SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-094

Organization: The Board of Trade of the City of Chicago, Inc. (“CBOT”)

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 02/08/23 Filing Description: Weekly Notification of Amendments 

Related to Product Terms and Conditions (Week of January 30, 2023)

SPECIFY FILING TYPE 

Please note only ONE choice allowed per Submission.

Organization Rules and Rule Amendments 

Certification § 40.6(a)

Approval § 40.5(a)

Notification § 40.6(d)

Advance Notice of SIDCO Rule Change § 40.10(a)

SIDCO Emergency Rule Change § 40.10(h)

Rule Numbers:

New Product Please note only ONE product per Submission.

Certification § 40.2(a) 

Certification Security Futures § 41.23(a)

Certification Swap Class § 40.2(d)

Approval § 40.3(a)

Approval Security Futures § 41.23(b)

Novel Derivative Product Notification § 40.12(a)

Swap Submission § 39.5

Official Product Name: 

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

Certification § 40.6(a) 

Certification Made Available to Trade Determination § 40.6(a)

Certification Security Futures § 41.24(a)

Delisting (No Open Interest) § 40.6(a) 

Approval § 40.5(a)

Approval Made Available to Trade Determination § 40.5(a)

Approval Security Futures § 41.24(c)

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

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

Notification § 40.6(d)

Official Name(s) of Product(s) Affected: See filing.

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

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

February 8, 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, D.C. 20581

Re: CFTC Regulation 40.6(d) Notification. The Board of Trade of the City of Chicago, Inc.

(“CBOT” or “Exchange”) Weekly Notification of Amendments Related to Product 

Terms and Conditions.

CBOT Submission No. 23-094

Dear Mr. Kirkpatrick:

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

Exchange submits this weekly notification of the following amendments related to product terms and 

conditions made effective during the week of January 30, 2023.

Effective Monday, January 30, 2023, the Exchange amended the contract titles of certain Treasury Futures 

and Options contracts. The marketplace was alerted of the changes via Special Executive Report (“SER”) 

9112, which is attached hereto as Exhibit A. 

On February 1, 2023, the Exchange amended certain transaction fees. The marketplace was alerted of the 

changes via Special Executive Report (“SER”) 9098, which is attached hereto as Exhibit B. 

On February 3, 2023, CBOT implemented a correction to CBOT Submission No. 23-001. In CBOT 

Submission 23-001 dated January 5, 2023, the Exchange certified the initial listing of the New Crop Corn 

Weekly Options and New Crop Soybean Weekly Options contracts for trading on the CME Globex 

electronic trading platform (“CME Globex”) and for submission for clearing via CME ClearPort effective on 

Monday, January 23, 2023. This submission corrects typographical errors in CBOT Submission No. 23-

001. Specifically, the block trade minimum threshold for the New Crop Soybean Weekly Options contract 

is: Regular Trading Hours (“RTH”) is 300 contracts and European Trading Hours (“ETH”) and Asian Trading 

Hours (“ATH”) is 150 contracts. SER 9109R dated February 3, 2023 was disseminated and posted on the 

CME Group website. SER 9019R is provided below as Exhibit C.

If you require any additional information, 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
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

2

Attachments: Exhibit A – SER 9112 

Exhibit B – SER 9098

Exhibit C – SER 9109R
3

Exhibit A

Special Executive Report

DATE: January 11, 2023

SER#: 9112

SUBJECT: Amendments to the Contract Titles for Certain Treasury Futures and 

Options Contracts

Effective Monday, January 30, 2023, The Board of Trade of the City of Chicago, Inc. (“CBOT” or 

“Exchange”) shall amend the contract titles of certain Treasury Futures and Options contracts (the 

“Contracts”) as more specifically described in Table 1. below.

Table 1. 

Current Contract Title Rulebook 

Chapter

CME 

Globex / 

CME 

ClearPort 

Code

Amended Contract Title

(January 30, 2023)

10-Year U.S. Treasury Note 

Futures 26 TN/TN Ultra 10-Year U.S. Treasury Note Futures

Long-Term U.S. Treasury Bond 

Futures 40 UB/UBE Ultra U.S. Treasury Bond Futures

Standard Options on U.S. 

Treasury Bond Futures 18A OZB/17 Options on U.S. Treasury Bond Futures

U.S. Treasury Bond Weekly 

Options - week 1 18A ZB1/US1

Friday Weekly Options on 

U.S. Treasury Bond Futures 

- Week 1

U.S. Treasury Bond Weekly 

Options - week 2 18A ZB2/US2

Friday Weekly Options on 

U.S. Treasury Bond Futures 

- Week 2

U.S. Treasury Bond Weekly 

Options - week 3 18A ZB3/US3

Friday Weekly Options on 

U.S. Treasury Bond Futures 

- Week 3

U.S. Treasury Bond Weekly 

Options - week 4 18A ZB4/US4

Friday Weekly Options on 

U.S. Treasury Bond Futures 

- Week 4

U.S. Treasury Bond Weekly 

Options - week 5 18A ZB5/US5

Friday Weekly Options on 

U.S. Treasury Bond Futures 

- Week 5

U.S. Treasury Bond Wednesday 

Weekly Options - week 1 18A WB1/WB1

Wednesday Weekly Options 

on U.S. Treasury Bond 

Futures - Week 1
4

U.S. Treasury Bond Wednesday 

Weekly Options - week 2 18A WB2/WB2

Wednesday Weekly Options 

on U.S. Treasury Bond 

Futures - Week 2

U.S. Treasury Bond Wednesday 

Weekly Options - week 3 18A WB3/WB3

Wednesday Weekly Options 

on U.S. Treasury Bond 

Futures - Week 3

U.S. Treasury Bond Wednesday 

Weekly Options - week 4 18A WB4/WB4

Wednesday Weekly Options 

on U.S. Treasury Bond 

Futures - Week 4

U.S. Treasury Bond Wednesday 

Weekly Options - week 5 18A WB5/WB5

Wednesday Weekly Options 

on U.S. Treasury Bond 

Futures - Week 5

10-Yr U.S. Treasury Note Weekly 

Options - week 1 19A ZN1/TY1

Friday Weekly Options on 

U.S. Treasury Note Futures 

(6 1⁄2 to 7 3⁄4 Year) - Week 1

10-Yr U.S. Treasury Note Weekly 

Options - week 2 19A ZN2/TY2

Friday Weekly Options on 

U.S. Treasury Note Futures 

(6 1⁄2 to 7 3⁄4 Year) - Week 2

10-Yr U.S. Treasury Note Weekly 

Options - week 3 19A ZN3/TY3

Friday Weekly Options on 

U.S. Treasury Note Futures 

(6 1⁄2 to 7 3⁄4 Year) - Week 3

10-Yr U.S. Treasury Note Weekly 

Options - week 4 19A ZN4/TY4

Friday Weekly Options on 

U.S. Treasury Note Futures 

(6 1⁄2 to 7 3⁄4 Year) - Week 4

10-Yr U.S. Treasury Note Weekly 

Options - week 5 19A ZN5/TY5

Friday Weekly Options on 

U.S. Treasury Note Futures 

(6 1⁄2 to 7 3⁄4 Year) - Week 5

10-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 1

19A WY1/WY1

Wednesday Weekly Options 

on U.S. Treasury Note 

Futures (6 1⁄2 to 7 3⁄4 Year) -

Week 1

10-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 2

19A WY2/WY2

Wednesday Weekly Options 

on U.S. Treasury Note 

Futures (6 1⁄2 to 7 3⁄4 Year) -

Week 2

10-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 3

19A WY3/WY3

Wednesday Weekly Options 

on U.S. Treasury Note 

Futures (6 1⁄2 to 7 3⁄4 Year) -

Week 3

10-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 4

19A WY4/WY4

Wednesday Weekly Options 

on U.S. Treasury Note 

Futures (6 1⁄2 to 7 3⁄4 Year) -

Week 4

10-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 5

19A WY5/WY5

Wednesday Weekly Options 

on U.S. Treasury Note 

Futures (6 1⁄2 to 7 3⁄4 Year) -

Week 5

Standard Options on MediumTerm U.S. Treasury Note Futures 20A OZF/25

Options on Medium-Term 

U.S. Treasury Note Futures 

(5-Year)
5

5-Yr U.S. Treasury Note Weekly 

Options - week 1 20A ZF1/FV1

Friday Weekly Options on 

Medium-Term U.S. Treasury 

Note Futures (5-Year) -

Week 1

5-Yr U.S. Treasury Note Weekly 

Options - week 2 20A ZF2/FV2

Friday Weekly Options on 

Medium-Term U.S. Treasury 

Note Futures (5-Year) -

Week 2

5-Yr U.S. Treasury Note Weekly 

Options - week 3 20A ZF3/FV3

Friday Weekly Options on 

Medium-Term U.S. Treasury 

Note Futures (5-Year) -

Week 3

5-Yr U.S. Treasury Note Weekly 

Options - week 4 20A ZF4/FV4

Friday Weekly Options on 

Medium-Term U.S. Treasury 

Note Futures (5-Year) -

Week 4

5-Yr U.S. Treasury Note Weekly 

Options - week 5 20A ZF5/FV5

Friday Weekly Options on 

Medium-Term U.S. Treasury 

Note Futures (5-Year) -

Week 5

5-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 1

20A WF1/WF1

Wednesday Weekly Options 

on Medium-Term U.S. 

