DEFINITIONS

ACT OR CEA
The term “Act” or “CEA” shall mean the Commodity Exchange Act, as amended from time to time.

AGGREGATE BASE AVAILABLE FUNDS

The sum of any remaining Base Collateral, any remaining Base Customer Collateral (if applicable as described in Rule
802.A.2), any Remaining Base Priority of Payments and the Aggregate Base Pays.

AGGREGATE BASE COLLECTS

The sum of all Proprietary Base Collects, all Customer Futures Collects, all Individual Customer Swap Collects and the
amount of payments utilized for position liquidation pursuant to Rule 802.B.7(b)(ii).

AGGREGATE BASE PAYS

The sum of all Proprietary Base Pays, Customer Futures Pays and Individual Customer Swap Pays.

AGGREGATE IRS AVAILABLE FUNDS

The sum of any remaining IRS Collateral, any remaining IRS Customer Collateral (if applicable as described in Rule
8G802.A.2), any Remaining IRS Priority of Payments and the Aggregate IRS Pays.

AGGREGATE IRS COLLECTS

The sum of all Proprietary IRS Collects, all Individual Customer IRS Collects and the amount of payments utilized for
position liquidation pursuant to Rule 8G802.B.2(b)(ii).

AGGREGATE IRS PAYS

The sum of all Proprietary IRS Pays and all Individual Customer IRS Pays.

AUCTION PAYMENTS
The amounts that would be owed to winner(s) of an auction of a defaulted Clearing Member’s portfolio (or some portion
thereof).

BASE ASSESSMENTS
The amounts by which the Clearing House assesses Base Clearing Members collectively pursuant to Rule 802.

BASE CLEARING MEMBER

A firm meeting the requirements of, and approved for, clearing membership with respect to Base Contracts at the
Exchange.

BASE COLLATERAL
All assets of a defaulting Base Clearing Member that are available to the Clearing House, including without limitation
its Base Guaranty Fund contribution (pursuant to Rule 816) including any excess amounts, its performance bonds on
deposit with the Clearing House relating to the Base Guaranty Fund Product Classes, any partial payment amounts or
settlement variation gains in respect of Base Guaranty Fund Product Classes, the proceeds of the sale of any
membership assigned to it for clearing qualification, excess performance bond or guaranty fund deposits of the clearing
member for non-Base Guaranty Fund Product Classes and any of its other assets held by, pledged to or otherwise
available to the Clearing House but excluding amounts carried in any customer account class.

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BASE CONTRACT
A Base Guaranty Fund Product that has been accepted for clearing by the Clearing House, provided however that for
purposes of Rules 802.B.7, 802.B.8, 802.B.9, 802.B.10(b), and 802.B.11, the term Base Contract shall include
Commingled Futures Positions (as such term is defined in Rule 8G831).

BASE CUSTOMER COLLATERAL

The sum of Base Swap Customer Collateral, Base Futures Customer Collateral and Base Futures 30.7 Customer
Collateral, each as applicable pursuant to Rule 802.A.2.

BASE PRIORITY OF PAYMENTS

The CME Contribution, the Base Tranche, the Comingled Tranche, the Alternate Tranche and the Base Assessments,
which shall be used in the order set forth in Rule 802.B.

BLOCK TRADE
A privately negotiated futures or option on futures transaction that is executed apart from the public auction market and
that is permitted in designated contracts subject to specified conditions. These trades are governed by Rule 526 (“Block
Trades”).

BOARD
The Board of Directors of the Exchange or any other body acting in lieu of and with the authority of the Board.

BROAD-BASED INDEX FUTURE

A futures contract based upon an index that is not considered narrow-based as defined in Section 1a(35) of the
Commodity Exchange Act.

BROKERAGE
The fee paid to an agent to facilitate the execution of orders.

BUSINESS DAY
In a given commodity, any day on which a settlement price is determined.

BY-LAWS
The By-Laws of the Exchange, unless otherwise specified.

CASH COMMODITY
The actual physical commodity or financial instrument as distinguished from the futures contract that is based on the
physical commodity or financial instrument. Also referred to as “spot commodity.”

CBOT
The Board of Trade of the City of Chicago, Inc.

