North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

Donald L. Horwitz

+1 (312) 884-0953

Donald.horwitz@nadex.com

November 13, 2014

Via CFTC Portal Submissions

Mr. Christopher Kirkpatrick

Secretary of the Commission

Office of the Secretariat

Commodity Futures Trading Commission

3 Lafayette Centre 

1155 21st Street, N.W. 

Washington D.C. 20581

RE: Self-Certification of Rule Amendments: Nadex Adds Additional Strikes in its 

AUD/USD, EUR/USD, and USD/JPY Intraday 2-Hour Binary Contracts and 

Amends Rollover Schedule for its Japan 225 Contracts – Submission Pursuant to 

Commission Regulation §40.6(a)

Dear Mr. Kirkpatrick:

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and 

section §40.6(a) of the regulations promulgated by the Commodity Futures Trading Commission 

(the “Commission”) under the Act (the “Regulations”), North American Derivatives Exchange, 

Inc. (“Nadex”, the “Exchange”) hereby submits to the Commission its intent to add additional

strikes to its AUD/USD, EUR/USD, and USD/JPY Intraday 2-Hour Binary Contracts. Nadex is 

also amending the rollover schedule for its Japan 225 Contracts, and condensing the contract 

specifications in all currency binary contracts.

The Nadex AUD/USD, EUR/USD, and USD/JPY Intraday 2-Hour Binary Contracts are 

the most popular of the forex 2-Hour Binary Contracts. In order to increase the number of inthe-money strikes and afford its Members greater trading opportunities during volatile markets,

Nadex plans to add 4 additional strikes in each of the three currencies. 
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This submission also amends the rollover schedule for the underlying futures month for 

the Japan 225 Binary Contracts. Presently, the last day on which a delivery month is used as the 

underlying for the Nadex Japan 225 Contracts is the first Friday of the month of the underlying 

futures contracts expiration date. This has the potential to cause delays in settlement value 

calculation of the Nadex Japan 225 contracts if the underlying futures volume has not rolled to 

the next delivery month, leaving a thinly traded underlying market in the current delivery month 

from which Nadex must collect the final 25 underlying trades to use in the settlement value 

calculation of its binary contracts. Nadex is amending its rollover schedule to reflect that the last 

day on which a delivery month will be used as the underlying for the Nadex Japan 225 Contracts 

will be the third to last business day prior to the last trade date of the underlying SGX Nikkei 225 

Index Futures contracts expiring delivery month. This will enable a faster and more accurate 

settlement value as the recently rolled underlying futures month will have a more active and 

robust market from which Nadex collects the trade prices used in settlement calculation.

Finally, this submission includes amendments to all Currency Binary Contracts, and the

FTSE 100, Germany 30, and Japan 225 Binary Contracts to condense the contract specifications 

set forth in these Rules. Currently, these Rules identify the exact contract formula for each strike 

level individually. As the number of contracts offered by Nadex continues to grow, this process 

of identifying each strike level in the Rulebook has become impractical, and has added 

unnecessary length to the Rulebook. Accordingly, Nadex has condensed this information into 

manageable subsections which will continue to identify the contract’s expiration time, strike 

width, and the number of strikes that will be listed. The Rule will also provide a summary of the 

strike level generation process with one example, rather than listing each strike level 

individually. Thus the same information will be provided to the public, albeit in a shorter and 

more readable and user-friendly format.

Additional Currency Strikes DCM Core Principle Compliance

Nadex has identified the following Designated Contract Market (“DCM”) Core Principles 

as potentially being impacted by the addition of four strikes in each of the AUD/USD, 

EUR/USD, and USD/JPY Intraday 2-Hour Binary Contracts: Core Principle 2 Regulations

38.156 Automated trade surveillance system and 38.157 Real-time market monitoring; Core 

Principle 3 Contracts not readily subject to manipulation; Core Principle 4 Regulations 38.250 

and 38.251 Prevention of market disruption general requirements; Core Principle 7 Availability 

of general information; and Core Principle 8 Daily publication of trading information.

Core Principle 2 Regulations 38.156 and 38.157 require the DCM to maintain an 

automated trade surveillance system capable of detecting and investigating potential trade 

practice violations, and to conduct real-time market monitoring of all trading activity. Nadex 
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20141113(1)

uses the automated SMARTS® surveillance system to aid in the ongoing monitoring of all 

trading activity, and has the capability of detecting potential trade practice violations based on 

the parameters set by the DCM. This surveillance system monitors activity in real-time and as 

with all contracts, day or night, the system will continue to monitor the additional currency 

strikes. Additionally, Nadex staff monitors trading activity, and has access to technical support 

from parent offices in the United Kingdom and Australia in addition to hot-line support by 

Nadex IT staff. Therefore, the listing of the additional currency strikes will not negatively 

impact Nadex’s ability to comply with these Core Principles.

Core Principles 3 and 4 require the DCM to list only contracts that are not readily 

susceptible to manipulation and to prevent market disruption. Nadex is already listing strikes in 

the AUD/USD, EUR/USD, and USD/JPY Intraday 2-Hour Binary Contracts with expirations 

from 8:00PM through 5:00PM ET (no 6:00PM or 7:00PM expirations). Therefore Nadex has 

already determined that the contracts listed in these Intraday currencies with these particular 

expiration times are not readily susceptible to manipulation and are not likely to cause market 

disruption. The additional strikes in these currencies will be structured in the same manner, 

expire at the same times, and have the same settlement process which mitigates the possibility of 

manipulation, as those contracts currently listed. The addition of strikes is merely providing 

participants a greater range of in-the-money trading opportunities. Like all other Contracts listed 

on the Exchange, Nadex has designated a market maker who is obligated to provide liquidity in 

these contracts, limiting opportunities for the market to be manipulated. Nadex also uses the 

SMARTS surveillance system to assist with market monitoring and has a staff dedicated to 

market surveillance. Therefore, Nadex’s ability to comply with these Core Principles will not be 

negatively impacted. 

Core Principles 7 and 8 require the DCM to make available to the public accurate 

information regard the contract terms and conditions, as well as daily information on contracts 

such as settlement price, volume, open interest, and opening and closing ranges. Nadex makes 

available on its website the Exchange Rulebook, as well as the Daily Bulletin which contains the 

preceding information. The Results page on the website also publishes the Expiration Value and 

Settlement Value for all Nadex contracts settled during that week. Contract specifications in the 

Nadex Rulebook will be amended to reflect the new strike levels in the AUD/USD, EUR/USD, 

and USD/JPY Intraday 2-Hour Binary Contracts and will be made available on the Nadex 

website. Daily settlement prices, volume, open interest, and opening and closing ranges for the 

new strike levels will be included on the Daily Bulletin and posted on the Nadex website. 

Therefore, the listing of additional strikes in the AUD/USD, EUR/USD, and USD/JPY Intraday 

2-Hour Binary Contracts will not negatively impact Nadex’s ability to comply with these Core 

Principles.
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20141113(1)

Additional Currency Strikes DCO Core Principle Compliance

Nadex has identified the following Derivatives Clearing Organization (“DCO”) Core 

Principles as potentially being impacted by the addition of strikes in the AUD/USD, EUR/USD, 

and USD/JPY Intraday 2-Hour Binary Contracts: Core Principle C Participant and Product 

Eligibility; and Core Principle L Public Information. 

Core Principle C requires the DCO to determine the eligibility of contracts for clearing. 

Nadex is already listing strikes in the AUD/USD, EUR/USD, and USD/JPY Intraday 2-Hour 

Binary Contracts with expirations from 8:00PM through 5:00PM ET (no 6:00PM or 7:00PM 

expirations). Therefore Nadex has already determined that the contracts in these currencies are 

eligible for clearing. The additional strikes in these currencies will be structured in the same 

manner, expire at the same times, and have the same settlement process which mitigates the 

possibility of manipulation, as those contracts currently being cleared by the DCO. Liquidity in 

these markets will not be affected by the additional strikes as Nadex has a dedicated market 

maker who is obligated to provide a market for these contracts, including all strikes, pursuant to 

the Market Maker Agreement. Nadex therefore believes the additional strikes are appropriate 

and eligible for clearing. Finally, all trading in these strikes, like all Nadex contracts, will be 

conducted on a fully-collateralized basis, thereby mitigating any credit risk of a particular 

member to Nadex or other market participant. 

Core Principle L requires the DCO to make available to the public the terms and 

conditions of each contract, as well as the daily settlement prices, volume, and open interest of 

the contract. As stated previously, the Rulebook, which contains the terms and conditions for 

each contract, is made available to the public on the Nadex website. Settlement values for the 

additional AUD/USD, EUR/USD, and USD/JPY Intraday 2-hour Binary strikes will be listed on 

the Nadex website on the ‘Results Page’, as well as the Daily Bulletin which also shows volume 

and open interest. Therefore, the addition of strikes in these products will not negatively impact 

Nadex’s ability to comply with this Core Principle.

Amendments to Japan 225 Rollover Schedule DCM Core Principles

Nadex has identified the following DCM Core Principles as potentially being impacted 

by the amendment of the of the rollover schedule for the Japan 225 Contracts to align the 

schedule with the volume roll in the corresponding underlying futures month: Core Principle 3

Regulation 38.200 Contracts not readily subject to manipulation and Core Principle 4 Regulation

38.255 Risk controls for trading.
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Core Principle 3 Regulation 38.200 requires the DCM to only list contracts that are not 

readily susceptible to manipulation, and Core Principle 4 Regulation 38.255 requires the DCM to 

establish and maintain risk control mechanisms to prevent and reduce the potential risk of price 

distortions and market disruptions. By aligning the rollover schedule for the underlying futures 

month used in the settlement calculation of the Nadex Japan 225 Contracts with the volume roll 

in the corresponding underlying futures month, the potential for manipulation of the settlement 

value in these contracts is minimized as the value would be calculated based on the more actively 

traded underlying futures month, thereby preventing the likelihood an individual could 

manipulate the settlement value by placing extraneous trades in the underlying in an attempt to 

move the market. Thus, this change will not negatively impact Nadex’s ability to comply with 

these principles.

Amendments to Japan 225 Rollover Schedule DCO Core Principles

Nadex has not identified any DCO Core Principles that will be affected by the 

amendment to its rollover schedule for the Japan 225 Contracts.

Condensed Rulebook DCM Core Principles

Nadex has identified the following DCM Core Principle as potentially being impacted by 

Nadex’s amendments to condense its Rulebook: Core Principle 7 Availability of General 

Information.

Core Principle 7 requires the DCM to make available to the public accurate information 

regarding the contract terms and conditions. Nadex makes this information available to the 

public in its Rulebook which can be found on the Nadex website. Nadex will continue to make 

its contract terms and conditions publicly available in its Rulebook on the website, but in a 

condensed version which Nadex believes participants will find to be a more user-friendly format. 

Therefore, the amendments to condense the Rulebook will not negatively affect Nadex’s ability 

to comply with this Core Principle. 

Condensed Rulebook DCO Core Principles

Nadex has identified the following DCO Core Principles as potentially being impacted by 

these amendments to condense the Rulebook: Core Principle L Public Information.

Core Principle L requires the DCO to make available to the public the terms and 

conditions of each contract. As stated previously, the Rulebook contains the contract 
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20141113(1)

specifications for all contracts listed on the Exchange, and is made available to the public on the 

Nadex website. The Rulebook will remain available to the public after the Currency, FTSE 100, 

Germany 30, and Japan 225 Binary Contracts Rules are condensed. Specific terms of the 

contracts will continue to be provided to the public. Therefore, the amendments discussed herein 

will not negatively impact Nadex’s ability to comply with this Core Principle. 

In accordance with the 10-day review period set forth in Commission Regulation 40.6(b), 

Nadex plans to implement these Rule changes for the start of business on trade date December 1, 

2014.

These Rule changes have been outlined in Exhibit A. The amendments to the Rulebook 

are set forth in Exhibit B. Any deletions are stricken out while the amendments and/or additions 

are underlined.

Nadex hereby certifies that the additions contained herein comply with the Act, as 

amended, and the Commission Regulations adopted thereunder.

Nadex hereby certifies that a copy of these additions was posted on its website at the time 

of this filing.

Should you have any questions regarding the above, please do not hesitate to contact me 

by telephone at (312) 884-0953 or by email at donald.horwitz@nadex.com.

Sincerely,

Donald L. Horwitz General Counsel and 

Chief Regulatory Officer
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20141113(1)

EXHIBIT A

Rule Asset Duration/Close Time Action Effective 

Date

12.27 AUD/USD 

Binary Contracts

Weekly 3pm; Daily 3am, 7am, 

11am, 3pm, 7pm, 11pm; 2-Hr 

Intraday: 8pm, 9pm, 10pm, 11pm, 

12am, 1am, 2am, 3am, 4am, 5am, 

6am, 7am, 8am, 9am, 10am, 11am, 

12pm, 1pm, 2pm, 3pm, 4pm, 5pm 

close times.

Add 4 additional 

strikes to each 2-Hr 

Intraday listing; 

condense Rule 

language.

12/01/2014

12.29 EUR/USD Binary 

Contracts

Weekly 3pm; Daily 3am, 7am, 

11am, 3pm, 7pm, 11pm; 2-Hr 

Intraday: 8pm, 9pm, 10pm, 11pm, 

12am, 1am, 2am, 3am, 4am, 5am, 

6am, 7am, 8am, 9am, 10am, 11am, 

12pm, 1pm, 2pm, 3pm, 4pm, 5pm 

close times.

Add 4 additional 

strikes to each 2-Hr 

Intraday listing; 

condense Rule 

language.

12/01/2014

12.31 GBP/USD Binary 

Contracts

Weekly 3pm; Daily 3am, 7am, 

11am, 3pm, 7pm, 11pm; 2-Hr 

Intraday: 8pm, 9pm, 10pm, 11pm, 

12am, 1am, 2am, 3am, 4am, 5am, 

6am, 7am, 8am, 9am, 10am, 11am, 

12pm, 1pm, 2pm, 3pm, 4pm, 5pm 

close times.

Condense Rule 

language.

12/01/2014

12.33 USD/CAD 

Binary Contracts

Weekly 3pm; Daily 3am, 7am, 

11am, 3pm, 7pm, 11pm; 2-Hr 

Intraday: 10am, 11am, 12pm, 1pm, 

2pm, 3pm close times.

Condense Rule 

language.

12/01/2014
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20141113(1)

12.35 USD/CHF Binary 

Contracts

Weekly 3pm; Daily 3am, 7am, 

11am, 3pm, 7pm, 11pm; 2-Hr 

Intraday: 10am, 11am, 12pm, 1pm, 

2pm, 3pm close times.

Condense Rule 

language.

12/01/2014

12.37 USD/JPY Binary 

Contracts

Weekly 3pm; Daily 3am, 7am, 

11am, 3pm, 7pm, 11pm; 2-Hr 

Intraday: 8pm, 9pm, 10pm, 11pm, 

12am, 1am, 2am, 3am, 4am, 5am, 

6am, 7am, 8am, 9am, 10am, 11am, 

12pm, 1pm, 2pm, 3pm, 4pm, 5pm 

close times.

Add 4 additional 

strikes to each 2-Hr 

Intraday listing; 

condense Rule 

language.

12/01/2014

12.39 EUR/JPY Binary 

Contracts

Weekly 3pm; Daily 3am, 7am, 

11am, 3pm, 7pm, 11pm; 2-Hr 

Intraday: 8pm, 9pm, 10pm, 11pm, 

12am, 1am, 2am, 3am, 4am, 5am, 

6am, 7am, 8am, 9am, 10am, 11am, 

12pm, 1pm, 2pm, 3pm, 4pm, 5pm 

close times.

Condense Rule 

language.

12/01/2014

12.41 GBP/JPY Binary 

Contracts

Weekly 3pm; Daily 3am, 7am, 

11am, 3pm, 7pm, 11pm; 2-Hr 

Intraday: 10am, 11am, 12pm, 1pm, 

2pm, 3pm close times.

Condense Rule 

language.

12/01/2014

12.42 EUR/GBP Binary 

Contracts

Weekly 3pm; Daily 3am, 7am, 

11am, 3pm, 7pm, 11pm; 2-Hr 

Intraday: 10am, 11am, 12pm, 1pm, 

2pm, 3pm close times.

Condense Rule 

language.

12/01/2014

12.43 AUD/JPY Binary 

Contracts

Weekly 3pm; Daily 3am, 7am, 

11am, 3pm, 7pm, 11pm; 2-Hr 

Intraday: 8pm, 9pm, 10pm, 11pm, 

12am, 1am, 2am, 3am, 4am, 5am, 

6am, 7am, 8am, 9am, 10am, 11am, 

12pm, 1pm, 2pm, 3pm, 4pm, 5pm 

close times.

Condense Rule 

language.

12/01/2014
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20141113(1)

12.49 FTSE 100 Future 

Binary Contracts

Weekly 4pm; Daily 4pm; 2-Hr 

Intraday: 5am, 6am, 7am, 8am, 

9am, 10am, 11am, 12pm, 1pm 

close times.

Condense Rule 

language.

12/01/2014

12.51 Germany 30 

Binary Contracts

Weekly 4pm; Daily 4pm; 2-Hr 

Intraday: 5am, 6am, 7am, 8am, 

9am, 10am, 11am, 12pm, 1pm, 

2pm, 3pm close times.

Condense Rule 

language.

12/01/2014

12.54 Japan 225 

Variable Payout 

Contracts

Daily 1:25am close time. Amend rollover dates. 12/01/2014

12.55 Japan 225 Binary 

Contracts

Weekly 1:25am; Daily 1:25am; 2-

Hr Intraday: 9pm, 10pm, 11pm, 

12am, 1am close times.

Condense Rule 

language and amend 

rollover dates.

12/01/2014
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20141113(1)

EXHIBIT B

Amendment of 12.27, 12.29, 12.31, 12.33, 12.35, 12.37, 12.39, 12.41-12.43, 12.49, 

12.51, 12.54, 12.55

(The following Rule amendments are underlined and deletions are stricken out)

RULES 1.1 – 12.26 [UNCHANGED]

RULE 12.27 CURRENCY EXCHANGE AUD/USD BINARY CONTRACTS

(a) SCOPE – These Rules shall apply to the Class of Contracts referred to as the 

Currency Exchange AUD/USD (“AUD/USD”) Binary Contract issued by Nadex.

(b) UNDERLYING – The Underlying for this Class of Contracts is the Australian 

dollar/US dollar herein referred to as “AUD/USD” as quoted in U.S. dollars per Australian dollar 

obtained from the spot AUD/USD foreign currency market.

(c) SOURCE AGENCY – The Source Agency is Nadex.

(d) TYPE – The type of Contract is a Binary Contract.

(e) ISSUANCE – For each planned release by the Source Agency of the Underlying, 

Nadex will issue various Contracts, each of a different Series. A new issuance of Contracts will 

commence no later than two (2) business days following the Expiration Date.

(f) PAYOUT CRITERION – The Payout Criterion for each Contract will be set by 

Nadex at the time the Binary Contracts are initially issued. For the AUD/USD Binary Contract, 

the Payout Criteria for the Contracts will be set as follows:

(i) WEEKLY AUD/USD BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0050.

(3) NUMBER OF STRIKE LEVELS LISTED - Fourteen (14) strike levels will 

 be listed for each Weekly AUD/USD Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “X” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 
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 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in either 0.0025 or 0.0075 as reported by the Source Agency. 

 Six (6) strike levels will be generated above Binary Contract X at an interval

 of 0.0050, and seven (7) strike levels will be generated below Binary 

 Contract X at an interval of 0.0050 (e.g. X – 0.0050; X; X + 0.0050). The

 Contract will have a Payout Criterion of greater than the strike level value.

(ii) DAILY AUD/USD BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 AM, 7 AM, 11 AM, 3 PM, 7 PM, 11 PM ET 

 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0020.

(3) NUMBER OF STRIKE LEVELS LISTED – Twenty-one (21) strike levels 

 will be listed for each Daily AUD/USD Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Y” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0020 as reported by the Source Agency. Ten (10) strike 

 levels will be generated above Binary Contract Y at an interval of 0.0020, and 

 ten (10) strike levels will be generated below Binary Contract Y at an interval 

 of 0.0020 (e.g. Y – 0.0020; Y; Y + 0.0020). The Contract will have a Payout 

 Criterion of greater than the strike level value.

(iii) INTRADAY AUD/USD BINARY CONTRACTS 

(1) EXPIRATION TIME – 8 PM, 9 PM, 10 PM, 11 PM, 12 AM, 1 AM, 2 AM, 

 3 AM, 4 AM, 5 AM, 6 AM, 7 AM, 8 AM, 9 AM, 10 AM, 11 AM, 12 PM, 

 1 PM , 2 PM, 3 PM, 4 PM, 5 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0005.

(3) NUMBER OF STRIKE LEVELS LISTED – Nineteen (19) strike levels 

 will be listed for each Intraday AUD/USD Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Z” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest
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 value ending in 0.0001 as reported by the Source Agency. Nine (9) strike 

 levels will be generated above Binary Contract Z at an interval of 0.0005, and 

 nine (9) strike levels will be generated below Binary Contract Z at an interval 

 of 0.0005 (e.g. Z – 0.0005; Z; Z + 0.0005). The Contract will have a Payout 

 Criterion of greater than the strike level value.

(iv)(xxx) Nadex may list additional AUD/USD Binary Contracts with 

different ranges of Payout Criteria on a discretionary basis in accordance with the 

CEA and Commission Regulations.

(i) DAILY AUD/USD BINARY CONTRACTS, 11 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X1 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X1 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X1 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X1 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X1 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X1 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X1 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X1 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X1 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X1 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X1.
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(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X1 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X1 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X1 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X1 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X1 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X1 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X1 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X1 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X1 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X1 

+ 0.0200

(22) In each case, “X1” equals the last AUD/USD price rounded to the nearest 0.0020 

as reported by the Source Agency.

(ii) DAILY AUD/USD BINARY CONTRACTS, 3 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X2 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X2 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X2 

– 0.0160.
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(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X2 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X2 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X2 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X2 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X2 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X2 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X2 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X2.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X2 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X2 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X2 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X2 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X2 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X2 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X2 

+ 0.0140.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X2 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X2 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X2 

+ 0.0200

(22) In each case, “X2” equals the last AUD/USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(iii) DAILY AUD/USD BINARY CONTRACTS, 7 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X3 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X3 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X3 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X3 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X3 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X3 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X3 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X3 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X3 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X3 

– 0.0020.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X3.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X3 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X3 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X3 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X3 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X3 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X3 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X3 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X3 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X3 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X3 

+ 0.0200

(22) In each case, “X3” equals the last AUD/USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(iv) DAILY AUD/USD BINARY CONTRACTS, 11 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X4 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X4 

– 0.0180.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X4 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X4 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X4 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X4 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X4 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X4 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X4 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X4 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X4.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X4 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X4 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X4 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X4 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X4 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X4 

+ 0.0120.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X4 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X4 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X4 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X4 

+ 0.0200

(22) In each case, “X4” equals the last AUD/USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(v) DAILY AUD/USD BINARY CONTRACTS, 3 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X5 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X5 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X5 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X5 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X5 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X5 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X5 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X5 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X5 

– 0.0040.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X5 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X5.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X5 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X5 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X5 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X5 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X5 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X5 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X5 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X5 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X5 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X5 

+ 0.0200

(22) In each case, “X5” equals the last AUD/USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(vi) DAILY AUD/USD BINARY CONTRACTS, 7 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X6 

– 0.0200.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X6 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X6 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X6 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X6 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X6 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X6 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X6 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X6 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X6 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X6.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X6 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X6 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X6 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X6 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X6 

+ 0.0100.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X6 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X6 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X6 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X6 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X6 

+ 0.0200

(22) In each case, “X6” equals the last AUD/USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(vii) WEEKLY AUD/USD BINARY CONTRACTS, 3 PM ET 

CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Y –

0.0300.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Y –

0.0250.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Y –

0.0200.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Y –

0.0150.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Y -

0.0100.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Y -

0.0050.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Y + 

0.0050.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(1) Binary Contract 9: One Contract will have a Payout Criterion of greater than Y + 

0.0100.

(2) Binary Contract 10: One Contract will have a Payout Criterion of greater than Y + 

0.0150.

(3) Binary Contract 11: One Contract will have a Payout Criterion of greater than Y + 

0.0200.

(4) Binary Contract 12: One Contract will have a Payout Criterion of greater than Y + 

0.0250.

(5) Binary Contract 13: One Contract will have a Payout Criterion of greater than Y + 

0.0300.

(6) Binary Contract 14: One Contract will have a Payout Criterion of greater than Y +

0.0350.

(15) In each case, “Y” equals the last AUD/USD price rounded to the nearest value 

ending in either 0.0025 or 0.0075 as reported by the Source Agency.

(viii) INTRADAY AUD/USD BINARY CONTRACTS, 6:00 PM to 

8:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z1 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z1 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z1 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z1 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z1 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z1 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z1 -

0.0005.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z1.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z1 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0035.

(16) In each case above, Z1 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(ix) INTRADAY AUD/USD BINARY CONTRACTS, 7:00 PM to 

9:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z2 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z2 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z2 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z2 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z2 -

0.0015.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z2 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z2 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z2.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z2 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0035.

(16) In each case above, Z2 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(x) INTRADAY AUD/USD BINARY CONTRACTS, 8:00 PM to 

10:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z3 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z3 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z3 -

0.0025.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z3 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z3 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z3 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z3 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z3.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z3 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0035.

(16) In each case above, Z3 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xi) INTRADAY AUD/USD BINARY CONTRACTS, 9:00 PM to 

11:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z4 -

0.0035. 
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z4 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z4 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z4 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z4 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z4 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z4 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z4.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z4 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0035.