Treasury Note Futures (5-

Year) - Week 1

5-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 2

20A WF2/WF2

Wednesday Weekly Options 

on Medium-Term U.S. 

Treasury Note Futures (5-

Year) - Week 2

5-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 3

20A WF3/WF3

Wednesday Weekly Options 

on Medium-Term U.S. 

Treasury Note Futures (5-

Year) - Week 3

5-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 4

20A WF4/WF4

Wednesday Weekly Options 

on Medium-Term U.S. 

Treasury Note Futures (5-

Year) - Week 4

5-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 5

20A WF5/WF5

Wednesday Weekly Options 

on Medium-Term U.S. 

Treasury Note Futures (5-

Year) - Week 5

Standard Options on Short-Term 

U.S. Treasury Note Futures 21A OZT/26

Options on Short-Term U.S. 

Treasury Note Futures (2-

Year)

2-Yr U.S. Treasury Note Weekly 

Options - week 1 21A ZT1/TW1

Friday Weekly Options on 

Short-Term U.S. Treasury 

Note Futures (2-Year)- Week 

1

2-Yr U.S. Treasury Note Weekly 

Options - week 2 21A ZT2/TW2 Friday Weekly Options on Short-Term U.S. Treasury 
6

Note Futures (2-Year)- Week 

2

2-Yr U.S. Treasury Note Weekly 

Options - week 3 21A ZT3/TW3

Friday Weekly Options on 

Short-Term U.S. Treasury 

Note Futures (2-Year)- Week 

3

2-Yr U.S. Treasury Note Weekly 

Options - week 4 21A ZT4/TW4

Friday Weekly Options on 

Short-Term U.S. Treasury 

Note Futures (2-Year)- Week 

4

2-Yr U.S. Treasury Note Weekly 

Options - week 5 21A ZT5/TW5

Friday Weekly Options on 

Short-Term U.S. Treasury 

Note Futures (2-Year)- Week 

5

2-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 1

21A WT1/WT1

Wednesday Weekly Options 

on Short-Term U.S. Treasury 

Note Futures (2-Year) -

Week 1

2-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 2

21A WT2/WT2

Wednesday Weekly Options 

on Short-Term U.S. Treasury 

Note Futures (2-Year) -

Week 2

2-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 3

21A WT3/WT3

Wednesday Weekly Options 

on Short-Term U.S. Treasury 

Note Futures (2-Year) -

Week 3

2-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 4

21A WT4/WT4

Wednesday Weekly Options 

on Short-Term U.S. Treasury 

Note Futures (2-Year) -

Week 4

2-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 5

21A WT5/WT5

Wednesday Weekly Options 

on Short-Term U.S. Treasury 

Note Futures (2-Year) -

Week 5

Standard Options on 10-Year U.S. 

Treasury Note Futures 26A OTN/TN Options on Ultra 10-Year U.S. Treasury Note Futures

10-Yr U.S. Treasury Note Weekly 

Options - week 1 26A TN1/TN1

Friday Weekly Options on 

Ultra 10-Year U.S. Treasury 

Note Futures - Week 1

10-Yr U.S. Treasury Note Weekly 

Options - week 2 26A TN2/TN2

Friday Weekly Options on 

Ultra 10-Year U.S. Treasury 

Note Futures - Week 2

10-Yr U.S. Treasury Note Weekly 

Options - week 3 26A TN3/TN3

Friday Weekly Options on 

Ultra 10-Year U.S. Treasury 

Note Futures - Week 3

10-Yr U.S. Treasury Note Weekly 

Options - week 4 26A TN4/TN4

Friday Weekly Options on 

Ultra 10-Year U.S. Treasury 

Note Futures - Week 4
7

10-Yr U.S. Treasury Note Weekly 

Options - week 5 26A TN5/TN5

Friday Weekly Options on 

Ultra 10-Year U.S. Treasury 

Note Futures - Week 5

Ultra 10-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 1

26A WX1/WX1

Wednesday Weekly Options 

on Ultra 10-Year U.S. 

Treasury Note FuturesWeek 1

Ultra 10-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 2

26A WX2/WX2

Wednesday Weekly Options 

on Ultra 10-Year U.S. 

Treasury Note FuturesWeek 2

Ultra 10-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 3

26A WX3/WX3

Wednesday Weekly Options 

on Ultra 10-Year U.S. 

Treasury Note FuturesWeek 3

Ultra 10-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 4

26A WX4/WX4

Wednesday Weekly Options 

on Ultra 10-Year U.S. 

Treasury Note FuturesWeek 4

Ultra 10-Yr U.S. Treasury Note 

Wednesday Weekly Options -

week 5

26A WX5/WX5

Wednesday Weekly Options 

on Ultra 10-Year U.S. 

Treasury Note FuturesWeek 5

Standard Options on Long-Term 

U.S. Treasury Bond Futures 40A OUB/UBE Options on Ultra U.S. Treasury Bond Futures

Long-Term U.S. Treasury Bond 

Weekly Options - week 1 40A UB1/UL1

Friday Weekly Options on 

Ultra U.S. Treasury Bond 

Futures - Week 1

Long-Term U.S. Treasury Bond 

Weekly Options - week 2 40A UB2/UL2

Friday Weekly Options on 

Ultra U.S. Treasury Bond 

Futures - Week 2

Long-Term U.S. Treasury Bond 

Weekly Options - week 3 40A UB3/UL3

Friday Weekly Options on 

Ultra U.S. Treasury Bond 

Futures - Week 3

Long-Term U.S. Treasury Bond 

Weekly Options - week 4 40A UB4/UL4

Friday Weekly Options on 

Ultra U.S. Treasury Bond 

Futures - Week 4

Long-Term U.S. Treasury Bond 

Weekly Options - week 5 40A UB5/UL5

Friday Weekly Options on 

Ultra U.S. Treasury Bond 

Futures - Week 5

Long-Term U.S. Treasury Bond 

Wednesday Weekly Options -

week 1

40A WU1/WU1

Wednesday Weekly Options 

on Ultra U.S. Treasury Bond 

Futures - Week 1

Long-Term U.S. Treasury Bond 

Wednesday Weekly Options -

week 2

40A WU2/WU2

Wednesday Weekly Options 

on Ultra U.S. Treasury Bond 

Futures - Week 2

Long-Term U.S. Treasury Bond 

Wednesday Weekly Options -

week 3

40A WU3/WU3

Wednesday Weekly Options 

on Ultra U.S. Treasury Bond 

Futures - Week 3
8

Long-Term U.S. Treasury Bond 

Wednesday Weekly Options -

week 4

40A WU4/WU4

Wednesday Weekly Options 

on Ultra U.S. Treasury Bond 

Futures - Week 4

Long-Term U.S. Treasury Bond 

Wednesday Weekly Options -

week 5

40A WU5WU5

Wednesday Weekly Options 

on Ultra U.S. Treasury Bond 

Futures - Week 5

The amended titles and related administrative changes of the Contracts will align the naming 

convention with the Exchanges’ other Treasury contracts. 

Note that these amendments are administrative in nature will in no manner impact the value nor 

the size of the Contracts. The amended contract titles will be reflected in all relevant places on 

the CME Group website. 

In a separate but related matter, CBOT previously amended the contract title for the U.S. Treasury 

Note Futures (61⁄2 to 73⁄4-Year) Futures contracts (see SER 9102 dated December 6, 2022 for 

additional details). The amendments to the U.S. Treasury Note Futures (6 1⁄2 to 7 3⁄4 Year) and 

Options on U.S. Treasury Note Futures (6 1⁄2 to 7 3⁄4 Year) will become effective on July 1, 2023.