CERTIFICATE OF INCORPORATION
The Certificate of Incorporation of the Exchange, unless otherwise specified.

CFTC OR COMMISSION
The U.S. Commodity Futures Trading Commission.

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CHAIRMAN
The Chairman of the Board of Directors, or one acting in lieu of and with the authority of the Chairman of the Board.

CHIEF EXECUTIVE OFFICER OR CEO

The Chief Executive Officer of the Exchange or one duly authorized to act in lieu of and with the authority of the Chief
Executive Officer.

CLASS A SHARE
A share of Class A Common Stock of CME Group Inc. Class A Shares shall confer no trading rights.

CLASS B STOCKHOLDER
The registered owner of one or more Class B Shares.

CLEAR DATE OF THE FX OTC CLEARED TRANSACTION

For purposes of these rules, the “clear date of the foreign exchange (FX) over-the-counter (OTC) cleared transaction”
is the date on which an original spot, forward and swap FX OTC transaction clears at CME Clearing as a substituted,
cleared transaction.

CLEARED SWAPS CUSTOMER ACCOUNT

Shall have the meaning ascribed to such term in CFTC Regulation 22.1; provided however, that, for purposes of CME
and Exchange Rules, the term Cleared Swaps Customer Account shall not include an account in which positions in
Cleared Swaps (or the money, securities and/or other property margining, guaranteeing or securing such derivatives)
are, pursuant to a CFTC order, commingled with positions and funds held in segregated accounts maintained in
accordance with Section 4d of the CEA.

CLEARED SWAPS CUSTOMERS

Shall have the meaning ascribed to such term in CFTC Regulation 22.1.; provided however, that a customer is only a
Cleared Swaps Customer with respect to its positions in Cleared Swaps (as defined in CFTC Regulation 22.1); provided
further, that, for purposes of CME Rules, the term Cleared Swaps Customers shall not include customers whose
Cleared Swaps (as defined in CFTC Regulation 22.1) and whose money, securities and/or other property margining,
guaranteeing or securing such Cleared Swaps are, pursuant to a CFTC order, commingled with positions and funds
held in segregated accounts maintained in accordance with Section 4d of the CEA.

CLEARING HOUSE
The CME Clearing House, also referred to as CME Clearing, a division of CME.

CLEARING MEMBER
A firm meeting the requirements of, and approved for, clearing membership at the Exchange. The term "clearing
member" as used in the Rules shall include all clearing member categories set forth in Rule 900, unless otherwise
specified.

CLOSING RANGE
The high and low prices, inclusive of bids and offers, recorded during the time period designated by the Exchange as
the close of pit trading in a particular contract.

CME
Chicago Mercantile Exchange Inc.

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CME GROUP INC.
CME Group or CME Group Inc. is a holding company and the parent of CME, CBOT and NYMEX.

COMBINATION ORDER/SPREAD ORDER

A combination of buy and/or sell orders for the same account, except as provided by Rule 527, at the market, at a fixed
differential or by some other appropriate pricing convention. Also referred to as a spread order.

COMEX
Commodity Exchange, Inc.

COMMODITY
Any product approved and designated by the Board for trading or clearing pursuant to the rules of the Exchange.

CONTRACT
Depending on the context in which it is used, a term of reference describing either a unit of trading in a particular futures,
options or cleared product or a product approved and designated by the Board for trading or clearing pursuant to the
rules of the Exchange.

DELIVERY MONTH
Unless otherwise specified in the rules, the designated period of time during which delivery intents may be tendered or
deliveries may be completed.

DERIVATIVES CLEARING ORGANIZATION OR DCO

A clearing organization as defined in CFTC Regulation 1.3.

DESIGNATED CONTRACT MARKET OR DCM

A contract market as defined in CFTC Regulation 1.3.

DISCIPLINARY OFFENSE
Any offense as set forth in Rule 300.E.

ELECTRONIC DEVICE
Any type of voice or data communications interface, including but not limited to a computer, headset, trading device,
microphone, telephone or camera.

EMERGENCY
Any occurrence or circumstance which, in the opinion of the Exchange, requires immediate action and threatens or
may threaten fair and orderly trading, clearing, delivery or liquidation of any contracts on the Exchange. Occurrences
and circumstances which the Exchange may deem emergencies are set forth in the Rules.

