SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-471 (4 of 6)

Organization: Commodity Exchange, Inc. (“COMEX”)

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 12/21/23 Filing Description: Initial Listing of Tuesday and 

Thursday Weekly Option Contracts on Gold, Silver, and Copper Futures

SPECIFY FILING TYPE 

Please note only ONE choice allowed per Submission.

Organization Rules and Rule Amendments

Certification § 40.6(a)

Approval § 40.5(a)

Notification § 40.6(d)

Advance Notice of SIDCO Rule Change § 40.10(a)

SIDCO Emergency Rule Change § 40.10(h)

Rule Numbers: 

New Product Please note only ONE product per Submission.

Certification § 40.2(a) 

Certification Security Futures § 41.23(a)

Certification Swap Class § 40.2(d)

Approval § 40.3(a)

Approval Security Futures § 41.23(b)

Novel Derivative Product Notification § 40.12(a)

Swap Submission § 39.5

Official Product Name: See filing.

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

Certification § 40.6(a) 

Certification Made Available to Trade Determination § 40.6(a)

Certification Security Futures § 41.24(a)

Delisting (No Open Interest) § 40.6(a) 

Approval § 40.5(a)

Approval Made Available to Trade Determination § 40.5(a)

Approval Security Futures § 41.24(c)

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

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

Notification § 40.6(d)

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

Rule Numbers: 
20 S Wacker Dr Chicago, IL 60606 T 312 466 7478 tim.elliott@cmegroup.com cmegroup.com

1

Timothy Elliott 

Managing Director and Chief Regulatory Counsel

Legal Department

December 21, 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 40.2(a) Certification. Initial Listing of Tuesday and Thursday 

Weekly Option Contracts on Gold, Silver, and Copper Futures.

COMEX Submission No. 23-471 (4 of 6)

Dear Mr. Kirkpatrick:

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

Commission (“CFTC” or “Commission”) the initial listing of Tuesday and Thursday weekly option contracts 

on Gold, Silver, and Copper futures as noted in the table below (the “Contracts”) for trading on the CME 

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

effective Sunday, January 21, 2024, for trade date Monday, January 22, 2024.

Contract Title

Gold Weekly Tuesday 

Option

Silver Weekly Tuesday 

Option 

Copper Weekly Tuesday 

Option

Gold Weekly Thursday 

Option

Silver Weekly Thursday 

Option

Copper Weekly Thursday 

Option

Commodity Code

G1T, G2T, G3T, G4T, G5T S1T, S2T, S3T, S4T, S5T H1T, H2T, H3T, H4T, H5T

G1R, G2R, G3R, G4R, G5R R1S, R2S, R3S, R4S, R5S H1R, H2R, H3R, H4R, H5R

Rulebook Chapter 1008 1009 1010

Underlying 

Futures Contract Gold Futures (GC) Silver Futures (SI) Copper Futures (HG)

Contract Size 100 troy ounces 5,000 troy ounces 25,000 pounds

Price Quotation US dollars and cents per troy 

ounce

US dollars and cents per troy 

ounce

US dollars and cents per 

pound

Minimum Price 

Fluctuation $0.10 per troy ounce $0.001 per troy ounce $0.0005 per pound

Value per Tick $10.00 $5.00 $12.50 

Option Exercise 

Style American - exercises into the underlying futures

Listing Schedule Weekly contracts listed for 4 weeks. No weekly contract will be listed if the expiration is the same 

day as the monthly option expiration

Initial Listing 

Schedule

G4T, G5T, G1T, G2T S4T, S5T, S1T, S2T H4T, H5T, H1T, H2T

G1R, G2R, G3R, G4R R1S, R2S, R3S, R4S H1R, H2R, H3R, H4R
20 S Wacker Dr Chicago, IL 60606 T 312 466 7478 tim.elliott@cmegroup.com cmegroup.com

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Strike Price 

Increments

Minimum 40 strikes at $5.00 

per troy ounce increment 

above and below the at-the 

money strike plus dynamic 

strikes at $5.00 per troy 

ounce increment above and 

below the highest and lowest 

pre-listed strikes.