Current Contract Title Rulebook 

Chapter

CME 

Globex / 

CME 

ClearPort 

Code

Amended Contract Title

(July 1, 2023)

Long-Term U.S. Treasury Note 

Futures (61⁄2 to 10-Year) 19 21 U.S. Treasury Note Futures (6 1⁄2 to 7 3⁄4 Year)

Standard Options on Long-Term 

U.S. Treasury Note Futures 19A ZN/21

Options on U.S. Treasury 

Note Futures (6 1⁄2 to 7 3⁄4 

Year)

The Commodity Futures Trading Commission (“CFTC”) will be notified of these amendments 

during the week of February 6, 2023, via the weekly notification procedures set forth in Part 40 of 

the CFTC Regulations.

Appendix A and Appendix B below provide amendments to CBOT Rulebook Chapters in blackline 

format effective on January 30, 2023, and July 1, 2023, respectively. 

Please refer questions on this subject to:

Ted Carey ted.carey@cmegroup.com (212) 299 2020

Jonathan Kronstein jonathan.kronstein@cmegroup.com (312) 930 3472

Brendan Lee brendan.lee@cmegroup.com (646) 709 5934

Appendix A

CBOT Rulebook

[Effective January 30, 2023]

(additions underscored; deletions struck through)
9

Chapter 18A

Standard Options on U.S. Treasury Bond Futures 

***

18A01. OPTIONS CHARACTERISTICS 

18A01.A. Contract Expiration Dates and Trading Hours 

Options shall be listed for expiration on such dates as may be determined by the 

Exchange, subject to Rules 18A01.D. and Rules 18A01.I.

Options shall be scheduled for trading during such hours as may be determined by the 

Exchange. Without limitation to the foregoing, markets in all standard options on U.S. 

Treasury Bond futures generally shall be opened or closed simultaneously. 

[Remainder of Rule unchanged.]

Chapter 20A

Standard Options on Medium-Term U.S. Treasury Note Futures (5-Year)

***

20A00. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on Medium-Term U.S. 

Treasury Note futures (5-Year). In addition to the rules of this chapter, transactions in 

such options shall be subject to the general rules of the Exchange insofar as 

applicable.

For purposes of this chapter, unless otherwise specified, times of day shall refer to 

and indicate Chicago time.

20A01. OPTIONS CHARACTERISTICS

20A01.A. Contract Expiration Dates and Trading Hours

Options shall be listed for expiration on such dates as may be determined by the 

Exchange, subject to Rules 20A01.D. and Rules 20A01.I.

Options shall be scheduled for trading during such hours as may be determined by the 

Exchange. Without limitation to the foregoing, markets in all standard options on 

Medium-Term U.S. Treasury Note futures (5-Year) generally shall be opened or closed 

simultaneously. 

1. All Options Excluding Wednesday Weekly Options

On its last day of trading, an expiring option shall cease trading at the same time as 

the close of trading on that day in such option’s Underlying Futures Contract (in accord 

with Rules 20A01.I.).

2. Wednesday Weekly Options

On its last day of trading, an expiring Wednesday Weekly option shall cease trading

at the same time at which the Exchange determines the settlement price for that

day for such option’s Underlying Futures Contract (in accord with Rules 

20A01.I.).

20A01.B. Trading Unit
10

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 on Medium-Term U.S. Treasury Note futures (5-Year) contract for a given 

delivery month (Chapter 20).

20A01.C. Minimum Fluctuations

The price of an option shall be in price points of such option’s Underlying Futures 

Contract (Rule 20A01.D.), such that for each Underlying Futures Contract par is on 

the basis of 100 points, and each point is equal to $1,000 per Underlying Futures 

Contract (Rule 20102.C.).

The minimum price fluctuation for such option shall be one half (1/2) of one sixty-fourth 

(1/64th) of one point (equal to $7.8125 per option contract), provided that a position in 

such option may be initiated or liquidated at any price level ranging from $1.00 to $7.00 

per option contract, in $1.00 increments, unless otherwise specified in the current 

CBOT Market Regulation Advisory Notice entitled Cabinet Transactions in Options 

Products.

Where the price of such option is quoted in volatility terms, the minimum price 

fluctuation shall be one tenth (1/10th) of one percent per annum (e.g., 9.9 percent, 10.0 

percent, 10.1 percent, 10.2 percent).

20A01.D. Underlying Futures Contracts

1. Options in the March Quarterly Cycle (“Quarterly Options”) 

For any option for which the named month of expiration is in the March quarterly cycle 

(i.e., March, June, September, or December), the Underlying Futures Contract shall 

be on Medium-Term U.S. Treasury Note futures (5-Year) for delivery in the same 

month as such option’s named month of expiration. For example, for a given year, on 

Medium-Term U.S. Treasury Note futures (5-Year) for delivery in March shall be the 

Underlying Futures Contract for a March option.

2. Options Not in the March Quarterly Cycle (“Serial Options”) 

For any option for which the named month of expiration is not in the March quarterly 

cycle, (i.e., January, February, April, May, July, August, October, or November), the 

Underlying Futures Contract shall be on Medium-Term U.S. Treasury Note futures (5-

Year) for delivery in the March quarterly cycle month next following such option’s 

named month of expiration. For example, for a given year, on Medium-Term U.S. 

Treasury Note futures (5-Year) for delivery in March shall be the Underlying Futures 

Contract for a January option and for a February option. 

3. Weekly Options

A weekly option shall be designated to expire on a given Friday, provided that no 

weekly option shall expire on any Friday that is also the scheduled last day of trading 

in a quarterly option (Rule 20A01.D.1.) or a serial option (Rule 20A01.D.2.). For any 

weekly option, the Underlying Futures Contract shall be on Medium-Term U.S. 

Treasury Note futures (5-Year) for delivery in a March quarterly cycle month following 

such option’s date of expiration, as designated by the Exchange when such weekly 

option is listed for trading.

For an Underlying Futures Contract for a given delivery month, all weekly options shall 

expire prior to the expiration of quarterly options (Rule 20A01.D.1. and Rule 

20A01.I.1.).

4. Wednesday Weekly Options 

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

Medium-Term U.S. Treasury Note futures (5-Year) for delivery in a March quarterly 
11

cycle month following such option’s date of expiration, as designated by the 

Exchange when such Wednesday Weekly option is listed for trading. For an 

Underlying Futures Contract for a given delivery month, all Wednesday Weekly 

options shall expire prior to the expiration of quarterly options (Rule 20A01.D.1. and 

Rule 20A01.I.1.).

20A01.E. Exercise Prices

Option exercise prices shall be in terms of on Medium-Term U.S. Treasury Note 

futures (5-Year) price points (Rule 20102.C.) and shall be in integer multiples of one 

quarter (1/4) of one (1) point (Rule 20A01.C.). At the commencement of trading in 

option contracts for a given expiration date, the Exchange shall list put and call options 

at the exercise price that is nearest the previous day's settlement price of the 

respective Underlying Futures Contract (“at-the-money price” or “ATM price”). If the 

previous day’s Underlying Futures Contract settlement price is midway between two 

eligible option exercise price levels, then the ATM price shall be set as the higher of 

the two eligible exercise price levels.

The Exchange also shall list Quarterly put and call options and Serial put and call 

options for trading at all eligible exercise price levels in a range of 7 1⁄2 points above 

and 7 1⁄2 points below (i.e., 30 exercise price levels above and 30 exercise price levels 

below) the ATM exercise price, and shall list Weekly put and call options and 

Wednesday Weekly put and call options for trading at all eligible exercise price levels 

in a range of 6 points above and 6 points below (i.e., 24 exercise price levels above 

and 24 exercise price levels below) the ATM exercise price.

Thereafter, the Exchange shall add new put and call options to ensure that such 

Quarterly and Serial options are listed for trading at all eligible exercise prices in a 

range of at least 7 1⁄2 points above and at least 7 1⁄2 points below, and that such 

Weekly and Wednesday Weekly options are listed for trading at all eligible exercise 

prices in a range of at least 6 points above and at least 6 points below, the ATM 

exercise price level that is set with reference to the most recent Underlying Futures 

Contract settlement price. 

New options may be listed for trading up to and including the termination of trading in 

such options. Upon demand and at the discretion of the Exchange, a new option 

contract with an out-of-current-range exercise price may be added, on an as-soon-aspossible basis, provided that the exercise price of such newly added option contract 

must be an integer multiple of one quarter (1/4) of one (1) price point (Rule 20A01.C.). 

The Exchange may modify the procedure for the introduction of exercise prices as it 

deems appropriate.

[Remainder of Rule unchanged.]

Chapter 21A

Standard Options on Short-Term U.S. Treasury Note Futures (2-Year)

***

21A00. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on Short-Term U.S. 

Treasury Note futures (2-Year). In addition to the rules of this chapter, transactions

in such options shall be subject to the general rules of the Exchange insofar as

applicable.
12

For purposes of this chapter, unless otherwise specified, times of day shall

refer to and indicate Chicago time.