EXCHANGE
Chicago Mercantile Exchange Inc.

EXCHANGE OF OPTIONS FOR OPTIONS (EOO) TRADE

A privately negotiated and simultaneous exchange of an Exchange option position for a corresponding OTC option
position. An EOO is one type of an authorized Exchange for Related Position (EFRP) trade governed by Rule 538.

EXCHANGE FOR PHYSICAL (EFP) TRADE

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A privately negotiated and simultaneous exchange of an Exchange futures position for a corresponding cash position.
An EFP is one type of an authorized Exchange for Related Position (EFRP) trade governed by Rule 538.

EXCHANGE FOR RISK (EFR) TRADE

A privately negotiated and simultaneous exchange of an Exchange futures position for a corresponding OTC swap or
other OTC instrument. An EFR is one type of an authorized Exchange for Related Position (EFRP) trade governed by
Rule 538.

EXCHANGE OFFICIAL
An employee or member designated by the Exchange to perform or execute certain acts.

EXERCISE PRICE
The terms "exercise price", "strike price" and "striking price" shall be synonymous and mean the price at which the
futures contract underlying the options contract will be assigned upon exercise of the option. For options contracts
which are exercised into multiple futures contracts, the exercise price represents the spread price differential between
the futures contracts.

EXPIRATION DATE
The term "expiration date" shall mean the last day on which an options contract may be exercised.

FIRM
The term "firm" shall mean a corporation, partnership, association, sole proprietorship or other eligible entity.

FLOOR
Except as otherwise provided by the Exchange, the term "Floor" shall mean any trading floor on which Exchange
contracts are listed for open outcry trading.

FLOOR BROKER
An Exchange member who is registered as a floor broker under the CEA.

FLOOR TRADER
An Exchange member who is registered as a floor trader under the CEA.

FOLLOWING DAY (OR OTHER SIMILAR EXPRESSION)

The following, or subsequent, business day.

FORCE MAJEURE
Any circumstance (including but not limited to an act of God, strike, lockout, blockage, embargo, governmental action
or terrorist activity) which is beyond the control of the buyer or seller and precludes either party from making or taking
delivery of product or precludes the Exchange from determining a final settlement as provided for in Exchange Rules.

FOREIGN BOARD OF TRADE OR FBOT

A board of trade or exchange located outside the U.S., its territories or possessions and which is not registered with
the CFTC as a designated contract market.

FORWARD FX OTC CLEARED TRANSACTION

For purposes of these rules, a “forward” foreign exchange (FX) over-the-counter (OTC) cleared transaction shall be an
agreement between counterparties to exchange (“delivery”) of the associated currency pairs at a maturity date greater

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than one or two business days in the future. A forward FX transaction may be for standard delivery maturities from the
original trade date, such as TOM Next (tomorrow next or day after tomorrow), 1-week, 2-weeks, 3-weeks, 1-month, 2-
months, 3-months, …, 6-months, …, 1-year, 18-months, 2-years, etc. Also, a forward FX transaction may be for broken
date maturities, that is, for delivery on any good business day in both the issuing countries of the associated currency
pair that is not one of the standard delivery dates.

FUTURES COMMISSION MERCHANT OR FCM

A person that solicits or accepts customer orders to buy or sell futures or options on futures contracts or that clears
transactions in swaps or futures or options on futures contracts for customers and accepts money or other assets from
customers in connection with such orders or transactions, and that is required to be registered as an FCM with the
CFTC. As used in the Rules the terms do not include a person that is exempt from registration as an FCM pursuant to
Commission Regulations.

FUTURES CONTRACT
A legally binding agreement to buy or sell a commodity or financial instrument at a later date pursuant to the Rules of
the Exchange or the rules of another exchange for which the Clearing House provides clearing services. Futures
contracts are normally standardized according to the quality, quantity, delivery period and location for each commodity,
with price as the only variable.

GLOBEX®
Globex refers to CME Globex, an electronic trading platform.