Minimum 20 strikes at $0.05 

per troy ounce increment 

above and below the at-themoney strike then 20 strikes at 

$0.25 per troy ounce 

increment above and below 

the highest and lowest prelisted 0.05 increment plus 

dynamic strikes at $0.05 per 

troy ounce increment.

Minimum 20 strikes at $0.05 

per pound increment above 

and below the at-the-money 

strike plus dynamic strikes at 

$0.05 per pound increment 

above and below the highest 

and lowest pre-listed strikes.

Block Trade 

Minimum 

Threshold

10 contracts - subject to a 15-minute reporting window

Termination of 

Trading

Trading terminates on Tuesday of the contract week 

Trading terminates on Thursday of the contract week 

CME Globex 

Matching 

Algorithm

K – Configurable F - FIFO F - FIFO

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: 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 new Gold, Silver, and Copper weekly option contracts are referenced contracts that exercise into the 

core referenced Gold Futures (Commodity Code: GC; Rulebook Chapter: 113), Silver Futures (Commodity 

Code: SI; Rulebook Chapter 116, and Copper Futures (Commodity Code: HG, Rulebook Chapter 111), 

respectively. These new weekly option contracts expire prior to the spot month limits taking effect for the 

corresponding core referenced futures contract.

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 COMEX Rulebook 

Chapter 4 which includes prohibitions against fraudulent, noncompetitive, unfair and abusive 

practices. Additionally, trading in these contracts will also be subject to the full panoply of trade 

practice rules, the majority of which are contained in Chapter 5 of the Rulebook. As with all products 

listed for trading on one of CME Group’s designated contract markets, activity in these 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. 

• Contracts 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 COMEX

Rulebook which include prohibitions on manipulation, price distortion and disruptions of the delivery 

or cash-settlement 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.
20 S Wacker Dr Chicago, IL 60606 T 312 466 7478 tim.elliott@cmegroup.com cmegroup.com

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• 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 

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 non-member 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 the 

Contracts comply 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.
20 S Wacker Dr Chicago, IL 60606 T 312 466 7478 tim.elliott@cmegroup.com cmegroup.com

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Should you have any questions concerning the above, please contact the undersigned at (312) 466-7478 

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

Sincerely, 

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel

Attachments: Exhibit A Amendments to COMEX Rulebook Chapters 1008; 1009; and 1010

Exhibit B Exchange Fees

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

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

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

Table

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

Limits Table

Exhibit F COMEX Rulebook Chapter 300 - Strike Price Listing and Exercise 

Procedures Table

Exhibit G Analysis of Deliverable Supply
5

Exhibit A

COMEX Rulebook

(additions underscored)

Chapter 1008

Gold Weekly Option

1008100. SCOPE OF CHAPTER

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

to the Rules of this chapter, transactions in the Gold Weekly Monday Option, Gold Weekly Tuesday Option,

Gold Weekly Wednesday Option, Gold Weekly Thursday Option and Gold Weekly Friday Option contracts 

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

1008101. OPTION CHARACTERISTICS

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

1008101.A. Trading Schedule

The hours of trading for these contracts shall be determined by the Exchange.

1008101.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 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 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 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 Gold Futures contract.

1008101.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. 

1008101.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.

1008101.E. Termination of Trading

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.

Gold Weekly Tuesday Option
6

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

the weekly option will not be listed for trading.

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.

Gold Weekly Thursday Option

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

the weekly option will not be listed for trading.

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.

1008101.F. Type Option

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

expiration day. 

1008101.G. 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 Table in the Interpretations & Special Notices 

Section of Chapter 5.

1008102. EXERCISE PRICES AND CHARACTERISTICS 

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

Chapter 1009

Silver Weekly Option

1009100. SCOPE OF CHAPTER

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

addition to the Rules of this chapter, transactions in the Silver Weekly Monday Option, Silver Weekly 

Tuesday Option, Silver Weekly Wednesday Option, Silver Weekly Thursday Option and Silver 

Weekly Friday Option contracts shall be subject to the general Rules of the Exchange insofar as 

applicable.

