SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-328 (1 of 4)

Organization: Commodity Exchange, Inc. ("COMEX")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 09/14/23 Filing Description: Initial Listing of Micro Gold Option

and Micro Gold Weekly Monday, Wednesday, and Friday Option Contracts

SPECIFY FILING TYPE 

Please note only ONE choice allowed per Submission.

Organization Rules and Rule Amendments

Certification § 40.6(a)

Approval § 40.5(a)

Notification § 40.6(d)

Advance Notice of SIDCO Rule Change § 40.10(a)

SIDCO Emergency Rule Change § 40.10(h)

Rule Numbers: 

New Product Please note only ONE product per Submission.

Certification § 40.2(a) 

Certification Security Futures § 41.23(a)

Certification Swap Class § 40.2(d)

Approval § 40.3(a)

Approval Security Futures § 41.23(b)

Novel Derivative Product Notification § 40.12(a)

Swap Submission § 39.5

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

Certification § 40.6(a) 

Certification Made Available to Trade Determination § 40.6(a)

Certification Security Futures § 41.24(a)

Delisting (No Open Interest) § 40.6(a) 

Approval § 40.5(a)

Approval Made Available to Trade Determination § 40.5(a)

Approval Security Futures § 41.24(c)

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

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

Notification § 40.6(d)

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

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

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

September 14, 2023

VIA ELECTRONIC PORTAL

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, DC 20581

Re: CFTC Regulation 40.2(a) Certification. Notification Regarding the Initial Listing of 

Micro Gold Option and Micro Gold Weekly Monday, Wednesday, and Friday Option

Contracts.

COMEX Submission No. 23-328 (1 of 4)

Dear Mr. Kirkpatrick:

Commodity Exchange, Inc. (“COMEX” or “Exchange”) is certifying to the Commodity Futures Trading 

Commission (“CFTC” or “Commission”) the initial listing of Micro Gold Monthly and Monday, Wednesday, 

and Friday Weekly Option contracts (the “Contracts”) for trading on the CME Globex electronic trading 

platform (“CME Globex”) and for submission for clearing via CME ClearPort, effective Sunday, October 1, 

2023, for trade date Monday, October 2, 2023, as more specifically described below. 

Contract Title Micro Gold 

Option

Micro Gold Weekly 

Monday Option

Micro Gold Weekly 

Wednesday Option

Micro Gold Weekly 

Friday Option

(Monthly) (Weekly)

Commodity Code OMG 1MG;2MG;3MG;4MG;

5MG

1WG;2WG;3WG;4WG;

5WG

1FG;2FG;3FG;4FG;

5FG

Rulebook Chapter 124 125

Underlying Futures 

Contract/ 

Commodity Code

Micro Gold Futures / MGC

Contract Size 10 troy ounces

Price Quotation U.S. dollars and cents per troy ounce

Minimum Trading 

Price Fluctuation $0.10 per troy ounce

Value per Tick $1.00 

Option Exercise 

Style American 

Settlement Type Physical exercise into futures

Listing Schedule Monthly 

contracts 

listed for 20 

consecutive 

months

Weekly contracts listed for 4 weeks
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

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Initial Listing November 

2023

Week 2 Monday Week 1 Wednesday Week 1 Friday

Expiration Trading 

terminates 

on the fourth 

last 

business 

day of the 

month 

preceding 

the delivery 

month. If the 

fourth last 

business 

day occurs 

on a Friday 

or the day 

before a 

holiday, 

trading 

terminates 

on the prior 

business 

day

Trading terminates on 

Monday of the 

contract week

Trading terminates on 

Wednesday of the 

contract week

Trading terminates 

on the Friday of the 

contract week

Strike Price 

Increments

Minimum 40 

strikes at 

$5.00 per 

troy ounce 

increment 

above and 

below the 

at-themoney strike 

then 10 

strikes at 

$10.00 per 

troy ounce 

increment 

above and 

below the 

highest and 

lowest $5.00 

increment 

strike then 8 

strikes at 

$25.00 per 

troy ounce 

increment 

above and 

below the 

highest and 

lowest 

$10.00 

increment 

strike.