21A01. OPTIONS CHARACTERISTICS

21A01.A. Contract Expiration Dates and Trading 

Hours

Options shall be listed for expiration on such dates as may be determined by the 

Exchange, subject to Rules 21A01.D. and Rules 21A01.I.

Options shall be scheduled for trading during such hours as may be determined by 

the Exchange. Without limitation to the foregoing, markets in all standard options on 

Short-Term U.S. Treasury Note futures (2-Year) generally shall be opened or closed 

simultaneously.

1. All Options Excluding Wednesday Weekly Options

On its last day of trading, an expiring option shall cease trading at the same time as 

the close of trading on that day in such option’s Underlying Futures Contract (in accord 

with Rules 21A01.I.).

2. Wednesday Weekly Options

On its last day of trading, an expiring Wednesday Weekly option shall cease

trading at the same time at which the Exchange determines the settlement price 

for that day for such option’s Underlying Futures Contract (in accord with

Rules 21A01.I.).

21A01.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 Short-Term U.S. Treasury Note futures (2-Year) contract for a given

delivery month (Chapter 20).

21A01.C. Minimum

Fluctuations

The price of an option shall be in price points of such option’s Underlying Futures 

Contract (Rule 21A01.D.), such that for each Underlying Futures Contract par is on 

the basis of 100 points, and each point is equal to $2,000 per Underlying Futures 

Contract (Rule 21102.C.). 

The minimum price fluctuation for such option shall be one half (1/2) of one sixty-fourth 

(1/64th) of one point (equal to $15.625 per option contract), provided that a position 

in such option may be initiated or liquidated at any price level ranging from $1.00 to 

$15.00 per option contract, in $1.00 increments, unless otherwise specified in the 

current CBOT Market Regulation Advisory Notice entitled Cabinet Transactions in 

Options Products.

Where the price of such option is quoted in volatility terms, the minimum price 

fluctuation shall be one tenth (1/10th) of one percent per annum (e.g., 9.9 percent, 

10.0 percent, 10.1 percent,10.2 percent).

21A01.D. Underlying Futures

Contracts

1. Options in the March Quarterly Cycle (“Quarterly

Options”)

For any option for which the named month of expiration is in the March quarterly

cycle (i.e., March, June, September, or December), the Underlying Futures Contract

shall be Short-Term

U.S. Treasury Note futures (2-Year) for delivery in the same month as such option’s

named month of expiration. For example, for a given year, Short-Term U.S. 

Treasury Note futures (2-Year) for delivery in March shall be the Underlying Futures

Contract for a March option.
13

2. Options Not in the March Quarterly Cycle (“Serial

Options”)

For any option for which the named month of expiration is not in the March

quarterly cycle, (i.e., January, February, April, May, July, August, October, or

November), the Underlying Futures Contract shall be Short-Term U.S. Treasury 

Note futures (2-Year) for delivery in the March quarterly cycle month next following

such option’s named month of expiration. For example, for a given year, ShortTerm U.S. Treasury Note futures (2-Year) for delivery in March shall be the 

Underlying Futures Contract for a January option and for a February option.

3. Weekly Options

A weekly option shall be designated to expire on a given Friday, provided that

no weekly option shall expire on any Friday that is also the scheduled last day of

trading in a quarterly option (Rule 21A01.D.1.) or a serial option (Rule

21A01.D.2.). For any weekly option, the Underlying Futures Contract shall be

Short-Term U.S. Treasury Note futures (2-Year) for delivery in a March quarterly

cycle month following such option’s date of expiration, as designated by the 

Exchange when such weekly option is listed for trading.

For an Underlying Futures Contract for a given delivery month, all weekly options

shall expire prior to the expiration of quarterly options (Rule 21A01.D.1. and Rule

21A01.I.1.).

4. Wednesday Weekly Options 

For any Wednesday Weekly option, the Underlying Futures Contract shall be ShortTerm U.S. Treasury Note futures (2-Year) for delivery in a March quarterly cycle 

month following such option’s date of expiration, as designated by the Exchange 

when such Wednesday Weekly option is listed for trading. For an Underlying 

Futures Contract for a given delivery month, all Wednesday Weekly options shall 

expire prior to the expiration of quarterly options (Rule 21A01.D.1. and Rule 

21A01.I.1.).

21A01.E. Exercise Prices

Option exercise prices shall be in terms of Short-Term U.S. Treasury Note futures (2-

Year) price points (Rule 21102.C.) and shall be in integer multiples of one eighth (1/8) 

of one (1) point (Rule 21A01.C.). At the commencement of trading in option contracts 

for a given expiration date, the Exchange shall list put and call options at the exercise 

price that is nearest the previous day's settlement price of the respective Underlying 

Futures Contract (“at-the-money price” or “ATM price”). If the previous day’s 

Underlying Futures Contract settlement price is midway between two eligible option 

exercise price levels, then the ATM price shall be set as the higher of the two eligible 

exercise price levels.

The Exchange also shall list Quarterly put and call options and Serial put and call 

options for trading at all eligible exercise price levels in a range of 3 3⁄4 points above 

and 3 3⁄4 points below (i.e., 30 exercise price levels above and 30 exercise price levels 

below) the ATM exercise price, and shall list Weekly put and call options and 

Wednesday Weekly put and call options for trading at all eligible exercise price levels 

in a range of 2 1⁄2 points above and 2 1⁄2 points below (i.e., 20 exercise price levels 

above and 20 exercise price levels below) the ATM exercise price.

Thereafter, the Exchange shall add new put and call options to ensure that such 

Quarterly and Serial options are listed for trading at all eligible exercise prices in a 

range of at least 3 3⁄4 points above and at least 3 3⁄4 points below, and that such 

Weekly and Wednesday Weekly options are listed for trading at all eligible exercise 
14

prices in a range of at least 2 1⁄2 points above and at least 2 1⁄2 points below, the ATM 

exercise price level that is set with reference to the most recent Underlying Futures 

Contract settlement price.

New options may be listed for trading up to and including the termination of trading in 

such options. Upon demand and at the discretion of the Exchange, a new option 

contract with an out-of-current-range exercise price may be added, on an as-soonas-possible basis, provided that the exercise price of such newly added option 

contract must be an integer multiple of one eighth (1/8) of one (1) price point (Rule 

21A01.C.). The Exchange may modify the procedure for the introduction of exercise 

prices as it deems appropriate.

[Remainder of Rule unchanged.]

Chapter 26

Ultra 10-Year U.S. Treasury Note Futures

26100. SCOPE OF CHAPTER

This chapter is limited in application to trading of Ultra 10-Year U.S. Treasury Note 

futures. The procedures for trading, clearing, delivery, and settlement, and any other 

matters not specifically covered herein or in Chapter 7 shall be governed by the 

general rules of the Exchange.

All times referenced in this chapter are Chicago times and are subject to change by 

the Exchange.

[Remainder of Chapter unchanged.]

Chapter 26A

Standard Options on Ultra 10-Year U.S. Treasury Note Futures

26A00. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on Ultra 10-Year U.S. 

Treasury Note futures. In addition to the rules of this chapter, transactions in such 

options shall be subject to the general rules of the Exchange insofar as applicable.

For purposes of this chapter, unless otherwise specified, times of day shall refer to 

and indicate Chicago time.

26A01. OPTIONS CHARACTERISTICS

26A01.A. Contract Expiration Dates and Trading Hours

Options shall be listed for expiration on such dates as may be determined by the 

Exchange, subject to Rules 26A01.D. and Rules 26A01.I.

Options shall be scheduled for trading during such hours as may be determined by the 

Exchange. Without limitation to the foregoing, markets in all standard options on Ultra
15

10-Year U.S. Treasury Note futures generally shall be opened or closed 

simultaneously. 

26A01.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 Ultra 10-Year U.S. Treasury Note futures contract for a given delivery month 

(Chapter 26).

26A01.C. Minimum Fluctuations

The price of an option shall be in price points of such option’s Underlying Futures 

Contract (Rule 26A01.D.), such that for each Underlying Futures Contract par is on 

the basis of 100 points, and each point is equal to $1,000 per Underlying Futures 

Contract (Rule 26102.C.).

The minimum price fluctuation for such option shall be one sixty-fourth (1/64th) of one 

point (equal to $15.625 per option contract), provided that a position in such option 

may be initiated or liquidated at any price level ranging from $1.00 to $15.00 per option 

contract, in $1.00 increments, unless otherwise specified in the current CBOT Market 

Regulation Advisory Notice entitled Cabinet Transactions in Options Products.

Where the price of such option is quoted in volatility terms, the minimum price 

fluctuation shall be one tenth (1/10th) of one percent per annum (e.g., 9.9 percent, 10.0 

percent, 10.1 percent, 10.2 percent).