GLOBEX TERMINAL OPERATOR

Globex terminal operator refers to 1) any person who physically enters orders into Globex or 2) any automated trading
system which enters orders into Globex, either directly or through an automated order routing system or independent
software vendor. All Globex terminal operators must be identified to the Exchange in accordance with the provisions
of Rule 576 (Identification of Globex Terminal Operators).

GLOBEX TRADING HOURS

Those hours designated by the Board of Directors for trading particular contracts on Globex.

GUARANTY FUND DEPOSIT

The amount required to be deposited with the Clearing House by the clearing member as a guaranty of its obligations
to the Clearing House.

HOLIDAY
Any day declared to be a holiday by these rules or by a resolution of the Board on which the Exchange is closed. When
any such holiday falls on Sunday, the following Monday shall be considered such holiday. When any such holiday falls
on Saturday, the immediately preceding Friday shall be considered such holiday.

INITIAL PERFORMANCE BOND

Generally, a factored amount over the maintenance performance bond requirement calculated by the SPAN ®
performance bond system.

INTRODUCING BROKER OR IB
A firm or individual that solicits and accepts orders to buy or sell futures or options on futures contracts from customers
but does not accept money or other assets from such customers. An IB must be registered with the CFTC, unless
exempt from registration pursuant to CFTC Regulations.

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INVESTIGATIVE AND HEARING COMMITTEES
The investigative and hearing committees of the Exchange are the Business Conduct Committee, the Clearing House
Risk Committee, the Floor Conduct Committee, Hearing Panels of the Board of Directors and such other committees
created for this purpose by the Board.

IRS CLEARING MEMBER

Has the meaning as set forth in the CME Rulebook in Rule 8G04.

IRS COLLATERAL
All assets of a defaulting IRS Clearing Member that are available to the Clearing House, including without limitation its
IRS Guaranty Fund contribution (pursuant to Rule [8G07]) including any excess amounts, performance bond amounts
for IRS Contracts including any excess amounts, any partial payment amounts or settlement variation gains in respect
of IRS Contracts, the proceeds of the sale of any membership assigned to it for clearing qualification, excess
performance bond or guaranty fund deposits of the IRS Clearing Member for non-IRS Products, and any other assets
held by, pledged to or otherwise available to the Clearing House but excluding amounts carried in any customer account
class.

LIQUIDITY EVENT
The Clearing House requires liquidity (1) to satisfy obligations of a defaulted or suspended Clearing Member, (2) to
satisfy obligations associated with the transfer of account(s) of a defaulted or suspended Clearing Member or (3) as a
result of a liquidity constraint or default by a depositary or settlement bank.

MAINTENANCE PERFORMANCE BOND

The minimum amount of performance bond equity required to be maintained in an account. The maintenance
performance bond requirement is the actual risk performance bond calculated by the SPAN® performance bond
system.

MEMBER
Unless otherwise specified in the rules, an individual owning or holding a membership in the Exchange.

MEMBER FIRM
An entity to which membership privileges on the Exchange have been conferred.

NARROW-BASED INDEX FUTURE

Refers to a futures contract based upon a Security Index that is considered narrow-based as defined in Section 1a(35)
of the Commodity Exchange Act.

NATIONAL FUTURES ASSOCIATION OR NFA

The National Futures Association. NFA is an independent self-regulatory organization for the U.S. futures industry with
no ties to any specific marketplace.

NON-MEMBER
Unless otherwise specified in the rules, any Person who is not a Member of the Exchange.

NON-MEMBER FIRM
An entity to which membership privileges on the Exchange have not been conferred.

NOTICE
Except as otherwise specifically provided, a notice in writing emailed to or personally served upon the person to be

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notified, left at his usual place of business during business hours or mailed by U.S. First Class Mail, Certified Mail,
Registered Mail or by overnight delivery to his last known place of business or residence.

NYMEX
New York Mercantile Exchange, Inc., including its wholly owned subsidiary Commodity Exchange, Inc.

OMNIBUS ACCOUNT
An account of one Futures Commission Merchant (FCM), the originating FCM, which resides on the books of another
FCM (the carrying FCM), in which the transactions of two or more persons are combined and carried in the name of
the originating FCM rather than in the name of the individual customers.