1009101. OPTION CHARACTERISTICS

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

1009101.A. Trading Schedule

The hours of trading for these contracts shall be determined by the Exchange.

1009101.B. Trading Unit

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

in the closest to expiry of a non-spot March, May, July, September, or December Silver 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 

March, May, July, September, or December Silver Futures contract.

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

in the closest to expiry of a non-spot March, May, July, September, or December Silver Futures 

contract, unless such expiration day is after the expiry of the associated monthly option for those 
7

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

March, May, July, September, or December Silver Futures contract.

1009101.C. Price Increments

Prices shall be quoted in dollars and cents per ounce and prices shall be in multiples of $0.001 per 

troy ounce. The minimum price increment will be $0.001. 

1009101.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.

1009101.E. Termination of Trading

Silver 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.

Silver Weekly Tuesday Option

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

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

Silver 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.

Silver Weekly Thursday Option

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

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

Silver 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

1009101.F. Type Option

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

until expiration day. 

1009101.G. 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 Table in the Interpretations & 

Special Notices Section of Chapter 5.

1009102. EXERCISE PRICES AND CHARACTERISTICS

Transactions shall be conducted for option contracts as set forth in Rule 300.20.
8

Chapter 1010

Copper Weekly Option

1010100. SCOPE OF CHAPTER

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

In addition to the Rules of this chapter, transactions in the Copper Weekly Monday Option, Copper 

Weekly Tuesday Option, Copper Weekly Wednesday Option, Copper Weekly Thursday Option and 

Copper Weekly Friday Option contracts shall be subject to the general Rules of the Exchange insofar 

as applicable.

1010101. OPTION CHARACTERISTICS

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

1010101.A. Trading Schedule

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

1010101.B. Trading Unit

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

in the closest to expiry of a non-spot March, May, July, September, or December Copper 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 

March, May, July, September, or December Copper Futures contract.

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

in the closest to expiry of a non-spot March, May, July, September, or December Copper 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 

March, May, July, September, or December Copper Futures contract.

1010101.C. Price Increments

Prices shall be quoted in dollars and cents per pound and prices shall be in multiples of $0.0005 per 

pound. The minimum price increment will be $0.0005. 

1010101.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.

1010101.E. Termination of Trading

Copper 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.

Copper Weekly Tuesday Option

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

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

Copper 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.
9

Copper Weekly Thursday Option

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

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

Copper 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.

1010101.F. Type Option

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

until expiration day. 

1010101.G. 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 Table in the 

Interpretations & Special Notices Section of Chapter 5.

1010102. EXERCISE PRICES AND CHARACTERISTICS

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

Exhibit B

Exchange Fees

Member Non-Member

CME Globex $0.70 $1.50

Block $0.80 $1.65

EFR/EOO $0.85 $1.55

Processing Fees House Account 

Customer 

Account

Option Exercise/Assignment Notice $0.40 $0.85

Fee

Facilitation Fee $0.50

Give-Up Surcharge $0.05

Position Adjustment/Position 

Transfer $0.10
10

Exhibit C

COMEX Rulebook

Chapter 5

(“Trading Qualifications and Practices”)

Position Limit, Position Accountability, and Reportable Level Table

(attached under separate cover)

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)

Gold Weekly Tuesday Option G1T-G5T 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 Gold Weekly Thursday Option G1R-G5R

Silver Weekly Tuesday Option S1T-S5T 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

Silver Weekly Thursday Option R1S-R5S •2 ticks

Copper Weekly Tuesday Option H1T-H5T 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

Copper Weekly Thursday Option H1R-H5R •5 ticks
11

Exhibit E

COMEX Rulebook

Chapter 5

(“Trading Qualifications and Practices”)