26A01.D. Underlying Futures Contracts

1. Options in the March Quarterly Cycle (“Quarterly Options”) 

For any option for which the named month of expiration is in the March quarterly cycle 

(i.e., March, June, September, or December), the Underlying Futures Contract shall 

be Ultra 10-Year U.S. Treasury Note futures for delivery in the same month as such 

option’s named month of expiration. For example, for a given year, Ultra 10-Year U.S. 

Treasury Note futures for delivery in March shall be the Underlying Futures Contract 

for a March option.

2. Options Not in the March Quarterly Cycle (“Serial Options”) 

For any option for which the named month of expiration is not in the March quarterly 

cycle, (i.e., January, February, April, May, July, August, October, or November), the 

Underlying Futures Contract shall be Ultra 10-Year U.S. Treasury Note futures for 

delivery in the March quarterly cycle month next following such option’s named month 

of expiration. For example, for a given year, Ultra 10-Year U.S. Treasury Note futures 

for delivery in March shall be the Underlying Futures Contract for a January option and 

for a February option. 

3. Weekly Options

A weekly option shall be designated to expire on a given Friday, provided that no 

weekly option shall expire on any Friday that is also the scheduled last day of trading 

in a quarterly option (Rule 26A01.D.1.) or a serial option (Rule 26A01.D.2.). For any 

weekly option, the Underlying Futures Contract shall be Ultra 10-Year U.S. Treasury 

Note futures for delivery in a March quarterly cycle month following such option’s date 

of expiration, as designated by the Exchange when such weekly option is listed for 

trading.

For an Underlying Futures Contract for a given delivery month, all weekly options shall 

expire prior to the expiration of quarterly options (Rule 26A01.D.1. and Rule 

26A01.I.1.).

4. Wednesday Weekly Options 
16

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

10-Year U.S. Treasury Note futures for delivery in a March quarterly cycle month 

following such option’s date of expiration, as designated by the Exchange when such 

Wednesday Weekly option is listed for trading. For an Underlying Futures Contract 

for a given delivery month, all Wednesday Weekly options shall expire prior to the 

expiration of quarterly options (Rule 26A01.D.1. and Rule 26A01.I.1.).

26A01.E. Exercise Prices

1. One Half (1/2) of One (1) Point Exercise Prices

Option exercise prices shall be in terms of U.S. Treasury Note futures price points 

(Rule 26102.C.) and shall be in integer multiples of one half (1/2) of one (1) point (Rule 

26A01.C.). At the commencement of trading in option contracts for a given expiration 

date, the Exchange shall list put and call options at the exercise price that is nearest 

the previous day's settlement price of the respective Underlying Futures Contract (“atthe-money price” or “ATM price”). If the previous day’s Underlying Futures Contract 

settlement price is midway between two eligible option exercise price levels, then the 

ATM price shall be set as the higher of the two eligible exercise price levels.

The Exchange also shall list Quarterly put and call options and Serial put and call 

options for trading at all eligible exercise price levels in a range of 25 points above and 

25 points below (i.e., 50 exercise price levels above and 50 exercise price levels 

below) the ATM exercise price, and shall list Weekly put and call options and 

Wednesday Weekly put and call options for trading at all eligible exercise price levels 

in a range of 15 points above and 15 points below (i.e., 30 exercise price levels above 

and 30 exercise price levels below) the ATM exercise price.

Thereafter, the Exchange shall add new put and call options to ensure that such 

Quarterly and Serial options are listed for trading at all eligible exercise prices in a 

range of at least 25 points above and at least 25 points below, and that such Weekly 

and Wednesday Weekly options are listed for trading at all eligible exercise prices in 

a range of at least 15 points above and at least 15 points below, the ATM exercise 

price level that is set with reference to the most recent Underlying Futures Contract 

settlement price.

New options may be listed for trading up to and including the termination of trading in 

such options. Upon demand and at the discretion of the Exchange, a new option 

contract with an out-of-current-range exercise price may be added, on an as-soon-aspossible basis, provided that the exercise price of such newly added option contract 

must be an integer multiple of one half (1/2) of one (1) price point (Rule 26A01.C.). 

The Exchange may modify the procedure for the introduction of exercise prices as it 

deems appropriate.

2. Special Listings of One Quarter (1/4) of One Point Exercise Prices

At any given time, the Exchange shall ensure that options are listed for trading at 

exercise prices that are in terms of Ultra 10-Year U.S. Treasury Note futures price 

points (Rule 26102.C.) and shall be in integer multiples of one quarter (1/4) of one (1) 

point for (i) all Weekly Options and (ii) the nearest expiring Serial or Quarterly Options 

(Rule 26A01.C.). For any Weekly, Serial or Quarterly Options with exercise price 

levels in integer multiples of one quarter (1/4) of one (1) point, the Exchange shall add 

new put and call options in integer multiples of one quarter (1/4) of one (1) price point 

in a range of at least 3 points above and at least 3 points below (i.e. 6 additional 

exercise price levels above and 6 additional exercise prices below) the ATM exercise 

price level that is set with reference to the most recent Underlying Futures Contract 

settlement price.
17

[Remainder of Rule unchanged.]

Chapter 40

Long-Term Ultra U.S. Treasury Bond Futures 

40100. SCOPE OF CHAPTER

This chapter is limited in application to trading of Long-Term Ultra U.S. Treasury 

Bond futures. The procedures for trading, clearing, delivery, and settlement, and 

any other matters not specifically covered herein or in Chapter 7 shall be governed 

by the general rules of the Exchange.

All times referenced in this chapter are Chicago times and are subject to change 

by the Exchange.

[Remainder of Chapter unchanged.]

Chapter 40A

Standard Options on Long-Term Ultra U.S. Treasury Bond Futures

40A00. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on Long-Term Ultra

U.S. Treasury Bond futures. In addition to the rules of this chapter, transactions in 

such options shall be subject to the general rules of the Exchange insofar as

applicable.

For purposes of this chapter, unless otherwise specified, times of day shall

refer to and indicate Chicago time.

40A01. OPTIONS CHARACTERISTICS

40A01.A. Contract Expiration Dates and 

Trading Hours

Options shall be listed for expiration on such dates as may be determined by the

Exchange, subject to Rules 40A01.D. and Rules 40A01.I.

Options shall be scheduled for trading during such hours as may be determined

by the Exchange. Without limitation to the foregoing, markets in all standard

options on Long-Term Ultra U.S. Treasury Bond futures generally shall be

opened or closed simultaneously.

1. All Options Excluding Wednesday Weekly Options

On its last day of trading, an expiring option shall cease trading at the same

time as the close of trading on that day in such option’s Underlying Futures

Contract (in accord with Rules 40A01.I.).

2. Wednesday Weekly Options

On its last day of trading, an expiring Wednesday Weekly option shall cease

trading at the same time at which the Exchange determines the settlement price 

for that day for such option’s Underlying Futures Contract (in accord with

Rules 40A01.I.).

40A01.B. Trading 

Unit
18

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 Long-Term Ultra U.S. Treasury Bond futures contract for a

given delivery month (Chapter 40).

40A01.C. Minimum

Fluctuations

The price of an option shall be in price points of such option’s Underlying Futures

Contract (Rule 40A01.D.), such that for each Underlying Futures Contract par

is on the basis of 100 points, and each point is equal to $1,000 per Underlying

Futures Contract (Rule 40102.C.).

The minimum price fluctuation for such option shall be one sixty-fourth (1/64th) of 

one point (equal to $15.625 per option contract), provided that a position in such 

option may be initiated or liquidated at any price level ranging from $1.00 to $15.00 

per option contract, in $1.00 increments, unless otherwise specified in the current 

CBOT Market Regulation Advisory Notice entitled Cabinet Transactions in Options 

Products.

Where the price of such option is quoted in volatility terms, the minimum price

fluctuation shall be one tenth (1/10

th) of one percent per annum (e.g., 9.9

percent, 10.0 percent, 10.1 percent, 10.2 percent).

40A01.D. Underlying Futures

Contracts

1. Options in the March Quarterly Cycle (“Quarterly Options”)

For any option for which the named month of expiration is in the March quarterly

cycle (i.e., March, June, September, or December), the Underlying Futures

Contract shall be Long-Term Ultra U.S. Treasury Bond futures for delivery in the

same month as such option’s named month of expiration. For example, for a

given year, Long-Term Ultra U.S. Treasury Bond futures for delivery in March shall

be the Underlying Futures Contract for a March option.

2. Options Not in the March Quarterly Cycle (“Serial Options”)

For any option for which the named month of expiration is not in the March

quarterly cycle, (i.e., January, February, April, May, July, August, October, or

November), the Underlying Futures Contract shall be Long-Term Ultra U.S.