ORDER TYPES
(Note that not all order types are eligible for execution in a trading pit on Globex and through open outcry. Additionally,
order types eligible for both venues may have different meanings depending on whether the order is to be executed in
a trading pit via open outcry or through Globex.
Open Outcry Order Types
ALL-OR-NONE (AON) ORDER
Where allowed pursuant to Rule 523, an order to be executed in designated contracts in a trading pit via open
outcry only for its entire quantity at a single price, with a size at or above a predetermined threshold.
DISREGARD TAPE (DRT) or NOT-HELD ORDER
Absent any restrictions, a "DRT" (Not-Held Order) means any order giving a person complete discretion over
price and time in execution of the order, including discretion to execute all, some, or none of the order. A
member or clearing member shall not accept an order containing the phrase "with a tick, you are held" (or
similar such language). It is understood that a floor broker may trade for his own account while holding such
an order without violating Rule 530 (“Priority of Customers’ Orders”) provided the customer has previously
consented in writing and evidence of such general consent is indicated on the order with the “WP” (with
permission) designation.
ENTER OPEN STOP (EOS) ORDER
An instruction to the clearing firm to enter a stop order after execution of a previous order has been achieved.
FILL OR KILL (FOK) ORDER
A designation, added to an order, instructing the broker to fill the order immediately in its entirety or not all. If
the order is not filled immediately in its entirety, it is cancelled.
LIMIT ORDER
An order with instructions to be executed at a specific price ("limit price") or better.
MARKET (MKT) ORDER
An order with instructions to be executed upon receipt by a floor broker at the best available price.
MARKET IF TOUCHED (MIT) ORDER
A sell (buy) order placed above (below) the market which becomes a market order when the designated price
is touched.
MARKET ON CLOSE (MOC) ORDER
An order to be executed only in the closing range.
ONE-CANCELS-OTHER (OCO) ORDER
A combination of two orders, in which the execution of either one automatically cancels the other.
OPEN ORDER (GOOD-TILL-CANCELLED)
An order which remains in force until cancelled. Without such designation, all unfilled orders are cancelled at
the end of the Regular Trading Hours Session.
OPENING ONLY ORDER
An order that is to be executed during the time period designated by the Exchange as the Regular Trading
Hours session opening range time period. Any remaining unfilled quantity not executed during the time period
designated as the opening range will be deemed cancelled.

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 STOP ORDER
An order which becomes a market order when the price designated on the order (the "Stop Price") is elected
as described below.
A "Buy Stop" order is placed above the market, and is elected only when the market trades at or above, or is
bid at or above, the Stop Price. A "Sell Stop" order is placed below the market, and is elected only when the
market trades at or below, or is offered at or below, the Stop Price.
STOP-CLOSE ONLY ORDER
A stop order which is in effect only during the closing range. It becomes a market order if, during the closing
range, the market: (1) in the case of a Buy Stop-Close Only order, trades at or above, or is bid at or above the
Stop Price; or (2) in the case of a Sell Stop-Close Only order, trades at or below, or is offered at or below the
Stop Price.
STOP LIMIT ORDER
A stop order which becomes executable at its limit price or better, when and if the market: (1) in the case of a
Buy Stop Limit order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop
Limit order, trades at or below, or is offered at or below the Stop Price.
Globex Order Types
The availability of specific Globex Order Types is dependent on the product, and not all Order Types are
available for all products. Supported Order Types by Product are set forth in the Globex Reference Guide
([Link]
COMBINATION ORDER
A combination of buy and/or sell orders for the same account or accounts with the same ownership, except
as provided by Rule 527, at a fixed differential or by some other appropriate pricing convention.
HIDDEN QUANTITY ORDER
An order which displays only a portion of the order to the marketplace. When the displayed quantity has been
filled, another portion of the order will then be displayed to the marketplace.
LIMIT ORDER
An order to be executed at a specific price ("limit price") or better.
MARKET WITH PROTECTION ORDER
An order to execute as much of order as possible at the best current offer price (for buy orders) or bid price
(for sell orders) within a range of prices predefined by the Exchange (the protected range). Any quantity which
cannot be filled within the protected range will remain in the order book as a limit order at the limit of the
protected range.
MINIMUM QUANTITY ORDER
An order which is executed only if a certain minimum quantity of that order can be immediately matched. Any
unfilled balance will remain in the book as a limit order at the specified price.
STOP LIMIT ORDER
An order which becomes eligible for execution at its limit price or better when the market trades at or above
the stop price in the case of a buy stop limit order or at or below the stop price in the case of a sell stop limit
order.
STOP WITH PROTECTION ORDER
An order which becomes eligible for execution when the designated price (the stop price) is traded on Globex.
Such orders are filled only within a range of prices predefined by the Exchange (the protected range). When
the stop price is triggered, the order enters the order book as a limit order with the limit price equal to the
trigger price plus or minus the predefined protected range. Any quantity which cannot be filled within the
protected range will remain in the order book as a limit order at the limit price.
Globex Order Duration Qualifiers
An order eligible to be entered into Globex that does not contain a duration qualifier will be cancelled if not
filled during the Trading Day in which it was received or, if it was received between Trading Days, during the
next Trading Day. An order may specify one of the following duration qualifiers:
DAY
An order that will be canceled if not filled by the conclusion of the Globex trade date for which it was entered.