(16) In each case above, Z4 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(xii) INTRADAY AUD/USD BINARY CONTRACTS, 10:00 PM to 

12:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z5 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z5 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z5 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z5 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z5 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z5 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z5 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z5.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z5 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0030.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0035.

(16) In each case above, Z5 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xiii) INTRADAY AUD/USD BINARY CONTRACTS, 11:00 PM to 

1:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z6 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z6 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z6 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z6 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z6 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z6 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z6 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z6.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z6 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0020.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0035.

(16) In each case above, Z6 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xiv) INTRADAY AUD/USD BINARY CONTRACTS, 12:00 AM to 

2:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z7 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z7 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z7 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z7 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z7 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z7 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z7 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z7.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z7 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z7 

+ 0.0010.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z7 

+ 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than Z7 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z7 

+ 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z7 

+ 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z7 

+ 0.0035.

(16) In each case above, Z7 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xv) INTRADAY AUD/USD BINARY CONTRACTS, 1:00 AM to 

3:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z8 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z8 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z8 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z8 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z8 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z8 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z8 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z8.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z8 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z8 

+ 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z8 

+ 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than Z8 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z8 

+ 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z8 

+ 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z8 

+ 0.0035.

(16) In each case above, Z8 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xvi) INTRADAY AUD/USD BINARY CONTRACTS, 2:00 AM to 

4:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z9 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z9 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z9 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z9 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z9 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z9 -

0.0010.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z9 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z9.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z9 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z9 

+ 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z9 

+ 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than Z9 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z9 

+ 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z9 

+ 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z9 

+ 0.0035.

(16) In each case above, Z9 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xvii) INTRADAY AUD/USD BINARY CONTRACTS, 3:00 AM to 

5:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z10 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z10 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z10 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z10 -

0.0020.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z10 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z10 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z10 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z10.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z10 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z10 + 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z10 + 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z10 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z10 + 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z10 + 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z10 + 0.0035.

(16) In each case above, Z10 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xviii) INTRADAY AUD/USD BINARY CONTRACTS, 4:00 AM to 

6:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z11 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z11 -

0.0030.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z11 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z11 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z11 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z11 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z11 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z11.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z11 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z11 + 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z11 + 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z11 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z11 + 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z11 + 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z11 + 0.0035.

(16) In each case above, Z11 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xix) INTRADAY AUD/USD BINARY CONTRACTS, 5:00 AM to 

7:00 AM ET CLOSE
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z12 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z12 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z12 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z12 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z12 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z12 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z12 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z12.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z12 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z12 + 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z12 + 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z12 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z12 + 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z12 + 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z12 + 0.0035.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(16) In each case above, Z12 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xx) INTRADAY AUD/USD BINARY CONTRACTS, 6:00 AM to 

8:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z13 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z13 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z13 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z13 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z13 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z13 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z13 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z13.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z13 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z13 + 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z13 + 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z13 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z13 + 0.0025. 
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z13 + 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z13 + 0.0035.

(16) In each case above, Z13 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxi) INTRADAY AUD/USD BINARY CONTRACTS, 7:00 AM to 

9:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z14 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z14 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z14 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z14 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z14 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z14 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z14 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z14.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z14 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z14 + 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z14 + 0.0015.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z14 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z14 + 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z14 + 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z14 + 0.0035.

(16) In each case above, Z14 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxii) INTRADAY AUD/USD BINARY CONTRACTS, 8:00 AM to 

10:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z15 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z15 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z15 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z15 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z15 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z15 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z15 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z15.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z15 + 

0.0005.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0035.

(16) In each case above, Z15 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxiii) INTRADAY AUD/USD BINARY CONTRACTS, 9:00 

AM to 11:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z16 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z16 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z16 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z16 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z16 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z16 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z16 -

0.0005.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z16.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z16 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z16 + 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z16 + 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z16 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z16 + 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z16 + 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z16 + 0.0035.

(16) In each case above, Z16 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxiv) INTRADAY AUD/USD BINARY CONTRACTS, 10:00 

AM to 12:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z17 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z17 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z17 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z17 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z17 -

0.0015.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z17 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z17 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z17.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z17 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z17 + 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z17 + 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z17 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z17 + 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z17 + 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z17 + 0.0035.

(16) In each case above, Z17 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxv) INTRADAY AUD/USD BINARY CONTRACTS, 11:00 

AM to 1:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z18 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z18 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z1 -

0.0025.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z18 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z18 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z18 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z18 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z18.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z18 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z18 + 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z18 + 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z18 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z18 + 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z18 + 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z18 + 0.0035.

(16) In each case above, Z18 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxvi) INTRADAY AUD/USD BINARY CONTRACTS, 12:00 

PM to 2:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z19 -

0.0035. 
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z19 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z19 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z19 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z19 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z19 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z19 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z19.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z19 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0035.

(16) In each case above, Z19 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(xxvii) INTRADAY AUD/USD BINARY CONTRACTS, 1:00 

PM to 3:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z20 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z20 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z20 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z20 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z20 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z20 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z20 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z20.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z20 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0030.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0035.

(16) In each case above, Z20 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxviii) INTRADAY AUD/USD BINARY CONTRACTS, 2:00 PM 

to 4:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z21 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z21 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z21 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z21 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z21 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z21 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z21 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z21.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z21 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z21 + 0.0010.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z21 + 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z21 + 0.0020.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z21 + 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z21 + 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z21 + 0.0035.

(16) In each case above, Z21 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxix) INTRADAY AUD/USD BINARY CONTRACTS, 3:00 PM to 

5:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z22 -

0.0035. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z22 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z22 -

0.0025.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z22 -

0.0020.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z22 -

0.0015.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z22 -

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z22 -

0.0005.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z22.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z22 + 

0.0005.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z22 + 0.0010.
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(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z22 + 0.0015.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z22 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z22 + 0.0025. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z22 + 0.0030.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z22 + 0.0035.

(16) In each case above, Z22 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(g) MINIMUM TICK – The Minimum Tick size for AUD/USD Binary Contracts shall 

be $0.25. 

(h) REPORTING LEVEL – The Reporting Level for the AUD/USD Binary Contracts 

shall be 12,500 Contracts.

(i) POSITION LIMIT – There are currently no Position Limits for AUD/USD Binary 

Contract. 

(j) LAST TRADING DATE – The Last Trading Date in a Series is the same as the 

Expiration Date. No trading in the AUD/USD Binary Contracts shall occur after its Last Trading 

Date.

(k) SETTLEMENT DATE – The Settlement Date will be the date on which the 

AUD/USD number as reported by the Source Agency. 

(l) EXPIRATION DATE – The Expiration Date of the Contract will be the date on 

which the AUD/USD number is scheduled to be released. 

(m) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

the in the money Contract on the Settlement Date. The Settlement Value of an in the money 

AUD/USD Binary Contract is $100.

(n) EXPIRATION VALUE – The Expiration Value is the price or value of AUD/USD as 

released by the Source Agency on the Expiration Date. The Expiration Value is calculated by 

the Source Agency by taking the last twenty-five (25) Midpoints between the bid/ask spread 

(five pips wide or less) just prior to the close of trading of the AUD/USD Binary Contract and 
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20141113(1)

removing the highest five (5) Midpoints and the lowest (5) Midpoints, using the remaining 

fifteen (15) AUD/USD Midpoints to calculate the Expiration Value. The calculation used is a 

simple average of all fifteen (15) AUD/USD Midpoints, rounded to one decimal point past the 

precision of the underlying market. A Midpoint is calculated by adding the bid price and the 

ask price together and then dividing that number by two (2). For example, if the bid price is 

1.3400 and the ask price is 1.3402, the two numbers are added together (totaling 2.6802) and 

then divided by two (2), equaling a Midpoint of 1.3401. If the spread between a particular bid 

price and ask price is deemed too wide (greater than five (5) pips), those prices will not be used 

to calculate a Midpoint and will thus not be included within the 25 initially captured values.

(o) CONTINGENCIES – If no level is actually announced on the Expiration Date due 

to a delay, postponement or otherwise in such release announcement by the Source Agency, the 

Settlement Date will be delayed until the Underlying number is released for that Series.

RULE 12.28 [UNCHANGED]

RULE 12.29 CURRENCY EXCHANGE EUR/USD BINARY CONTRACTS

(a) SCOPE – These Rules shall apply to the Class of Contracts referred to as the 

Currency Exchange EUR/USD (“EUR/USD”) Binary Contract issued by Nadex.

(b) UNDERLYING – The Underlying for this Class of Contracts is the Euro/US dollar 

herein referred to as “EUR/USD” as quoted in U.S. dollars per Euro obtained from the spot 

EUR/USD foreign currency market.

(c) SOURCE AGENCY – The Source Agency is Nadex.

(d) TYPE – The type of Contract is a Binary Contract.

(e) ISSUANCE – For each planned release by the Source Agency of the Underlying, 

Nadex will issue various Contracts, each of a different Series. A new issuance of Contracts will 

commence no later than two (2) business days following the Expiration Date.

(f) PAYOUT CRITERION – The Payout Criterion for each Contract will be set by 

Nadex at the time the Binary Contracts are initially issued. For the EUR/USD Binary Contract, 

the Payout Criteria for the Contracts will be set as follows:

(i) WEEKLY EUR/USD BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0050.

(3) NUMBER OF STRIKE LEVELS LISTED - Fourteen (14) strike levels will 
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20141113(1)

 be listed for each Weekly EUR/USD Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “X” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0025 or 0.0075 as reported by the Source Agency. Six (6) 

 strike levels will be generated above Binary Contract X at an interval of 

 0.0050, and seven (7) strike levels will be generated below Binary Contract X 

 at an interval of 0.0050 (e.g. X – 0.0050; X; X + 0.0050). The Contract will 

 have a Payout Criterion of greater than the strike level value.

(ii) DAILY EUR/USD BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 AM, 7 AM, 11 AM, 3 PM, 7 PM, 11 PM ET 

 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0020.

(3) NUMBER OF STRIKE LEVELS LISTED – Twenty-one (21) strike levels 

 will be listed for each Daily EUR/USD Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Y” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0020 as reported by the Source Agency. Ten (10) strike 

 levels will be generated above Binary Contract Y at an interval of 0.0020, and 

 ten (10) strike levels will be generated below Binary Contract Y at an interval 

 of 0.0020 (e.g. Y – 0.0020; Y; Y + 0.0020). The Contract will have a Payout 

 Criterion of greater than the strike level value.

(iii) INTRADAY EUR/USD BINARY CONTRACTS 

(1) EXPIRATION TIME – 8 PM, 9 PM, 10 PM, 11 PM, 12 AM, 1 AM, 2 AM, 

 3 AM, 4 AM, 5 AM, 6 AM, 7 AM, 8 AM, 9 AM, 10 AM, 11 AM, 12 PM, 

 1 PM , 2 PM, 3 PM, 4 PM, 5 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0004.

(3) NUMBER OF STRIKE LEVELS LISTED – Nineteen (19) strike levels 

 will be listed for each Intraday EUR/USD Binary Contract Series.
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(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Z” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0001 as reported by the Source Agency. Nine (9) strike 

 levels will be generated above Binary Contract Z at an interval of 0.0004, and 

 nine (9) strike levels will be generated below Binary Contract Z at an interval 

 of 0.0004 (e.g. Z – 0.0004; Z; Z + 0.0004). The Contract will have a Payout 

 Criterion of greater than the strike level value.

(i) DAILY EUR/USD BINARY CONTRACTS, 11 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X1 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X1 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X1 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X1 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X1 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X1 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X1 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X1 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X1 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X1 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X1.
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(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X1 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X1 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X1 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X1 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X1 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X1 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X1 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X1 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X1 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X1 

+ 0.0200

(22) In each case, “X1” equals the last EUR/USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(ii) DAILY EUR/USD BINARY CONTRACTS, 3 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X2 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X2 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X2 

– 0.0160.
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(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X2 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X2 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X2 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X2 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X2 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X2 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X2 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X2.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X2 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X2 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X2 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X2 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X2 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X2 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X2 

+ 0.0140.
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(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X2 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X2 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X2 

+ 0.0200

(22) In each case, “X2” equals the last EUR/USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(iii) DAILY EUR/USD BINARY CONTRACTS, 7 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X3

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X3 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X3 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X3 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X3 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X3 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X3 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X3 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X3 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X3 

– 0.0020.
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(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X3.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X3 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X3 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X3 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X3 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X3 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X3 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X3 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X3 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X3 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X3 

+ 0.0200

(22) In each case, “X3” equals the last EUR/USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(iv) DAILY EUR/USD BINARY CONTRACTS, 11 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X4 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X4 

– 0.0180.
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(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X4 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X4 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X4 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X4 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X4 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X4 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X4 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X4 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X4.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X4 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X4 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X4 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X4 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X4 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X4 

+ 0.0120.
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(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X4 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X4 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X4 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X4

+ 0.0200

(22) In each case, “X4” equals the last EUR/USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(v) DAILY EUR/USD BINARY CONTRACTS, 3 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X5 –

0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X5 –

0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X5 –

0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X5 –

0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X5 –

0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X5 –

0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X5 –

0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X5 –

0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X5 –

0.0040.
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(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X5 – 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X5.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X5 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X5 + 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X5 + 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X5 + 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X5 + 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X5 + 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X5 + 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X5 + 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X5 + 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X5 + 0.0200

(22) In each case, “X5” equals the last EUR/USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(vi) DAILY EUR/USD BINARY CONTRACTS, 7 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X6 

– 0.0200.
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(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X6 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X6 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X6 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X6 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X6

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X6 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X6 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X6 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X6 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X6.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X6 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X6 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X6 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X6 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X6 

+ 0.0100.
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(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X6 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X6 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X6 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X6 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X6 

+ 0.0200

(22) In each case, “X6” equals the last EUR/USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(vii) WEEKLY EUR/USD BINARY CONTRACTS, 3 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Y –

0.0300.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Y –

0.0250.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Y –

0.0200.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Y –

0.0150.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Y -

0.0100.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Y -

0.0050.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Y + 

0.0050.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Y + 

0.0100.
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(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Y 

+ 0.0150.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Y 

+ 0.0200.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than Y 

+ 0.0250.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Y 

+ 0.0300.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Y 

+ 0.0350.

(15) In each case, “Y” equals the last EUR/USD price rounded to the nearest value 

ending in either 0.0025 or 0.0075 as reported by the Source Agency.

(viii) INTRADAY EUR/USD BINARY CONTRACTS, 6:00 PM to 

8:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z1 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z1 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z1 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z1 -

0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z1 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z1 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z1 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z1.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z1 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z1 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0028.

(16) In each case above, Z1 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(ix) INTRADAY EUR/USD BINARY CONTRACTS, 7:00 PM to 

9:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z2 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z2 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z2 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z2 -

0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z2 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z2 -

0.0008.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z2 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z2.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z2 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z2 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0028.

(16) In each case above, Z2 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

 

(x) INTRADAY EUR/USD BINARY CONTRACTS, 8:00 PM to 

10:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z3 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z3 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z3 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z3 -

0.0016.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z3 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z3 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z3 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z3.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z3 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z3 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0028.

(16) In each case above, Z3 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

 

(xi) INTRADAY EUR/USD BINARY CONTRACTS, 9:00 PM to 

11:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z4 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z4 -

0.0024.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z4 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z4 -

0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z4 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z4 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z4 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z4.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z4 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z4 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0028.

(16) In each case above, Z4 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xii) INTRADAY EUR/USD BINARY CONTRACTS, 10:00 PM to 

12:00 AM ET CLOSE
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z5 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z5 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z5 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z5 -

0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z5 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z5 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z5 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z5.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z5 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z5 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0028.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(16) In each case above, Z5 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xiii) INTRADAY EUR/USD BINARY CONTRACTS, 11:00 PM to 

1:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z6 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z6 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z6 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z6 -

0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z6 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z6 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z6 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z6.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z6 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z6 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0020. 
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0028.

(16) In each case above, Z6 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xiv) INTRADAY EUR/USD BINARY CONTRACTS, 12:00 AM to 

2:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z7 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z7 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z7 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z7 -

0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z7 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z7 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z7 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z7.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z7 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z7 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z7 

+ 0.0012.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z7 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z7 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z7 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z7 

+ 0.0028.

(16) In each case above, Z7 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xv) INTRADAY EUR/USD BINARY CONTRACTS, 1:00 AM to 

3:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z8 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z8 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z8 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z8 -

0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z8 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z8 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z8 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z8.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z8 + 

0.0004.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z8 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z8 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z8 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z8 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z8 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z8 

+ 0.0028.

(16) In each case above, Z8 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xvi) INTRADAY EUR/USD BINARY CONTRACTS, 2:00 AM to 

4:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z9 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z9 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z9 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z9 -

0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z9 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z9 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z9 -

0.0004.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z9.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z9 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z9 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z9 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z9 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z9 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z9 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z9 

+ 0.0028.

(16) In each case above, Z9 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xvii) INTRADAY EUR/USD BINARY CONTRACTS, 3:00 AM to 

5:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z10 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z10 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z10 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z10 

- 0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z10 

- 0.0012.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z10 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z10 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z10.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z10 

+ 0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z10 + 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z10 + 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z10 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z10 + 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z10 + 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z10 + 0.0028.

(16) In each case above, Z10 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xviii) INTRADAY EUR/USD BINARY CONTRACTS, 4:00 AM to 

6:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z11 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z11 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z11 -

0.0020.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z11 

- 0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z11 

- 0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z11 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z11 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z11.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z11 

+ 0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z11 + 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z11 + 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z11 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z11 + 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z11 + 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z11 + 0.0028.

(16) In each case above, Z11 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xix) INTRADAY EUR/USD BINARY CONTRACTS, 5:00 AM to 

7:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z12 -

0.0028. 
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z12 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z12 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z12 

- 0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z12 

- 0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z12 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z12 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z12.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z12 

+ 0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z12 + 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z12 + 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z12 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z12 + 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z12 + 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z12 + 0.0028.

(16) In each case above, Z12 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(xx) INTRADAY EUR/USD BINARY CONTRACTS, 6:00 AM to 

8:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z13 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z13 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z13 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z13 

- 0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z13 

- 0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z13 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z13 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z13.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z13 

+ 0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z13 + 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z13 + 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z13 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z13 + 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z13 + 0.0024.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z13 + 0.0028.

(16) In each case above, Z13 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxi) INTRADAY EUR/USD BINARY CONTRACTS, 7:00 AM to 

9:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z14 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z14 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z14 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z14 

- 0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z14 

- 0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z14 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z14 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z14.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z14 

+ 0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z14 + 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z14 + 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z14 + 0.0016.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z14 + 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z14 + 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z14 + 0.0028.

(16) In each case above, Z14 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxii) INTRADAY EUR/USD BINARY CONTRACTS, 8:00 AM to 

10:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z15 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z15 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z15 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z15 

- 0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z15 

- 0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z15 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z15 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z15.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z15 

+ 0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0008.
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(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0028.

(16) In each case above, Z15 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxiii) INTRADAY EUR/USD BINARY CONTRACTS, 9:00 AM to 

11:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z16 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z16 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z16 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z16 

- 0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z16 

- 0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z16 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z16 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z16.
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(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z16 

+ 0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z16 + 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z16 + 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z16 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z16 + 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z16 + 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z16 + 0.0028.

(16) In each case above, Z16 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxiv) INTRADAY EUR/USD BINARY CONTRACTS, 10:00 AM to 

12:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z17 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z17 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z17 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z17 

- 0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z17 

- 0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z17 -

0.0008.
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(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z17 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z17.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z17 

+ 0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z17 + 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than

Z17 + 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z17 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z17 + 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z17 + 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z17 + 0.0028.

(16) In each case above, Z17 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxv) INTRADAY EUR/USD BINARY CONTRACTS, 11:00 AM to 

1:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z18 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z18 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z18 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z18 

- 0.0016.
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(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z18 

- 0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z18 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z18 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z18.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z18 

+ 0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z18 + 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z18 + 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z18 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z18 + 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z18 + 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z18 + 0.0028.

(16) In each case above, Z18 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxvi) INTRADAY EUR/USD BINARY CONTRACTS, 12:00 PM to 

2:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z19 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z19 -

0.0024.
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(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z19 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z19 

- 0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z19 

- 0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z19 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z19 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z19.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z19 

+ 0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0028.

(16) In each case above, Z19 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxvii) INTRADAY EUR/USD BINARY CONTRACTS, 1:00 PM to 

3:00 PM ET CLOSE
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20141113(1)

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z20 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z20 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z20 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z20 

- 0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z20 

- 0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z20 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z20 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z20.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z20 

+ 0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0028.
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(16) In each case above, Z20 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxviii) INTRADAY EUR/USD BINARY CONTRACTS, 2:00 PM to 

4:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z21 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z21 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z21 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z21 

-0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z21 

- 0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z21 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z21 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z21.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z21 

+ 0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z21 + 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z21 + 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z21 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z21 + 0.0020. 
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20141113(1)

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z21 + 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z21 + 0.0028.

(16) In each case above, Z21 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxix) INTRADAY EUR/USD BINARY CONTRACTS, 3:00 PM to 

5:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z22 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z22 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z22 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z22 

- 0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z22 

- 0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z22 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z22 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z22.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z22 

+ 0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z22 + 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z22 + 0.0012.
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20141113(1)

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z22 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z22 + 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z22 + 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z22 + 0.0028.

(16) In each case above, Z22 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(iv)(xxx) Nadex may list additional EUR/USD Binary Contracts with 

different ranges of Payout Criteria on a discretionary basis in accordance with the 

CEA and Commission Regulations.

(g) MINIMUM TICK – The Minimum Tick size for EUR/USD Binary Contracts shall 

be $0.25. 

(h) REPORTING LEVEL – The Reporting Level for the EUR/USD Binary Contracts 

shall be 12,500 Contracts.

(i) POSITION LIMIT – There are currently no Position Limits for EUR/USD Binary 

Contract. 

(j) LAST TRADING DATE – The Last Trading Date in a Series is the same as the 

Expiration Date. No trading in the EUR/USD Binary Contracts shall occur after its Last Trading 

Date.

(k) SETTLEMENT DATE – The Settlement Date will be the date on which the 

EUR/USD number as reported by the Source Agency. 

(k) EXPIRATION DATE – The Expiration Date of the Contract will be the date on 

which the EUR/USD number is scheduled to be released. 

(l) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

the in the money Contract on the Settlement Date. The Settlement Value of an in the money 

EUR/USD Binary Contract is $100.

(m) EXPIRATION VALUE – The Expiration Value is the price or value of EUR/USD 

as released by the Source Agency on the Expiration Date. The Expiration Value is calculated by 

the Source Agency by taking the last twenty-five (25) Midpoints between the bid/ask spread 
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20141113(1)

(five pips wide or less) just prior to the close of trading of the EUR/USD Binary Contract and 

removing the highest five (5) Midpoints and the lowest (5) Midpoints, using the remaining 

fifteen (15) EUR/USD Midpoints to calculate the Expiration Value. The calculation used is a 

simple average of all fifteen (15) EUR/USD Midpoints, rounded to one decimal point past the 

precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask 

price together and then dividing that number by two (2). For example, if the bid price is 1.3400 

and the ask price is 1.3402, the two numbers are added together (totaling 2.6802) and then 

divided by two (2), equaling a Midpoint of 1.3401. If the spread between a particular bid price 

and ask price is deemed too wide (greater than five (5) pips), those prices will not be used to 

calculate a Midpoint and will thus not be included within the 25 initially captured values.

(n) CONTINGENCIES – If no level is actually announced on the Expiration Date due 

to a delay, postponement or otherwise in such release announcement by the Source Agency, the 

Settlement Date will be delayed until the Underlying number is released for that Series.

RULES 12.30 [UNCHANGED]

RULE 12.31 CURRENCY EXCHANGE GBP/USD BINARY CONTRACTS

(a) SCOPE – These Rules shall apply to the Class of Contracts referred to as the 

Currency Exchange GBP/USD (“GBP/USD”) Binary Contract issued by Nadex.

(b) UNDERLYING – The Underlying for this Class of Contracts is the British Pound/US 

dollar herein referred to as “GBP/USD” as quoted in US dollars per British Pound obtained from 

the spot GBP/USD foreign currency market.

(c) SOURCE AGENCY – The Source Agency is Nadex.

(d) TYPE – The type of Contract is a Binary Contract.

(e) ISSUANCE – For each planned release by the Source Agency of the Underlying, 

Nadex will issue various Contracts, each of a different Series. A new issuance of Contracts will 

commence no later than two (2) business days following the Expiration Date.

(f) PAYOUT CRITERION – The Payout Criterion for each Contract will be set by 

Nadex at the time the Binary Contracts are initially issued. For the GBP/USD Binary Contract, 

the Payout Criteria for the Contracts will be set as follows:

(i) WEEKLY GBP/USD BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0050.
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(3) NUMBER OF STRIKE LEVELS LISTED - Fourteen (14) strike levels will 

 be listed for each Weekly GBP/USD Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “X” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0025 or 0.0075 as reported by the Source Agency. Six (6) 

 strike levels will be generated above Binary Contract X at an interval of 

 0.0050, and seven (7) strike levels will be generated below Binary Contract X 

 at an interval of 0.0050 (e.g. X – 0.0050; X; X + 0.0050). The Contract will 

 have a Payout Criterion of greater than the strike level value.

(ii) DAILY GBP/USD BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 AM, 7 AM, 11 AM, 3 PM, 7 PM, 11 PM ET 

 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0020.