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

Product Rulebook 

Chapter

Commodity 

Code Primary/Associated Associated With

Dynamically 

Calculated 

Variant

Daily 

Price 

Limit

Gold 

Weekly 

Tuesday 

Option

1008

G1T, G2T, 

G3T, G4T, 

G5T

Associated GC 

Gold 

Weekly 

Thursday 

Option

1008

G1R, G2R, 

G3R, G4R, 

G5R

Associated GC 

Silver 

Weekly 

Tuesday 

Option

1009

S1T, S2T, 

S3T, S4T, 

S5T

Associated SI 

Silver 

Weekly 

Thursday 

Option

1009

R1S, R2S, 

R3S, R4S, 

R5S

Associated SI 

Copper 

Weekly 

Tuesday 

Option

1010

H1T, H2T, 

H3T, H4T, 

H5T

Associated HG 

Copper 

Weekly 

Thursday 

Option

1010

H1R, H2R, 

H3R, H4R, 

H5R

Associated HG 
12

Exhibit F

COMEX Rulebook

Chapter 300

(“Option Contracts”)

Strike Price Listing and Exercise Procedure Table

Commodity 

Code 

CME 

Globex 

Code

Product 

Name

Product 

Group

Product 

Subgroup Exchange Rulebook Chapter Strike Price Listing Rule Exercise Style

Margin 

Style

Contrary 

Instructions

Exact At-TheMoney 

Characteristics

Underlying 

Commodity 

Code

Underlying 

Product 

Name

G1T-G5T G1T-G5T

Gold 

Weekly 

Tuesday 

Option

Metals Precious COMEX 1008

Minimum 40 strikes at $5.00 

per troy ounce increment 

above and below the at-the 

money strike plus dynamic 

strikes at $5.00 per troy 

ounce increment above and 

below the highest and 

low est pre-listed strikes.

American Equity 

Style No Exercise Calls - Abandon Puts

GC Gold 

Futures

G1R-G5R G1R-G5R

Gold 

Weekly 

Thursday 

Option

Metals Precious COMEX 1008

Minimum 40 strikes at $5.00 

per troy ounce increment 

above and below the at-the 

money strike plus dynamic 

strikes at $5.00 per troy 

ounce increment above and 

below the highest and 

low est pre-listed strikes.

American Equity 

Style No Exercise Calls - 

Abandon Puts

GC Gold 

Futures

S1T-S5T S1T-S5T

Silver 

Weekly 

Tuesday 

Option

Metals Precious COMEX 1009

Minimum 20 strikes at $0.05 

per troy ounce increment 

above and below the at-themoney strike then 20 strikes 

at $0.25 per troy ounce 

increment above and below 

the highest and low est prelisted 0.05 increment plus 

dynamic strikes at $0.05 per 

troy ounce increment.

American

Equity 

Style No

Exercise Calls - 

Abandon Puts SI Silver Futures

R1S-R5S R1S-R5S

Silver 

Weekly 

Thursday 

Option

Metals Precious COMEX 1009

Minimum 20 strikes at $0.05 

per troy ounce increment 

above and below the at-themoney strike then 20 strikes 

at $0.25 per troy ounce 

increment above and below 

the highest and low est prelisted 0.05 increment plus 

dynamic strikes at $0.05 per 

troy ounce increment.

American

Equity 

Style No

Exercise Calls - 

Abandon Puts SI Silver Futures

H1T-H5T H1T-H5T

Copper 

Weekly 

Tuesday 

Option

Metals Base COMEX 1010

Minimum 20 Strikes at $0.05 

per pound increment above 

and below the at-the-money 

strike plus dynamic strikes 

at $0.05 per pound 

increment above and below 

the highest and low est prelisted strikes.

American Equity 

Style No Exercise Calls - Abandon Puts

HG Copper 

Futures

H1R-H5R H1R-H5R

Copper 

Weekly 

Thursday 

Option

Metals Base COMEX 1010

Minimum 20 Strikes at $0.05 

per pound increment above 

and below the at-the-money 

strike plus dynamic strikes 

at $0.05 per pound 

increment above and below 

the highest and low est prelisted strikes.

