Emergency Rules

Emergencies. The occurrences or circumstances which, in the opinion of the Board, require immediate action to be taken ("Emergency"), and which threaten, or may threaten, the fair and orderly trading in, or the settlement or integrity of, any Contract, including, without limitation, the following:

1. any circumstance that may materially affect the performance of a Contract, including failure of the Clearinghouse system;

2. any action taken by any United States or foreign regulatory, self-regulatory, judicial, arbitral, or governmental (whether national, state or municipal) or quasi-governmental authority, or any agency, department, instrumentality, or sub-division thereof; or other Person exercising, or entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power; or any other contract market, clearinghouse, board of trade, or other exchange or trade association (foreign or domestic) that may have a direct impact on trading on the Exchange or the settlement legality or enforceability of any Contract;

3. any actual, attempted or threatened corner, squeeze, congestion, manipulative activity or undue concentration of positions in a Contract;

4. any circumstance that may have a severe, adverse effect upon the functions and facilities of the Exchange, including, but not limited to, acts of God, fire, flood or other natural disasters, bomb threats, acts of terrorism or war, severely inclement weather, or failure or malfunction of all or a portion of the Trading Platform, or other system breakdowns or interruptions such as power, computer, communication or transportation systems or the Internet;

5. the bankruptcy or insolvency of any Clearing Member or the imposition of any injunction or other restraint by any government agency, clearinghouse, court or arbitrator upon a Clearing Member which may affect the ability of a Clearing Member to trade in or perform on a Contract;

6. any circumstance in which it appears to the Board that a Clearing Member or any other Person: has failed to perform on a Contract; is insolvent; or is in a financial or operational condition or is conducting business such that the Clearing Member or Person cannot be permitted to continue in business without jeopardizing the safety of Participants, other Clearing Members, the Exchange or the Clearinghouse;

7. or any other unusual, unforeseeable or adverse circumstance as determined by the Exchange

Emergency Rules. During an Emergency, the Board may implement temporary emergency procedures and Rules ("Emergency Rules"), subject to the applicable provisions of the CEA and CFTC Rules. Emergency Rules may require or authorize the Exchange, the Clearinghouse, the Board, any committee of the Board, the Chief Executive Officer or, in his or her absence, any other Officer to take actions necessary or appropriate to respond to the Emergency, including, but not limited to, the following actions:

1. suspending or curtailing trading or limiting trading to liquidation only (in whole or in part);

2. extending or shortening the last trading date for Contracts;

3. providing alternative settlement mechanisms;

4. ordering the liquidation or transfer of Transactions, the fixing of a Settlement Price, or the reduction of positions;

5. extending, limiting or changing the Trading Hours;

6. temporarily modifying or suspending any provision of the Rules;

7. requiring Participants to meet special Margin requirements;

8. imposing or modifying trading limits, price limits and/or position limits; and/or

9. any other action as directed by the CFTC.

Before any Emergency Rule may be adopted and enforced, a required vote of the Board must approve the enforcement of such Emergency Rule at a duly convened meeting. Directors may attend such a meeting by teleconference. If the Chief Executive Officer, or another authorized Officer, determines that Emergency Rules must be implemented with respect to an Emergency before a meeting of the Board can reasonably be convened, then the Chief Executive Officer or such Officer shall have the authority, without Board action, to implement any Emergency Rules with respect to such Emergency that he or she deems necessary or appropriate to respond to such Emergency. In such circumstances, the Chief Executive Officer or such Officer must convene a meeting as soon as practicable.

Participant Notification. Whenever the Exchange, the Clearinghouse, the Board, any committee of the Board, the Chief Executive Officer or authorized Officer takes actions necessary or appropriate to respond to an Emergency a duly authorized representative of the Exchange or the Clearinghouse, where possible, will post an announcement in a notice to Participants and Clearing Members. When the Board, any committee of the Board, the Chief Executive Officer or other authorized Officer determines that the Emergency has been reduced sufficiently to allow the Exchange and the Clearinghouse to resume normal functioning, any such actions responding to an Emergency will be terminated.

CFTC Notification. The Exchange or the Clearinghouse, as applicable, will notify the CFTC prior to implementing, modifying or terminating an Emergency Rule. If such prior notification is not practicable, the Exchange or the Clearinghouse, as applicable, will notify the CFTC at the earliest possible time after implementation, but in no event more than twenty-four hours after implementation.

Documentation. Upon taking any action in response to an Emergency, the Exchange or the Clearinghouse, as applicable, will document the decision-making process related to such action. Such documentation will be kept for at least five (5) years following the date on which the Emergency ceases to exist or to affect the Exchange or the Clearinghouse, as applicable, and all such documentation will be provided to the CFTC upon request.