(3) NUMBER OF STRIKE LEVELS LISTED – Twenty-one (21) strike levels 

 will be listed for each Daily GBP/USD Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Y” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0020 as reported by the Source Agency. Ten (10) strike 

 levels will be generated above Binary Contract Y at an interval of 0.0020, and 

 ten (10) strike levels will be generated below Binary Contract Y at an interval 

 of 0.0020 (e.g. Y – 0.0020; Y; Y + 0.0020). The Contract will have a Payout 

 Criterion of greater than the strike level value.

(iii) INTRADAY GBP/USD BINARY CONTRACTS 

(1) EXPIRATION TIME – 8 PM, 9 PM, 10 PM, 11 PM, 12 AM, 1 AM, 2 AM, 

 3 AM, 4 AM, 5 AM, 6 AM, 7 AM, 8 AM, 9 AM, 10 AM, 11 AM, 12 PM, 

 1 PM , 2 PM, 3 PM, 4 PM, 5 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0010.

(3) NUMBER OF STRIKE LEVELS LISTED – Nine (9) strike levels 
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20141113(1)

 will be listed for each Intraday GBP/USD Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Z” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0001 as reported by the Source Agency. Four (4) strike 

 levels will be generated above Binary Contract Z at an interval of 0.0010, and 

 four (4) strike levels will be generated below Binary Contract Z at an interval 

 of 0.0010 (e.g. Z – 0.0010; Z; Z + 0.0010). The Contract will have a Payout 

 Criterion of greater than the strike level value.

(i) DAILY GBP/USD BINARY CONTRACTS, 11 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X1 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X1 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X1 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X1 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X1 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X1 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X1 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X1 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X1 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X1 

– 0.0020.
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20141113(1)

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X1.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X1 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X1 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X1 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X1 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X1 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X1 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X1 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X1 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X1 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X1 

+ 0.0200

(22) In each case, “X1” equals the last GBP /USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(ii) DAILY GBP /USD BINARY CONTRACTS, 3 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X2 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X2 

– 0.0180.
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(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X2 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X2 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X2 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X2 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X2 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X2 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X2 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X2 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X2.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X2 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X2 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X2 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X2 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X2 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X2 

+ 0.0120.
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20141113(1)

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X2 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X2 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X2 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X2 

+ 0.0200

(22) In each case, “X2” equals the last GBP /USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(iii) DAILY GBP /USD BINARY CONTRACTS, 7 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X3 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X3 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X3 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X3 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X3 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X3 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X3 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X3 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X3 

– 0.0040.
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20141113(1)

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X3 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X3.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X3 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X3 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X3 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X3 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X3 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X3 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X3 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X3 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X3 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X3 

+ 0.0200

(22) In each case, “X3” equals the last GBP /USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(iv) DAILY GBP /USD BINARY CONTRACTS, 11 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X4 

– 0.0200.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X4 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X4 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X4 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X4 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X4 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X4 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X4 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X4 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X4 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X4.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X4 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X4 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X4 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X4 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X4 

+ 0.0100.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X4 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X4 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X4 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X4 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X4 

+ 0.0200

(22) In each case, “X4” equals the last GBP /USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(v) DAILY GBP/USD BINARY CONTRACTS, 3 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X5 –

0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X5 –

0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X5 –

0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X5 –

0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X5 –

0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X5 –

0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X5 –

0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X5 –

0.0060.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X5 –

0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X5 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X5.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X5 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X5 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X5 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X5 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X5 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X5 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X5 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X5 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X5 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X5 

+ 0.0200.

(22) In each case, “X5” equals the last GBP/USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(vi) DAILY GBP /USD BINARY CONTRACTS, 7 PM ET CLOSE
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X6 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X6 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X6 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X6 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X6 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X6 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X6 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X6 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X6 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X6 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X6.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X6 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X6 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X6 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X6 

+ 0.0080.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X6 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X6 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X6 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X6 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X6 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X6 

+ 0.0200

(22) In each case, “X6” equals the last GBP /USD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(ii) WEEKLY GBP/USD BINARY CONTRACTS, 3 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Y 

– 0.0300.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Y 

– 0.0250.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Y 

– 0.0200.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Y 

– 0.0150. 

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Y 

- 0.0100.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Y 

- 0.0050.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Y.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Y 

+ 0.0050.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Y 

+ 0.0100.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Y + 0.0150.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Y + 0.0200.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Y + 0.0250.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Y + 0.0300.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Y + 0.0350.

(15) In each case, “Y” equals the last GBP/USD price rounded to the nearest value 

ending in either 0.0025 or 0.0075 as reported by the Source Agency.

(viii) INTRADAY GBP/USD BINARY CONTRACTS, 6:00 PM to 

8:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z1 -

0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z1 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z1 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z1 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z1.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z1 + 

0.0010.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z1 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z1 + 

0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z1 + 

0.0040.

(10) In each case above, Z1 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(ix) INTRADAY GBP/USD BINARY CONTRACTS, 7:00 PM to 

9:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z2 -

0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z2 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z2 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z2 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z2.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z2 + 

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z2 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z2 + 

0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z2 + 

0.0040.

(10) In each case above, Z2 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(x) INTRADAY GBP/USD BINARY CONTRACTS, 8:00 PM to 

10:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z3 -

0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z3 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z3 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z3 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z3.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z3 + 

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z3 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z3 + 

0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z3 + 

0.0040.

(10) In each case above, Z3 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xi) INTRADAY GBP/USD BINARY CONTRACTS, 9:00 PM to 

11:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z4 -

0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z4 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z4 -

0.0020.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z4 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z4.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z4 + 

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z4 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z4 + 

0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z4 + 

0.0040.

(10) In each case above, Z4 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xii) INTRADAY GBP/USD BINARY CONTRACTS, 10:00 PM to 

12:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z5 -

0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z5 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z5 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z5 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z5.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z5 + 

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z5 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z5 + 

0.0030.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z5 + 

0.0040.

(10) In each case above, Z5 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xiii) INTRADAY GBP/USD BINARY CONTRACTS, 11:00 PM to 

1:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z6 -

0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z6 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z6 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z6 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z6.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z6 + 

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z6 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z6 + 

0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z6 + 

0.0040.

(10) In each case above, Z6 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xiv) INTRADAY GBP/USD BINARY CONTRACTS, 12:00 AM to 

2:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z7 -

0.0040.
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20141113(1)

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z7 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z7 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z7 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z7.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z7 + 

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z7 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z7 + 

0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z7 + 

0.0040.

(10) In each case above, Z7 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xv) INTRADAY GBP/USD BINARY CONTRACTS, 1:00 AM to 

3:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z8 -

0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z8 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z8 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z8 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z8.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z8 + 

0.0010.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z8 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z8 + 

0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z8 + 

0.0040.

(10) In each case above, Z8 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xvi) INTRADAY GBP/USD BINARY CONTRACTS, 2:00 AM to 

4:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z9 -

0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z9 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z9 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z9 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z9.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z9 + 

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z9 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z9 + 

0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z9 + 

0.0040.

(10) In each case above, Z9 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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(xvii) INTRADAY GBP/USD BINARY CONTRACTS, 3:00 AM to 

5:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z10 

- 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z10 

- 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z10 

- 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z10 

- 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z10.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z10 

+ 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z10 

+ 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z10 

+ 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z10 

+ 0.0040.

(10) In each case above, Z10 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xviii) INTRADAY GBP/USD BINARY CONTRACTS, 4:00 AM to 

6:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z11 

- 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z11 

- 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z11 

- 0.0020.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z11 

- 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z11.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z11 

+ 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z11 

+ 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z11 

+ 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z11 

+ 0.0040.

(10) In each case above, Z11 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xix) INTRADAY GBP/USD BINARY CONTRACTS, 5:00 AM to 

7:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z12 

- 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z12 

- 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z12 

- 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z12 

- 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z12 

+ 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z12 

+ 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z12 

+ 0.0030.
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(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z12 

+ 0.0040.

(10) In each case above, Z12 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xx) INTRADAY GBP/USD BINARY CONTRACTS, 6:00 AM to 

8:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z13 

- 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z13 

- 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z13 

- 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z13 

- 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z13.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z13 

+ 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z13 

+ 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z13 

+ 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z13 

+ 0.0040.

(10) In each case above, Z13 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxi) INTRADAY GBP/USD BINARY CONTRACTS, 7:00 AM to 

9:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z14 

- 0.0040.
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(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z14 

- 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z14 

- 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z14 

- 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z14.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z14 

+ 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z14 

+ 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z14 

+ 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z14 

+ 0.0040.

(10) In each case above, Z14 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxii) INTRADAY GBP/USD BINARY CONTRACTS, 8:00 AM 

to 10:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

Z15 - 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z15 - 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z15 - 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

Z15 - 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z15.
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(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z15 + 0.0040.

(10) In each case above, Z15 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xxiii) INTRADAY GBP/USD BINARY CONTRACTS, 9:00 

AM to 11:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater 

than Z16 - 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater 

than Z16 - 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater 

than Z16 - 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater 

than Z16 - 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater 

than Z16.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater 

than Z16 + 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater 

than Z16 + 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater 

than Z16 + 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater 

than Z16 + 0.0040.
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(10) In each case above, Z16 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xxiv) INTRADAY GBP/USD BINARY CONTRACTS, 10:00 

AM to 12:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater 

than Z17 - 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater 

than Z17 - 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater 

than Z17 - 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater 

than Z17 - 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater 

than Z17.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater 

than Z17 + 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater 

than Z17 + 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater 

than Z17 + 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater 

than Z17 + 0.0040.

(10) In each case above, Z17 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xxv) INTRADAY GBP/USD BINARY CONTRACTS, 11:00 

AM to 1:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater 

than Z18 - 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater 

than Z18 - 0.0030.
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(3) Binary Contract 3: One Contract will have a Payout Criterion of greater 

than Z18 - 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater 

than Z18 - 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater 

than Z18.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater 

than Z18 + 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater 

than Z18 + 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater 

than Z18 + 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater 

than Z18 + 0.0040.

(10) In each case above, Z18 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xxvi) INTRADAY GBP/USD BINARY CONTRACTS, 12:00 

PM to 2:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

Z19 - 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z19 - 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z19 - 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

Z19 - 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z19.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0010.
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(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z19 + 0.0040.

(10) In each case above, Z19 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xxvii) INTRADAY GBP/USD BINARY CONTRACTS, 1:00 

PM to 3:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

Z20 - 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z20 - 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z20 - 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

Z20 - 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z20 + 0.0040.

(10) In each case above, Z20 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.
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(xxviii) INTRADAY GBP/USD BINARY CONTRACTS, 2:00 PM to 

4:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z21 

- 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z21 

- 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z21 

- 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z21 

- 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z21.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z21 

+ 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z21 

+ 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z21 

+ 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z21 

+ 0.0040.

(10) In each case above, Z21 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxix) INTRADAY GBP/USD BINARY CONTRACTS, 3:00 PM to 

5:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z22 

- 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z22 

- 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z22 

- 0.0020.
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(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z22

- 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z22.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z22 

+ 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z22 

+ 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z22 

+ 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z22 

+ 0.0040.

(10) In each case above, Z22 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(iv)(xxx) Nadex may list additional GBP/USD Binary Contract with 

different ranges of Payout Criteria on a discretionary basis in accordance with the CEA and 

Commission Regulations.

(g) MINIMUM TICK – The Minimum Tick size for GBP/USD Binary Contracts shall be 

$0.25. 

(h) REPORTING LEVEL – The Reporting Level for the GBP/USD Binary Contracts 

shall be 12,500 Contracts.

(i) POSITION LIMIT – There are currently no Position Limits for GBP/USD Binary 

Contract.

(j) LAST TRADING DATE – The Last Trading Date in a Series is the same date as the 

Expiration Date. No trading in the GBP/USD Binary Contracts shall occur after its Last Trading 

Date.

(k) SETTLEMENT DATE – The Settlement Date will be the date the GBP/USD number 

is scheduled to be released. 

(l) EXPIRATION DATE – The Expiration Date of the Contract will be the date on 

which the GBP/USD number is scheduled to be released. 
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(m) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

the in the money Contract on the Settlement Date. The Settlement Value of an in the money 

GBP/USD Binary Contract is $100.

(n) EXPIRATION VALUE – The Expiration Value is the price or value of GBP/USD as 

released by the Source Agency on the Expiration Date. The Expiration Value is calculated by 

the Source Agency by taking the last twenty-five (25) Midpoints between the bid/ask spread 

(five pips wide or less) just prior to the close of trading of the GBP/USD Binary Contract and 

removing the highest five (5) Midpoints and the lowest (5) Midpoints, using the remaining 

fifteen (15) GBP/USD Midpoints to calculate the Expiration Value. The calculation used is a 

simple average of all fifteen (15) GBP/USD Midpoints, rounded to one decimal point past the 

precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask 

price together and then dividing that number by two (2). For example, if the bid price is 1.9900 

and the ask price is 1.9902, the two numbers are added together (totaling 3.9802) and then 

divided by two (2), equaling a Midpoint of 1.9901. If the spread between a particular bid price 

and ask price is deemed too wide (greater than five (5) pips), those prices will not be used to 

calculate a Midpoint and will thus not be included within the 25 initially captured values.

(o) CONTINGENCIES – If no level is actually announced on the Expiration Date due to 

a delay, postponement or otherwise in such release announcement by the Source Agency, the 

Settlement Date will be delayed until the Underlying number is released for that Series.

RULE 12.32 [UNCHANGED]

RULE 12.33 CURRENCY EXCHANGE USD/CAD BINARY CONTRACTS

(a) SCOPE – These Rules shall apply to the Class of Contracts referred to as the 

Currency Exchange USD/CAD (“USD/CAD”) Binary Contract issued by Nadex.

(b) UNDERLYING – The Underlying for this Class of Contracts is the US Dollar/ 

Canadian Dollar herein referred to as “USD/CAD” as quoted in Canadian Dollars per US dollars 

obtained from the spot USD/CAD foreign currency market.

(c) SOURCE AGENCY – The Source Agency is Nadex.

(d) TYPE – The type of Contract is a Binary Contract.

(e) ISSUANCE – For each planned release by the Source Agency of the Underlying, 

Nadex will issue various Contracts, each of a different Series. A new issuance of Contracts will 

commence no later than two (2) business days following the Expiration Date. 

(f) PAYOUT CRITERION – The Payout Criterion for each Contract will be set by 

Nadex at the time the Binary Contracts are initially issued. For the USD/CAD Binary Contract, 

the Payout Criteria for the Contracts will be set as follows:
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(i) WEEKLY USD/CAD BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0050.

(3) NUMBER OF STRIKE LEVELS LISTED - Fourteen (14) strike levels will 

 be listed for each Weekly USD/CAD Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “X” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0025 or 0.0075 as reported by the Source Agency. Six (6) 

 strike levels will be generated above Binary Contract X at an interval of 

 0.0050, and seven (7) strike levels will be generated below Binary Contract X

 at an interval of 0.0050 (e.g. X – 0.0050; X; X + 0.0050). The Contract will 

 have a Payout Criterion of greater than the strike level value.

(ii) DAILY USD/CAD BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 AM, 7 AM, 11 AM, 3 PM, 7 PM, 11 PM ET 

 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0020.

(3) NUMBER OF STRIKE LEVELS LISTED – Twenty-one (21) strike levels 

 will be listed for each Daily USD/CAD Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Y” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0020 as reported by the Source Agency. Ten (10) strike 

 levels will be generated above Binary Contract Y at an interval of 0.0020, and 

 ten (10) strike levels will be generated below Binary Contract Y at an interval 

 of 0.0020 (e.g. Y – 0.0020; Y; Y + 0.0020). The Contract will have a Payout 

 Criterion of greater than the strike level value.

(iii) INTRADAY USD/CAD BINARY CONTRACTS 

(1) EXPIRATION TIME – 10 AM, 11 AM, 12 PM, 1 PM , 2 PM, 3 PM ET 
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 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0010.

(3) NUMBER OF STRIKE LEVELS LISTED – Nine (9) strike levels 

 will be listed for each Intraday USD/CAD Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Z” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0001 as reported by the Source Agency. Four (4) strike 

 levels will be generated above Binary Contract Z at an interval of 0.0010, and 

 four (4) strike levels will be generated below Binary Contract Z at an interval 

 of 0.0010 (e.g. Z – 0.0010; Z; Z + 0.0010). The Contract will have a Payout 

 Criterion of greater than the strike level value.

(i) DAILY USD/CAD BINARY CONTRACTS, 11 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X1 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X1 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X1 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X1 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X1 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X1 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X1 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X1 

– 0.0060.
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(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X1 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X1 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X1.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X1 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X1 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X1 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X1 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X1 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X1 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X1 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X1 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X1 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X1 

+ 0.0200

(22) In each case, “X1” equals the last USD/CAD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(ii) DAILY USD/CAD BINARY CONTRACTS, 3 AM ET CLOSE
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(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X2 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X2 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X2 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X2 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X2 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X2 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X2 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X2 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X2 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X2 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X2.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X2 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X2 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X2 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X2 

+ 0.0080.
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(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X2 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X2 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X2 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X2 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X2 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X2 

+ 0.0200

(22) In each case, “X2” equals the last USD/CAD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(iii) DAILY USD/CAD BINARY CONTRACTS, 7 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X3 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X3 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X3 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X3 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X3 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X3 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X3 

– 0.0080.
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(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X3 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X3 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X3 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X3.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X3 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X3 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X3 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X3 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X3 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X3 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X3 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X3 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X3 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X3 

+ 0.0200

(22) In each case, “X3” equals the last USD/CAD price rounded to the nearest 0.0020 

as reported by the Source Agency.
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(iv) DAILY USD/CAD BINARY CONTRACTS, 11 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X4 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X4 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X4 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X4 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X4 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X4 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X4 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X4 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X4 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X4 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X4.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X4 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X4 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X4 

+ 0.0060.
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(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X4 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X4 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X4 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X4 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X4 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X4 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X4 

+ 0.0200

(22) In each case, “X4” equals the last USD/CAD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(v) DAILY USD/CAD BINARY CONTRACTS, 3PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X5 – 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X5 – 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X5 – 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X5 – 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X5 – 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X5 – 0.0100.
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(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X5 – 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X5 – 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X5 – 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X5 – 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X5.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X5 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X5 + 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X5 + 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X5 + 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X5 + 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X5 + 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X5 + 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X5 + 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X5 + 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X5 + 0.0200.
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(22) In each case, “X5” equals the last USD/CAD price rounded to the nearest 

0.0020 as reported by the Source Agency.

(vi) DAILY USD/CAD BINARY CONTRACTS, 7 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X6 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X6 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X6 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X6 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X6 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X6 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X6 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X6 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X6 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X6 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X6.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X6 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X6 

+ 0.0040.
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(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X6 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X6 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X6 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X6 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X6 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X6 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X6 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X6 

+ 0.0200

(22) In each case, “X6” equals the last USD/CAD price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(vii) WEEKLY USD/CAD BINARY CONTRACTS, 3:00PM ET 

CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Y –

0.0300.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Y –

0.0250. 

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Y –

0.0200.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Y –

0.0150. 

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Y -

0.0100.
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(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Y -

0.0050.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Y + 

0.0050.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Y + 

0.0100.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Y 

+ 0.0150.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Y 

+ 0.0200.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than Y 

+ 0.0250.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Y 

+ 0.0300.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Y 

+ 0.0350.

(15) In each case, “Y” equals the last USD/CAD price rounded to the nearest value 

ending in either 0.0025 or 0.0075 as reported by the Source Agency.

(iii) INTRADAY USD/CAD BINARY CONTRACTS, 8:00 AM to 10:00 

AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z1 

- 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z1 

- 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z1 

- 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z1 

- 0.0010.
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(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z1.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0040.

(10) In each case above, Z1 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(iv) INTRADAY USD/CAD BINARY CONTRACTS, 9:00 AM to 11:00 

AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z2 

- 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z2 

- 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z2 

- 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z2 

- 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z2.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0030.
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(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0040.

(10) In each case above, Z2 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(v) INTRADAY USD/CAD BINARY CONTRACTS, 10:00 AM to 

12:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z3 

- 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z3 

- 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z3 

- 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z3 

- 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z3.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0040.

(10) In each case above, Z3 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(vi) INTRADAY USD/CAD BINARY CONTRACTS, 11:00 AM to 1:00 

PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z4 

- 0.0040.
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(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z4 

- 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z4 

- 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z4 

- 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z4.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0040.

(10) In each case above, Z4 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(vii) INTRADAY USD/CAD BINARY CONTRACTS, 12:00 PM to 2:00 

PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z5 

- 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z5 

- 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z5 

- 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z5 

- 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z5.
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(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0040.

(10) In each case above, Z5 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(viii) INTRADAY USD/CAD BINARY CONTRACTS, 1:00 PM to 3:00 

PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z6 

- 0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z6 

- 0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z6 

- 0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z6 

- 0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z6.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0040.
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(10) In each case above, Z6 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(iv)(xiv) Nadex may list additional USD/CAD Binary Contracts with 

different ranges of Payout Criteria on a discretionary basis in accordance with the CEA and 

Commission Regulations 

(g) MINIMUM TICK – The Minimum Tick size for the USD/CAD Binary Contracts 

shall be $0.25. 

(h) REPORTING LEVEL – The Reporting Level for the USD/CAD Binary Contracts 

shall be 12,500 Contracts.

(i) POSITION LIMIT – There are currently no Position Limits for USD/CAD Binary 

Contract.

(j) LAST TRADING DATE – The Last Trading Date in a Series is the same date as the 

Expiration Date.

(k) SETTLEMENT DATE – The Settlement Date will be the date on which the 

USD/CAD Settlement Price is released by the Source Agency. 

(l) EXPIRATION DATE – The Expiration Date of the Contract will be the date on 

which the USD/CAD Settlement Price is released by the Source Agency. 

(m) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

the in the money Contract on the Settlement Date. The Settlement Value for an in the money 

USD/CAD Binary Contract is $100.

(n) EXPIRATION VALUE – The Expiration Value is the Settlement Price of USD/CAD 

Currency as calculated by the Source Agency on the Expiration Date. The Expiration Value is 

calculated by the Source Agency by taking the last twenty-five (25) Midpoints between the 

bid/ask spread (five pips wide or less) just prior to the close of trading of the USD/CAD Binary 

Contract and removing the highest five (5) Midpoints and the lowest (5) Midpoints, using the 

remaining fifteen (15) USD/CAD Midpoints to calculate the Expiration Value. The calculation 

used is a simple average of all fifteen (15) USD/CAD Midpoints, rounded to one decimal point 

past the precision of the underlying market. A Midpoint is calculated by adding the bid price and 

the ask price together and then dividing that number by two (2). For example, if the bid price is 

1.0700 and the ask price is 1.0702, the two numbers are added together (totaling 2.1402) and 

then divided by two (2), equaling a Midpoint of 1.0701. If the spread between a particular bid 

price and ask price is deemed too wide (greater than five (5) pips), those prices will not be used 

to calculate a Midpoint and will thus not be included within the 25 initially captured values.
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(o) CONTINGENCIES – If no level is actually announced on the Expiration Date due to 

a delay, postponement or otherwise in such release announcement by the Source Agency, the 

Settlement Date will be delayed until the Underlying number is released for that Series.

RULE 12.34 [UNCHANGED]

RULE 12.35 CURRENCY EXCHANGE USD/CHF BINARY CONTRACTS

(a) SCOPE – These Rules shall apply to the Class of Contracts referred to as the 

Currency Exchange USD/CHF (“USD/CHF”) Binary Contract issued by Nadex.

(b) UNDERLYING – The Underlying for this Class of Contracts is the US dollar/ Swiss 

Franc herein referred to as “USD/CHF” as quoted in the Swiss Franc per US dollar obtained 

from the spot USD/CHF foreign currency market.

(c) SOURCE AGENCY – The Source Agency is Nadex.

(d) TYPE – The type of Contract is a Binary Contract.

(e) ISSUANCE – For each planned release by the Source Agency of the Underlying, 

Nadex will issue various Contracts, each of a different Series. A new issuance of Contracts will 

commence no later than two (2) business days following the Expiration Date.

(f) PAYOUT CRITERION – The Payout Criterion for each Contract will be set by 

Nadex at the time the Binary Contracts are initially issued. For the USD/CHF Binary Contract, 

the Payout Criteria for the Contracts will be set as follows:

(i) WEEKLY USD/CHF BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0050.

(3) NUMBER OF STRIKE LEVELS LISTED - Fourteen (14) strike levels will 

 be listed for each Weekly USD/CHF Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “X” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0025 or 0.0075 as reported by the Source Agency. Six (6) 

 strike levels will be generated above Binary Contract X at an interval of 

 0.0050, and seven (7) strike levels will be generated below Binary Contract X 

 at an interval of 0.0050 (e.g. X – 0.0050; X; X + 0.0050). The Contract will 
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 have a Payout Criterion of greater than the strike level value.

(ii) DAILY USD/CHF BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 AM, 7 AM, 11 AM, 3 PM, 7 PM, 11 PM ET 

 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0020.

(3) NUMBER OF STRIKE LEVELS LISTED – Twenty-one (21) strike levels 

 will be listed for each Daily USD/CAD Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Y” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0020 as reported by the Source Agency. Ten (10) strike 

 levels will be generated above Binary Contract Y at an interval of 0.0020, and 

 ten (10) strike levels will be generated below Binary Contract Y at an interval 

 of 0.0020 (e.g. Y – 0.0020; Y; Y + 0.0020). The Contract will have a Payout 

 Criterion of greater than the strike level value.

(iii) INTRADAY USD/CHF BINARY CONTRACTS 

(1) EXPIRATION TIME – 10 AM, 11 AM, 12 PM, 1 PM , 2 PM, 3 PM ET 

 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0004.