Minimum 40 strikes at $5.00 per troy ounce increment above and below 

the at-the-money strike.
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

3

Block Trade 

Minimum 

Threshold and 

Reporting Window

25 contracts - subject to a 15-minute reporting window

CME Globex Match 

Algorithm K - Configurable

Trading and 

Clearing Hours

CME Globex Pre-open: Sunday 4:00 p.m. - 5:00 p.m. Central Time/CT 

Monday – Thursday 4:45 p.m. - 5:00 p.m. CT

CME Globex Open: Sunday 5:00 p.m. - Friday 4:00 p.m. CT with a daily 

maintenance period from 4:00 p.m. - 5:00 p.m. CT

CME ClearPort: Sunday 5:00 p.m. - Friday 4:00 p.m. CT with no reporting Monday -

Thursday from 4:00 p.m. - 5:00 p.m. CT

The Contracts are referenced contracts that exercise into the Micro Gold Futures contract. These options 

contracts expire prior to the spot month limit taking affect but will be subject to federal position limits during 

the spot month upon exercise. The core referenced futures contract is the Gold Futures contract 

(Commodity Code: GC; Rulebook Chapter 113).

The Exchange reviewed the designated contracts market core principles (“Core Principles”) as set forth in 

the Commodity Exchange Act (“CEA” or “Act”) and identified that the Contracts may have some bearing on 

the following Core Principles:

• Compliance with Rules: Trading in the Contracts will be subject to the rules in Rulebook Chapter 

4 which includes prohibitions against fraudulent, noncompetitive, unfair and abusive practices. 

Additionally, trading in the Contracts will also be subject to the full panoply of trade practice rules, 

the majority of which are contained in Chapter 5 and Chapter 8 of the Rulebook. As with all 

products listed for trading on one of CME Group’s designated contract markets, activity in the new 

products will be subject to extensive monitoring and surveillance by CME Group’s Market 

Regulation Department. The Market Regulation Department has the authority to exercise its 

investigatory and enforcement power where potential rule violations are identified.

• Contract Not Readily Subject to Manipulation: The Contracts are not readily susceptible to 

manipulation and are based on the deep liquidity of the underlying futures contracts.

• Prevention of Market Disruption: Trading in the Contracts will be subject to the Rules of COMEX

which include prohibitions on manipulation, price distortion and disruptions of the delivery or cashsettlement process. As with all products listed for trading on one of CME Group’s designated 

contract markets, activity in the new products will be subject to extensive monitoring and 

surveillance by CME Group’s Market Regulation Department.

• Position Limitations or Accountability: The speculative position limits for the Contracts as 

demonstrated in this submission are consistent with the Commission’s guidance.

• Availability of General Information: The Exchange will publish on its website information 

regarding contract specifications, terms and conditions, as well as daily trading volume, open 

interest and price information for the Contracts.

• Daily Publication of Trading Information: The Exchange will publish information contract trading 

volumes, open interest levels, and price information daily on its website and through quote vendors 

for the Contracts.

• Execution of Transactions: The Contracts will be listed for trading on the CME Globex electronic 

trading and for clearing through CME ClearPort. The CME Globex trading venue provides for 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

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competitive and open execution of transactions. CME Globex affords the benefits of reliability and 

global connectivity.

• Trade Information: All required trade information for the Contracts will be included in the audit trail 

and is sufficient for the Market Regulation Department to monitor for market abuse.

• Financial Integrity of Contract: The Contracts will be cleared by the CME Clearing House which 

is a registered derivatives clearing organization with the Commission and is subject to all 

Commission regulations related thereto.

• Protection of Market Participants: COMEX Rulebook Chapters 4 and 5 contain multiple 

prohibitions precluding intermediaries from disadvantaging their customers. These rules apply to 

trading on all of the Exchange’s competitive trading venues and will be applicable to transactions 

in these Contracts.

• Disciplinary Procedures: Chapter 4 of the Rulebook contains provisions that allow the Exchange 

to discipline, suspend or expel members or market participants that violate the rules. Trading in 

these Contracts will be subject to Chapter 4, and the Market Regulation Department has the 

authority to exercise its enforcement power in the event rule violations in these Contracts are 

identified.

• Dispute Resolution: Disputes with respect to trading in the Contracts will be subject to the 

arbitration provisions set forth in Chapter 6 of the Rulebook. The rules in Chapter 6 allow all 

nonmembers to submit a claim for financial losses resulting from transactions on the Exchange to 

arbitration. A member named as a respondent in a claim submitted by a nonmember is required 

to participate in the arbitration pursuant to the rules in Chapter 6. Additionally, the Exchange 

requires that members resolve all disputes concerning transactions on the Exchange via arbitration.

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

the Contracts complies with the Act, including regulations under the Act. There were no substantive 

opposing views to the proposal.