Treasury Bond futures for delivery in the March quarterly cycle month next

following such option’s named month of expiration. For example, for a given

year, Long-Term Ultra U.S. Treasury Bond futures for delivery in March shall

be the Underlying Futures Contract for a January option and for a February

option.

3. Weekly

Options

A weekly option shall be designated to expire on a given Friday, provided that

no weekly option shall expire on any Friday that is also the scheduled last day

of trading in a quarterly option (Rule 40A01.D.1.) or a serial option (Rule

40A01.D.2.). For any weekly option, the Underlying Futures Contract shall be

Long-Term Ultra U.S. Treasury Bond futures for delivery in a March quarterly

cycle month following such option’s date of expiration, as designated by the

Exchange when such weekly option is listed for trading.

For an Underlying Futures Contract for a given delivery month, all weekly options

shall expire prior to the expiration of quarterly options (Rule 40A01.D.1. and Rule

40A01.I.1.).

4. Wednesday Weekly Options 

For any Wednesday Weekly option, the Underlying Futures Contract shall be 
19

Long-Term Ultra U.S. Treasury Bond futures for delivery in a March quarterly 

cycle month following such option’s date of expiration, as designated by the 

Exchange when such Wednesday Weekly option is listed for trading. For an 

Underlying Futures Contract for a given delivery month, all Wednesday Weekly 

options shall expire prior to the expiration of quarterly options (Rule 40A01.D.1. 

and Rule 40A01.I.1.).

40A01.E. Exercise

Prices

1. One (1) Point Exercise Prices

Option exercise prices shall be in terms of Long-Term Ultra U.S. Treasury Bond 

futures price points (Rule 40102.C.) and shall be in integer multiples of one (1) 

point (Rule 40A01.C.). At the commencement of trading in option contracts for a 

given expiration date, the Exchange shall list put and call options at the exercise 

price that is nearest the previous day's settlement price of the respective 

Underlying Futures Contract (“at-the-money price” or “ATM price”). If the 

previous day’s Underlying Futures Contract settlement price is midway between 

two eligible option exercise price levels, then the ATM price shall be set as the 

higher of the two eligible exercise price levels.

The Exchange also shall list Quarterly put and call options and Serial put and call 

options for trading at all eligible exercise price levels in a range of 30 points above 

and 30 points below (i.e., 30 exercise price levels above and 30 exercise price 

levels below) the ATM exercise price, and shall list Weekly put and call options 

and Wednesday Weekly put and call options for trading at all eligible exercise 

price levels in a range of 20 points above and 20 points below (i.e., 20 exercise 

price levels above and 20 exercise price levels below) the ATM exercise price.

Thereafter, the Exchange shall add new put and call options to ensure that such 

Quarterly and Serial options are listed for trading at all eligible exercise prices in 

a range of at least 30 points above and at least 30 points below, and that such 

Weekly and Wednesday Weekly options are listed for trading at all eligible 

exercise prices in a range of at least 20 points above and at least 20 points below, 

the ATM exercise price level that is set with reference to the most recent 

Underlying Futures Contract settlement price.

New options may be listed for trading up to and including the termination of 

trading in such options.

Upon demand and at the discretion of the Exchange, a new option contract with 

an out-of-current- range exercise price may be added, on an as-soon-as-possible

basis, provided that the exercise price of such newly added option contract must 

be an integer multiple of one (1) price point (Rule 40A01.C.).

The Exchange may modify the procedure for the introduction of exercise prices 

as it deems appropriate.

1. Special Listings of One Half (1/2) of One Point Exercise Prices

At any given time, the Exchange shall ensure that options are listed for trading at 

exercise prices that are in terms of Long-Term Ultra U.S. Treasury Bond futures 

price points (Rule 40102.C.) and shall be in integer multiples of one half (1/2) of 

one (1) point for (i) all Weekly Options and (ii) the nearest expiring Serial or 

Quarterly Options (Rule 40A01.C.). For any Weekly, Serial or Quarterly Options 

with exercise price levels in integer multiples of one half (1/2) of one (1) point, the 

Exchange shall add new put and call options in integer multiples of one half (1/2) 

of one (1) price point in a range of at least 3 points above and at least 3 points 

below (i.e. 3 additional exercise price levels above and 3 additional exercise 

prices below) the ATM exercise price level that is set with reference to the most 

recent Underlying Futures Contract settlement price.

[Remainder of Rule unchanged.]

Appendix B

CBOT Rulebook
20

[Effective July 1, 2023]

(additions underscored; deletions struck through)

Chapter 19

Long-Term U.S. Treasury Note Futures (61⁄2 to 10- 7 3⁄4 Year)

19100. SCOPE OF CHAPTER

This chapter is limited in application to trading of Long-Term U.S. Treasury Note 

futures (6 1⁄2 to 7 3⁄4 Year). The procedures for trading, clearing, delivery, and 

settlement, and any other matters not specifically covered herein or in Chapter 7 shall 

be governed by the general rules of the Exchange.

All times referenced in this chapter are Chicago times and are subject to change by 

the Exchange.

[Remainer of Chapter unchanged.]

Chapter 19A

Standard Options on Long-Term U.S. Treasury Note Futures (6 1⁄2 to 7 3⁄4 Year)

19A00. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on Long-Term U.S. 

Treasury Note futures (6 1⁄2 to 7 3⁄4 Year). In addition to the rules of this chapter, 

transactions in such options shall be subject to the general rules of the Exchange 

insofar as applicable.

For purposes of this chapter, unless otherwise specified, times of day shall refer to 

and indicate Chicago time.

19A01. OPTIONS CHARACTERISTICS

19A01.A. Contract Expiration Dates and Trading Hours

Options shall be listed for expiration on such dates as may be determined by the 

Exchange, subject to Rules 19A01.D. and Rules 19A01.I.

Options shall be scheduled for trading during such hours as may be determined by the 

Exchange. Without limitation to the foregoing, markets in all standard options on LongTerm U.S. Treasury Note futures (6 1⁄2 to 7 3⁄4 Year) futures generally shall be opened 

or closed simultaneously. 

1. All Options Excluding Wednesday Weekly Options

On its last day of trading, an expiring option shall cease trading at the same time as 

the close of trading on that day in such option’s Underlying Futures Contract (in accord 

with Rules 19A01.I.).

2. Wednesday Weekly Options

On its last day of trading, an expiring Wednesday Weekly option shall cease trading

at the same time at which the Exchange determines the settlement price for that

day for such option’s Underlying Futures Contract (in accord with Rules 

19A01.I.).
21

19A01.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 Long-Term U.S. Treasury Note futures (6 1⁄2 to 7 3⁄4 Year) futures contract 

for a given delivery month (Chapter 19).

19A01.C. Minimum Fluctuations

The price of an option shall be in price points of such option’s Underlying Futures 

Contract (Rule 19A01.D.), such that for each Underlying Futures Contract par is on 

the basis of 100 points, and each point is equal to $1,000 per Underlying Futures 

Contract (Rule 19102.C.).

The minimum price fluctuation for such option shall be one sixty-fourth (1/64th) of one 

point (equal to $15.625 per option contract), provided that a position in such option 

may be initiated or liquidated at any price level ranging from $1.00 to $15.00 per option 

contract, in $1.00 increments, unless otherwise specified in the current CBOT Market 

Regulation Advisory Notice entitled Cabinet Transactions in Options Products.

Where the price of such option is quoted in volatility terms, the minimum price 

fluctuation shall be one tenth (1/10th) of one percent per annum (e.g., 9.9 percent, 10.0 

percent, 10.1 percent, 10.2 percent).

19A01.D. Underlying Futures Contracts

1. Options in the March Quarterly Cycle (“Quarterly Options”) 

For any option for which the named month of expiration is in the March quarterly cycle 

(i.e., March, June, September, or December), the Underlying Futures Contract shall 

be Long-Term U.S. Treasury Note futures (6 1⁄2 to 7 3⁄4 Year) futures for delivery in the 

same month as such option’s named month of expiration. For example, for a given 

year, Long-Term U.S. Treasury Note futures (6 1⁄2 to 7 3⁄4 Year) futures for delivery in 

March shall be the Underlying Futures Contract for a March option.

2. Options Not in the March Quarterly Cycle (“Serial Options”) 

For any option for which the named month of expiration is not in the March quarterly 

cycle, (i.e., January, February, April, May, July, August, October, or November), the 

Underlying Futures Contract shall be Long-Term U.S. Treasury Note futures (6 1⁄2 to 7 

3⁄4 Year) futures for delivery in the March quarterly cycle month next following such 

option’s named month of expiration. For example, for a given year, Long-Term U.S. 