(3) NUMBER OF STRIKE LEVELS LISTED – Fifteen (15) strike levels 

 will be listed for each Intraday USD/CHF Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Z” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0001 as reported by the Source Agency. Seven (7) strike 

 levels will be generated above Binary Contract Z at an interval of 0.0004, and 

 seven (7) strike levels will be generated below Binary Contract Z at an 

 interval of 0.0004 (e.g. Z – 0.0004; Z; Z + 0.0004). The Contract will have a 

 Payout Criterion of greater than the strike level value.
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(i) DAILY USD/CHF BINARY CONTRACTS, 11 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X1 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X1 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X1 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X1 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X1 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X1 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X1 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X1 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X1 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X1 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X1.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X1 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X1 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X1 

+ 0.0060.
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(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X1 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X1 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X1 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X1 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X1 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X1 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X1 

+ 0.0200

(22) In each case, “X1” equals the last USD/ CHF price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(ii) DAILY USD/ CHF BINARY CONTRACTS, 3 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X2

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X2 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X2 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X2 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X2 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X2 

– 0.0100.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X2 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X2 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X2 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X2 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X2.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X2 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X2 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X2 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X2 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X2 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X2 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X2 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X2 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X2 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X2 

+ 0.0200
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(22) In each case, “X2” equals the last USD/ CHF price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(iii) DAILY USD/ CHF BINARY CONTRACTS, 7 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X3 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X3 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X3 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X3 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X3 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X3 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X3 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X3 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X3 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X3 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X3.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X3 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X3 

+ 0.0040.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X3 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X3 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X3 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X3 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X3 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X3 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X3 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X3 

+ 0.0200

(22) In each case, “X3” equals the last USD/ CHF price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(iv) DAILY USD/ CHF BINARY CONTRACTS, 11 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X4 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X4 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X4 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X4 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X4 

– 0.0120.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X4 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X4 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X4 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X4 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X4 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X4.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X4 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X4 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X4 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X4 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X4 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X4 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X4 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X4 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X4 

+ 0.0180.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X4 

+ 0.0200

(22) In each case, “X4” equals the last USD/ CHF price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(v) DAILY USD/CHF BINARY CONTRACTS, 3 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X5 –

0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X5 –

0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X5 –

0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X5 –

0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X5 –

0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X5 –

0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X5 –

0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X5 –

0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X5 –

0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X5 – 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X5.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X5 + 0.0020.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X5 + 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X5 + 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X5 + 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X5 + 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X5 + 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X5 + 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X5 + 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X5 + 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X5 + 0.0200.

(22) In each case, “X5” equals the last USD/CHF price rounded to the nearest 0.0020 

as reported by the Source Agency.

(vi) DAILY USD/ CHF BINARY CONTRACTS, 7 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X6 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X6 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X6 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X6 

– 0.0140.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X6 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X6 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X6 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X6 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X6 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X6 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X6.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X6 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X6 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X6 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X6 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X6 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X6 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X6 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X6 

+ 0.0160.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X6 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X6 

+ 0.0200

(22) In each case, “X6” equals the last USD/CHF price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(vii) WEEKLY USD/CHF BINARY CONTRACTS, 3:00PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Y 

– 0.0300.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Y 

– 0.0250.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Y– 0.0200. 

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Y 

– 0.0150. 

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Y 

- 0.0100.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Y 

- 0.0050.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Y.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Y 

+ 0.0050.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Y 

+ 0.0100.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Y + 0.0150.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Y + 0.0200.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Y + 0.0250.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Y + 0.0300.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Y + 0.0350.

(15) In each case, “Y” equals the last USD/CHF price rounded to the nearest value 

ending in either 0.0025 or 0.0075 as reported by the Source Agency.

(viii) INTRADAY USD/CHF BINARY CONTRACTS, 8:00 AM to 10:00 

AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z1 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z1 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z1 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z1 -

0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z1 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z1 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z1 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z1.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z1 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0008.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z1 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z1 

+ 0.0028.

(16) In each case above, Z1 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(ix) INTRADAY USD/CHF BINARY CONTRACTS, 9:00 AM to 11:00 

AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z2 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z2 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z2 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z2 -

0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z2 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z2 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z2 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z2.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z2 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z2 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z2 

+ 0.0028.

(16) In each case above, Z2 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(x) INTRADAY USD/CHF BINARY CONTRACTS, 10:00 AM to 12:00 

PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z3 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z3 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z3 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z3 -

0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z3 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z3 -

0.0008.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z3 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z3.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z3 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z3 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z3 

+ 0.0028.

(16) In each case above, Z3 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xi) INTRADAY USD/CHF BINARY CONTRACTS, 11:00 AM to 

1:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z4 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z4 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z4 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z4 -

0.0016.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z4 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z4 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z4 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z4.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z4 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z4 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z4 

+ 0.0028.

(16) In each case above, Z4 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xii) INTRADAY USD/CHF BINARY CONTRACTS, 12:00 PM to 

2:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z5 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z5 -

0.0024.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z5 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z5 -

0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z5 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z5 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z5 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z5.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z5 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z5 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z5 

+ 0.0028.

(16) In each case above, Z5 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xiii) INTRADAY USD/CHF BINARY CONTRACTS, 1:00 PM to 

3:00 PM ET CLOSE
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z6 -

0.0028. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z6 -

0.0024.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z6 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z6 -

0.0016.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z6 -

0.0012.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z6 -

0.0008.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z6 -

0.0004.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z6.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z6 + 

0.0004.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0008.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0012.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z6 + 0.0016.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0020. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0024.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z6 

+ 0.0028.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(16) In each case above, Z6 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(iv)(xiv) Nadex may list additional USD/CHF Binary Contract with 

different ranges of Payout Criteria on a discretionary basis in accordance with the 

CEA and Commission Regulations.

(g) MINIMUM TICK - The Minimum Tick size for USD/CHF Binary Contracts shall be 

$0.25. 

(h) REPORTING LEVEL - The Reporting Level for the USD/CHF Binary Contracts 

shall be 12,500 Contracts.

(i) POSITION LIMIT – There are currently no Position Limits for USD/CHF Binary 

Contract.

(j) LAST TRADING DATE – The Last Trading Date in a Series is the same date as the 

Expiration Date. No trading in the USD/CHF Binary Contracts shall occur after its Last Trading 

Date. 

(k) SETTLEMENT DATE – The Settlement Date will be the date the USD/CHF number 

is released by the Source Agency. 

(l) EXPIRATION DATE – The Expiration Date of the Contract will be the date on 

which the USD/CHF number is scheduled to be released. 

(m) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

the in the money Contract on Settlement Date. The Settlement Value of an in the money 

USD/CHF Binary Contract is $100. 

(n) EXPIRATION VALUE – The Expiration Value is the price or value of USD/CHF as 

released by the Source Agency on the Expiration Date. The Expiration Value is calculated by 

the Source Agency by taking the last twenty-five (25) Midpoints between the bid/ask spread 

(five pips wide or less) just prior to the close of trading of the USD/CHF Binary Contract and 

removing the highest five (5) Midpoints and the lowest (5) Midpoints, using the remaining 

fifteen (15) USD/CHF Midpoints to calculate the Expiration Value. The calculation used is a 

simple average of all fifteen (15) USD/CHF Midpoints, rounded to one decimal point past the 

precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask 

price together and then dividing that number by two (2). For example, if the bid price is 1.2200 

and the ask price is 1.2202, the two numbers are added together (totaling 2.4402) and then 

divided by two (2), equaling a Midpoint of 1.2201. If the spread between a particular bid price 

and ask price is deemed too wide (greater than five (5) pips), those prices will not be used to 

calculate a Midpoint and will thus not be included within the 25 initially captured values.
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(o) CONTINGENCIES – If no level is actually announced on the Expiration Date due to 

a delay, postponement or otherwise in such release announcement by the Source Agency, the 

Settlement Date will be delayed until the Underlying number is released for that Series.

RULE 12.36 [UNCHANGED]

RULE 12.37 CURRENCY EXCHANGE USD/JPY BINARY CONTRACTS

(a) SCOPE – These Rules shall apply to the Class of Contracts referred to as the 

Currency Exchange USD/JPY (“USD/JPY”) Binary Contract issued by Nadex.

(b) UNDERLYING – The Underlying for this Class of Contracts is the US dollar/ 

Japanese Yen, herein referred to as “USD/JPY” as quoted in the Japanese Yen per US dollar 

obtained from the spot USD/JPY foreign currency market.

(c) SOURCE AGENCY – The Source Agency is Nadex.

(d) TYPE – The type of Contract is a Binary Contract.

(e) ISSUANCE – For each planned release by the Source Agency of the Underlying, 

Nadex will issue various Contracts, each of a different Series. A new issuance of Contracts will 

commence no later than two (2) business days following the Expiration Date.

(f) PAYOUT CRITERION – The Payout Criterion for each Contract will be set by 

Nadex at the time the Binary Contracts are initially issued. For the USD/JPY Binary Contract, 

the Payout Criteria for the Contracts will be set as follows:

(i) WEEKLY USD/JPY BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.50.

(3) NUMBER OF STRIKE LEVELS LISTED - Fourteen (14) strike levels will 

 be listed for each Weekly USD/JPY Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “X” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.25 or 0.75 as reported by the Source Agency. Six (6) strike 

 levels will be generated above Binary Contract X at an interval of 0.50, and 

 seven (7) strike levels will be generated below Binary Contract X at an 

 interval of 0.50 (e.g. X – 0.50; X; X + 0.50). The Contract will have a Payout 
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 Criterion of greater than the strike level value.

(ii) DAILY USD/JPY BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 AM, 7 AM, 11 AM, 3 PM, 7 PM, 11 PM ET 

 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.20.

(3) NUMBER OF STRIKE LEVELS LISTED – Twenty-one (21) strike levels 

 will be listed for each Daily USD/JPY Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Y” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.20 as reported by the Source Agency. Ten (10) strike levels 

 will be generated above Binary Contract Y at an interval of 0.20, and ten (10) 

 strike levels will be generated below Binary Contract Y at an interval of 0.20 

 (e.g. Y – 0.20; Y; Y + 0.20). The Contract will have a Payout Criterion of 

 greater than the strike level value.

(iii) INTRADAY USD/JPY BINARY CONTRACTS 

(1) EXPIRATION TIME – 8 PM, 9 PM, 10 PM, 11 PM, 12 AM, 1 AM, 2 AM, 

 3 AM, 4 AM, 5 AM, 6 AM, 7 AM, 8 AM, 9 AM, 10 AM, 11 AM, 12 PM, 

 1 PM , 2 PM, 3 PM, 4 PM, 5 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.04.

(3) NUMBER OF STRIKE LEVELS LISTED – Nineteen (19) strike levels 

 will be listed for each Intraday USD/JPY Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Z” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.01 as reported by the Source Agency. Nine (9) strike levels 

 will be generated above Binary Contract Z at an interval of 0.04, and nine (9) 

 strike levels will be generated below Binary Contract Z at an interval of 0.04 

 (e.g. Z – 0.04; Z; Z + 0.04). The Contract will have a Payout Criterion of 

 greater than the strike level value.
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(i) DAILY USD/JPY BINARY CONTRACTS, 11 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X1 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X1 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X1 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X1 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X1 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X1 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X1 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X1 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X1 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X1 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X1.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X1 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X1 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X1 + 0.60.
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(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X1 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X1 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X1 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X1 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X1 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X1 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X1 + 2.00.

(22) In each case, “X1” equals the last USD/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(ii) DAILY USD/JPY BINARY CONTRACTS, 3 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X2 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X2 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X2 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X2 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X2 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X2 – 1.00.
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(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X2 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X2 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X2 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X2 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X2.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X2 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X2 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X2 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X2 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X2 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X2 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X2 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X2 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X2 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X2 + 2.00.
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(22) In each case, “X2” equals the last USD/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(iii) DAILY USD/JPY BINARY CONTRACTS, 7 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X3 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X3 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X3 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X3 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X3 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X3 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X3 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X3 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X3 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X3 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X3.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X3 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X3 + 0.40.
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(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X3 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X3 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X3 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X3 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X3 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X3 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X3 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X3 + 2.00.

(22) In each case, “X3” equals the last USD/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(iv) DAILY USD/JPY BINARY CONTRACTS, 11 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X4 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X4 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X4 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X4 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X4 – 1.20.
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(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X4 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X4 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X4 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X4 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X4 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X4.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X4 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X4 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X4 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X4 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X4 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X4 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X4 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X4 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X4 + 1.80.
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(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X4 + 2.00.

(22) In each case, “X4” equals the last USD/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(v) DAILY USD/JPY BINARY CONTRACTS, 3 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X5 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X5 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X5 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X5 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X5 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X5 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X5 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X5 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X5 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X5 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X5.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X5 + 0.20.
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(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X5 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X5 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X5 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X5 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X5 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X5 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X5 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X5 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X5 + 2.00.

(22) In each case, “X5” equals the last USD/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(vi) DAILY USD/JPY BINARY CONTRACTS, 7 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X6 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X6 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X6 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X6 – 1.40.
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(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X6 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X6 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X6 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X6 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X6 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X6 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X6.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X6 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X6 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X6 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X6 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X6 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X6 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X6 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X6 + 1.60.
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(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X6 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X6 + 2.00.

(22) In each case, “X6” equals the last USD/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(vii) WEEKLY USD/JPY BINARY CONTRACTS, 3PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

Y– 3.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Y– 2.50.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Y– 2.00.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Y1.50. 

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Y 

- 1.00. 

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Y 

- 0.50. 

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Y 

+ 0.50.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Y 

+ 1.00.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Y + 1.50.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Y + 2.00. 

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Y + 2.50. 
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(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Y + 3.00. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Y + 3.50.

(15) In each case, “Y” equals the last USD/JPY price or value rounded to the 

nearest value ending in either 0.25 or 0.75 as reported by the Source Agency.

(viii) INTRADAY USD/JPY BINARY CONTRACTS, 6:00 PM to 

8:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z1 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z1 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z1 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z1 -

0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z1 -

0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z1 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z1 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z1.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z1 + 

0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z1 

+ 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z1 

+ 0.12.
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(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z1 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z1 

+ 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z1 

+ 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z1 

+ 0.28.

(16) In each case above, Z1 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(ix) INTRADAY USD/JPY BINARY CONTRACTS, 7:00 PM to 

9:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z2 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z2 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z2 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z2 -

0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z2 -

0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z2 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z2 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z2.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z2 + 

0.04.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z2 

+ 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z2 

+ 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z2 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z2 

+ 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z2 

+ 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z2 

+ 0.28.

(16) In each case above, Z2 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(x) INTRADAY USD/JPY BINARY CONTRACTS, 8:00 PM to 

10:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z3 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z3 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z3 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z3 -

0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z3 -

0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z3 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z3 -

0.04.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z3.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z3 + 

0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z3 

+ 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z3 

+ 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z3 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z3 

+ 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z3 

+ 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z3 

+ 0.28.

(16) In each case above, Z3 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xi) INTRADAY USD/JPY BINARY CONTRACTS, 9:00 PM to 

11:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z4 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z4 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z4 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z4 -

0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z4 -

0.12.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z4 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z4 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z4.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z4 + 

0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z4 

+ 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z4 

+ 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z4 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z4 

+ 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z4 

+ 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z4 

+ 0.28.

(16) In each case above, Z4 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xii) INTRADAY USD/JPY BINARY CONTRACTS, 10:00 PM to 

12:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z5 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z5 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z5 -

0.20.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z5 -

0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z5 -

0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z5 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z5 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z5.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z5 + 

0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z5 

+ 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z5 

+ 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z5 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z5 

+ 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z5 

+ 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z5 

+ 0.28.

(16) In each case above, Z5 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xiii) INTRADAY USD/JPY BINARY CONTRACTS, 11:00 PM to 

1:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z6 -

0.28. 
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z6 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z6 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z6 -

0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z6 -

0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z6 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z6 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z6.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z6 + 

0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z6 

+ 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z6 

+ 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z6 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z6 

+ 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z6 

+ 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z6 

+ 0.28.

(16) In each case above, Z6 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(xiv) INTRADAY USD/JPY BINARY CONTRACTS, 12:00 AM to 

2:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z7 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z7 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z7 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z7 -

0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z7 -

0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z7 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z7 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z7.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z7 + 

0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z7 

+ 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z7 

+ 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z7 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z7 

+ 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z7 

+ 0.24.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z7 

+ 0.28.

(16) In each case above, Z7 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xv) INTRADAY USD/JPY BINARY CONTRACTS, 1:00 AM to 

3:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z8 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z8 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z8 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z8 -

0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z8 -

0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z8 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z8 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z8.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z8 + 

0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z8 

+ 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z8 

+ 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z8 + 0.16.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z8 

+ 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z8 

+ 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z8 

+ 0.28.

(16) In each case above, Z8 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xvi) INTRADAY USD/JPY BINARY CONTRACTS, 2:00 AM to 

4:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z9 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z9 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z9 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z9 -

0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z9 -

0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z9 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z9 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z9.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z9 + 

0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Z9 

+ 0.08.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Z9 

+ 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z9 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Z9 

+ 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Z9 

+ 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than Z9 

+ 0.28.

(16) In each case above, Z9 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xvii) INTRADAY USD/JPY BINARY CONTRACTS, 3:00 AM to 

5:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z10 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z10 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z10 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z10 

- 0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z10 

- 0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z10 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z10 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z10.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z10 

+ 0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z10 + 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z10 + 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z10 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z10 + 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z10 + 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z10 + 0.28.

(16) In each case above, Z10 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xviii) INTRADAY USD/JPY BINARY CONTRACTS, 4:00 AM to 

6:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z11 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z11 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z11 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z11 

- 0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z11 

- 0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z11 -

0.08.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z11 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z11.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z11 

+ 0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z11 + 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z11 + 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z11 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z11 + 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z11 + 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z11 + 0.28.

(16) In each case above, Z11 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xix) INTRADAY USD/JPY BINARY CONTRACTS, 5:00 AM to 

7:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z12 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z12 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z12 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z12 

- 0.16.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z12 

- 0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z12 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z12 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z12.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z12 

+ 0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z12 + 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z12 + 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z12 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z12 + 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z12 + 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z12 + 0.28.

(16) In each case above, Z12 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xx) INTRADAY USD/JPY BINARY CONTRACTS, 6:00 AM to 

8:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z13 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z13 -

0.24.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z13 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z13 

- 0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z13 

- 0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z13 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z13 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z13.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z13 

+ 0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z13 + 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z13 + 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z13 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z13 + 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z13 + 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z13 + 0.28.

(16) In each case above, Z13 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxi) INTRADAY USD/JPY BINARY CONTRACTS, 7:00 AM to 

9:00 AM ET CLOSE
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

US Toll-Free +1 (877) 77 NADEX info@nadex.com www.nadex.com

20141113(1)

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z14 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z14 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z14 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z14 

- 0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z14 

- 0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z14 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z14 –

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z14.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z14 

+ 0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z14 + 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z14 + 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z14 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z14 + 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z14 + 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z14 + 0.28.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(16) In each case above, Z14 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxii) INTRADAY USD/JPY BINARY CONTRACTS, 8:00 AM to 

10:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z15 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z15 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z15 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z15 

- 0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z15 

- 0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z15 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z15 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z15.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z15 

+ 0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z15 + 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z15 + 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z15 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z15 + 0.20. 
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z15 + 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z15 + 0.28.

(16) In each case above, Z15 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxiii) INTRADAY USD/JPY BINARY CONTRACTS, 9:00 AM to 

11:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z16 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z16 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z16 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z16 

- 0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z16 

- 0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z16 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z16 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z16.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z16 

+ 0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z16 + 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z16 + 0.12.
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(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z16 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z16 + 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z16 + 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z16 + 0.28.

(16) In each case above, Z16 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxiv) INTRADAY USD/JPY BINARY CONTRACTS, 10:00 AM to 

12:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z17 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z17 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z17 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z17 

- 0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z17 

- 0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z17 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z17 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z17.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z17 

+ 0.04.
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(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z17 + 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z17 + 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z17 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z17 + 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z17 + 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z17 + 0.28.

(16) In each case above, Z17 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxv) INTRADAY USD/JPY BINARY CONTRACTS, 11:00 AM to 

1:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z18 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z18 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z18 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z18 

- 0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z18 

- 0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z18 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z18 -

0.04.
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(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z18.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z18 

+ 0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z18 + 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z18 + 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z18 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z18 + 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z18 + 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z18 + 0.28.

(16) In each case above, Z18 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxvi) INTRADAY USD/JPY BINARY CONTRACTS, 12:00 PM to 2:00 

PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z19 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z19 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z19 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z19 

- 0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z19 

- 0.12.
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(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z19 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z19 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z19.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z19 

+ 0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z19 + 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z19 + 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z19 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z19 + 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z19 + 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z19 + 0.28.

(16) In each case above, Z19 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxvii) INTRADAY USD/JPY BINARY CONTRACTS, 1:00 PM to 3:00 

PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z20 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z20 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z20 -

0.20.
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(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z20 

- 0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z20 

- 0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z20 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z20 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z20.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z20 

+ 0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z20 + 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z20 + 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z20 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z20 + 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z20 + 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z20 + 0.28.

(16) In each case above, Z20 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxviii) INTRADAY USD/JPY BINARY CONTRACTS, 2:00 PM to 

4:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z21 -

0.28. 
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(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z21 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z21 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z21 

- 0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z21 

- 0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z21 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z21 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z21.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z21 

+ 0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z21 + 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z21 + 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z21 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z21 + 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z21 + 0.24.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z21 + 0.28.

(16) In each case above, Z21 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.
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(xxix) INTRADAY USD/JPY BINARY CONTRACTS, 3:00 PM to 

5:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z22 -

0.28. 

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z22 -

0.24.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z22 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z22 

- 0.16.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z22 

- 0.12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z22 -

0.08.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z22 -

0.04.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z22.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z22 

+ 0.04.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Z22 + 0.08.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Z22 + 0.12.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Z22 + 0.16.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Z22 + 0.20. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Z22 + 0.24.
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(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

Z22 + 0.28.

(16) In each case above, Z22 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(iv)(xxx) Nadex may list additional USD/JPY Binary Contracts with 

different ranges of Payout Criteria on a discretionary basis in accordance with the 

CEA and Commission Regulations.

(g) MINIMUM TICK – The Minimum Tick size for USD/JPY Binary Contracts shall be 

$0.25. 

(h) REPORTING LEVEL – The Reporting Level for the USD/JPY Binary Contracts 

shall be 12,500 Contracts.

(i) POSITION LIMIT – There are currently no Position Limits for USD/JPY Binary 

Contract.

(j) LAST TRADING DATE – The Last Trading Date in a Series is the same date as the 

Expiration Date. No trading in the USD/JPY Binary Contracts shall occur after its Last Trading 

Date. 

(k) SETTLEMENT DATE – The Settlement Date will be the date the USD/JPY number 

is released by the Source Agency. 

(l) EXPIRATION DATE – The Expiration Date of the Contract will be the date on 

which the USD/JPY number is scheduled to be released. 

(m) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

the in the money Contract on Settlement Date. The Settlement Value of an in the money 

USD/JPY Binary Contract is $100. 

(n) EXPIRATION VALUE – The Expiration Value is the price or value of USD/JPY as 

released by the Source Agency on the Expiration Date. The Expiration Value is calculated by 

the Source Agency by taking the last twenty-five (25) Midpoints between the bid/ask spread 

(five pips wide or less) just prior to the close of trading of the USD/JPY Binary Contract and 

removing the highest five (5) Midpoints and the lowest (5) Midpoints, using the remaining 

fifteen (15) USD/JPY Midpoints to calculate the Expiration Value. The calculation used is a 

simple average of all fifteen (15) USD/JPY Midpoints, rounded to one decimal point past the 

precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask 

price together and then dividing that number by two (2). For example, if the bid price is 121.00 

and the ask price is 121.02, the two numbers are added together (totaling 242.02) and then 

divided by two (2), equaling a Midpoint of 121.01. If the spread between a particular bid price 
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and ask price is deemed too wide (greater than five (5) pips), those prices will not be used to 

calculate a Midpoint and will thus not be included within the 25 initially captured values.

(o) CONTINGENCIES – If no level is actually announced on the Expiration Date due to 

a delay, postponement or otherwise in such release announcement by the Source Agency, the 

Settlement Date will be delayed until the Underlying number is released for that Series.

RULE 12.38 [UNCHANGED]

RULE 12.39 CURRENCY EXCHANGE EUR/JPY BINARY CONTRACTS

(a) SCOPE – These Rules shall apply to the Class of Contracts referred to as the 

Currency Exchange EUR/JPY (“EUR/JPY”) Binary Contract issued by Nadex.

(b) UNDERLYING – The Underlying for this Class of Contracts is the Euro/ Japanese 

Yen, herein referred to as “EUR/JPY” as quoted in the Japanese Yen per Euro obtained from the 

spot EUR/JPY foreign currency market.

(c) SOURCE AGENCY – The Source Agency is Nadex.

(d) TYPE – The type of Contract is a Binary Contract.

(e) ISSUANCE – For each planned release by the Source Agency of the Underlying, 

Nadex will issue various Contracts, each of a different Series. A new issuance of Contracts will 

commence no later than two (2) business days following the Expiration Date.

(f) PAYOUT CRITERION – The Payout Criterion for each Contract will be set by 

Nadex at the time the Binary Contracts are initially issued. For the EUR/JPY Binary Contract, 

the Payout Criteria for the Contracts will be set as follows:

(i) WEEKLY EUR/JPY BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.50.

(3) NUMBER OF STRIKE LEVELS LISTED - Fourteen (14) strike levels will 

 be listed for each Weekly EUR/JPY Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “X” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.25 or 0.75 as reported by the Source Agency. Six (6) strike 
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 levels will be generated above Binary Contract X at an interval of 0.50, and 

 seven (7) strike levels will be generated below Binary Contract X at an 

 interval of 0.50 (e.g. X – 0.50; X; X + 0.50). The Contract will have a Payout 

 Criterion of greater than the strike level value.

