cases involving a customer’s inability to communicate to the 

Market Participant exercise instructions or the Marker Participant’s inability 

to receive such instructions prior to such time as determined by the 

Exchange (see Resolution 2101.00. C.) on the last day of trading.

CHAPTER 21

CLEARING HOUSE RULES

2100.00. SCOPE OF CHAPTER AND REQUIREMENTS FOR CLEARING.

For purposes of these Chapter 21 Rules, unless specifically stated otherwise, all relevant 

requirements and procedures set forth by the Exchange herein will apply to all contracts cleared 

by the Clearing House, including those executed on a different designated contract market.

All Futures or Options transactions shall be submitted to the Clearing House to be cleared. The 

Clearing House shall, through the process of novation, be substituted as, and assume the position 
MINNEAPOLIS GRAIN EXCHANGE, LLC

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

612-321-7101

mgex.com

of, seller to the buyer and buyer to the seller of the relevant number of Exchange or marketplace 

contracts upon the successful matching of trade data submitted to the Exchange by the Clearing 

Members on the long and short sides of a trade. Upon such substitution, each Clearing Member 

shall be deemed to have bought the contracts from or sold the contracts to the Clearing House, 

as the case may be, and the Clearing House shall have all the rights and be subject to all the 

liabilities of such Clearing Member with respect to such transaction. Transactions can only be 

offset against one another through position/trade reporting by a Clearing Member to the Clearing 

House. 

Clearing Members shall submit all information required by the Clearing House, including but not 

limited to legal entity identifiers, when available. Additionally, iIt shall be the duty of each Clearing 

Member initiating, accepting or executing a transaction for Futures or Options under MGEX Rules 

to submit each such transaction using the clearing system“TEMS” to the Clearing House. 

Transactions shall be submitted at times determined by the Exchange (see Resolution 

2101.00.C.). Clearing Members must submit all required transaction dataThe transactions shall 

be in a format approved by the Exchange, including but not limited to and shall contain, at a 

minimum, the following information:

A. Date of transaction.

B. Clearing Member code (two-digit alphaalphanumeric as assigned by the 

Exchange) and type of account.

C. Type of account or origin (Regular (R) or Segregated (S)).

D. Customer type indicator (CTI) as defined below:

CTI 1. Transactions initiated and executed by an individual Market Participant for 

his/her own account, for an account he/she controls, or for an account in 

which he/she has ownership or financial interest.

CTI 2. Transactions executed for the proprietary account of a Clearing Member.

CTI 3. Transactions where a Market Participant executes for the personal account 

of another Market Participant, for an account the other Market Participant 

controls or for an account in which the other Market Participant has 

ownership or financial interest.

CTI 4. Any transaction not meeting the definition of CTI 1, 2 or 3.

E. Quantity, commodity, contract month or expiration month, price or premium, 

whether the transaction involved a put or a call, strike price, buy or sell.

F. Both the buying and selling Market Participant’s identifier (trader ID/Member 

mnemonic) and the opposite Clearing Member's symbol.

G. Transaction time to the minute.

H. Indicator for the following types of transactions (e.g.,: (C) cash exchange; (T) office 

transfer*; (S) spread,; (D) delivery,; (E) exercise,; (R) risk exchange).
MINNEAPOLIS GRAIN EXCHANGE, LLC

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

612-321-7101

mgex.com

*For office transfers, open and close information for the position (open (O), close 

(C)) must be submitted. 

I. Account number and identification. (For initial set-up and new accounts, provide a 

listing of account name, type, and position. This information will be available to the 

President and designated MGEX personnel only).

J. Any other information required by the Clearing House.

The Clearing House shall match the trades as submitted and shall list for each Clearing Member 

its cleared trades and unmatched trades. A recapitulation statement shall be produced, showing 

updated contract positions and settling all matched trades to the official settling prices. After 

completion of the clearing process, the Exchange shall notify each Clearing Member as to the net 

pay or collect amounts due by account (Regular and/or Segregated). Such amounts shall be 

submitted by wire transfer of funds or other acceptable method. Amounts due to the Exchange 

shall be submitted at times determined by the Exchange (see Resolution 2101.00.C.). All 

clearing statements shall be disseminated by the Exchange to each Clearing Member’s 

designated contact. 