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 FILL AND KILL
An order immediately filled in whole or in part at the specified price, with any remaining quantity canceled.
GOOD ‘TILL CANCELED (GTC)
An order which will remain in force until executed, cancelled or the contract expires.
GOOD ‘TILL DATE (GTD)
An order which will remain in force through a specified trade date unless executed or canceled, or until the
contract expires.

ORIGINAL TRADE DATE OF AN FX OTC TRANSACTION

For purposes of these rules, an “original trade date of a foreign exchange (FX) over-the-counter (OTC) cleared
transaction,” is the date on which the two counterparties agreed to the OTC transaction that is being replaced with the
FX OTC cleared transaction.

PANEL
A subcommittee selected in accordance with committee procedure to adjudicate or make a particular determination. A
decision of a panel shall be deemed a decision of the committee.

PANELIST
An individual appointed to an Exchange committee who is entitled to participate in a decision on any matter under
consideration by the committee or panel thereof.

PARTNER CLEARINGHOUSE
The term “Partner Clearinghouse” means a derivatives clearing organization or a clearinghouse which has agreed to
act in concert with the Exchange to facilitate clearance of Security Futures Products as defined herein. A Partner
Clearinghouse shall be considered a Clearing Member for purposes of the Rules except to the extent otherwise
provided in an agreement between the Exchange and the Partner Clearinghouse.

PARTICIPATING EXCHANGE
An exchange or clearing house that has entered into a business relationship with the Exchange for clearing, order
routing or any other business purpose, except as otherwise expressly provided in the Rules.

PERFORMANCE BOND
The minimum amount of funds that must be deposited as a performance bond by 1) an account holder with his FCM,
2) a non-clearing FCM with a clearing member or 3) a clearing member with the Clearing House.

PERFORMANCE BOND EQUITY

An account’s net liquidating equity plus the collateral value of acceptable performance bond deposits.

PERSON
It shall include the singular or plural, and individuals, associations, partnerships, corporations and trusts.

PRESIDENT OF THE CLEARING HOUSE

The President of the Clearing House, or one duly authorized to act in lieu of and with the authority of the President of
the Clearing House.

REGULAR TRADING HOURS (RTH)

Those hours designated for open outcry trading of the relevant product as determined from time to time.

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REMAINING BASE PRIORITY OF PAYMENTS
The amount of each non-defaulted Base Clearing Member’s remaining payment obligations, if any, in respect of Base
Assessments, any remaining CME Contribution, any remaining Base Guaranty Fund amounts and any remaining Base
Assessments previously funded.

REQUEST FOR QUOTE

An electronic message disseminated on Globex for the purpose of soliciting bids or offers for specific contract(s) or
combinations of contracts.

RULES
The Certificate of Incorporation, By-Laws, rules, interpretations, orders, resolutions, advisories, notices, manuals and
similar directives of the Exchange, and all amendments thereto. The trading and clearing of all Exchange futures,
options on futures, cleared-only and spot contracts shall be subject to the rules.