(ii) DAILY EUR/JPY BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 AM, 7 AM, 11 AM, 3 PM, 7 PM, 11 PM ET 

 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.20.

(3) NUMBER OF STRIKE LEVELS LISTED – Twenty-one (21) strike levels 

 will be listed for each Daily EUR/JPY Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Y” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.20 as reported by the Source Agency. Ten (10) strike levels 

 will be generated above Binary Contract Y at an interval of 0.20, and ten (10) 

 strike levels will be generated below Binary Contract Y at an interval of 0.20 

 (e.g. Y – 0.20; Y; Y + 0.20). The Contract will have a Payout Criterion of 

 greater than the strike level value.

(iii) INTRADAY EUR/JPY BINARY CONTRACTS 

(1) EXPIRATION TIME – 8 PM, 9 PM, 10 PM, 11 PM, 12 AM, 1 AM, 2 AM, 

 3 AM, 4 AM, 5 AM, 6 AM, 7 AM, 8 AM, 9 AM, 10 AM, 11 AM, 12 PM, 

 1 PM , 2 PM, 3 PM, 4 PM, 5 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.10.

(3) NUMBER OF STRIKE LEVELS LISTED – Nine (9) strike levels 

 will be listed for each Intraday EUR/JPY Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Z” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.01 as reported by the Source Agency. Four (4) strike levels 

 will be generated above Binary Contract Z at an interval of 0.10, and four (4) 

 strike levels will be generated below Binary Contract Z at an interval of 0.10
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 (e.g. Z – 0.10; Z; Z + 0.10). The Contract will have a Payout Criterion of 

 greater than the strike level value.

(i) DAILY EUR/JPY BINARY CONTRACTS, 11 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X1 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X1 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X1 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X1 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X1 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X1 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X1 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X1 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X1 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X1 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X1.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X1 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X1 + 0.40.
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(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X1 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X1 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X1 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X1 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X1 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X1 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X1 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X1 + 2.00.

(22) In each case, “X1” equals the last EUR/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(ii) DAILY EUR/JPY BINARY CONTRACTS, 3 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X2 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X2 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X2 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X2 – 1.40.

(2) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X2 – 1.20.
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(3) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X2 – 1.00.

(4) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X2 – 0.80.

(5) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X2 – 0.60.

(6) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X2 – 0.40.

(7) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X2 – 0.20.

(8) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X2.

(9) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X2 + 0.20.

(10) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X2 + 0.40.

(11) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X2 + 0.60.

(12) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X2 + 0.80.

(13) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X2 + 1.00.

(14) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X2 + 1.20.

(15) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X2 + 1.40.

(16) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X2 + 1.60.

(17) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X2 + 1.80.
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(18) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X2 + 2.00.

(19) In each case, “X2” equals the last EUR/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(iii) DAILY EUR/JPY BINARY CONTRACTS, 7 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X3 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X3 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X3 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X3 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X3 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X3 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X3 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X3 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X3 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X3 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X3.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X3 + 0.20.
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(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X3 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X3 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X3 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X3 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X3 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X3 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X3 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X3 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X3 + 2.00.

(22) In each case, “X3” equals the last EUR/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(iv) DAILY EUR/JPY BINARY CONTRACTS, 11 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X4 – 2.00.

(1) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X4 – 1.80.

(2) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X4 – 1.60.

(3) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X4 – 1.40.
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(4) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X4 – 1.20.

(5) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X4 – 1.00.

(6) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X4 – 0.80.

(7) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X4 – 0.60.

(8) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X4 – 0.40.

(9) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X4 – 0.20.

(10) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X4.

(11) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X4 + 0.20.

(12) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X4 + 0.40.

(13) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X4 + 0.60.

(14) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X4 + 0.80.

(15) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X4 + 1.00.

(16) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X4 + 1.20.

(17) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X4 + 1.40.

(18) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X4 + 1.60.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(19) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X4 + 1.80.

(20) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X4 + 2.00.

(21) In each case, “X4” equals the last EUR/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(v) DAILY EUR/JPY BINARY CONTRACTS, 3 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X5 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X5 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X5 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X5 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X5 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X5 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X5 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X5 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X5 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X5 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X5.
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(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X5 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X5 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X5 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X5 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X5 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X5 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X5 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X5 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X5 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X5 + 2.00.

(22) In each case, “X5” equals the last EUR/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(vi) DAILY EUR/JPY BINARY CONTRACTS, 7 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X6 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X6 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X6 – 1.60.
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(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X6 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X6 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X6 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X6 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X6 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X6 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X6 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X6.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X6 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X6 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X6 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X6 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X6 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X6 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X6 + 1.40.
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20141113(1)

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X6 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X6 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X6 + 2.00.

(22) In each case, “X6” equals the last USD/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(vii) WEEKLY EUR/JPY BINARY CONTRACTS, 3PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

Y– 3.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Y– 2.50.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Y– 2.00.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Y 

– 1.50. 

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Y 

- 1.00. 

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Y 

– 0.50. 

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y. 

(8) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y 

+ 0.50. 

(9) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y 

+ 1.00. 

(10) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Y + 1.50. 

(11) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Y + 2.00. 
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(12) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Y + 2.50. 

(13) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Y + 3.00. 

(14) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Y + 3.50. 

(15) In each case, “Y” equals the last EUR/JPY price or value rounded to the 

nearest value ending in either 0.25 or 0.75 as reported by the Source Agency.

(viii) INTRADAY EUR/JPY BINARY CONTRACTS, 6:00 PM to 

8:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z1 -

0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z1 -

0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z1 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z1 -

0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z1.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z1 + 

0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z1 + 

0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z1 + 

0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z1 + 

0.40.

(10) In each case above, Z1 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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(ix) INTRADAY EUR/JPY BINARY CONTRACTS, 7:00 PM to 9:00 

PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z2 -

0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z2 -

0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z2 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z2 -

0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z2.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z2 + 

0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z2 + 

0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z2 + 

0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z2 + 

0.40.

(10) In each case above, Z2 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(x) INTRADAY EUR/JPY BINARY CONTRACTS, 8:00 PM to 

10:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z3 -

0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z3 -

0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z3 -

0.20.
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(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z3 -

0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z3.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z3 + 

0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z3 + 

0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z3 + 

0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z3 + 

0.40.

(10) In each case above, Z3 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xi) INTRADAY EUR/JPY BINARY CONTRACTS, 9:00 PM to 

11:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z4 -

0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z4 -

0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z4 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z4 -

0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z4.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z4 + 

0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z4 + 

0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z4 + 

0.30.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z4 + 

0.40.

(10) In each case above, Z4 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xii) INTRADAY EUR/JPY BINARY CONTRACTS, 10:00 PM to 

12:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z5 -

0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z5 -

0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z5 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z5 -

0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z5.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z5 + 

0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z5 + 

0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z5 + 

0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z5 + 

0.40.

(10) In each case above, Z5 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xiii) INTRADAY EUR/JPY BINARY CONTRACTS, 11:00 PM to 

1:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z6 -

0.40.
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(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z6 -

0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z6 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z6 -

0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z6.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z6 + 

0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z6 + 

0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z6 + 

0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z6 + 

0.40.

(10) In each case above, Z6 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xiv) INTRADAY EUR/JPY BINARY CONTRACTS, 12:00 AM to 

2:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z7 -

0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z7 -

0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z7 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z7 -

0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z7.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z7 + 

0.10.
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(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z7 + 

0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z7 + 

0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z7 + 

0.40.

(10) In each case above, Z7 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xv) INTRADAY EUR/JPY BINARY CONTRACTS, 1:00 AM to 

3:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z8 -

0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z8 -

0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z8 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z8 -

0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z8.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z8 + 

0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z8 + 

0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z8 + 

0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z8 + 

0.40.

(10) In each case above, Z8 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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(xvi) INTRADAY EUR/JPY BINARY CONTRACTS, 2:00 AM to 

4:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z9 -

0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z9 -

0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z9 -

0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z9 -

0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z9.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z9 + 

0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z9 + 

0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z9 + 

0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z9 + 

0.40.

(10) In each case above, Z9 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xvii) INTRADAY EUR/JPY BINARY CONTRACTS, 3:00 AM to 

5:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z10 

- 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z10 

- 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z10 

- 0.20.
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(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z10 

- 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z10.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z10 

+ 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z10 

+ 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z10 

+ 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z10 

+ 0.40.

(10) In each case above, Z10 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xviii) INTRADAY EUR/JPY BINARY CONTRACTS, 4:00 AM to 

6:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z11 

- 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z11 

- 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z11 

- 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z11 

- 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z11.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z11 

+ 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z11 

+ 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z11 

+ 0.30.
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(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z11 

+ 0.40.

(10) In each case above, Z11 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xix) INTRADAY EUR/JPY BINARY CONTRACTS, 5:00 AM to 

7:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z12 

- 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z12 

- 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z12 

- 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z12 

- 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z12.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z12 

+ 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z12 

+ 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z12 

+ 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z12 

+ 0.40.

(10) In each case above, Z12 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xx) INTRADAY EUR/JPY BINARY CONTRACTS, 6:00 AM to 

8:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z13 

- 0.40.
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(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z13 

- 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z13 

- 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z13 

- 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z13.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z13 

+ 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z13 

+ 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z13 

+ 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z13 

+ 0.40.

(10) In each case above, Z13 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxi) INTRADAY EUR/JPY BINARY CONTRACTS, 7:00 AM to 

9:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z14 

- 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z14 

- 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z14 

- 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z14 

- 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z14.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z14 

+ 0.10.
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(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z14 

+ 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z14 

+ 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z14 

+ 0.40.

(10) In each case above, Z14 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxii) INTRADAY EUR/JPY BINARY CONTRACTS, 8:00 AM 

to 10:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

Z15 - 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z15 - 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z15 - 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

Z15 - 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z15.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z15 + 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Z15 + 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z15 + 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z15 + 0.40.

(10) In each case above, Z15 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.
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(xxiii) INTRADAY EUR/JPY BINARY CONTRACTS, 9:00 AM 

to 11:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater 

than Z16 - 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater 

than Z16 - 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater 

than Z16 - 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater 

than Z16 - 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater 

than Z16.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater 

than Z16 + 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater 

than Z16 + 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater 

than Z16 + 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater 

than Z16 + 0.40.

(10) In each case above, Z16 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xxiv) INTRADAY EUR/JPY BINARY CONTRACTS, 10:00 

AM to 12:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater 

than Z17 - 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater 

than Z17 - 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater 

than Z17 - 0.20.
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(4) Binary Contract 4: One Contract will have a Payout Criterion of greater 

than Z17 - 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater 

than Z17.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater 

than Z17 + 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater 

than Z17 + 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater 

than Z17 + 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater 

than Z17 + 0.40.

(10) In each case above, Z17 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xi) INTRADAY EUR/JPY BINARY CONTRACTS, 11:00 AM 

to 1:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater 

than Z18 - 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater 

than Z18 - 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater 

than Z18 - 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater 

than Z18 - 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater 

than Z18.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater 

than Z18 + 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater 

than Z18 + 0.20.
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(8) Binary Contract 8: One Contract will have a Payout Criterion of greater 

than Z18 + 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater 

than Z18 + 0.40.

(10) In each case above, Z18 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xxvi) INTRADAY EUR/JPY BINARY CONTRACTS, 12:00 

PM to 2:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

Z19 - 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z19 - 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z19 - 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

Z19 - 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z19.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z19 + 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Z19 + 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z19 + 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z19 + 0.40.

(10) In each case above, Z19 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xxvii) INTRADAY EUR/JPY BINARY CONTRACTS, 1:00 PM 

to 3:00 PM ET CLOSE
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(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

Z20 - 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z20 - 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z20 - 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

Z20 - 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z20 + 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Z20 + 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z20 + 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z20 + 0.40.

(10) In each case above, Z20 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xxviiii) INTRADAY EUR/JPY BINARY CONTRACTS, 2:00 PM to 

4:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z21 

- 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z21 

- 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z21 

- 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z21 

- 0.10.
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(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z21.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z21 

+ 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z21 

+ 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z21 

+ 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z21 

+ 0.40.

(10) In each case above, Z21 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xxix) INTRADAY EUR/JPY BINARY CONTRACTS, 3:00 PM to 

5:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z22 

- 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z22 

- 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z22 

- 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z22 

- 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z22.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z22 

+ 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z22 

+ 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z22 

+ 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z22 

+ 0.40.
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(10) In each case above, Z22 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(iv)(xxx) Nadex may list additional EUR/JPY Binary Contract with 

different ranges of Payout Criteria on a discretionary basis in accordance with the CEA and 

Commission Regulations.

(g) MINIMUM TICK – The Minimum Tick size for EUR/JPY Binary Contracts shall be 

$0.25. 

(h) REPORTING LEVEL – The Reporting Level for the EUR/JPY Binary Contracts 

shall be 12,500 Contracts.

(i) POSITION LIMIT – There are currently no Position Limits for EUR/JPY Binary 

Contract.

(j) LAST TRADING DATE – The Last Trading Date in a Series is the same date as the 

Expiration Date. No trading in the EUR/JPY Binary Contracts shall occur after its Last Trading 

Date. 

(k) SETTLEMENT DATE – The Settlement Date will be the date the EUR/JPY number 

is released by the Source Agency. 

(l) EXPIRATION DATE – The Expiration Date of the Contract will be the date on 

which the EUR/JPY number is scheduled to be released. 

(m) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

the in the money Contract on Settlement Date. The Settlement Value of an in the money 

EUR/JPY Binary Contract is $100. 

(n) EXPIRATION VALUE – The Expiration Value is the price or value of EUR/JPY as 

released by the Source Agency on the Expiration Date. The Expiration Value is calculated by 

the Source Agency by taking the last twenty-five (25) Midpoints between the bid/ask spread 

(five pips wide or less) just prior to the close of trading of the EUR/JPY Binary Contract and 

removing the highest five (5) Midpoints and the lowest (5) Midpoints, using the remaining 

fifteen (15) EUR/JPY Midpoints to calculate the Expiration Value. The calculation used is a 

simple average of all fifteen (15) EUR/JPY Midpoints, rounded to one decimal point past the 

precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask 

price together and then dividing that number by two (2). For example, if the bid price is 121.00 

and the ask price is 121.02, the two numbers are added together (totaling 242.02) and then 

divided by two (2), equaling a Midpoint of 121.01. If the spread between a particular bid price 

and ask price is deemed too wide (greater than five (5) pips), those prices will not be used to 

calculate a Midpoint and will thus not be included within the 25 initially captured values. 
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(o) CONTINGENCIES – If no level is actually announced on the Expiration Date due to 

a delay, postponement or otherwise in such release announcement by the Source Agency, the 

Settlement Date will be delayed until the Underlying number is released for that Series.

RULE 12.40 [UNCHANGED]

RULE 12.41 CURRENCY EXCHANGE GBP/JPY BINARY CONTRACTS

(a) SCOPE – These Rules shall apply to the Class of Contracts referred to as the 

Currency Exchange GBP/JPY (“GBP/JPY”) Binary Contract issued by Nadex.

(b) UNDERLYING – The Underlying for this Class of Contracts is the British Pound/ 

Japanese Yen, herein referred to as “GBP/JPY” as quoted in the Japanese Yen per British Pounds 

obtained from the spot GBP/JPY foreign currency market.

(c) SOURCE AGENCY – The Source Agency is Nadex.

(d) TYPE – The type of Contract is a Binary Contract.

(e) ISSUANCE – For each planned release by the Source Agency of the Underlying, 

Nadex will issue various Contracts, each of a different Series. A new issuance of Contracts will 

commence no later than two (2) business days following the Expiration Date.

(f) PAYOUT CRITERION – The Payout Criterion for each Contract will be set by 

Nadex at the time the Binary Contracts are initially issued. For the GBP/JPY Binary Contract, 

the Payout Criteria for the Contracts will be set as follows:

(i) WEEKLY GBP/JPY BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.50.

(3) NUMBER OF STRIKE LEVELS LISTED - Fourteen (14) strike levels will 

 be listed for each Weekly GBP/JPY Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “X” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.25 or 0.75 as reported by the Source Agency. Six (6) strike 

 levels will be generated above Binary Contract X at an interval of 0.50, and 

 seven (7) strike levels will be generated below Binary Contract X at an 

 interval of 0.50 (e.g. X – 0.50; X; X + 0.50). The Contract will have a Payout 
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20141113(1)

 Criterion of greater than the strike level value.

(ii) DAILY GBP/JPY BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 AM, 7 AM, 11 AM, 3 PM, 7 PM, 11 PM ET 

 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.20.

(3) NUMBER OF STRIKE LEVELS LISTED – Twenty-one (21) strike levels 

 will be listed for each Daily GBP/JPY Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Y” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.20 as reported by the Source Agency. Ten (10) strike levels 

 will be generated above Binary Contract Y at an interval of 0.20, and ten (10) 

 strike levels will be generated below Binary Contract Y at an interval of 0.20 

 (e.g. Y – 0.20; Y; Y + 0.20). The Contract will have a Payout Criterion of 

 greater than the strike level value.

(iii) INTRADAY GBP/JPY BINARY CONTRACTS 

(1) EXPIRATION TIME – 10 AM, 11 AM, 12 PM,1 PM , 2 PM, 3 PM ET 

 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.10.

(3) NUMBER OF STRIKE LEVELS LISTED – Nine (9) strike levels 

 will be listed for each Intraday GBP/JPY Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Z” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.01 as reported by the Source Agency. Four (4) strike levels 

 will be generated above Binary Contract Z at an interval of 0.10, and four (4) 

 strike levels will be generated below Binary Contract Z at an interval of 0.10 

 (e.g. Z – 0.10; Z; Z + 0.10). The Contract will have a Payout Criterion of 

 greater than the strike level value.
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(i) DAILY GBP/JPY BINARY CONTRACTS, 11 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X1 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X1 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X1 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X1 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X1 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X1 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X1 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X1 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X1 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X1 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X1.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X1 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X1 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X1 + 0.60.
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(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X1 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X1 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X1 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X1 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X1 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X1 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X1 + 2.00.

(22) In each case, “X1” equals the last GBP/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(ii) DAILY GBP/JPY BINARY CONTRACTS, 3 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X2 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X2 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X2 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X2 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X2 – 1.20.

(1) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X2 – 1.00.
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(2) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X2 – 0.80.

(3) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X2 – 0.60.

(4) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X2 – 0.40.

(5) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X2 – 0.20.

(6) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X2.

(7) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X2 + 0.20.

(8) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X2 + 0.40.

(9) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X2 + 0.60.

(10) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X2 + 0.80.

(11) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X2 + 1.00.

(12) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X2 + 1.20.

(13) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X2 + 1.40.

(14) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X2 + 1.60.

(15) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X2 + 1.80.

(16) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X2 + 2.00.
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(17) In each case, “X2” equals the last GBP/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(iii) DAILY GBP/JPY BINARY CONTRACTS, 7 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X3 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X3 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X3 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X3 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X3 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X3 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X3 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X3 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X3 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X3 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X3.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X3 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X3 + 0.40.
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(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X3 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X3 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X3 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X3 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X3 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X3 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X3 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X3 + 2.00.

(22) In each case, “X3” equals the last GBP/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(iv) DAILY GBP/JPY BINARY CONTRACTS, 11 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X4 – 2.00.

(1) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X4 – 1.80.

(2) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X4 – 1.60.

(3) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X4 – 1.40.

(4) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X4 – 1.20.
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(5) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X4 – 1.00.

(6) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X4 – 0.80.

(7) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X4 – 0.60.

(8) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X4 – 0.40.

(9) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X4 – 0.20.

(10) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X4.

(11) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X4 + 0.20.

(12) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X4 + 0.40.

(13) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X4 + 0.60.

(14) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X4 + 0.80.

(15) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X4 + 1.00.

(16) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X4 + 1.20.

(17) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X4 + 1.40.

(18) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X4 + 1.60.

(19) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X4 + 1.80.
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(20) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X4 + 2.00.

(21) In each case, “X4” equals the last GBP/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(v) DAILY GBP/JPY BINARY CONTRACTS, 3 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X5 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X5 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X5 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X5 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X5 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X5 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X5 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X5 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X5 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X5 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X5.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X5 + 0.20.
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(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X5 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X5 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X5 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X5 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X5 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X5 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X5 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X5 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X5 + 2.00.

(22) In each case, “X5” equals the last GBP/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(vi) DAILY GBP/JPY BINARY CONTRACTS, 7 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X6 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X6 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X6 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X6 – 1.40.
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(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X6 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X6 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X6 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X6 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X6 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X6 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X6.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X6 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X6 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X6 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X6 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X6 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X6 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X6 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X6 + 1.60.
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(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X6 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X6 + 2.00.

(22) In each case, “X6” equals the last GBP/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(vii) WEEKLY GBP/JPY BINARY CONTRACTS, 3PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

Y– 3.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Y– 2.50.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Y– 2.00.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Y 

– 1.50. 

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Y 

- 1.00. 

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Y 

– 0.50. 

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y. 

(8) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y 

+ 0.50. 

(9) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y 

+ 1.00. 

(10) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Y + 1.50. 

(11) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Y + 2.00. 

(12) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Y + 2.50. 
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(13) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Y + 3.00. 

(14) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Y + 3.50

(15) In each case, “Y” equals the last GBP/JPY price or value rounded to the 

nearest value ending in either 0.25 or 0.75 as reported by the Source Agency.

(viii) INTRADAY GBP/JPY BINARY CONTRACTS, 8:00 AM to 

10:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z1 

– 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z1 

– 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z1 

- 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z1 

– 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z1.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z1 

+ 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z1 

+ 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z1 

+ 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z1 

+ 0.40.

(10) In each case above, Z1 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(ix) INTRADAY GBP/JPY BINARY CONTRACTS, 9:00 AM to 

11:00 AM ET CLOSE
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(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z2 

– 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z2 

– 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z2 

- 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z2 

– 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z2.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z2 

+ 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z2 

+ 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z2 

+ 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z2 

+ 0.40.

(10) In each case above, Z2 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(x) INTRADAY GBP/JPY BINARY CONTRACTS, 10:00 AM to 

12:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z3 

– 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z3 

– 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z3 

- 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z3 

– 0.10.
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(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z3.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z3 

+ 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z3 

+ 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z3 

+ 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z3 

+ 0.40.

(10) In each case above, Z3 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xi) INTRADAY GBP/JPY BINARY CONTRACTS, 11:00 AM to 

1:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z4 

– 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z4 

– 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z4 

- 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z4 

– 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z4.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z4 

+ 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z4 

+ 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z4 

+ 0.30.
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20141113(1)

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z4 

+ 0.40.

(10) In each case above, Z4 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xii) INTRADAY GBP/JPY BINARY CONTRACTS, 12:00 PM to 

2:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z5 

– 0.40.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z5 

– 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z5 

- 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z5 

– 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z5.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z5 

+ 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z5 

+ 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z5 

+ 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z5 

+ 0.40.

(10) In each case above, Z5 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xiii) INTRADAY GBP/JPY BINARY CONTRACTS, 1:00PM to 3:00 

PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z6 

– 0.40.
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(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z6 

– 0.30.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z6 

- 0.20.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z6 

– 0.10.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z6.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z6 

+ 0.10.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z6 

+ 0.20.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z6 

+ 0.30.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z6 

+ 0.40.

(10) In each case above, Z6 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(iv)(xiv) Nadex may list additional GBP/JPY Binary Contracts with 

different ranges of Payout Criteria on a discretionary basis in accordance with the 

CEA and Commission Regulations.

(g) MINIMUM TICK – The Minimum Tick size for GBP/JPY Binary Contracts shall be 

$0.25. 

(h) REPORTING LEVEL – The Reporting Level for the GBP/JPY Binary Contracts 

shall be 12,500 Contracts.

(i) POSITION LIMIT – There are currently no Position Limits for GBP/JPY Binary 

Contract.

(j) LAST TRADING DATE – The Last Trading Date in a Series is the same date as the 

Expiration Date. No trading in the GBP/JPY Binary Contracts shall occur after its Last Trading 

Date. 
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(k) SETTLEMENT DATE – The Settlement Date will be the date the GBP/JPY number 

is released by the Source Agency. 

(l) EXPIRATION DATE – The Expiration Date of the Contract will be the date on 

which the GBP/JPY number is scheduled to be released. 

(m) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

the in the money Contract on Settlement Date. The Settlement Value of an in the money 

GBP/JPY Binary Contract is $100. 

(n) EXPIRATION VALUE – The Expiration Value is the price or value of GBP/JPY as 

released by the Source Agency on the Expiration Date. The Expiration Value is calculated by 

the Source Agency by taking the last twenty-five (25) Midpoints between the bid/ask spread (ten 

pips wide or less) just prior to the close of trading of the GBP/JPY Binary Contract and 

removing the highest five (5) Midpoints and the lowest (5) Midpoints, using the remaining 

fifteen (15) GBP/JPY Midpoints to calculate the Expiration Value. The calculation used is a 

simple average of all fifteen (15) GBP/JPY Midpoints, rounded to one decimal point past the 

precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask 

price together and then dividing that number by two (2). For example, if the bid price is 121.00 

and the ask price is 121.02, the two numbers are added together (totaling 242.02) and then 

divided by two (2), equaling a Midpoint of 121.01. If the spread between a particular bid price 

and ask price is deemed too wide (greater than ten (10) pips), those prices will not be used to 

calculate a Midpoint and will thus not be included within the 25 initially captured values.