If the report of a trade by a Market Participant does not correspond to the report of the other party 

to the trade, the Clearing House shall reject the trade and notify both Clearing Members showing 

the discrepancy of the reports. The Clearing Members must thereafter submit corrections to the 

Clearing House at times determined by the Exchange (see Resolution 2101.00.C.).

It shall be the primary responsibility of the Clearing Member to see that all trades are resolved. 

Each Clearing Member shall designate a person or persons to be available and responsible for 

reconciling the Clearing Member's unmatched trades. Failure to have a qualified representative 

available shall constitute negligence in the determination of responsibility for any unmatched 

trades.

If a Clearing Member, or one of its Affiliated Entities, has access to the Federal Reserve discount 

window, it shall notify the Clearing House if such access has been suspended, revoked, removed, 

terminated, or otherwise limited in any way as soon as practicable.

2102.00. ACCEPTANCE OF GIVE-UP TRADES.

All give-up trades containing the necessary trade data pursuant to MGEX Rule 2100.00.,

including customer identification, quantity, and price, which are properly entered by the executing 

Clearing Member by the deadline set forth in Resolution 2101.00.C. shouldmust be accepted 

and transferred to the account of the carrying Clearing Member on the same Bbusiness dDay., 

but no later than 5 Business Days from the date the trade is submitted for clearing in accordance 

with the corresponding deadlines. If tThe executing Clearing Member will retain the position until 

accepted. does not provide said information by the deadline, then the executing Clearing Member 

will retain the position until the following business day. Any non-accepted allocations on the fifth 

Business Day shall expire and be removed automatically at the end of said day. All give-up 

transfer trades are due at MGEX at such time as determined by the Exchange.
MINNEAPOLIS GRAIN EXCHANGE, LLC

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

612-321-7101

mgex.com

CHAPTER 23

BITNOMIAL EXCHANGE CLEARING RULES

23.9. DEADLINES AND SUMMARY FINES.

The schedule of deadlines is subject to change at any time by the Exchange. The Exchange has

adopted the following schedule of reporting deadlines (all times shall conform to Central Time):

7:30 a.m. Reporting of gross positionsPosition reports

9:00 a.m. Settlement and margin payment

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

Trading directive for same day collateral pledge release*

11:15 a.m. Weekly account position updates 

11:30 a.m. Intraday variation payment

4:10 p.m. Unmatched trade adjustments

4:15 p.m. Last submission of trades

Give-up execution 

4:20 p.m. Give-up acceptance

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

Options position reports on expiration day

5:10 p.m. Bitnomial delivery files

7:30 p.m. Customer gross margin files

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

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

submission of information by a Clearing Member required to facilitate the transfer of 

securities to or from MGEX’s safekeeping accounts.

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

Business Day as an "as of" trade. "As of" trades can be carried no longer than one Business Day.

Any “as of” trade which is subsequently given up must be done in accordance with Rule 2102.00.

and the deadlines established in Resolution 2101.00.C.

All give up trades properly entered by the executing Clearing Member by four fifteen o’clock (4:15) 

p.m. must be accepted by the carrying Clearing Member by four twenty o’clock (4:20) p.m.

In addition to the deadlines set forth above, the Exchange has adopted delivery specific deadlines

(see Rule 23.12.4.).

Any deadline or submission listed herein that is missed, late, inaccurate or incomplete, may result 
MINNEAPOLIS GRAIN EXCHANGE, LLC

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

612-321-7101

mgex.com

in a summary fine or other disciplinary action, including but not limited to, the matter being referred 

to the Disciplinary Committee as determined by the Exchange.