Treasury Note futures (6 1⁄2 to 7 3⁄4 Year) futures for delivery in March shall be the 

Underlying Futures Contract for a January option and for a February option. 

3. Weekly Options

A weekly option shall be designated to expire on a given Friday, provided that no 

weekly option shall expire on any Friday that is also the scheduled last day of trading 

in a quarterly option (Rule 19A01.D.1.) or a serial option (Rule 19A01.D.2.). For any 

weekly option, the Underlying Futures Contract shall be Long-Term U.S. Treasury 

Note futures (6 1⁄2 to 7 3⁄4 Year) futures for delivery in a March quarterly cycle month 

following such option’s date of expiration, as designated by the Exchange when such 

weekly option is listed for trading.

For an Underlying Futures Contract for a given delivery month, all weekly options shall 

expire prior to the expiration of quarterly options (Rule 19A01.D.1. and Rule 

19A01.I.1.).

4. Wednesday Weekly Options 

For any Wednesday Weekly option, the Underlying Futures Contract shall be LongTerm U.S. Treasury Note futures (6 1⁄2 to 7 3⁄4 Year) futures for delivery in a March 
22

quarterly cycle month following such option’s date of expiration, as designated by 

the Exchange when such Wednesday Weekly option is listed for trading. For an 

Underlying Futures Contract for a given delivery month, all Wednesday Weekly 

options shall expire prior to the expiration of quarterly options (Rule 19A01.D.1. and 

Rule 19A01.I.1.).

19A01.E. Exercise Prices

1. One Half (1/2) of One (1) Point Exercise Prices

Option exercise prices shall be in terms of Long-Term U.S. Treasury Note futures (6 

1⁄2 to 7 3⁄4 Year) futures price points (Rule 19102.C.) and shall be in integer multiples 

of one half (1/2) of one (1) point (Rule 19A01.C.). At the commencement of trading in 

option contracts for a given expiration date, the Exchange shall list put and call options 

at the exercise price that is nearest the previous day's settlement price of the 

respective Underlying Futures Contract (“at-the-money price” or “ATM price”). If the 

previous day’s Underlying Futures Contract settlement price is midway between two 

eligible option exercise price levels, then the ATM price shall be set as the higher of 

the two eligible exercise price levels.

The Exchange also shall list Quarterly put and call options and Serial put and call 

options for trading at all eligible exercise price levels in a range of 25 points above and 

25 points below (i.e., 50 exercise price levels above and 50 exercise price levels 

below) the ATM exercise price, and shall list Weekly put and call options and 

Wednesday Weekly put and call options for trading at all eligible exercise price levels 

in a range of 12 1/2 points above and 12 1/2 points below (i.e., 25 exercise price levels 

above and 25 exercise price levels below) the ATM exercise price.

Thereafter, the Exchange shall add new put and call options to ensure that such 

Quarterly and Serial options are listed for trading at all eligible exercise prices in a 

range of at least 25 points above and at least 25 points below, and that such Weekly 

and Wednesday Weekly options are listed for trading at all eligible exercise prices in 

a range of at least 12 1/2 points above and at least 12 1/2 points below, the ATM 

exercise price level that is set with reference to the most recent Underlying Futures 

Contract settlement price.

New options may be listed for trading up to and including the termination of trading in 

such options. Upon demand and at the discretion of the Exchange, a new option 

contract with an out-of-current-range exercise price may be added, on an as-soon-aspossible basis, provided that the exercise price of such newly added option contract 

must be an integer multiple of one half (1/2) of one (1) price point (Rule 19A01.C.). 

The Exchange may modify the procedure for the introduction of exercise prices as it 

deems appropriate.

2. Special Listings of One Quarter (1/4) of One Point Exercise Prices

At any given time, the Exchange shall ensure that options are listed for trading at 

exercise prices that are in terms of Long-Term U.S. Treasury Note futures (6 1⁄2 to 7 3⁄4 

Year) futures price points (Rule 19102.C.) and shall be in integer multiples of one 

quarter (1/4) of one (1) point for (i) all Weekly Options and (ii) the nearest expiring 

Serial or Quarterly Options (Rule 19A01.C.). For any Weekly, Serial or Quarterly 

Options with exercise price levels in integer multiples of one quarter (1/4) of one (1) 

point, the Exchange shall add new put and call options in integer multiples of one 

quarter (1/4) of one (1) price point in a range of at least 3 points above and at least 3 

points below (i.e. 6 additional exercise price levels above and 6 additional exercise 

prices below) the ATM exercise price level that is set with reference to the most recent 

Underlying Futures Contract settlement price.
23

[Remainder of Rule unchanged.]
24

Exhibit B

Special Executive Report

DATE: November 29, 2022

SER#: 9098

SUBJECT: CME/CBOT/NYMEX/COMEX Exchange Transaction Fee Amendments 

Effective February 1, 2023

Effective February 1, 2023, Chicago Mercantile Exchange Inc. (“CME”), The Board of Trade of 

the City of Chicago, Inc. (“CBOT”), New York Mercantile Exchange, Inc. (“NYMEX”), and 

Commodity Exchange, Inc. (“COMEX”) will amend transaction fees as more specifically described 

in the tables below.
25

• Volume Discounts on Transaction fees for CME FX FUTURES will be adjusted as 

follows: 
26

• Transaction Fees for CME AGRICULTURAL FUTURES GLOBEX TAS and Block TAS 

(Trade-At-Settlement) Trades will now have a differentiated rate, and transaction fees for 

CME AGRICULTURAL FUTURES & OPTIONS will be adjusted as follows:
27

• Transaction Fees for CBOT AGRICULTURAL FUTURES GLOBEX TAS and Block TAS 

(Trade-At-Settlement) Trades will now have a differentiated rate, and transaction fees for 

CBOT AGRICULTURAL FUTURES & OPTIONS will be adjusted as follows:
28

• Transaction fees for CME EQUITY PRODUCTS will be adjusted as follows: 
29

• Transaction fees for CBOT EQUITY PRODUCTS will be adjusted as follows, including 

the Dow Jones U.S. Real Estate Futures now following the same fee schedule as E-mini 

Dow Futures and Options:
30

• Non-trade transaction fees for CBOT BLOOMBERG COMMODITY INDEX SWAPS will 

no longer follow a separate schedule, but will instead incur the standard Exchange Fees 

for Non-Trades as follows:

• Transaction fees for CBOT TREASURY FUTURES AND OPTIONS will be adjusted as 

follows: 
31

• Transaction fees for NYMEX ENERGY FUTURES GLOBEX TAS and Block TAS (TradeAt-Settlement) Trades will now have a differentiated rate, and transaction fees for the 

products listed, as follows:

• Differentiated “Day Rate” Transaction fees for NYMEX ENERGY FUTURES will be 

eliminated (and the standard Member rates will apply) 
32

• Transaction fees for NYMEX and COMEX METALS FUTURES & OPTIONS will be 

adjusted as follows:

Symbol Product Member Member Non-Member Member 

NonMember Member Member NonMember Member NonMember

G1M Gold Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

G1W Gold Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

G2M Gold Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

G2W Gold Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

G3M Gold Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

G3W Gold Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

G4M Gold Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

G4W Gold Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

G5M Gold Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

G5W Gold Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

GC Gold Futures 0.70 0.85 1.50 3.35 4.00 0.75 0.85 1.55 3.35 4.00

H1E Copper Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H1M Copper Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H1W Copper Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H2E Copper Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H2M Copper Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H2W Copper Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H3E Copper Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H3M Copper Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H3W Copper Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H4E Copper Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H4M Copper Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H4W Copper Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H5E Copper Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H5M Copper Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

H5W Copper Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

HG Copper Futures 0.70 0.85 1.50 3.35 4.00 0.75 0.85 1.55 3.35 4.00

HX Copper Options 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

M1S Silver Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

M2S Silver Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

M3S Silver Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

M4S Silver Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

M5S Silver Weekly Monday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

O G Gold Options 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

OG1 Gold Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

OG2 Gold Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

OG3 Gold Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

OG4 Gold Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

OG5 Gold Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

P A Palladium Futures 0.70 0.70 1.50 3.20 4.00 0.75 0.85 1.55 3.35 4.00

PAO Palladium Options 0.70 N/A N/A 0.70 1.55 0.75 N/A N/A 3.35* 4.00*

P L Platinum Futures 0.70 0.70 1.50 3.20 4.00 0.75 0.85 1.55 3.35 4.00

P O Platinum Options 0.70 N/A N/A 0.70 1.55 0.75 N/A N/A 3.35* 4.00*

SI Silver Futures 0.70 0.85 1.50 3.35 4.00 0.75 0.85 1.55 3.35 4.00

SO Silver Options 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

SO1 Silver Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

SO2 Silver Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

SO3 Silver Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

SO4 Silver Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

SO5 Silver Weekly Friday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

W1S Silver Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

W2S Silver Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

W3S Silver Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

W4S Silver Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

W5S Silver Weekly Wednesday Option 0.70 N/A N/A 0.85 1.55 0.75 N/A N/A 3.35* 4.00*

CURRENT

ClearPort

EFP EFR/EOO EFP EFR/EOO

ClearPort

Globex Globex

NEW
33

• Transaction Fees for NYMEX and COMEX METALS FUTURES GLOBEX TAS and 

Block TAS (Trade-At-Settlement) Trades will now have a differentiated rate, for the 

products listed, as follows (excluding Micro Gold Futures):

• Facilitation Fees for NYMEX and COMEX METALS PRODUCTS will be adjusted as 

follows:

*Fees denoted with an asterisk are pending all relevant CFTC regulatory review periods. For all 

other fee amendments included herein, the CFTC will be notified during the week of February 6, 

2023 via the weekly notification procedures set forth in Part 40 of the CFTC Regulations. 

