1. Any Person initiating or executing a transaction on or subject to the Rules of the Exchange or the Clearinghouse directly or through an intermediary, and any Person for whose benefit such a transaction has been initiated or executed, expressly consents to the jurisdiction of the Exchange and the Clearinghouse and agrees to be bound by and comply with the Rules of the Exchange and the Clearinghouse in relation to such transactions, including, but not limited to, rules requiring cooperation and participation in investigatory and disciplinary processes. Any FCM, Introducing Broker, Associated Person, or foreign Person performing a similar role that charges a commission or fee in connection with transactions on or subject to the Rules of the Exchange or the Clearinghouse also expressly consent to the Exchange's and the Clearinghouse's jurisdiction.

2. Any Participant, Authorized User, Customer or Clearing Member whose right to access the Exchange or the Clearinghouse is revoked or terminated pursuant to these Rules will remain bound by the Rules and Applicable Law, in each case to the extent applicable, and subject to the jurisdiction of the Exchange and the Clearinghouse with respect to any and all matters arising from, related to, or in connection with, the status, actions or omissions of such Participant, Authorized User or Clearing Member prior to such revocation or termination.

1. Each Participant will have the right to access the Exchange, including the right to place Orders for each of its proprietary accounts. The access rights of a Participant hereunder may not be transferred, assigned, sold or leased.

2. A Participant will not become a partner, shareholder or limited liability company member of the Exchange or the Clearinghouse and will not obtain any equity, ownership or other interest in the Exchange or Clearinghouse, including voting rights or rights to receive any dividends or other distributions, whether arising from a dissolution, merger or consolidation involving the Exchange, the Clearinghouse, or otherwise.

1. A Participant must be admitted to the Exchange and deliver an executed Participant Agreement. To be eligible for admission, the Participant must demonstrate to the Exchange that it:

   1. is of good reputation and business integrity;

   2. complies with the financial responsibility, recordkeeping and reporting requirements set out in Rule 304;

   3. is validly organized, in good standing, and authorized by its governing body and, if relevant, documents of organization, to trade Contracts;

   4. is not Insolvent;

   5. is not prohibited from using the services of the Exchange for any reason whatsoever;

   6. holds all registrations required under Applicable Law, if any, including any FCM, Supervisory Person and/or Associated Person registration, as applicable;

   7. is not subject to statutory disqualification under Section 8a(2) of the CEA;

   8. satisfies any other criteria that the Exchange may require from a Participant.

2. As part of the application procedure, the Exchange may request such information and documentation as it may reasonably require in order to determine whether the Exchange's eligibility requirements have been satisfied. Any Participant organized or located outside of the United States shall enter into a written agreement acceptable to the Exchange appointing a third party as its U.S. agent for service of process for purposes of CFTC Rule 15.05, and shall provide the Exchange with a copy of the agreement.

3. The Exchange may deny, condition, suspend, or terminate Participant status of any entity that:

   1. is unable to satisfactorily demonstrate its ability to satisfy the eligibility criteria to become or remain compliant as a Participant;

   2. is unable to satisfactorily demonstrate its capacity to adhere to all applicable Rules;

   3. would bring the Exchange into disrepute as determined by the Exchange in its sole discretion; or

   4. shows such other cause as the Exchange may reasonably determine.

4. If the Exchange decides to deny or condition an applicant's application, the Exchange shall promptly notify the applicant in writing to the address provided by the applicant on the Exchange application form.

5. If the Participant is not itself a Clearing Member, the Participant must also be party to an agreement with a Clearing Member in accordance with Rule 802.

6. A person approved as a Participant shall be subject to all of the Rules of the Exchange.

7. Each applicant and each Participant agrees (i) promptly to provide, or procure the provision of, such information and documents as the Exchange may reasonably request, and (ii) that the Exchange, without being prevented by any duty of confidentiality by any holder of information, may obtain such information and documents from any Clearing Member or from the Clearinghouse.

8. The Exchange shall grant access to independent software vendors that meet the requirements for Participants set out in this Rule 303.

1. Participants and Clearing Members shall comply with Commission Regulations relating to minimum financial requirements, financial reporting requirements, and protection of customer funds, including Commission Regulations 38.605 and 1.52 and those Commission Regulations specified herein.