Trading session submissions must be submitted accurately and in accordance with the deadlines 

set forth in this Rule. All submissions received after the respective deadlines are subject to a 

warning letter or fine. The schedule is as follows:

1

st Offense: Warning Letter

2

nd Offense: $1,000 fine

3

rd Offense: $2,500 fine

4

th Offense: $5,000 fine

The 5th offense and every subsequent offense will be referred to the Disciplinary Committee. 

Offenses and fines shall be based upon events occurring within a rolling twelve (12) month period. 

The Exchange may determine whether a warning letter or a fine is warranted based on the facts 

and circumstances, and may take further disciplinary action, increase the amount, or present the 

matter to the Disciplinary Committee. 

In the event a fine is imposed, the Exchange will issue a notice of the offense and fine amount to 

the offending party. Any fines must be paid within thirty (30) days of issuance unless otherwise

stated by the Exchange.

CHAPTER 74

NATIONAL CORN INDEX OPTIONS

7409.00. EXPIRATION OF OPTIONS.

The contractual rights and obligations arising from the option contract expire at ten o’clock (10:00) 

a.m. Central Time on the first Bbusiness Dday following the last day of trading.

7418.00. OPTION EXERCISES.

The Buyer of a National Corn Index option may exercise the option on any Bbusiness Dday prior 

to the expiration date by giving notice of exercise to the Clearing House at such time as 

determined by the Exchange (see Resolution 2101.00.C.) on such day. Notwithstanding the 

foregoing, the Buyer may exercise the option prior to ten o’clock (10:00) a.m. Central Time on the

expiration date:

A. to correct errors or mistakes made in good faith;

B. to take appropriate action as the result of unreconciled MGEX option 

transactions;

C. in exceptional cases involving a customer’s inability to communicate to the 

Clearing Member exercise instruction or the Clearing Member’s inability to 

receive such instructions prior to such time as determined by the Exchange 

(see Resolution 2101.00.C.) on the last day of trading.

CHAPTER 76
MINNEAPOLIS GRAIN EXCHANGE, LLC

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

612-321-7101

mgex.com

NATIONAL SOYBEAN INDEX OPTIONS

7609.00. EXPIRATION OF OPTIONS.

The contractual rights and obligations arising from the option contract expire at ten o’clock 

(10:00) a.m. Central Time on the first bBusiness dDay following the last day of trading.

7618.00. OPTION EXERCISES.

The Buyer of a National Soybean Index option may exercise the option on any Bbusiness Dday 

prior to the expiration date by giving notice of exercise to the Clearing House at such time as 

determined by the Exchange (see Resolution 2101.00.C.) on such day. Notwithstanding the 

foregoing, the Buyer may exercise the option prior to ten o’clock (10:00) a.m. Central Time on the

expiration date:

A. to correct errors or mistakes made in good faith;

B. to take appropriate action as the result of unreconciled MGEX option 

transactions;

C. in exceptional cases involving a customer’s inability to communicate to the 

Clearing Member exercise instruction or the Clearing Member’s inability to 

receive such instructions prior to such time as determined by the Exchange 

(see Resolution 2101.00.C.) on the last day of trading.

CHAPTER 78

HARD RED WINTER WHEAT INDEX OPTIONS

7809.00. EXPIRATION OF OPTIONS.

The contractual rights and obligations arising from the option contract expire at ten o’clock 

(10:00) a.m. Central Time on the first bBusiness dDay following the last day of trading.

7818.00. OPTION EXERCISES.

The Buyer of a Hard Red Winter Wheat Index option may exercise the option on any Bbusiness 

Dday prior to the expiration date by giving notice of exercise to the Clearing House at such time 

as determined by the Exchange (see Resolution 2101.00.C.) on such day. Notwithstanding the 

foregoing, the Buyer may exercise the option prior to ten o’clock (10:00) a.m. Central Time on the 

expiration date:

A. to correct errors or mistakes made in good faith;

B. to take appropriate action as the result of unreconciled MGEX option 

transactions;
MINNEAPOLIS GRAIN EXCHANGE, LLC

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

612-321-7101

mgex.com

C. in exceptional cases involving a customer’s inability to communicate to the 

Clearing Member exercise instruction or the Clearing Member’s inability to 

receive such instructions prior to such time as determined by the Exchange 

(see Resolution 2101.00.C.) on the last day of trading.