The Exchange certifies that this submission has been concurrently posted on the CME Group website at

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

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

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

Sincerely, 

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachments: Exhibit A: COMEX Rulebook Chapters 124 and 125

Exhibit B: Position Limits, Position Accountability and Reportable Level Table in Chapter 

 5 of the COMEX Rulebook (attached under separate cover)

Exhibit C: Exchange Fees

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

 (blackline format)

Exhibit E: COMEX Rule 589. – Special Price Fluctuation Limits and Daily Price Limits 

 Table

Exhibit F: COMEX Rule 300.20. – Strike Price Listing and Exercise Procedures Table

Exhibit G: Cash Market Overview and Analysis of Deliverable Supply
5

Exhibit A

COMEX Rulebook

Chapter 124

Micro Gold Option

124100. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on the Micro Gold Futures contract. In 

addition to the rules of this chapter, transactions in options on Micro Gold Futures shall be subject to 

the general rules of the Exchange insofar as applicable.

1248101. OPTION CHARACTERISTICS

The number of months open for trading at a given time shall be determined by the Exchange.

For each Micro Gold Option month traded on the Exchange, the underlying Micro Gold Futures 

contract month shall be the February, April, June, August, October, or December Micro Gold Futures 

contract, determined as follows: 

Option Contract Months Listed Exercise into Underlying Futures

January, February February 

March, April April 

May, June June

July, August August 

September, October October 

November, December December

124101.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

124101.B. Trading Unit

A Micro Gold put or call option contract traded on the Exchange represents an option to assume a 

short or long position in the underlying futures contract traded on the Exchange.

124101.C. Price Increments

Prices shall be quoted in dollars and cents per ounce and prices shall be in multiples of $0.10 per 

troy ounce. 

124101.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

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

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

& Special Notices Section of Chapter 5.

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

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

Department may grant qualified exemptions in its sole discretion.

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

exemptions from the specified position limits.

124101.E. Termination of Trading

A Micro Gold option shall expire at the close of trading four business days prior to the end of the 

month preceding the option contract month; provided, however, that (1) if such day is a Friday, the 

expiration date shall be the preceding business day or (2) if such day is the day immediately prior to 

an Exchange holiday, the expiration date shall be the preceding business day. In the event that the 

official Exchange holiday schedule changes subsequent to the listing of a Micro Gold option, the 

originally listed expiration date shall remain in effect. In the event that the originally listed expiration 

day is declared a holiday, expiration will move to the business day immediately prior.

 
6

124101.F. Type Option

The option is an American-style option which can be exercised on any Business Day prior to and 

until expiration day. 

124102. EXERCISE PRICES AND CHARACTERISTICS 

Transactions shall be conducted for option contracts as set forth in Rule 300.20.

124103. SPECIAL PRICE FLUCTUATION LIMITS

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

as set forth in Rule 589 and in the Special Price Fluctuation Limits and Daily Price Limits Table in the 

Interpretations & Special Notices Section of Chapter 5.

Chapter 125

Micro Gold Weekly Option

125100. SCOPE OF CHAPTER

This chapter is limited in application to weekly put and call options on the Micro Gold Futures contract. 

In addition to the rules of this chapter, transactions in the Micro Gold Weekly Monday Option, Micro 

Gold Weekly Wednesday Option and Micro Gold Weekly Friday Option contracts shall be subject to 

the general rules of the Exchange insofar as applicable.

1258101. OPTION CHARACTERISTICS

The number of weeks open for trading at a given time shall be determined by the Exchange.

125101.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

125101.B. Trading Unit

A Gold Weekly call option traded on the Exchange represents an option to assume a long position in 

the closest to expiry of a non-spot February, April, June, August, October, or December Micro Gold 

Futures contract, unless such expiration day is after the expiry of the associated monthly option for 

those months. In such case, the contract will be exercisable into a future in the second closest to 

expiry February, April, June, August, October, or December Micro Gold Futures contract. A Gold 

Weekly put option traded on the Exchange represents an option to assume a short position in the 

closest to expiry of a non-spot February, April, June, August, October, or December Micro Gold 

Futures contract, unless such expiration day is after the expiry of the associated monthly option for 

those months. In such case, the contract will be exercisable into a future in the second closest to 

expiry February, April, June, August, October, or December Micro Gold Futures contract.

125101.C. Price Increments

Prices shall be quoted in dollars and cents per ounce and prices shall be in multiples of $0.10 per 

troy ounce. The minimum price increment will be $0.01.

125101.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

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

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

& Special Notices Section of Chapter 5.

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

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

Department may grant qualified exemptions in its sole discretion.

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

exemptions from the specified position limits.

125101.E. Termination of Trading

Micro Gold Weekly Monday Option

Options will expire at the close of trading on a Monday schedule. If such Monday is an Exchange 

holiday, the weekly option will not be listed for trading. 
7

Micro Gold Weekly Wednesday Option

Options will expire at the close of trading on a Wednesday schedule. If such Wednesday is an 

Exchange holiday, the weekly option will not be listed for trading. 