American Equity 

Style No Exercise Calls - 

Abandon Puts

HG Copper 

Futures
13

Exhibit G

Deliverable Supply Analysis

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.”

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 

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 October 31, 2023, the gold inventory held at Exchange approved depositories totaled 19,916,440.753 

troy ounces, the equivalent of 199,164 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.

1

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

2 https://www.cmegroup.com/rulebook/NYMEX/1/7.pdf
14

Inventory in Exchange Approved Depositories for Gold

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

approved depositories for the period beginning November 2020 through October 2023.

Over the November 2020 through October 2023 period, the monthly average registered gold was 154,030

futures equivalent contracts. The monthly average eligible gold was 73,894 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 227,924 futures equivalent contracts. 

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

Equivalents)

Month

Average of 

Registered 

(in contract 

equivalents)

Average of Eligible 

(with 50% reduction) 

(in contract 

equivalents)

Average 

Inventory 

Total

(in contract 

equivalents)

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 

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 
15

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 

Sep-23 107,724 51,128 158,851 

Oct-23 100,428 50,645 151,073 

3-year 

average 154,030 73,894 227,924 

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 Gold Weekly Tuesday Option 

and Gold Weekly Thursday Option is 6,000 contracts. 

Silver

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

stock as well as such silver stock meeting all specifications of the Silver Futures contract stored at Exchange 

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

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

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

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 silver at this time.

As of October 31, 2023, the silver inventory held at Exchange approved depositories totaled 

267,869,811.584 troy ounces, the equivalent of 53,574 Silver futures contracts (contract size = 5,000 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 silver with total reported eligible silver, after taking a 50% discount for eligible silver. Table 1 

below shows the monthly average silver stocks in Exchange approved depositories for the most recent 

three-year period in contract equivalents.

Inventory in Exchange Approved Depositories for Silver

Table 2 below provides the monthly inventory average of registered and eligible silver stored at Exchange 

approved depositories for the period beginning November 2020 through October 2023. 

Over the November 2020 through October 2023 period, the monthly average registered silver was 15,402 

futures equivalent contracts. The monthly average eligible silver was 25,368 futures equivalent contracts 

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

for the Silver Futures (SI) contract at approximately 40,770 futures equivalent contracts. 

Table 2. Monthly Average Stock Levels at Exchange Approved Depositories for Silver (in Contract 

Equivalents)
16

Month

Average of 

Registered 

(in contract 

equivalents)

Average of Eligible 

(with 50% reduction) 

(in contract 

equivalents)

Average Inventory 

Total

(in contract 

equivalents)

Nov-20 27,967 24,453 52,420 

Dec-20 29,965 24,386 54,351 

Jan-21 30,052 24,685 54,738 

Feb-21 29,113 25,087 54,200 

Mar-21 25,628 24,939 50,567 

Apr-21 24,084 24,448 48,532 

May-21 23,028 24,176 47,203 

Jun-21 22,120 24,402 46,522 

Jul-21 22,152 24,115 46,268 

Aug-21 21,516 25,339 46,855 

Sep-21 20,651 25,761 46,412 

Oct-21 19,691 25,933 45,624 

Nov-21 19,459 25,566 45,025 

Dec-21 18,430 26,291 44,721 

Jan-22 16,364 27,265 43,628 

Feb-22 16,506 26,843 43,349 

Mar-22 17,840 25,369 43,209 

Apr-22 17,074 24,954 42,028 

May-22 15,933 25,717 41,650 

Jun-22 14,272 26,513 40,784 

Jul-22 12,428 27,740 40,168 

Aug-22 10,821 27,811 38,632 

Sep-22 8,945 27,476 36,421 

Oct-22 7,646 26,873 34,519 

Nov-22 7,040 26,236 33,276 

Dec-22 6,945 26,436 33,381 

Jan-23 6,657 26,225 32,881 

Feb-23 6,498 25,735 32,233 

Mar-23 7,474 24,600 32,073 

Apr-23 6,675 24,027 30,702 

May-23 6,115 24,115 30,230 

Jun-23 5,992 24,202 30,194 

Jul-23 6,967 24,329 31,296 

Aug-23 6,613 24,623 31,236 

Sep-23 8,282 23,214 31,496 

Oct-23 7,539 23,369 30,907 

3-year

average 15,402 25,368 40,770 
17

Source: CME Group

The current spot month position limit of 3,000 contracts represents 7.4% of the estimated monthly 