(o) CONTINGENCIES – If no level is actually announced on the Expiration Date due to 

a delay, postponement or otherwise in such release announcement by the Source Agency, the 

Settlement Date will be delayed until the Underlying number is released for that Series.

RULE 12.42 CURRENCY EXCHANGE EUR/GBP BINARY CONTRACTS

(a) SCOPE – These Rules shall apply to the Class of Contracts referred to as the 

Currency Exchange EUR/GBP (“EUR/GBP”) Binary Contract issued by Nadex.

(b) UNDERLYING – The Underlying for this Class of Contracts is the Euro/British 

Pound herein referred to as “EUR/GBP” as quoted in British Pounds per Euro obtained from the 

spot EUR/GBP foreign currency market.

(c) SOURCE AGENCY – The Source Agency is Nadex.

(d) TYPE – The type of Contract is a Binary Contract.

(e) ISSUANCE – For each planned release by the Source Agency of the Underlying, 

Nadex will issue various Contracts, each of a different Series. A new issuance of Contracts will 

commence no later than two (2) business days following the Expiration Date.
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(f) PAYOUT CRITERION – The Payout Criterion for each Contract will be set by 

Nadex at the time the Binary Contracts are initially issued. For the EUR/GBP Binary Contract, 

the Payout Criteria for the Contracts will be set as follows:

(i) WEEKLY EUR/GBP BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0050.

(3) NUMBER OF STRIKE LEVELS LISTED - Fourteen (14) strike levels will 

 be listed for each Weekly EUR/GBP Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “X” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0025 or 0.0075 as reported by the Source Agency. Six (6) 

 strike levels will be generated above Binary Contract X at an interval of 

 0.0050, and seven (7) strike levels will be generated below Binary Contract X 

 at an interval of 0.0050 (e.g. X – 0.0050; X; X + 0.0050). The Contract will 

 have a Payout Criterion of greater than the strike level value.

(ii) DAILY EUR/GBP BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 AM, 7 AM, 11 AM, 3 PM, 7 PM, 11 PM ET 

 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0020.

(3) NUMBER OF STRIKE LEVELS LISTED – Twenty-one (21) strike levels 

 will be listed for each Daily EUR/GBP Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Y” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0020 as reported by the Source Agency. Ten (10) strike 

 levels will be generated above Binary Contract Y at an interval of 0.0020, and 

 ten (10) strike levels will be generated below Binary Contract Y at an interval 

 of 0.0020 (e.g. Y – 0.0020; Y; Y + 0.0020). The Contract will have a Payout 

 Criterion of greater than the strike level value.
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(iii) INTRADAY EUR/GBP BINARY CONTRACTS 

(1) EXPIRATION TIME – 10 AM, 11 AM, 12 PM,1 PM , 2 PM, 3 PM ET 

 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.0010.

(3) NUMBER OF STRIKE LEVELS LISTED – Nine (9) strike levels 

 will be listed for each Intraday EUR/GBP Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Z” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.0001 as reported by the Source Agency. Four (4) strike 

 levels will be generated above Binary Contract Z at an interval of 0.0010, and 

 four (4) strike levels will be generated below Binary Contract Z at an interval 

 of 0.0010 (e.g. Z – 0.0010; Z; Z + 0.0010). The Contract will have a Payout 

 Criterion of greater than the strike level value.

(i) DAILY EUR/GBP BINARY CONTRACTS, 11 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X1 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X1 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X1 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X1 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X1 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X1 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X1 

– 0.0080.
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(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X1 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X1 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X1 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X1.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X1 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X1 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X1 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X1 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X1 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X1 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X1 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X1 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X1 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X1 

+ 0.0200

(22) In each case, “X1” equals the last EUR/GBP price rounded to the nearest 0.0020 

as reported by the Source Agency. 
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(ii) DAILY EUR/GBP BINARY CONTRACTS, 3 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X2 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X2 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X2 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X2 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X2 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X2 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X2 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X2 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X2 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X2 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X2.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X2 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X2 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X2 

+ 0.0060.
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(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X2 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X2 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X2 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X2 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X2 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X2 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X2 

+ 0.0200

(22) In each case, “X2” equals the last EUR/GBP price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(iii) DAILY EUR/GBP BINARY CONTRACTS, 7 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X3 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X3 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X3 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X3 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X3 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X3 

– 0.0100.
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20141113(1)

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X3 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X3 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X3 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X3 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X3.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X3 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X3 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X3 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X3 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X3 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X3 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X3 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X3 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X3 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X3 

+ 0.0200
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(22) In each case, “X3” equals the last EUR/GBP price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(iv) DAILY EUR/GBP BINARY CONTRACTS, 11 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X4 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X4 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X4 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X4 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X4 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X4 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X4 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X4 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X4 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X4 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X4.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X4 

+ 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X4 

+ 0.0040.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X4 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X4 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X4 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X4 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X4 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X4 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X4 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X4 

+ 0.0200

(22) In each case, “X4” equals the last EUR/GBP price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(v) DAILY EUR/GBP BINARY CONTRACTS, 3 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X5 – 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X5 – 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X5 – 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X5 – 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X5 – 0.0120.
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(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X5 – 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X5 – 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X5 – 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X5 – 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X5 – 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X5.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X5 + 0.0020.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X5 + 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X5 + 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X5 + 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X5 + 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X5 + 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X5 + 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X5 + 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X5 + 0.0180.
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20141113(1)

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X5 + 0.0200

(22) In each case, “X5” equals the last EUR/GBP price rounded to the nearest 

0.0020 as reported by the Source Agency. 

(vi) DAILY EUR/GBP BINARY CONTRACTS, 7 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X6 

– 0.0200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X6 

– 0.0180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X6 

– 0.0160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X6 

– 0.0140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X6 

– 0.0120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X6 

– 0.0100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X6 

– 0.0080.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X6 

– 0.0060.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X6 

– 0.0040.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than X6 

– 0.0020.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X6.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than X6 

+ 0.0020.
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20141113(1)

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than X6 

+ 0.0040.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than X6 

+ 0.0060.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than X6 

+ 0.0080.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than X6 

+ 0.0100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than X6 

+ 0.0120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than X6 

+ 0.0140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than X6 

+ 0.0160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than X6 

+ 0.0180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than X6 

+ 0.0200

(22) In each case, “X6” equals the last EUR/GBP price rounded to the nearest 0.0020 

as reported by the Source Agency. 

(vii) WEEKLY EUR/GBP BINARY CONTRACTS, 3 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Y –

0.0300.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Y –

0.0250.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Y –

0.0200.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Y –

0.0150.
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20141113(1)

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Y -

0.0100.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Y -

0.0050.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Y + 

0.0050.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Y + 

0.0100.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than Y 

+ 0.0150.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than Y 

+ 0.0200.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than Y 

+ 0.0250.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than Y 

+ 0.0300.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than Y 

+ 0.0350.

(15) In each case, “Y” equals the last EUR/GBP price rounded to the nearest value 

ending in either 0.0025 or 0.0075 as reported by the Source Agency.

(viii) INTRADAY EUR/GBP BINARY CONTRACTS, 8:00 AM to 

10:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z1 -

0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z1 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z1 -

0.0020.
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20141113(1)

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z1 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z1.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z1 + 

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z1 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z1 + 

0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z1 + 

0.0040.

(10) In each case above, Z1 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(ix) INTRADAY EUR/GBP BINARY CONTRACTS, 9:00 AM to 

11:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z2 -

0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z2 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z2 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z2 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z2.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z2 + 

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z2 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z2 + 

0.0030.
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20141113(1)

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z2 + 

0.0040.

(10) In each case above, Z2 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(x) INTRADAY EUR/GBP BINARY CONTRACTS, 10:00 AM to 

12:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z3 -

0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z3 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z3 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z3 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z3.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z3 + 

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z3 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z3 + 

0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z3 + 

0.0040.

(10) In each case above, Z3 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xi) INTRADAY EUR/GBP BINARY CONTRACTS, 11:00 AM to 

1:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z4 -

0.0040.
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20141113(1)

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z4 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z4 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z4 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z4.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z4 + 

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z4 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z4 + 

0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z4 + 

0.0040.

(10) In each case above, Z4 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xii) INTRADAY EUR/GBP BINARY CONTRACTS, 12:00 PM to 

2:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z5 -

0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z5 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z5 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z5 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z5.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z5 + 

0.0010.
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(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z5 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z5 + 

0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z5 + 

0.0040.

(10) In each case above, Z5 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xiii) INTRADAY EUR/GBP BINARY CONTRACTS, 1:00 PM to 

3:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z6 -

0.0040.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z6 -

0.0030.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z6 -

0.0020.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z6 -

0.0010.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z6.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z6 + 

0.0010.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z6 + 

0.0020.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z6 + 

0.0030.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z6 + 

0.0040.

(10) In each case above, Z6 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.
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(iv)(xxx) Nadex may list additional EUR/GBP Binary Contracts with 

different ranges of Payout Criteria on a discretionary basis in accordance with the 

CEA and Commission Regulations.

(g) MINIMUM TICK – The Minimum Tick size for EUR/GBP Binary Contracts shall be 

$0.25. 

(h) REPORTING LEVEL – The Reporting Level for the EUR/GBP Binary Contracts 

shall be 12,500 Contracts.

(i) POSITION LIMIT – There are currently no Position Limits for EUR/GBP Binary 

Contract. 

(j) LAST TRADING DATE – The Last Trading Date in a Series is the same as the 

Expiration Date. No trading in the EUR/GBP Binary Contracts shall occur after its Last Trading 

Date.

(k) SETTLEMENT DATE – The Settlement Date will be the date on which the 

EUR/GBP number as reported by the Source Agency. 

(l) EXPIRATION DATE – The Expiration Date of the Contract will be the date on 

which the EUR/GBP number is scheduled to be released. 

(m) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

the in the money Contract on the Settlement Date. The Settlement Value of an in the money 

EUR/GBP Binary Contract is $100.

(n) EXPIRATION VALUE – The Expiration Value is the price or value of EUR/GBP as 

released by the Source Agency on the Expiration Date. The Expiration Value is calculated by 

the Source Agency by taking the last twenty-five (25) Midpoints between the bid/ask spread 

(five pips wide or less) just prior to the close of trading of the EUR/GBP Binary Contract and 

removing the highest five (5) Midpoints and the lowest (5) Midpoints, using the remaining 

fifteen (15) EUR/GBP Midpoints to calculate the Expiration Value. The calculation used is a 

simple average of all fifteen (15) EUR/GBP Midpoints, rounded to one decimal point past the 

precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask 

price together and then dividing that number by two (2). For example, if the bid price is 1.3400 

and the ask price is 1.3402, the two numbers are added together (totaling 2.6802) and then 

divided by two (2), equaling a Midpoint of 1.3401. If the spread between a particular bid price

and ask price is deemed too wide (greater than five (5) pips), those prices will not be used to 

calculate a Midpoint and will thus not be included within the 25 initially captured values.

(o) CONTINGENCIES – If no level is actually announced on the Expiration Date due to 

a delay, postponement or otherwise in such release announcement by the Source Agency, the 

Settlement Date will be delayed until the Underlying number is released for that Series.
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RULE 12.43 CURRENCY EXCHANGE AUD/JPY BINARY CONTRACTS

(a) SCOPE – These Rules shall apply to the Class of Contracts referred to as the 

Currency Exchange AUD/JPY (“AUD/JPY”) Binary Contract issued by Nadex.

(b) UNDERLYING – The Underlying for this Class of Contracts is the Australian dollar/ 

Japanese Yen, herein referred to as “AUD/JPY” as quoted in the Japanese Yen per Australian 

dollar obtained from the spot AUD/JPY foreign currency market.

(c) SOURCE AGENCY – The Source Agency is Nadex.

(d) TYPE – The type of Contract is a Binary Contract.

(e) ISSUANCE – For each planned release by the Source Agency of the Underlying, 

Nadex will issue various Contracts, each of a different Series. A new issuance of Contracts will 

commence no later than two (2) business days following the Expiration Date.

(f) PAYOUT CRITERION – The Payout Criterion for each Contract will be set by 

Nadex at the time the Binary Contracts are initially issued. For the AUD/JPY Binary Contract, 

the Payout Criteria for the Contracts will be set as follows:

(i) WEEKLY AUD/JPY BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.50.

(3) NUMBER OF STRIKE LEVELS LISTED - Fourteen (14) strike levels will 

 be listed for each Weekly AUD/JPY Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “X” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.25 or 0.75 as reported by the Source Agency. Six (6) strike 

 levels will be generated above Binary Contract X at an interval of 0.50, and 

 seven (7) strike levels will be generated below Binary Contract X at an 

 interval of 0.50 (e.g. X – 0.50; X; X + 0.50). The Contract will have a Payout 

 Criterion of greater than the strike level value.

(ii) DAILY AUD/JPY BINARY CONTRACTS 

(1) EXPIRATION TIME – 3 AM, 7 AM, 11 AM, 3 PM, 7 PM, 11 PM ET 

 CLOSE
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(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.20.

(3) NUMBER OF STRIKE LEVELS LISTED – Twenty-one (21) strike levels 

 will be listed for each Daily AUD/JPY Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Y” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.20 as reported by the Source Agency. Ten (10) strike levels 

 will be generated above Binary Contract Y at an interval of 0.20, and ten (10) 

 strike levels will be generated below Binary Contract Y at an interval of 0.20 

 (e.g. Y – 0.20; Y; Y + 0.20). The Contract will have a Payout Criterion of 

 greater than the strike level value.

(iii) INTRADAY AUD/JPY BINARY CONTRACTS 

(1) EXPIRATION TIME – 10 AM, 11 AM, 12 PM,1 PM , 2 PM, 3 PM ET 

 CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 0.05.

(3) NUMBER OF STRIKE LEVELS LISTED – Nine (9) strike levels 

 will be listed for each Intraday AUD/JPY Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Z” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 0.01 as reported by the Source Agency. Four (4) strike levels 

 will be generated above Binary Contract Z at an interval of 0.05, and four (4) 

 strike levels will be generated below Binary Contract Z at an interval of 0.05

 (e.g. Z – 0.05; Z; Z + 0.05). The Contract will have a Payout Criterion of 

 greater than the strike level value.

(i) DAILY AUD/JPY BINARY CONTRACTS, 11 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X1 – 2.00.
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20141113(1)

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X1 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X1 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X1 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X1 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X1 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X1 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X1 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X1 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X1 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X1.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X1 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X1 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X1 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X1 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X1 + 1.00.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X1 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X1 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X1 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X1 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X1 + 2.00.

(22) In each case, “X1” equals the last AUD/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(ii) DAILY AUD/JPY BINARY CONTRACTS, 3 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X2 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X2 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X2 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X2 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X2 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X2 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X2 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X2 – 0.60.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X2 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X2 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X2.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X2 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X2 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X2 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X2 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X2 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X2 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X2 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X2 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X2 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X2 + 2.00.

(22) In each case, “X2” equals the last AUD/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(iii) DAILY AUD/JPY BINARY CONTRACTS, 7 AM ET CLOSE
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20141113(1)

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X3 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X3 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X3 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X3 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X3 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X3 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X3 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X3 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X3 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X3 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X3.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X3 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X3 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X3 + 0.60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X3 + 0.80.
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20141113(1)

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X3 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X3 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X3 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X3 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X3 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X3 + 2.00.

(22) In each case, “X3” equals the last AUD/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(iv) DAILY AUD/JPY BINARY CONTRACTS, 11 AM ET CLOSE

(1)Binary Contract 1: One Contract will have a Payout Criterion of greater than X4 

– 2.00.

(2)Binary Contract 2: One Contract will have a Payout Criterion of greater than X4 

– 1.80.

(3)Binary Contract 3: One Contract will have a Payout Criterion of greater than X4 

– 1.60.

(4)Binary Contract 4: One Contract will have a Payout Criterion of greater than X4 

– 1.40.

(5)Binary Contract 5: One Contract will have a Payout Criterion of greater than X4 

– 1.20.

(6)Binary Contract 6: One Contract will have a Payout Criterion of greater than X4 

– 1.00.

(7)Binary Contract 7: One Contract will have a Payout Criterion of greater than X4 

– 0.80.
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20141113(1)

(8)Binary Contract 8: One Contract will have a Payout Criterion of greater than X4 

– 0.60.

(9)Binary Contract 9: One Contract will have a Payout Criterion of greater than X4 

– 0.40.

(10)Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X4 – 0.20.

(11)Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X4.

(12)Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X4 + 0.20.

(13)Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X4 + 0.40.

(14)Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X4 + 0.60.

(15)Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X4 + 0.80.

(16)Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X4 + 1.00.

(17)Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X4 + 1.20.

(18)Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X4 + 1.40.

(19)Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X4 + 1.60.

(20)Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X4 + 1.80.

(21)Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X4 + 2.00.

(22)In each case, “X4” equals the last AUD/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(v) DAILY AUD/JPY BINARY CONTRACTS, 3 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

X5 – 2.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

X5 – 1.80.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

X5 – 1.60.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

X5 – 1.40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

X5 – 1.20.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

X5 – 1.00.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

X5 – 0.80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

X5 – 0.60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

X5 – 0.40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X5 – 0.20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X5.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X5 + 0.20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X5 + 0.40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X5 + 0.60.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X5 + 0.80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X5 + 1.00.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X5 + 1.20.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X5 + 1.40.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X5 + 1.60.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X5 + 1.80.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X5 + 2.00.

(22) In each case, “X5” equals the last AUD/JPY price rounded to the nearest 0.20 

as reported by the Source Agency. 

(vi) DAILY AUD/JPY BINARY CONTRACTS, 7 PM ET CLOSE

a. Binary Contract 1: One Contract will 

have a Payout Criterion of greater than 

X6 – 2.00.

b. Binary Contract 2: One Contract will 

have a Payout Criterion of greater than 

X6 – 1.80.

c. Binary Contract 3: One Contract will 

have a Payout Criterion of greater than 

X6 – 1.60.

d. Binary Contract 4: One Contract will have a Payout Criterion of greater 

than X6 – 1.40.

e.Binary Contract 5: One Contract will have a Payout Criterion of greater than X6 

– 1.20.
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20141113(1)

f. Binary Contract 6: One Contract will have a Payout Criterion of greater than X6 

– 1.00.

g. Binary Contract 7: One Contract will have a Payout Criterion of greater 

than X6 – 0.80.

h. Binary Contract 8: One Contract will have a Payout Criterion of greater 

than X6 – 0.60.

i. Binary Contract 9: One Contract will have a Payout Criterion of greater than X6 

– 0.40.

j. Binary Contract 10: One Contract will have a Payout Criterion of greater than X6 

– 0.20.

k. Binary Contract 11: One Contract will have a Payout Criterion of greater 

than X6.

l. Binary Contract 12: One Contract will have a Payout Criterion of greater than X6

+ 0.20.

m. Binary Contract 13: One Contract will have a Payout Criterion of greater 

than X6 + 0.40.

n. Binary Contract 14: One Contract will have a Payout Criterion of greater 

than X6 + 0.60.

o. Binary Contract 15: One Contract will have a Payout Criterion of greater 

than X6 + 0.80.

p. Binary Contract 16: One Contract will have a Payout Criterion of greater 

than X6 + 1.00.

q. Binary Contract 17: One Contract will have a Payout Criterion of greater 

than X6 + 1.20.

r. Binary Contract 18: One Contract will have a Payout Criterion of greater than X6 

+ 1.40.

s.Binary Contract 19: One Contract will have a Payout Criterion of greater than X6 

+ 1.60.

t. Binary Contract 20: One Contract will have a Payout Criterion of greater than X6 

+ 1.80.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

u. Binary Contract 21: One Contract will have a Payout Criterion of greater 

than X6 + 2.00.

v. In each case, “X6” equals the last 

AUD/JPY price rounded to the nearest 

0.20 as reported by the Source Agency. 

(vii) WEEKLY AUD/JPY BINARY CONTRACTS, 3PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

Y– 3.00.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Y– 2.50.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Y– 2.00.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Y1.50. 

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Y 

- 1.00. 

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Y 

- 0.50. 

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Y 

+ 0.50.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Y 

+ 1.00.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Y + 1.50.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Y + 2.00. 

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Y + 2.50. 
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Y + 3.00. 

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

Y + 3.50.

(15) In each case, “Y” equals the last AUD/JPY price or value rounded to the 

nearest value ending in either 0.25 or 0.75 as reported by the Source Agency.

(viii) INTRADAY AUD/JPY BINARY CONTRACTS, 8:00 AM to 10:00 

AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z1 

– 0.20.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z1 

– 0.15.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z1 

- 0.10.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z1 

– 0.05.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z1.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z1 

+ 0.05.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z1 

+ 0.10.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z1 

+ 0.15.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z1 

+ 0.20.

(10) In each case above, Z1 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(ix) INTRADAY AUD/JPY BINARY CONTRACTS, 9:00 AM to 11:00 

AM ET CLOSE
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z2 

– 0.20.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z2 

– 0.15.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z2 

- 0.10.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z2 

– 0.05.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Z2.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z2 

+ 0.05.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z2 

+ 0.10.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z2 

+ 0.15.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z2 

+ 0.20.

(10) In each case above, Z2 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(x) INTRADAY AUD/JPY BINARY CONTRACTS, 10:00 AM to 

12:00 PM ET CLOSE

(1)Binary Contract 1: One Contract will have a Payout Criterion of greater than Z3 

– 0.20.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z3 

– 0.15.

(3)Binary Contract 3: One Contract will have a Payout Criterion of greater than Z3 

- 0.10.

(4)Binary Contract 4: One Contract will have a Payout Criterion of greater than Z3 

– 0.05.

(5)Binary Contract 5: One Contract will have a Payout Criterion of greater than Z3.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(6)Binary Contract 6: One Contract will have a Payout Criterion of greater than Z3 

+ 0.05.

(7)Binary Contract 7: One Contract will have a Payout Criterion of greater than Z3 

+ 0.10.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z3 

+ 0.15.

(9)Binary Contract 9: One Contract will have a Payout Criterion of greater than Z3 

+ 0.20.

(10)In each case above, Z3 equals the strike level determined by the Source Agency 

immediately before the issuance of these contracts.

(xi) INTRADAY AUD/JPY BINARY CONTRACTS, 11:00 AM to 1:00 

PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z4 

– 0.20.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z4 

– 0.15.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z4 

- 0.10.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z4 

– 0.05.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z4.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z4 

+ 0.05.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z4 

+ 0.10.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z4 

+ 0.15.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z4 

+ 0.20.
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(10) In each case above, Z4 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xii) INTRADAY AUD/JPY BINARY CONTRACTS, 12:00 PM to 2:00 

PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z5 

– 0.20.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z5 

– 0.15.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z5 

- 0.10.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z5 

– 0.05.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z5.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z5 

+ 0.05.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z5 

+ 0.10.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z5 

+ 0.15.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z5 

+ 0.20.

(10) In each case above, Z5 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(xiii) INTRADAY AUD/JPY BINARY CONTRACTS, 1:00PM to 3:00 

PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z6 

– 0.20.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z6 

– 0.15.
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(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z6 

- 0.10.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z6 

– 0.05.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z6.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z6 

+ 0.05.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z6 

+ 0.10.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z6 

+ 0.15.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z6 

+ 0.20.

(10) In each case above, Z6 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(iv)(xiv) Nadex may list additional AUD/JPY Binary Contracts with 

different ranges of Payout Criteria on a discretionary basis in accordance with the 

CEA and Commission Regulations.

(g) MINIMUM TICK – The Minimum Tick size for AUD/JPY Binary Contracts shall be 

$0.25. 

(h) REPORTING LEVEL – The Reporting Level for the AUD/JPY Binary Contracts 

shall be 12,500 Contracts.

(i) POSITION LIMIT – There are currently no Position Limits for AUD/JPY Binary 

Contract.

(j) LAST TRADING DATE – The Last Trading Date in a Series is the same date as the 

Expiration Date. No trading in the AUD/JPY Binary Contracts shall occur after its Last Trading 

Date. 

(k) SETTLEMENT DATE – The Settlement Date will be the date the AUD/JPY number

is released by the Source Agency. 
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(l) EXPIRATION DATE – The Expiration Date of the Contract will be the date on 

which the AUD/JPY number is scheduled to be released. 

(m) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

the in the money Contract on Settlement Date. The Settlement Value of an in the money 

AUD/JPY Binary Contract is $100. 

(n) EXPIRATION VALUE – The Expiration Value is the price or value of AUD/JPY as 

released by the Source Agency on the Expiration Date. The Expiration Value is calculated by 

the Source Agency by taking the last twenty-five (25) Midpoints between the bid/ask spread (ten 

pips wide or less) just prior to the close of trading of the AUD/JPY Binary Contract and 

removing the highest five (5) Midpoints and the lowest (5) Midpoints, using the remaining 

fifteen (15) AUD/JPY Midpoints to calculate the Expiration Value. The calculation used is a 

simple average of all fifteen (15) AUD/JPY Midpoints, rounded to one decimal point past the 

precision of the underlying market. A Midpoint is calculated by adding the bid price and the ask 

price together and then dividing that number by two (2). For example, if the bid price is 121.00 

and the ask price is 121.02, the two numbers are added together (totaling 242.02) and then 

divided by two (2), equaling a Midpoint of 121.01. If the spread between a particular bid price 

and ask price is deemed too wide (greater than ten (10) pips), those prices will not be used to 

calculate a Midpoint and will thus not be included within the 25 initially captured values.

(o) CONTINGENCIES – If no level is actually announced on the Expiration Date due to 

a delay, postponement or otherwise in such release announcement by the Source Agency, the 

Settlement Date will be delayed until the Underlying number is released for that Series.