CHAPTER 80

SOFT RED WINTER WHEAT INDEX OPTIONS

8009.00. EXPIRATION OF OPTIONS.

The contractual rights and obligations arising from the option contract expire at ten o’clock (10:00) 

a.m. Central Time on the first bBusiness dDay following the last day of trading.

8018.00. OPTION EXERCISES.

The Buyer of a Soft Red Winter Wheat Index option may exercise the option on any Bbusiness 

Dday prior to the expiration date by giving notice of exercise to the Clearing House at such time 

as determined by the Exchange (see Resolution 2101.00.C.) on such day. Notwithstanding the 

foregoing, the Buyer may exercise the option prior to ten o’clock (10:00) a.m. Central Time on the

expiration date:

A. to correct errors or mistakes made in good faith;

B. to take appropriate action as the result of unreconciled MGEX option 

transactions;

C. in exceptional cases involving a customer’s inability to communicate to the 

Clearing Member exercise instruction or the Clearing Member’s inability to 

receive such instructions prior to such time as determined by the Exchange 

(see Resolution 2101.00.C.) on the last day of trading.

CHAPTER 82

HARD RED SPRING WHEAT INDEX OPTIONS

8209.00. EXPIRATION OF OPTIONS.

The contractual rights and obligations arising from the option contract expire at ten o’clock (10:00) 

a.m. Central Time on the first bBusiness dDay following the last day of trading.
MINNEAPOLIS GRAIN EXCHANGE, LLC

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

612-321-7101

mgex.com

8218.00. OPTION EXERCISES.

The Buyer of a Hard Red Spring Wheat Index option may exercise the option on any Bbusiness 

Dday prior to the expiration date by giving notice of exercise to the Clearing House at such time 

as determined by the Exchange (see Resolution 2101.00.C.) on such day. Notwithstanding the 

foregoing, the Buyer may exercise the option prior to ten o’clock (10:00) a.m. Central Time on the

expiration date:

A. to correct errors or mistakes made in good faith;

B. to take appropriate action as the result of unreconciled MGEX option 

transactions;

C. in exceptional cases involving a customer’s inability to communicate to the 

Clearing Member exercise instruction or the Clearing Member’s inability to 

receive such instructions prior to such time as determined by the Exchange

(see Resolution 2101.00.C.) on the last day of trading.

CHAPTER 72

RESOLUTIONS

RESOLUTION 2101.00.C. 

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

conform to Central Time):

7:30 a.m. Position reports Reporting of gross positions

Exercise account updates

9:00 a.m. Settlement and margin payment

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

Trading directive for same day collateral pledge release*

11:15 a.m. Weekly account position updates

Daily Delivery/Exercise account updates

11:30 a.m. Intraday variation payment

4:10 p.m. Unmatched trade adjustments

4:15 p.m. Last submission of trades

Give-up execution

4:20 p.m. Give-up acceptance

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

Options position reports on expiration day

SPK Futures position reports on expiration day
MINNEAPOLIS GRAIN EXCHANGE, LLC

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

612-321-7101

mgex.com

TAX Futures position reports on expiration day

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

Delivery Notices 

Exercise Notices

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

TAX Futures delivery accounts updates

7:30 p.m. Customer gross margin files

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

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

submission of information by a Clearing Member required to facilitate the transfer of 

securities to or from MGEX’s safekeeping accounts. 

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

cleared with said following day’s trading activity. 

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

(1⁄2) hour trading bracket. Notwithstanding the aforementioned, Aall trades must be submitted no 

later than four fifteen o’clock (4:15) p.m.

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

Bbusiness Dday as an "as of" trade. "As of" trades can be carried no longer than one Bbusiness 

Dday.

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

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

four twenty o’clock (4:20) p.m.

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

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

Committee as determined by the Exchange.