Micro Gold Weekly Friday Option

Options will expire at the close of trading on a Friday schedule. If such Friday is an Exchange holiday, 

the weekly option will not be listed for trading. 

125101.F. Type Option

The option is an American-style option which can be exercised on any Business Day prior to and 

until expiration day. 

125102. EXERCISE PRICES AND CHARACTERISTICS 

Transactions shall be conducted for option contracts as set forth in Rule 300.20.

125103. SPECIAL PRICE FLUCTUATION LIMITS

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

as set forth in Rule 589 and in the Special Price Fluctuation Limits and Daily Price Limits Table in the 

Interpretations & Special Notices Section of Chapter 5.

Exhibit B

COMEX Rulebook

Chapter 5

(“Trading Qualifications and Practices”)

Position Limits, Position Accountability and Reportable Level Table 

(attached under separate cover)
8

Exhibit C

Exchange Fees

Exchange Fees Member NonMember

CME Globex $0.37 $0.75

EFP $0.00 $0.00

Block $0.40 $0.83

EFR/EOO $1.68 $2.00

Processing Fees 

Member 

NonMember

Futures from Exercise/Assignment $0.37 $0.75

House 

Account 

Customer 

Account

Option Exercise/Assignment Notice $0.20 $0.43

Facilitation Fee $0.60

Give-Up Surcharge $0.05

Position Adjustment/Position Transfer $0.10

COMEX Lessee Surcharge $0.50

COMEX Lessee Trading Fee $0.125

Exhibit D

COMEX Rulebook

Chapter 5

(“Trading Qualifications and Practices”)

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

Metals Options

Globex Symbol Globex Non-Reviewable Ranges (NRR)

Micro Gold Option OMG

Micro Gold Weekly Monday Option 1MG-5MG

Micro Gold Weekly Wednesday Option 1WG-5WG

Micro Gold Weekly Friday Option 1FG-5FG

 The greater of the following: 

 •Delta multiplied by the underlying futures non-reviewable range

 •20% of premium up to 1⁄4 of the underlying futures non-reviewable range

 •2 ticks
9

Exhibit E

COMEX Rulebook

Chapter 5

(“Trading Qualifications and Practices”)

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

Exhibit F

COMEX Rulebook

Chapter 300

(“Options Contracts”)

Rule 300.20.- Strike Price Listing and Exercise Procedure Table

(attached under separate cover)

Product Rulebook Chapter Commodity Code Primary/Associated Associated With Dynamically Calculated Variant Daily Price Limit

Micro Gold Option 124 OMG Associated GC 

Micro Gold Weekly Monday Option 125 1MG-5MG Associated GC 

Micro Gold Weekly Wednesday Option 125 1WG-5WG Associated GC 

Micro Gold Weekly Friday Option 125 1FG-5FG Associated GC 
10

Exhibit G

Cash Market Overview and Analysis of Deliverable Supply

Appendix C to part 38 of the Commission’s regulations defines deliverable supply as “the quantity of the 

commodity meeting the contract’s delivery specifications that can reasonably be expected to be readily 

available to short traders and saleable by long traders at its market value in normal cash marketing channels 

at the derivative contract’s delivery points during the specified delivery period, barring abnormal movement 

in interstate commerce.”

The Contracts are referenced contracts that exercise into the Micro Gold Futures contract. These options 

contracts expire prior to the spot month limit taking affect but will be subject to federal position limits during 

the spot month upon exercise. The core referenced futures contract is the Gold Futures contract 

(Commodity Code: GC; Rulebook Chapter 113).

Deliverable supply is defined as material that is readily available and meets the Exchange futures contracts’ 

specifications in terms of shape, weight, and quality. As general practice, COMEX has relied on inventory 

stored in Exchange approved facilities to support spot month position limits of its physically delivered futures 

contracts. The proposal for spot month position limits for the Contracts is based on the deliverable supply 

analysis of their respective futures contracts as the option contracts will aggregate into the futures contracts 

for position limit purposes.

Stock Reporting Requirements

Pursuant to the Rules of the Exchange, each depository is required to report to the Exchange the level of 

Exchange grade inventory on a daily basis. The inventory shall include eligible and registered metal. Eligible 

metal shall mean all such metal that is acceptable for delivery against the respective Exchange futures 

contract (i.e., which meets the specifications and approved brands of the respective futures contract) for 

which a warrant has not been issued. Registered metal shall mean eligible metal for which a warrant has 

been issued. Specifically, on a daily basis, each depository is required to provide the Exchange (1) the total 

quantity of registered metal stored at the depository, (2) the total quantity of eligible metal stored at the 

depository, and (3) the quantity of eligible metal and registered metal received and withdrawn from the 

depository. 