RULES 12.44 – 12.48 [UNCHANGED]

RULE 12.49 FTSE 100®FUTURE BINARY CONTRACTS 

(a) SCOPE – These Rules shall apply to the Class of Contracts referred to as the FTSE 

100 Future Binary Contract issued by Nadex. 

(b) UNDERLYING – The Underlying for this Class of Binary Contracts is the price (in 

British Pounds) of the FTSE 100 Futures contracts (“FFC”) traded on the Liffe®exchange 

(Liffe).1The FFC trade prices that will be used for the Underlying will be taken from four (4) 

 

1

FTSE®and FTSE 100®are trademarks of the London Stock Exchange plc (“LSE”) and the Financial Times 

Limited (“FT”) and is used by FTSE International Limited (“FTSE”) under license. The prices relating to any index 

are not in any way sponsored, endorsed or promoted by FTSE or by the LSE or by FT and neither FTSE nor LSE 

nor FT makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be 

obtained from the use of such prices and/or the figure at which any index stands at any particular time on any 

particular day or otherwise. Neither FTSE nor LSE nor FT shall be liable (whether in negligence or otherwise) to 

any person for any error in any index and neither FTSE nor LSE nor FT shall be under any obligation to advise any 

person of any error therein. The FTSE Future Binary Option Contracts are not sponsored, endorsed, sold or 
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FFC delivery months: March, June, September, or December (each a “FFC Delivery Month”). 

The date on which a new delivery month will be used as the Underlying for Nadex contracts (i.e. 

“Start Date”) is one calendar day after the End Date for the previous delivery month contract. 

The last day on which a delivery month will be used as the Underlying for Nadex contracts (i.e. 

“End Date”) is the Monday of the week of the Underlying futures contracts Expiration Date. For 

example, the Liffe FTSE 100 March 2012 futures have an Expiration Date of March 16, 2012. 

The last day on which the FTSE100 March 2012 futures prices will be used as the Underlying 

for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant 

FTSE 100 contracts will be the Monday of the week of the Liffe FTSE 100 March 2012 futures 

contracts Expiration Date (i.e. March 16, 2012). Therefore, the End Date for using Liffe FTSE 

100 March 2012 futures will be March 12, 2012 and the Start Date for the next delivery month, 

Liffe FTSE 100 June 2012 futures, will be March 13, 20122. 

(c) SOURCE AGENCY – The Source Agency is the Nadex.

(d) TYPE – The type of Contract is a Binary Contract.

(e) ISSUANCE – For each planned release by the Source Agency of the Underlying, 

Nadex will issue various Contracts, each of a different Series. A new issuance of Contracts will 

commence no later than two (2) business days following the Expiration Date.

(f) PAYOUT CRITERION – The Payout Criterion for each Contract will be set by 

Nadex at the time the Binary Contracts are initially issued. For the FTSE 100 Future Binary 

Contract, the Payout Criteria for the Contracts will be set as follows:

(i) WEEKLY FTSE 100 FUTURE BINARY CONTRACTS 

(1) EXPIRATION TIME – 4:00 PM ET CLOSE

 

promoted by FTSE, LSE or FT. FTSE, LSE and FT do not accept any liability in connection with the trading of 

these products. Liffe®is a registered mark of LIFFE Administration and Management Corporation (“Liffe”). 

Nadex is not affiliated with Liffe and the FTSE 100 Future Binary Option Contracts are not sponsored, endorsed, 

sold or promoted by Liffe in any way.

2 Weekly contracts listed on a Monday during a week containing an Underlying futures rollover date will be listed 

using the Underlying futures month scheduled to be used to determine the settlement value on the day the contract 

expires. For example, the End Date for the Liffe FTSE 100® March 2012 Underlying futures is March 12, 

2012. March 12, 2012 is a Monday, however, and any Nadex weekly contracts listed on this date and expiring on 

Friday, March 16, 2012, will be listed using the Liffe FTSE 100®June 2012 futures as its Underlying, as June is the 

futures month scheduled to be used to determine the Settlement Value of the Nadex weekly contract on its 

expiration date. Therefore, the Start Date for the Liffe FTSE 100 June 2012 futures will be Monday, March 12, 

2012 for any Nadex weekly contracts listed on this date.
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(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 50.

(3) NUMBER OF STRIKE LEVELS LISTED - Thirteen (13) strike levels will 

 be listed for each Weekly FTSE 100 Future Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “X” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 25 or 75 as reported by the Source Agency. Six (6) strike 

 levels will be generated above Binary Contract X at an interval of 50, and six

 (6) strike levels will be generated below Binary Contract X at an interval of 

 50 (e.g. X – 50; X; X + 50). The Contract will have a Payout Criterion of 

 greater than the strike level value.

(ii) DAILY FTSE 100 FUTURE BINARY CONTRACTS 

(1) EXPIRATION TIME – 4:00 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 20.

(3) NUMBER OF STRIKE LEVELS LISTED – Twenty-one (21) strike levels 

 will be listed for each Daily FTSE 100 Future Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Y” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 20 as reported by the Source Agency. Ten (10) strike levels 

 will be generated above Binary Contract Y at an interval of 20, and ten (10) 

 strike levels will be generated below Binary Contract Y at an interval of 20 

 (e.g. Y – 20; Y; Y + 20). The Contract will have a Payout Criterion of greater 

 than the strike level value.

(iii) INTRADAY FTSE 100 FUTURE BINARY CONTRACTS 

(1) EXPIRATION TIME – 5 AM, 6 AM, 7 AM, 8 AM, 9AM, 10 AM, 11 AM, 

 12 PM,1 PM ET CLOSE
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(2) EXCEPTIONS – No Intraday FTSE 100 Future Binary Contract will be listed 

on the three business days immediately following the End Date of the 

Underlying.

(3) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 15.

(4) NUMBER OF STRIKE LEVELS LISTED – Nine (9) strike levels 

 will be listed for each Intraday FTSE 100 Future Binary Contract Series.

(5) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Z” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 1 as reported by the Source Agency. Four (4) strike levels 

 will be generated above Binary Contract Z at an interval of 15, and four (4) 

 strike levels will be generated below Binary Contract Z at an interval of 15 

 (e.g. Z – 15; Z; Z + 15). The Contract will have a Payout Criterion of greater 

 than the strike level value.

(i) DAILY FTSE 100 FUTURE BINARY CONTRACTS, 4:00 PM 

(ET) CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X -

200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X 

- 180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X 

- 160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X 

- 140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X 

- 120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X 

- 100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X 

- 80.
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(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X 

- 60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X 

- 40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X- 20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X + 20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X + 40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X + 60.

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X + 80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X + 100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X + 120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X + 140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X + 160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X + 180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X + 200.

(22) In each case above, “X” equals the last FFC trade price, as reported by the 

Source Agency, rounded to the nearest twenty (20). 
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(ii) WEEKLY FTSE 100 FUTURE BINARY CONTRACTS, 4:00 PM 

(ET) CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Y -

300.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Y 

- 250.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Y 

- 200.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Y 

- 150. 

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Y 

– 100.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Y 

- 50.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Y 

+ 50. 

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Y 

+ 100. 

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Y + 150. 

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Y + 200. 

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Y + 250. 

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Y + 300. 

(14) In each case above, “Y” equals the last FFC trade price, as reported by the 

Source Agency, rounded to the nearest value ending in either twenty-five (25) or seventy-five 

(75). 
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(iii) INTRADAY FTSE 100 BINARY CONTRACTS, 3:00 AM to 5:00 

AM ET CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z1 

- 60.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z1 

- 45.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z1 

- 30.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z1 

- 15.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z1.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z1 

+ 15.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z1 

+ 30.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z1 

+ 45.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z1 

+ 60.

(10) In each case above, Z1 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday FTSE 100 Binary Contracts, 3:00AM to 5:00AM ET Close, will 

not be listed on the three business days immediately following the End Date of the Underlying.

(iv) INTRADAY FTSE 100 BINARY CONTRACTS, 4:00 AM to 6:00 

AM ET CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z2 

- 60.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z2 

- 45.
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(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z2 

- 30.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z2 

- 15.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z2.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z2 

+ 15.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z2 

+ 30.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z2 

+ 45.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z2 

+ 60.

(10) In each case above, Z2 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday FTSE 100 Binary Contracts, 4:00AM to 6:00AM ET Close, will 

not be listed on the three business days immediately following the End Date of the Underlying.

(v) INTRADAY FTSE 100 BINARY CONTRACTS, 5:00 AM to 7:00 

AM ET CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z3 

- 60.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z3 

- 45.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z3 

- 30.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z3 

- 15.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z3.
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(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z3 

+ 15.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z3 

+ 30.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z3 

+ 45.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z3 

+ 60.

(10) In each case above, Z3 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday FTSE 100 Binary Contracts, 5:00AM to 7:00AM ET Close, will 

not be listed on the three business days immediately following the End Date of the Underlying.

(vi) INTRADAY FTSE 100 BINARY CONTRACTS, 6:00 AM to 8:00 

AM ET CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z4 

- 60.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z4 

- 45.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z4 

- 30.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z4 

- 15.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z4.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z4 

+ 15.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z4 

+ 30.
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(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z4 

+ 45.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z4 

+ 60.

(10) In each case above, Z4 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday FTSE 100 Binary Contracts, 6:00AM to 8:00AM ET Close, will 

not be listed on the three business days immediately following the End Date of the Underlying.

(vii) INTRADAY FTSE 100 BINARY CONTRACTS, 7:00 AM to 9:00 

AM ET CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z5 

- 60.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z5 

- 45.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z5 

- 30.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z5 

- 15.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z5.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z5 

+ 15.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z5 

+ 30.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z5 

+ 45.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z5 

+ 60.
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(10) In each case above, Z5 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday FTSE 100 Binary Contracts, 7:00AM to 9:00AM ET Close, will 

not be listed on the three business days immediately following the End Date of the Underlying.

(viii) INTRADAY FTSE 100 BINARY CONTRACTS, 8:00 AM to 

10:00 AM ET CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z6 

- 60.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z6 

- 45.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z6 

- 30.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z6 

- 15.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z6.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z6 

+ 15.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z6 

+ 30.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z6 

+ 45.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z6 

+ 60.

(10) In each case above, Z6 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday FTSE 100 Binary Contracts, 8:00AM to 10:00AM ET Close, will 

not be listed on the three business days immediately following the End Date of the Underlying.
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(ix) INTRADAY FTSE 100 BINARY CONTRACTS, 9:00 AM to 11:00 

AM ET CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z7 

- 60.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z7 

- 45.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z7 

- 30.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z7 

- 15.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z7.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z7 

+ 15.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z7 

+ 30.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z7 

+ 45.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z7 

+ 60.

(10) In each case above, Z7 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday FTSE 100 Binary Contracts, 9:00AM to 11:00AM ET Close, will 

not be listed on the three business days immediately following the End Date of the Underlying.

(x) INTRADAY FTSE 100 BINARY CONTRACTS, 10:00 AM to 12:00 

PM ET CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z8 

- 60.
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(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z8 

- 45.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z8 

- 30.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z8 

- 15.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z8.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z8 

+ 15.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z8 

+ 30.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z8 

+ 45.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z8 

+ 60.

(10) In each case above, Z8 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday FTSE 100 Binary Contracts, 10:00AM to 12:00PM ET Close, 

will not be listed on the three business days immediately following the End Date of the 

Underlying.

(xi) INTRADAY FTSE 100 BINARY CONTRACTS, 11:00 AM to 1:00 

PM ET CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z9 

- 60.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Z9 

- 45.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Z9 

- 30.
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(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z9 

- 15.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z9.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Z9 

+ 15.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z9 

+ 30.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Z9 

+ 45.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Z9 

+ 60.

(10) In each case above, Z9 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday FTSE 100 Binary Contracts, 11:00AM to 1:00PM ET Close, will 

not be listed on the three business days immediately following the End Date of the Underlying.

(iv)(xii) Nadex may list additional FTSE 100 Future Binary Contract with 

different ranges of Payout Criteria on a discretionary basis in accordance with the 

CEA and Commission Regulations.

(g) MINIMUM TICK – The Minimum Tick size for the FTSE 100 Future Binary 

Contract shall be $0.25.

(h) REPORTING LEVEL – The Reporting Level for the FTSE 100 Future Binary 

Contracts shall be 1,750 Contracts. 

(i) POSITION LIMIT – The Position Limits for the FTSE 100 Future Binary Contracts 

shall be 2,500 Contracts. 

(j) LAST TRADING DATE – The Last Trading Date in a Series is the same date as the 

Expiration Date.

(k) SETTLEMENT DATE – The Settlement Date in a Series is the same date as the 

Expiration Date.

(l) EXPIRATION DATE – The Expiration Date of the Contract will be the date for 

which the relevant FFC daily settlement price is released by the Source Agency. 
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(m) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

the in-the-money Contract on the Settlement Date. The Settlement Value of an in-the-money 

FTSE 100 Future Binary Contract is $100.

(n) EXPIRATION VALUE – The Expiration Value is the level of FFC release number 

on the Expiration Date. The Expiration Value is calculated by the Source Agency by taking the 

last twenty-five (25) FFC trade prices just prior to the close of trading of the FTSE 100 Future 

Binary Contract and removing the highest five (5) FFC trade prices and the lowest five (5) FFC 

trade prices, using the remaining fifteen (15) FFC trade prices to calculate the Expiration Value. 

The calculation used is a simple average of all fifteen (15) remaining FFC trade prices, rounded 

to one decimal point past the precision of the underlying market. 

(o) CONTINGENCIES – If no daily settlement price of the relevant FFC is announced 

by the Source Agency, the Settlement Date will be delayed until such daily settlement price for 

that Series is released and publicly available.

RULE 12.50 [UNCHANGED]

RULE 12.51 GERMANY 30 BINARY CONTRACTS 

SCOPE – These Rules shall apply to the Class of Contracts referred to as the Germany 30 Binary 

Contracts issued by Nadex. 

UNDERLYING – The Underlying for this Class of Binary Contracts is the price (in Euro 

Currency) of the DAX®Futures contracts (“DFC”) traded on the Eurex®exchange (Eurex).3 The 

DFC trade prices that will be used for the Underlying will be taken from four (4) DFC delivery 

months: March, June, September, or December (each a “DFC Delivery Month”). The date on 

which a new delivery month will be used as the Underlying for Nadex contracts (i.e. “Start 

Date”) is one calendar day after the End Date for the previous delivery month contract. The last 

day on which a delivery month will be used as the Underlying for Nadex contracts (i.e. “End 

Date”) is the Monday of the week of the Underlying futures contracts Expiration Date. For 

example, the Eurex DAX March 2012 futures have an Expiration Date of March 16, 2012. The 

last day on which the DAX March 2012 futures prices will be used as the Underlying for Nadex 

contracts and to calculate the Expiration Value on the Expiration Date for the relevant DAX 

contracts will be the Monday of the week of the Eurex DAX March 2012 futures contracts 

Expiration Date (i.e. March 16, 2012). Therefore, the End Date for using Eurex DAX March 

 

3

Eurex®and DAX®are registered marks of Deutsche Börse AG. Nadex is not affiliated with the Eurex or Deutsche 

Börse AG, and neither Eurex nor its affiliates sponsor or endorse Nadex or its products in any way. In particular, 

the Nadex Germany 30 Binary Option Contracts are not sponsored, endorsed, sold or promoted by Eurex or 

Deutsche Börse AG.
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20141113(1)

2012 futures will be March 12, 2012 and the Start Date for the next delivery month, Eurex DAX 

June 2012 futures, will be March 13, 20124. 

(c) SOURCE AGENCY – The Source Agency is Nadex.

(d) TYPE – The type of Contract is a Binary Contract.

(e) ISSUANCE – For each planned release by the Source Agency of the 

Underlying, Nadex will issue various Contracts, each of a different Series. A new issuance of 

Contracts will commence no later than two (2) business days following the Expiration Date.

(f) PAYOUT CRITERION – The Payout Criterion for each Contract will be 

set by Nadex at the time the Binary Contracts are initially issued. For the Germany 30 Binary 

Contract, the Payout Criteria for the Contracts will be set as follows:

(i) WEEKLY GERMANY 30 BINARY CONTRACTS 

(1) EXPIRATION TIME – 4:00 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 50.

(3) NUMBER OF STRIKE LEVELS LISTED - Thirteen (13) strike levels will 

 be listed for each Weekly Germany 30 Future Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “X” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 25 or 75 as reported by the Source Agency. Six (6) strike 

 levels will be generated above Binary Contract X at an interval of 50, and six 

 (6) strike levels will be generated below Binary Contract X at an interval of 

 50 (e.g. X – 50; X; X + 50). The Contract will have a Payout Criterion of 

 greater than the strike level value.

(ii) DAILY GERMANY 30 BINARY CONTRACTS 

 

4 Weekly contracts listed on a Monday during a week containing an Underlying futures rollover date will be listed 

using the Underlying futures month scheduled to be used to determine the settlement value on the day the contract 

expires. For example, the End Date for the Eurex DAX March 2012 Underlying futures is March 12, 2012. March 

12, 2012 is a Monday, however, and any Nadex weekly contracts listed on this date and expiring on Friday, March 

16, 2012, will be listed using the Eurex DAX June 2012 futures as its Underlying, as June is the futures month 

scheduled to be used to determine the Settlement Value of the Nadex weekly contract on its expiration 

date. Therefore, the Start Date for the Eurex DAX June 2012 futures will be Monday, March 12, 2012 for any 

Nadex weekly contracts listed on this date.
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20141113(1)

(1) EXPIRATION TIME – 4:00 PM ET CLOSE

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 20.

(3) NUMBER OF STRIKE LEVELS LISTED – Twenty-one (21) strike levels 

 will be listed for each Daily Germany 30 Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Y” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 20 as reported by the Source Agency. Ten (10) strike levels 

 will be generated above Binary Contract Y at an interval of 20, and ten (10) 

 strike levels will be generated below Binary Contract Y at an interval of 20 

 (e.g. Y – 20; Y; Y + 20). The Contract will have a Payout Criterion of greater 

 than the strike level value.

(iii) INTRADAY GERMANY 30 BINARY CONTRACTS 

(1) EXPIRATION TIME – 5 AM, 6 AM, 7 AM, 8 AM, 9AM, 10 AM, 11 AM, 

 12 PM, 1 PM, 2 PM, 3 PM ET CLOSE

(2) EXCEPTIONS – No Intraday Germany 30 Binary Contract will be listed on 

the three business days immediately following the End Date of the 

Underlying.

(3) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 20.

(4) NUMBER OF STRIKE LEVELS LISTED – Nine (9) strike levels 

 will be listed for each Intraday Germany Binary Contract Series.

(5) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Z” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 1 as reported by the Source Agency. Four (4) strike levels 

 will be generated above Binary Contract Z at an interval of 20, and four (4) 

 strike levels will be generated below Binary Contract Z at an interval of 20

 (e.g. Z – 20; Z; Z + 20). The Contract will have a Payout Criterion of greater 

 than the strike level value.
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20141113(1)

(i) DAILY GERMANY 30 BINARY CONTRACTS, 4:00 PM (ET) 

CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X -

200.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X 

- 180.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X 

- 160.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X 

- 140.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X 

- 120.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X 

- 100.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X 

- 80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X 

- 60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X 

- 40.

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X - 20.

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X.

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X + 20.

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X + 40.

(14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X + 60.
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20141113(1)

(15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X + 80.

(16) Binary Contract 16: One Contract will have a Payout Criterion of greater than 

X + 100.

(17) Binary Contract 17: One Contract will have a Payout Criterion of greater than 

X + 120.

(18) Binary Contract 18: One Contract will have a Payout Criterion of greater than 

X + 140.

(19) Binary Contract 19: One Contract will have a Payout Criterion of greater than 

X + 160.

(20) Binary Contract 20: One Contract will have a Payout Criterion of greater than 

X + 180.

(21) Binary Contract 21: One Contract will have a Payout Criterion of greater than 

X + 200.

(22) In each case above, “X” equals the Germany 30 reference price, as calculated 

by the Source Agency, rounded to the nearest twenty (20). 

(ii) WEEKLY GERMANY 30 BINARY CONTRACTS, 4:00 PM 

(ET) CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Y -

300.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Y 

- 250.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Y 

- 200.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Y 

- 150. 

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Y 

- 100.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Y 

- 50.
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20141113(1)

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y. 

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Y 

+ 50. 

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Y 

+ 100. 

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

Y + 150. 

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Y + 200. 

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Y + 250. 

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Y + 300. 

(14) In each case above, “Y” equals the Germany 30 reference price, as calculated 

by the Source Agency, rounded to the nearest value ending in either twenty-five (25) or seventyfive (75).

(iii) INTRADAY GERMANY 30 BINARY CONTRACTS, 3:00 AM 

to 5:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z1 

– 80.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z1 - 60.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z1 - 40.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z1 

– 20.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z1.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z1 + 20.
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20141113(1)

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z1 

+ 40.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z1 + 60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z1 + 80.

(10) In each case above, Z1 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday Germany 30 Binary Contracts, 3:00AM to 5:00AM ET Close, 

will not be listed on the three business days immediately following the End Date of the 

Underlying. 

(iv) INTRADAY GERMANY 30 BINARY CONTRACTS, 4:00 AM 

to 6:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z2 

– 80.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z2 - 60.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z2 - 40.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z2 

– 20.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z2.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z2 + 20.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z2 

+ 40.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z2 + 60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z2 + 80.
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20141113(1)

(10) In each case above, Z2 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday Germany 30 Binary Contracts, 4:00AM to 6:00AM ET Close, 

will not be listed on the three business days immediately following the End Date of the 

Underlying. 

(v) INTRADAY GERMANY 30 BINARY CONTRACTS, 5:00 AM to 

7:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z3 

– 80.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z3 - 60.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z3 - 40.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z3 

– 20.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z3.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z3 + 20.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z3 

+ 40.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z3 + 60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z3 + 80.

(10) In each case above, Z3 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday Germany 30 Binary Contracts, 5:00AM to 7:00AM ET Close, 

will not be listed on the three business days immediately following the End Date of the 

Underlying. 
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20141113(1)

 (vi) INTRADAY GERMANY 30 BINARY CONTRACTS, 6:00 AM 

to 8:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z4 

– 80.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z4 - 60.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z4 - 40.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z4 

– 20.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z4.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z4 + 20.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z4 

+ 40.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z4 + 60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z4 + 80.

(10) In each case above, Z4 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday Germany 30 Binary Contracts, 6:00AM to 8:00AM ET Close, 

will not be listed on the three business days immediately following the End Date of the 

Underlying. 

 (vii) INTRADAY GERMANY 30 BINARY CONTRACTS, 7:00 AM 

to 9:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z5 

– 80.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z5 - 60.
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20141113(1)

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z5 - 40.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z5 

– 20.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z5.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z5 + 20.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z5 

+ 40.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z5 + 60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z5 + 80.

(10) In each case above, Z5 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday Germany 30 Binary Contracts, 7:00AM to 9:00AM ET Close, 

will not be listed on the three business days immediately following the End Date of the 

Underlying. 

(viii) INTRADAY GERMANY 30 BINARY CONTRACTS, 8:00 AM 

to 10:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z6 

– 80.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z6 - 60.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z6 - 40.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z6

– 20.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z6.
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20141113(1)

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z6 + 20.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z6 

+ 40.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z6 + 60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z6 + 80.

(10) In each case above, Z6 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday Germany 30 Binary Contracts, 8:00AM to 10:00AM ET Close, 

will not be listed on the three business days immediately following the End Date of the 

Underlying. 

(ix) INTRADAY GERMANY 30 BINARY CONTRACTS, 9:00 AM 

to 11:00 AM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z7 

– 80.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z7 - 60.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z7 - 40.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z7 

– 20.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z7.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z7 + 20.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z7 

+ 40.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z7 + 60.
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20141113(1)

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z7 + 80.

(10) In each case above, Z7 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday Germany 30 Binary Contracts, 9:00AM to 11:00AM ET Close, 

will not be listed on the three business days immediately following the End Date of the 

Underlying. 

(x) INTRADAY GERMANY 30 BINARY CONTRACTS, 10:00 AM to 

12:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z8 

– 80.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z8 - 60.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z8 - 40.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z8 

– 20.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z8.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z8 + 20.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z8 

+ 40.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z8 + 60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z8 + 80.

(10) In each case above, Z8 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.
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20141113(1)

(11) The Intraday Germany 30 Binary Contracts, 10:00AM to 12:00PM ET Close, 

will not be listed on the three business days immediately following the End Date of the 

Underlying. 

(xi) INTRADAY GERMANY 30 BINARY CONTRACTS, 11:00 AM 

to 1:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z9 

– 80.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z9 - 60.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z9 - 40.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z9 

– 20.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z9.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z9 + 20.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z9 

+ 40.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z9 + 60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z9 + 80.

(10) In each case above, Z9 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday Germany 30 Binary Contracts, 11:00AM to 1:00PM ET Close, 

will not be listed on the three business days immediately following the End Date of the 

Underlying. 

(xii) INTRADAY GERMANY 30 BINARY CONTRACTS, 12:00 PM 

to 2:00 PM ET CLOSE
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20141113(1)

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

Z10 – 80.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z10 - 60.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z10 - 40.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

Z10 – 20.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z10.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z10 + 20. 

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Z10 + 40.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z10 + 60.

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z10 + 80.

(10) In each case above, Z10 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday Germany 30 Binary Contracts, 12:00PM to 2:00PM ET Close, 

will not be listed on the three business days immediately following the End Date of the 

Underlying. 

(xiii) INTRADAY GERMANY 30 BINARY CONTRACTS, 1:00 PM 

to 3:00 PM ET CLOSE

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than 

Z11 – 80.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z11 - 60.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z11 - 40.
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20141113(1)

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than 

Z11 – 20.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z11.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z11 + 20.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than 

Z11 + 40.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z11 + 60. 