SECURITY FUTURES PRODUCTS

A contract based on securities products as such term is defined by 1a(45) of the Commodity Exchange Act. Security
Futures Products (“SFPs”) include futures contracts based upon a single security (or “stock futures”); futures contracts
based upon a narrow-based security index; and, options on any security futures as those terms are defined in Sections
1a(35) and 1a(44) of the Commodity Exchange Act.

SETTLEMENT PRICE
The official daily closing price of futures and options on futures contracts, as determined in accordance with Rule 813,
used by the Clearing House for marking all open positions at the close of the daily settlement cycle.

SETTLEMENT VARIATION
The change in dollar amount calculated by the Clearing House for clearing members figured to the daily settlement
price on the basis of their positions.

SPOT
The actual physical commodity as distinguished from the futures contract that is based on the physical commodity.
Also referred to as “cash commodity.”

SPOT FX OTC CLEARED TRANSACTION

For purposes of these rules, a “spot” foreign exchange (FX) over-the-counter (OTC) cleared transaction shall be a very
short-dated forward transaction with counterparties agreeing to exchange (“delivery”) of the associated currency pairs
in one or two business days, whichever is the standard OTC market convention for the particular currency pairs.

SWAP EXECUTION FACILITY OR SEF

A swap execution facility as defined in CFTC Regulation 1.3.

SWAP FX OTC CLEARED TRANSACTION

For purposes of these rules, a “swap” foreign exchange (FX) over-the-counter (OTC) cleared transaction shall be an
agreement between counterparties to execute the combination of a spot or forward FX OTC cleared transaction and a
subsequent-dated forward FX OTC cleared transaction, where the buyer of the spot or forward currency pair becomes
the seller of the subsequent-dated forward currency pair and the seller of the spot or forward currency pair becomes
the buyer of the subsequent-dated forward currency pair. In other words, the counterparties are agreeing to the prices
on the original trade date to exchange currency pairs for immediate (or nearby forward) delivery, and reverse the same
transaction on some mutually agreed to subsequent “forward date,” which according to the definition above for a
“forward” may be a standard delivery date or a broken delivery date.

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TRADE
The term "trade" shall mean any purchase or sale of any commodity futures or options contract made on the Exchange.

TRADE DATE OF AN FX OTC CLEARED TRANSACTION

The trade date of a foreign exchange (FX) over-the-counter (OTC) cleared transaction” is the date on which
counterparties to the OTC transaction submit the FX OTC transaction to clearing as a cleared contract. Although in
most instances counterparties may submit an FX OTC cleared transaction for clearing on the same date as the original
trade for the FX OTC spot, forward and swap transaction, there is no requirement that it is submitted on the same date.
Therefore, an FX OTC cleared transaction may be submitted on any date for clearing on the exchange.

TRADING DAY
A trading day shall mean the hours of trading as determined by the board for each contract starting with the opening of
trading and ending with the close of trading for such contract.

TRADING SESSION
A trading session will mean either the pit trading session (the hours designated for open outcry trading for a product)
and/or the Globex session (the hours on a particular trading day when a product can be traded on Globex).

U.S. GOVERNMENT SECURITIES BROKER-DEALER

A broker-dealer registered with the Securities and Exchange Commission or a state or federally chartered bank or
savings association (or a state or federally licensed branch or agency of a foreign bank) that is subject to bank
supervision that functions in the operation of markets for U.S. Treasuries. The functions may include, but are not
limited to:
- Acting as a channel for the United States Department of the Treasury and investors in primary market for
U.S. Treasuries (for example, by participating in auctions);
- Acting as providers of liquidity in primary and secondary markets for U.S. Treasuries; and
- Acting as providers of asset transformation and market making services in the market for U.S. Treasuries.

VALID VALUE DATE FOR DELIVERY OR CASH SETTLEMENT OF AN FX OTC CLEARED TRANSACTION
“Cleared only” foreign exchange (FX) over-the-counter (OTC) cleared transactions shall be delivered or cash settled
for any valid value date mutually agreed to by buyer and seller, including all applicable standard valid value dates for
delivery or cash settlement in futures offered for “trading and clearing.”

(End Definitions)

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