deliverable supply. Therefore, the proposed spot month position limit for the Silver Weekly Tuesday Option 

and Silver Weekly Thursday Option is 3,000 contracts.

Copper

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

stock as well as such copper stock meeting all specifications of the Copper Futures contract stored at 

Exchange approved warehouses. 

As of October 31, 2023, the copper inventory held at Exchange approved warehouse totaled 21,322 short 

tons, the equivalent of 1,706 Copper futures contracts (contract size = 25,000 pounds). 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 copper with total 

reported eligible copper. Table 3 below shows the monthly average copper stocks in Exchange approved 

warehouses for the most recent three-year period in contract equivalents.

Inventory in Exchange Approved Warehouses for Copper 

Table 3 below provides the monthly inventory average of registered and eligible copper stored at Exchange 

approved warehouses for the period beginning November 2020 through October 2023. 

Over the November 2020 through October 2023 period, the monthly average registered copper was 3,691 

futures equivalent contracts. The monthly average eligible copper was 565 futures equivalent contracts. 

Based on the foregoing, the Exchange estimates monthly deliverable supply for the Copper Futures (HG) 

contract at approximately 4,256 futures equivalent contracts. 
18

Table 3. Monthly Average Stock Levels at Exchange Approved Warehouses for Copper (in Contract 

Equivalents)

Month

Average of 

Registered 

(in contract 

equivalents)

Average of 

Eligible 

(in contract 

Equivalents)

Average 

Inventory Total 

(in contract 

Equivalents)

Nov-20 6,375 159 6,534 

Dec-20 5,914 385 6,298 

Jan-21 5,745 417 6,162 

Feb-21 4,461 989 5,450 

Mar-21 4,636 1,013 5,649 

Apr-21 4,291 1,190 5,481 

May-21 4,025 1,045 5,070 

Jun-21 3,661 695 4,356 

Jul-21 3,491 196 3,688 

Aug-21 3,646 179 3,825 

Sep-21 3,995 211 4,206 

Oct-21 4,276 241 4,517 

Nov-21 4,319 361 4,680 

Dec-21 4,518 435 4,953 

Jan-22 5,368 878 6,246 

Feb-22 5,323 766 6,089 

Mar-22 5,191 562 5,753 

Apr-22 5,438 915 6,353 

May-22 5,495 1,066 6,561 

Jun-22 5,420 887 6,307 

Jul-22 4,578 672 5,250 

Aug-22 3,467 990 4,457 

Sep-22 2,710 1,015 3,724 

Oct-22 2,315 956 3,271 

Nov-22 2,359 578 2,938 

Dec-22 2,502 332 2,834 

Jan-23 2,310 264 2,573 

Feb-23 1,428 365 1,793 

Mar-23 1,169 66 1,235 

Apr-23 1,720 155 1,874 

May-23 2,127 86 2,213 

Jun-23 2,185 178 2,363 

Jul-23 2,399 900 3,300 

Aug-23 2,281 903 3,184 

Sep-23 1,999 120 2,119 
19

Oct-23 1,741 165 1,906 

3-year 

average 3,691 565 4,256 

Source: CME Group

The current spot month position limit of 600 contracts represents 14.10% of the estimated monthly 

deliverable supply. Therefore, the proposed spot month position limit for the Copper Weekly Tuesday 

Option and Copper Weekly Thursday Option is 600 contracts as these contracts shall aggregate into 

Copper Futures.