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z11 + 80.

(10) In each case above, Z11 equals the strike level determined by the Source 

Agency immediately before the issuance of these contracts.

(11) The Intraday Germany 30 Binary Contracts, 1:00PM to 3:00PM ET Close, will 

not be listed on the three business days immediately following the End Date of the Underlying. 

(iv)(xiv) Nadex may list additional Germany 30 Binary Contract with 

different ranges of Payout Criteria on a discretionary basis in accordance with the CEA and 

Commission Regulations.

(g) MINIMUM TICK – The Minimum Tick size for the Germany 30 Binary Contract 

shall be $0.25.

(h) REPORTING LEVEL – The Reporting Level for the Germany 30 Binary Contracts 

shall be 1,750 Contracts.

(i) POSITION LIMIT – The Position Limits for the Germany 30 Binary Contracts shall 

be 2,500 Contracts. 

(j) LAST TRADING DATE – The Last Trading Date in a Series is the same date as the 

Expiration Date.

(k) SETTLEMENT DATE – The Settlement Date in a Series is the same date as the 

Expiration Date.

(l) EXPIRATION DATE – The Expiration Date of the Contract will be the date for 

which the relevant DFC daily settlement price is released by the Source Agency. 
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(m) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

the in-the-money Contract on the Settlement Date. The Settlement Value of an in-the-money 

Germany 30 Binary Contract is $100.

(n) EXPIRATION VALUE – The Expiration Value is the level of the Germany 30 

release number on the Expiration Date. The Expiration Value is calculated by the Source 

Agency by taking the last twenty-five (25) DFC trade prices just prior to the close of trading of 

the Germany 30 Binary Contract and removing the highest five (5) DFC trade prices and the 

lowest five (5) DFC trade prices, using the remaining fifteen (15) DFC trade prices to calculate 

the Expiration Value. The calculation used is a simple average of all fifteen (15) remaining 

DFC trade prices, rounded to one decimal point past the precision of the underlying market.

(o) CONTINGENCIES – If no daily settlement price of the relevant DFC is announced 

by the Source Agency, the Settlement Date will be delayed until such daily settlement price for 

that Series is released and publicly available.

RULES 12.52 – 12.53 [UNCHANGED]

RULE 12.54 JAPAN 225 VARIABLE PAYOUT CONTRACTS

(a) SCOPE – These Rules shall apply to the Class of Contracts referred to as the Japan 

225 Variable Payout Contracts issued by Nadex.

(b) UNDERLYING – The Underlying for this Class of Contracts is the price of the 

SGX® Nikkei 225 Index Futures contracts (“NKFC”) traded on the Singapore Exchange (SGX)5. 

The NKFC trade prices that will be used to calculate the Underlying will be taken from four (4) 

NKFC delivery months: March, June, September, or December (each a “NKFC Delivery 

Month”). The date on which a new delivery month will be used as the Underlying for Nadex 

contracts (i.e. “Start Date”) is one calendar day after the End Date for the previous delivery 

month contract. The last day on which a delivery month will be used as the Underlying for 

Nadex contracts (i.e. “End Date”) is the Friday of the week preceding Monday of the week of the 

 

5

SGX®is a registered service mark of the Singapore Exchange Limited (“SGX”). Nikkei is a registered mark of 

Nikkei, Inc. All rights in the Trademarks and Futures Trading Data of SGX vest in Singapore Exchange Limited 

(“SGX”). The Japan 225 Variable Payout Contract is not sponsored, endorsed, sold or promoted by SGX. SGX 

makes no representation or warranty, express or implied to the investors in the Japan 225 Variable Payout Contract 

or any member of the public in any manner whatsoever regarding the advisability of investing in any financial 

product generally or in particularly the Japan 225 Variable Payout Contract. The relationship of SGX towards Nadex 

is in respect of licensing the use of the SGX Nikkei 225 Index Futures Trading Data. SGX has no obligation to take 

the needs of the investors of the Japan 225 Variable Payout Contract into consideration in determining, composing 

or calculating the SGX Nikkei 225 Index Futures Trading Data. SGX is neither responsible for nor has participated 

in the structure of the Japan 225 Variable Payout Contract. SGX has no obligation or liability in connection with the 

administration, marketing or trading of the Japan 225 Variable Payout Contract. You are strongly advised to 

independently verify the accuracy, timeliness and reliability of the Japan 225 Variable Payout Contract and to 

consult with your investment advisor before investing. Nadex is not affiliated with Nikkei, Inc. and neither Nikkei, 

Inc., nor its affiliates, sponsor or endorse Nadex or its products in any way. In particular, the Nadex Japan 225 

Contracts are not sponsored, endorsed, sold or promoted by Nikkei, Inc.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

Underlying futures contracts Expiration Date. For example, the SGX Nikkei 225 March 

2012December 2014 futures have an Expiration Date of March 9, 2012December 11, 2014. The 

last day on which the Nikkei 225 March 2012December 2014 futures prices will be used as the 

Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for 

the relevant Nikkei 225 contracts will be the Friday of the preceding weekMonday of the week 

of the SGX Nikkei 225 December 2014 futures contracts Expiration Date (i.e. December 11, 

2014). Therefore, the End Date for using SGX Nikkei 225 March 2012December 2014 futures 

will be March 2, 2012December 8, 2014 and the Start Date for the next delivery month, SGX 

Nikkei 225 June 2012March 2015 futures, will be March 3, 2012December 9, 2014. 

 (c) SOURCE AGENCY – The Source Agency is Nadex.

 (d) TYPE – The Type of Contract is a Variable Payout Contract.

 (e) ISSUANCE – For each planned release by the Source Agency of the Underlying, 

Nadex will issue various Contracts, each of a different Series. A new issuance of Contracts will 

commence no later than two (2) business days following the Expiration Date.

 (f) PAYOUT CRITERION – The Payout Criterion for each Contract will be set by 

Nadex at the time the Variable Payout Contracts are initially issued. For the Japan 225 Variable 

Payout Contract, the Payout Criteria for the Contracts will be set as follows:

 (i) DAILY VARIABLE JAPAN 225 CONTRACTS, 1:25 AM ET6

CLOSE SPREAD - At the commencement of trading in a Daily Spread Japan 225 Variable 

Payout Contract, Nadex shall list one (1) Variable Payout Contract, referred to as a ‘Spread’, 

which conforms to the Payout Criteria listed below: 

(1) DAILY VARIABLE PAYOUT CONTRACT ‘SPREAD’ 

(aa) CAP – The Cap shall be X + 400.

(bb) FLOOR – The Floor shall be X – 400.

(cc) DOLLAR MULTIPLIER – The Dollar Multiplier shall be 1. 

(2) In each case, “X” equals the last NKFC price, as reported by the Source 

Agency, rounded to the nearest 100.

(ii) DAILY VARIABLE JAPAN 225 CONTRACTS, 1:25 AM ET7

CLOSE NARROW SPREAD – At the commencement of trading in a Daily Narrow Spread 

 

6

During the period when the US observes daylight savings time, all Variable payout Japan 225 contracts will open 

and close 1 hour later than their regular defined times.

7

During the period when the US observes daylight savings time, all Variable payout Japan 225 contracts will open 

and close 1 hour later than their regular defined times.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

Japan 225 Variable Payout Contract, Nadex shall list a set of three (3) Variable Payout Contracts 

with overlapping ranges referred to as ‘Narrow Spreads’, which conform to the Payout Criteria 

listed below:

(1) DAILY VARIABLE PAYOUT CONTRACT ‘NARROW SPREAD’

(aa) CONTRACT 1: The Cap shall be X; The Floor shall be X – 400.

(bb) CONTRACT 2; The Cap shall be X + 200; The Floor shall be X – 200.

(cc) CONTRACT 3: The CAP shall be X + 400; The Floor shall be X.

(dd) DOLLAR MULTIPLIER – The Dollar Multiplier shall be 1.

(2) In each case, “X” equals the last NKFC price, as reported by the Source 

Agency rounded to the nearest 100.

(iii) Nadex may list additional Variable Payout Contracts with different 

ranges of Payout Criteria on a discretionary basis in accordance with the CEA and Commission 

Regulations.

(g) MINIMUM TICK – The Minimum Tick size for Japan 225 Variable Payout 

Contracts shall be 1.

(h) REPORTING LEVEL – The Reporting Level for the Japan 225 Variable Payout 

Contracts shall be 1,562 Contracts.

(i) POSITION LIMIT – The Position Limits for Japan 225 Variable Payout Contracts 

shall be 31,250 Contracts.

(j) LAST TRADING DATE – The Last Trading Date of the Contract is the same date as 

the Settlement Date.

(k) SETTLEMENT DATE – The Settlement Date of the Contract shall be the same date 

as the Expiration Date.

(l) EXPIRATION DATE – The Expiration Date of the Contract shall be the date on 

which the Japan 225 Expiration Value is released by the Source Agency.

(m) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

either a Short or Long Variable Payout Contract on Settlement Date. The Settlement Value of a 
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20141113(1)

Variable Payout Contract is determined as described in the definition for Long and Short 

Variable Payout Contracts.

(n) EXPIRATION VALUE – The Expiration Value is the price or value of Japan 225 as 

calculated by the Source Agency on the Expiration Date. The Expiration Value is calculated by 

the Source Agency by taking the last twenty-five (25) NKFC trade prices just prior to the close 

of trading of the Japan 225 Variable Contract and removing the highest five (5) NKFC trade 

prices and the lowest five (5) NKFC trade prices, using the remaining fifteen (15) NKFC trade 

prices to calculate the Expiration Value. The Calculation used is a simple average of all fifteen 

(15) NKFC trade prices, rounded to one decimal point past the precision of the underlying 

market.

(o) CONTINGENCIES – If no level is actually announced on the Expiration Date due to 

a delay, postponement or otherwise in such release announcement by the Source agency, the 

Settlement Date will be delayed until the Underlying number is released for the Series.

RULE 12.55 JAPAN 225 BINARY CONTRACTS

(a) SCOPE – These Rules shall apply to the Class of Contracts referred to as the Japan 

225 Binary Contracts issued by Nadex.

(b) UNDERLYING – The Underlying for this Class of Contracts is the price of the 

SGX® Nikkei 225 Futures contracts (“NKFC”) traded on the Singapore Exchange (SGX)8. The 

 

8

SGX®is a registered service mark of the Singapore Exchange Limited (“SGX”). Nikkei is a registered mark of 

Nikkei, Inc. All rights in the Trademarks and Futures Trading Data of SGX vest in Singapore Exchange Limited 

(“SGX”). The Japan 225 Binary Contract is not sponsored, endorsed, sold or promoted by SGX. SGX makes no 

representation or warranty, express or implied to the investors in the Japan 225 Binary Contract or any member of 

the public in any manner whatsoever regarding the advisability of investing in any financial product generally or in 

particularly the Japan 225 Binary Contract. The relationship of SGX towards Nadex is in respect of licensing the use 

of the SGX Nikkei 225 Index Futures Trading Data. SGX has no obligation to take the needs of the investors of the 

Japan 225 Binary Contract into consideration in determining, composing or calculating the SGX Nikkei 225 Index 

Futures Trading Data. SGX is neither responsible for nor has participated in the structure of the Japan 225 Binary 

Contract. SGX has no obligation or liability in connection with the administration, marketing or trading of the Japan 

225 Binary Contract. You are strongly advised to independently verify the accuracy, timeliness and reliability of the 

Japan 225 Binary Contract and to consult with your investment advisor before investing. Nadex is not affiliated 

with Nikkei, Inc. and neither Nikkei, Inc., nor its affiliates, sponsor or endorse Nadex or its products in any way. In 

particular, the Nadex Japan 225 Contracts are not sponsored, endorsed, sold or promoted by Nikkei, Inc.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

US Toll-Free +1 (877) 77 NADEX info@nadex.com www.nadex.com

20141113(1)

NKFC trade prices that will be used to calculate the Underlying will be taken from four (4) 

NKFC delivery months: March, June, September, or December (each a “NKFC Delivery 

Month”). The date on which a new delivery month will be used as the Underlying for Nadex 

contracts (i.e. “Start Date”) is one calendar day after the End Date for the previous delivery 

month contract. The last day on which a delivery month will be used as the Underlying for 

Nadex contracts (i.e. “End Date”) is the Friday of the week preceding Monday of the week of the 

Underlying futures contracts Expiration Date. For example, the SGX Nikkei 225 March 

2012December 2014 futures have an Expiration Date of March 9, 2012December 11, 2014. The 

last day on which the Nikkei 225 March 2012December 2014 futures prices will be used as the 

Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for 

the relevant Nikkei 225 contracts will be the Friday of the preceding weekMonday of the week 

of the SGX Nikkei 225 December 2014 futures contracts Expiration Date (i.e. December 11, 

2014). Therefore, the End Date for using SGX Nikkei 225 March 2012December 2014 futures 

will be March 2, 2012December 8, 2014 and the Start Date for the next delivery month, SGX 

Nikkei 225 June 2012March 2015 futures, will be March 3, 2012December 9, 20149. 

 (c) SOURCE AGENCY – The Source Agency is Nadex.

 (d) TYPE – The Type of Contract is a Binary Contract.

 (e) ISSUANCE – For each planned release by the Source Agency of the Underlying, 

Nadex will issue various Contracts, each of a different Series. A new issuance of Contracts will 

commence no later than two (2) business days following the Expiration Date.

 (f) PAYOUT CRITERION – The Payout Criterion for each Contract will be set by 

Nadex at the time the Binary Contracts are initially issued. For the Japan 225 Binary Contract, 

the Payout Criteria for the Contracts will be set as follows:

(i) WEEKLY JAPAN 225 BINARY CONTRACTS 

(1) EXPIRATION TIME – 1:25 AM ET CLOSE10

 

9 Weekly contracts listed on a Monday during a week containing an Underlying futures rollover date will be listed 

using the Underlying futures month scheduled to be used to determine the settlement value on the day the contract 

expires. For example, the End Date for the SGX Nikkei 225 December 2014 Underlying futures is December 11, 

2014. December 11, 2014 is a Thursday, however, and any Nadex weekly contracts listed during this week and 

expiring on Friday, December 12, 2014, will be listed using the SGX Nikkei March 2015 futures as its Underlying, 

as March is the futures month scheduled to be used to determine the Settlement Value of the Nadex weekly contract 

on its expiration date. Therefore, the Start Date for the SGX Nikkei March 2015 futures will be Monday, December 

8, 2014 for any Nadex weekly contracts listed on this date.

10 During the period when the US observes daylight savings time, Weekly Japan 225 Binary Contracts will open 

and close 1 hour later than their regular defined times.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 100.

(3) NUMBER OF STRIKE LEVELS LISTED - Thirteen (13) strike levels will 

 be listed for each Weekly Japan 225 Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “X” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 25 or 75 as reported by the Source Agency. Six (6) strike 

 levels will be generated above Binary Contract X at an interval of 100, and 

 six (6) strike levels will be generated below Binary Contract X at an interval 

 of 100 (e.g. X – 100; X; X + 100). The Contract will have a Payout Criterion 

 of greater than the strike level value.

(ii) DAILY JAPAN 225 BINARY CONTRACTS 

(1) EXPIRATION TIME – 1:25 AM ET CLOSE11

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 40.

(3) NUMBER OF STRIKE LEVELS LISTED – Twenty-one (21) strike levels 

 will be listed for each Daily Japan 225 Binary Contract Series.

(4) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Y” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 10 as reported by the Source Agency. Ten (10) strike levels 

 will be generated above Binary Contract Y at an interval of 40, and ten (10) 

 strike levels will be generated below Binary Contract Y at an interval of 40 

 (e.g. Y – 40; Y; Y + 40). The Contract will have a Payout Criterion of greater 

 than the strike level value.

(iii) INTRADAY JAPAN 225 BINARY CONTRACTS 

(1) EXPIRATION TIME – 9 PM, 10 PM, 11 PM, 12 AM, 1 AM ET CLOSE12

 

11 During the period when the US observes daylight savings time, Daily Japan 225 Binary Contracts will open and 

close 1 hour later than their regular defined times.

12 During the period when the US observes daylight savings time, Intraday Japan 225 Binary Contracts will open 

and close 1 hour later than their regular defined times.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(2) STRIKE INTERVAL WIDTH – The interval width between each strike level

 shall be 40.

(4) NUMBER OF STRIKE LEVELS LISTED – Nine (9) strike levels 

 will be listed for each Intraday Japan 225 Binary Contract Series.

(5) STRIKE LEVELS GENERATED - Strike levels will be generated such that

 Binary Contract “Z” is valued ‘at-the-money’ in relation to the Underlying

 market as determined by the Source Agency, immediately before the issuance 

 of these Contracts, and shall be measured in U.S. cents rounded to the nearest

 value ending in 10 as reported by the Source Agency. Four (4) strike levels 

 will be generated above Binary Contract Z at an interval of 40, and four (4) 

 strike levels will be generated below Binary Contract Z at an interval of 40 

 (e.g. Z – 40; Z; Z + 40). The Contract will have a Payout Criterion of greater 

 than the strike level value.

 (i) DAILY JAPAN 225 BINARY CONTRACTS, 1:25 AM ET13 CLOSE 

 (1) Binary Contract 1: One Contract will have a Payout Criterion of greater than X 

- 280.

 (2) Binary Contract 2: One Contract will have a Payout Criterion of greater than X 

- 240.

 (3) Binary Contract 3: One Contract will have a Payout Criterion of greater than X 

- 200.

 (4) Binary Contract 4: One Contract will have a Payout Criterion of greater than X 

– 160.

 (5) Binary Contract 5: One Contract will have a Payout Criterion of greater than X 

– 120.

 (6) Binary Contract 6: One Contract will have a Payout Criterion of greater than X 

– 80.

 (7) Binary Contract 7: One Contract will have a Payout Criterion of greater than X 

– 40.

 (8) Binary Contract 8: One Contract will have a Payout Criterion of greater than X.

 

13 During the period when the US observes daylight savings time, all Binary Japan 225 contracts will open and close 

1 hour later than their regular defined times.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

 (9) Binary Contract 9: One Contract will have a Payout Criterion of greater than X

+ 40.

 (10) Binary Contract 10: One Contract will have a Payout Criterion of greater than 

X + 80.

 (11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

X + 120.

 (12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

X + 160.

 (13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

X + 200.

 (14) Binary Contract 14: One Contract will have a Payout Criterion of greater than 

X + 240.

 (15) Binary Contract 15: One Contract will have a Payout Criterion of greater than 

X + 280.

 (16) In each case above, “X” equals the Japan 225 reference price, as calculated by 

the Source Agency, rounded to the nearest ten (10).

 (ii) WEEKLY JAPAN 225 BINARY CONTRACTS, 1:25 AM ET14

CLOSE 

 (1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Y 

– 600.

 (2) Binary Contract 2: One Contract will have a Payout Criterion of greater than Y 

– 500.

 (3) Binary Contract 3: One Contract will have a Payout Criterion of greater than Y 

– 400.

 (4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Y 

– 300.

 (5) Binary Contract 5: One Contract will have a Payout Criterion of greater than Y 

– 200.

 

14 During the period when the US observes daylight savings time, all Binary Japan 225 contracts will open and close 

1 hour later than their regular defined times.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

US Toll-Free +1 (877) 77 NADEX info@nadex.com www.nadex.com

20141113(1)

 (6) Binary Contract 6: One Contract will have a Payout Criterion of greater than Y 

– 100.

 (7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Y.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than Y 

+ 100. 

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than Y 

+ 200. 

(10) Binary Contract 10: One Contract will have a Payout Criterion of greater than

Y + 300. 

(11) Binary Contract 11: One Contract will have a Payout Criterion of greater than 

Y + 400. 

(12) Binary Contract 12: One Contract will have a Payout Criterion of greater than 

Y + 500. 

(13) Binary Contract 13: One Contract will have a Payout Criterion of greater than 

Y + 600. 

(14) In each case above, “Y” equals the Japan 225 reference price, as calculated by 

the Source Agency, rounded to the nearest value ending in either twenty-five (25) or seventy-five 

(75).

(iii) INTRADAY JAPAN 225 BINARY CONTRACTS 7:00PM ET to 

9:00PM ET15 CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z1 

– 160.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z1 - 120.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z1 - 80.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z1 

– 40.

 

15 During the period when the US observes daylight savings time, all Binary Japan 225 contracts will open and close 

1 hour later than their regular defined times.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z1.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z1 + 40.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z1 

+ 80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z1 + 120. 

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z1 + 160.

(10) In each case above, “Z1” equals the Japan 225 reference price, as calculated by 

the Source Agency, rounded to the nearest ten (10).

(iv) INTRADAY JAPAN 225 BINARY CONTRACTS 8:00PM ET to 

10:00PM ET16 CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z2 

– 160.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z2 - 120.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z2 - 80.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z2 

– 40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z2.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z2 + 40.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z2 

+ 80.

 

16 During the period when the US observes daylight savings time, all Binary Japan 225 contracts will open and close 

1 hour later than their regular defined times.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z2 + 120. 

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z2 + 160.

(10) In each case above, “Z2” equals the Japan 225 reference price, as calculated by 

the Source Agency, rounded to the nearest ten (10).

(v) INTRADAY JAPAN 225 BINARY CONTRACTS 9:00PM ET to 

11:00PM ET17 CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z3 

– 160.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z3 - 120.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z3 - 80.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z3 

– 40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z3.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z3 + 40.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z3 

+ 80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z3 + 120. 

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z3 + 160.

(10) In each case above, “Z3” equals the Japan 225 reference price, as calculated by 

the Source Agency, rounded to the nearest ten (10).

 

17 During the period when the US observes daylight savings time, all Binary Japan 225 contracts will open and close 

1 hour later than their regular defined times.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(vi) INTRADAY JAPAN 225 BINARY CONTRACTS 10:00PM ET to 

12:00AM ET18 CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z4 

– 160.

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z4 - 120.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z4 - 80.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z4 

– 40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z4.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z4 + 40.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z4 

+ 80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z4 + 120. 

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z4 + 160.

(10) In each case above, “Z4” equals the Japan 225 reference price, as calculated by 

the Source Agency, rounded to the nearest ten (10).

(vii) INTRADAY JAPAN 225 BINARY CONTRACTS 11:00PM ET to 

1:00AM ET19 CLOSE 

(1) Binary Contract 1: One Contract will have a Payout Criterion of greater than Z5 

– 160.

 

18 During the period when the US observes daylight savings time, all Binary Japan 225 contracts will open and close 

1 hour later than their regular defined times.

19 During the period when the US observes daylight savings time, all Binary Japan 225 contracts will open and close 

1 hour later than their regular defined times.
North American Derivatives Exchange, Inc., 311 South Wacker Drive, Suite 2675, Chicago, IL 60606

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20141113(1)

(2) Binary Contract 2: One Contract will have a Payout Criterion of greater than 

Z5 - 120.

(3) Binary Contract 3: One Contract will have a Payout Criterion of greater than 

Z5 - 80.

(4) Binary Contract 4: One Contract will have a Payout Criterion of greater than Z5 

– 40.

(5) Binary Contract 5: One Contract will have a Payout Criterion of greater than 

Z5.

(6) Binary Contract 6: One Contract will have a Payout Criterion of greater than 

Z5 + 40.

(7) Binary Contract 7: One Contract will have a Payout Criterion of greater than Z5 

+ 80.

(8) Binary Contract 8: One Contract will have a Payout Criterion of greater than 

Z5 + 120. 

(9) Binary Contract 9: One Contract will have a Payout Criterion of greater than 

Z5 + 160.

(10) In each case above, “Z5” equals the Japan 225 reference price, as calculated by 

the Source Agency, rounded to the nearest ten (10).

 (iv)(viii) Nadex may list additional Japan 225 Binary Contracts with 

different ranges of Payout Criteria on a discretionary basis in accordance with the CEA and 

Commission Regulations.

 (g) MINIMUM TICK – The Minimum Tick size for the Japan 225 Binary Contracts 

shall be $0.25.

 (h) REPORTING LEVEL – The Reporting Level for the Japan 225 Binary Contracts 

shall be 1,750 Contracts.

 (i) POSITION LIMIT – The Position Limits for the Japan 225 Binary Contracts shall be 

2,500 Contracts. 

 (j) LAST TRADING DATE – The Last Trading Date in a Series is the same date as the 

Expiration Date.

 (k) SETTLEMENT DATE – The Settlement Date in a Series is the same date as the 

Expiration Date.
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20141113(1)

 (l) EXPIRATION DATE – The Expiration Date of the Contract will be the date on 

which the Japan 225 Expiration Value is released by the Source Agency.

 (m) SETTLEMENT VALUE – The Settlement Value is the amount paid to the holder of 

the in-the-money Contract on the Settlement Date. The Settlement Value of an in-the-money 

Japan 225 Binary Contract is $100.

 (n) EXPIRATION VALUE – The Expiration Value is the price or value of Japan 225 

released by the Source Agency on the Expiration Date. The Expiration Value is calculated by 

the Source Agency by taking the last twenty-five (25) NKFC trade prices just prior to the close 

of trading of the Japan 225 Binary Contract and removing the highest five (5) NKFC trade prices 

and the lowest five (5) NKFC trade prices, using the remaining fifteen (15) NKFC trade prices to 

calculate the Expiration Value. The calculation used is a simple average of all fifteen (15) 

remaining NKFC trade prices, rounded to one decimal point past the precision of the underlying 

market.

 (o) CONTINGENCIES – If no daily settlement price of the relevant NKFC is announced 

by the Source Agency, the Settlement Date will be delayed until such daily settlement price for 

that Series is released and publicly available.

RULES 12.56 – 12.78 [UNCHANGED]

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