The inventory levels at all Exchange-approved depositories for gold are made publicly available daily on 

the Exchange website.

1 Further, the Rules of the Exchange require an independent inventory audit to be 

performed annually to provide a comprehensive reconciliation of stocks stored at depositories with records 

maintained by both the Exchange and the depository.

2

Deliverable Supply Analysis

Gold

The Exchange determined at this time to base its estimates of deliverable supply of gold on registered stock 

as well as such gold stock meeting all specifications of the Gold futures contract stored at Exchange 

approved depositories. The Exchange recognizes that gold is used as an investment vehicle and as such 

some gold stock may be held as a long-term investment. While surveys conducted indicated no clear 

consensus as to how much gold is dedicated to long term investments, the Exchange, in an effort to 

1

http://www.cmegroup.com/market-data/reports/registrar-reports.html

2 https://www.cmegroup.com/rulebook/NYMEX/1/7.pdf
11

represent a conservative deliverable supply that may be readily available for delivery, made a determination 

to discount from its estimate of deliverable supply 50% of its reported eligible gold at this time.

As of August 31, 2023, the gold inventory held at Exchange approved depositories totaled 21,389,738.459 

troy ounces, the equivalent of 213,897 Gold futures contracts (contract size = 100 troy ounces). Exchange 

practice is to set spot month position limits at a maximum level of 25% of deliverable supply over the most 

recent three-year period. Deliverable supply is calculated as the sum of total reported registered gold with 

total reported eligible gold, after taking a 50% discount for eligible gold. Table 1 below shows the monthly 

average gold stocks in Exchange approved depositories for the most recent three-year period in contract 

equivalents. 

Inventory in Exchange Approved Depositories for Gold

Table 1. below provides the monthly inventory average of each of registered and eligible gold stored at 

Exchange approved depositories for the period beginning September 2020 through August 2023.

Over the September 2020 through August 2023, the monthly average registered gold was 157,626 futures 

equivalent contracts. The monthly average eligible gold was 76,683 futures equivalent contracts accounting 

for a 50% discount. Based on the foregoing, the Exchange estimates monthly deliverable supply for the 

Gold Futures (GC) contract at approximately 234,309 futures equivalent contracts. 

 

Table 1. Monthly Average Stock Levels at Exchange Approved Depositories for Gold (in Contract 

Equivalents)

Month Registered Eligible Total

Sep-20 161,253 102,879 264,131

Oct-20 176,351 99,284 275,635

Nov-20 173,478 100,366 273,844

Dec-20 187,778 94,726 282,504

Jan-21 190,268 97,361 287,630

Feb-21 195,385 99,087 294,472

Mar-21 183,689 98,028 281,718

Apr-21 178,751 88,797 267,548

May-21 176,461 84,526 260,986

Jun-21 185,605 82,265 267,870

Jul-21 186,556 83,709 270,266

Aug-21 187,036 81,271 268,307

Sep-21 182,929 79,071 262,000

Oct-21 176,621 79,775 256,396

Nov-21 176,586 78,369 254,956

Dec-21 177,723 80,997 258,721

Jan-22 175,850 79,716 255,566

Feb-22 172,939 76,879 249,818

Mar-22 175,910 80,987 256,897

Apr-22 183,227 87,834 271,061

May-22 180,960 88,305 269,265

Jun-22 175,555 82,355 257,911
12

Jul-22 160,863 78,461 239,324

Aug-22 143,286 72,803 216,089

Sep-22 132,790 68,757 201,547

Oct-22 121,216 67,611 188,828

Nov-22 111,876 64,007 175,883

Dec-22 115,639 58,759 174,398

Jan-23 110,896 57,949 168,845

Feb-23 110,096 54,645 164,741

Mar-23 111,227 51,541 162,768

Apr-23 122,902 48,623 171,525

May-23 122,340 51,960 174,300

Jun-23 117,201 54,688 171,889

Jul-23 118,574 52,193 170,767

Aug-23 114,721 51,988 166,709

3-Year 

Average 157,626 76,683 234,309

Source: CME Group

The current spot month position limit of 6,000 contracts represents 2.6% of the estimated monthly 

deliverable supply. Therefore, the proposed spot month position limit for the Micro Gold Option, Micro Gold 

Weekly Monday Option, Micro Gold Weekly Wednesday Option and Micro Gold Weekly Friday Option is 

6,000 contracts as these contracts would aggregate into Gold Futures, which is a referenced contract, for 

position limit purposes.