Please refer questions on this subject to:

o For media inquiries: news@cmegroup.com +1 312-930-3193

o For customer fee inquiries: EFSAdmin@cmegroup.com +1 312-648-5470
34

Exhibit C

 

Special Executive Report

DATE: February 3, 2023

SER#: 9109R

SUBJECT: Initial Listing of the New Crop Corn Weekly Options and New Crop Soybean 

Weekly Options Contracts

(SER 9109R supersedes SER 9109 dated December 13, 2022 to correct the block trade minimum 

threshold for the New Crop Soybean Weekly Options contracts as noted below. No other changes 

have been made to the original SER.)

Effective Sunday, January 22, 2023 for trade date Monday, January 23, 2023 and pending all 

relevant CFTC regulatory review periods, The Board of Trade of the City of Chicago, Inc. (“CBOT” 

or “Exchange”) will list the New Crop Corn Weekly Options (Week 1 – 5) and New Crop Soybean 

Weekly Options (Week 1 – 5) contracts (the “Contracts”) for trading on the CME Globex electronic 

trading platform (“CME Globex”) and for submission for clearing via CME ClearPort, as noted 

below. 

Contract Title

Rulebook 

Chapter

Commodity

Code

New Crop Corn Weekly Options - Week 1 

– 5

10A CN1-CN5

New Crop Soybean Weekly Options -

Week 1 – 5

11A SN1-SN5

Contract Specifications

Contract Title New Crop Corn Weekly Options New Crop Soybean Weekly 

Options

Contract Unit 5,000 bushels

Minimum Price 

Fluctuation $0.00125 per bushel ($6.25 per contract)

Trading and 

Clearing Hours

CME Globex Pre-Open:

Sunday – Friday: 4:45 p.m. – 7:00 p.m. CT and

Monday – Friday: 8:00 a.m. – 8:30 a.m. CT

CME Globex:

Sunday - Friday from 7:00 p.m. - 7:45 a.m. CT and

Monday - Friday from 8:30 a.m. - 1:20 p.m. CT

CME ClearPort:
35

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

CME Globex and 

CME ClearPort 

Code

Weekly Options Weeks 1 through 

5: CN1, CN2, CN3, CN4, CN5

Weekly Options Weeks 1 through 

5: SN1, SN2, SN3, SN4, SN5

Rulebook Chapter 10A 11A

Price Quotation U.S. cents per bushel

Listing Schedule Three weekly expirations listed from first Friday in February to last 

Friday in August. No weekly options listed for the week a monthly 

Short-Dated New-Crop Option expires.

Initial Listing February Week 1 (February 3); February Week 2 (February 10); and 

February Week 3 (February 17)

Termination of 

Trading

Trading of Weekly Options terminates at 1:20 p.m. CT on Friday of 

the contract week

Exercise Style American Style; Exercises into 

December Corn Futures; Contrary 

Instructions Allowed

In-the-money strikes auto 

exercised; At-the-money and outof-the-money strikes abandoned

American Style; Exercises into 

November Soybean Futures; 

Contrary Instructions Allowed

In-the-money strikes auto 

exercised; At-the-money and outof-the-money strikes abandoned

Strike Price Listing 

Schedule

A strike closest to the previous 

day’s settlement price of the 

underlying Dec Corn futures 

contract (the at-the-money strike) 

and strikes in integral multiples of 

five cents 20 percent above and 

below the ATM strike plus 

dynamic strikes in integral 

multiples of five cents.

A strike closest to the previous 

day’s settlement price of the 

underlying Nov Soybean futures 

contract (the at-the-money strike) 

and strikes in integral multiples of 

ten cents 20 percent above and 

below the ATM strike plus 

dynamic strikes in integral 

multiples of ten cents.

Block Trade 

Minimum 

Threshold

RTH - 500, ETH/ATH - 250 RTH – 150 300, ETH/ATH – 75

150

CME Globex 

Matching 

Algorithm

O - Threshold Pro-Rata

Settlement Method Option on physical delivery 

December Corn futures contract

Option on physical delivery 

November Soybean futures 

contract

Exchange Fees 

Level Account Owner Execution 

Type

Venue/Transaction 

Type

Exchange 

Fee 

1

Individual Members 

Member 

Account 

Owner

CME Globex $0.23

EFP $1.10

EFR $1.40 

Block $1.20

Individual Delegates Delegate 

Trading 

CME Globex $0.35

EFP $1.25
36

Own 

Account

EFR $1.55 

Block $1.35

Equity Members (Individual Equity members, Clearing Equity Member Firms and Equity Member 

Firms)

2

Rule 106.J Equity Member Firms

Rule 106.I Affiliate Equity Member Firms

Individual Equity Members (Other 

Member/Delegate executing trade)

Clearing Equity Member Firms

Rule 106.I Affiliate Membership Umbrella -

Qualified Affiliate

Member or 

Delegate

CME Globex $0.23

EFP $1.10

EFR $1.40

Block $1.20 

NonMember

CME Globex $0.51

EFP $1.10

EFR $1.40

Block $1.20

Rule 106.S. Family of Funds Equity Member 

Firms 

Member, 

Delegate or 

NonMember

CME Globex $0.51

EFP $1.10

EFR $1.40

Block $1.20

Trading Members (Individual Non-Equity Members, Clearing Non-Equity Member Firms and NonEquity Member Firms)

3

Individual Non-Equity Members (Other 

Member/Delegate executing trade)

Clearing Non-Equity Member Firms

Rule 106.H. Member Firms

Rule 106.I. Affiliate Trading Member Firms (w/ 

an owned seat)

Member, 

Delegate or 

NonMember

CME Globex $0.81

EFP $1.21

EFR $1.81

Block

$1.81

Individual Delegates (Other Member/Delegate 

executing trade)

Rule 106.I. Affiliate Trading Member Firms (w/ 

a leased seat)

Member, 

Delegate or 

NonMember

CME Globex $0.96

EFP $1.36 

EFR $1.96

Block $1.96 

Rule 106.S. Family of Funds Trading Member 

Firms 

Member, 

Delegate or 

NonMember

CME Globex $0.81

EFP $1.21

EFR $1.81 

Block $1.81

Level Account Owner Execution 

Type

Venue/Transaction 

Type

Exchange 

Fee

Electronic Corporate Member Firm

4

Rule 106.R Electronic Corporate Member 

Firms 

(For other than Globex – See Non-Members)

Member, 

Delegate or 

Non-Member

CME Globex $0.96 

Non-Members

5

International Incentive Program (IIP) 

International Volume Incentive Program (IVIP) 

(For other than Globex – See Non-Members)

Member, 

Delegate or 

Non-Member

CME Globex

$1.06

Central Bank Incentive Program (CBIP)

Latin American Fund Manager Incentive 

Program (FMIP) 

(For other than Globex – See Non-Members)

Member, 

Delegate or 

Non-Member

CME Globex

$1.67 
37

Non-Members N/A

CME Globex $2.05

EFP $1.50

EFR $2.95

Block $2.95

Processing Fees Fee

Exchange Fees for Non-Trades (Member/Delegate/NonMember) $0.10/$0.25/$0.55

Exchange Fees for Non-Trades - Expired Options $0.10

Position Adjustment/Position Transfer $0.10

Give-Up Surcharge $0.06

Facilitation Fee $0.40

Please send any risk specific feedback with regard to these products to 

NewProductMRM@cmegroup.com.

Please refer any questions on this subject to: 

Steve Stasys 312-213-7046 Steven.Stasys @cmegroup.com

Fred Seamon 312-634-1587 Fred.Seamon@cmegroup.com

Emily Balsamo 312-338-1025 Emily.Balsamo@cmegroup.com