2. Any Participant or Clearing Member subject to Commission Regulation 1.10 - Financial Reports of Futures Commission Merchants and Introducing Brokers- that violates Commission Regulation 1.10 shall be deemed to have violated this Rule 304.1. A copy of any notice or written report that a Participant or Clearing Member is required to file with the Commission pursuant to Commission Regulation 1.10 must also be filed with the Exchange within the time periods proscribed for such filing or delivery in CFTC Regulation 1.10.

3. Any Participant or Clearing Member subject to Commission Regulation 1.11 -- Risk Management Program for Futures Commission Merchants- that violates Commission Regulation 1.11 shall be deemed to have violated this Rule 304.2.

4. Any Participant or Clearing Member subject to Commission Regulation 1.12 - Maintenance of Minimum Financial Requirements by Futures Commission Merchants and Introducing Brokers- that violates Commission Regulation 1.12 shall be deemed to have violated this Rule 304.3. A copy of any notice or written report that a Participant or Clearing Member is required to file with the Commission pursuant to Commission Regulation 1.12 must also be filed with the Exchange within the time periods proscribed for such filing or delivery in CFTC Regulation 1.12.

5. Any Participant or Clearing Member subject to Commission Regulation 1.17- Minimum Financial Requirements for Futures Commission Merchants and Introducing Brokers- that violates Commission Regulation 1.17 shall be deemed to have violated this Rule 304.4.

6. Any Participant or Clearing Member subject to Commission Regulation 1.18- Records for and relating to Financial Reporting and Monthly Computation by Futures Commission Merchants and Introducing Brokers- that violates Commission Regulation 1.18 shall be deemed to have violated this Rule 304.5.

7. Any Participant or Clearing Member subject to Commission Regulation 1.20 -- Futures Customer Funds to Be Segregated and Separately Accounted For- that violates Commission Regulation 1.20 shall be deemed to have violated this Rule 304.6.

8. Any Participant or Clearing Member subject to Commission Regulation 1.21- Care of Money and Equities Accruing to Customers- that violates Commission Regulation 1.21 shall be deemed to have violated this Rule 304.7.

9. Any Participant or Clearing Member subject to Commission Regulation 1.22- Use of Futures Customer Funds Restricted- that violates Commission Regulation 1.22 shall be deemed to have violated this Rule 304.8.

10. Any Participant or Clearing Member subject to Commission Regulation 1.23- Interest of Futures Commission Merchants in Segregated Futures Customer Funds; Additions and Withdrawals- that violates Commission Regulation 1.23 shall be deemed to have violated this Rule 304.9.

11. Any Participant or Clearing Member subject to Commission Regulation 1.24- Segregated Funds; Exclusions Therefrom- that violates Commission Regulation 1.24 shall be deemed to have violated this Rule 304.10.

12. Any Participant or Clearing Member subject to Commission Regulation 1.25- Investment of Customer Funds- that violates Commission Regulation 1.25 shall be deemed to have violated this Rule 304.11.

13. Any Participant or Clearing Member subject to Commission Regulation 1.26- Deposit of Instruments Purchased with Futures Customer Funds- that violates Commission Regulation 1.26 shall be deemed to have violated this Rule 304.12.

14. Any Participant or Clearing Member subject to Commission Regulation 1.27- Record of Investments- that violates Commission Regulation 1.27 shall be deemed to have violated this Rule 304.13.

15. Any Participant or Clearing Member subject to Commission Regulation 1.28- Appraisal of Instruments Purchased with Customer Funds- that violates Commission Regulation 1.28 shall be deemed to have violated this Rule 304.14.

16. Any Participant or Clearing Member subject to Commission Regulation 1.29- Gains and Losses Resulting from Investment of Customer Funds- that violates Commission Regulation 1.29 shall be deemed to have violated this Rule 304.15.

17. Any Participant or Clearing Member subject to Commission Regulation 1.30- Loans by Futures Commission Merchants; Treatment of Proceeds- that violates Commission Regulation 1.30 shall be deemed to have violated this Rule 304.16.

18. Any Participant or Clearing Member subject to Commission Regulation 1.31- Regulatory Records; Retention and Production- that violates Commission Regulation 1.31 shall be deemed to have violated this Rule 304.17.

19. Any Participant or Clearing Member subject to Commission Regulation 1.32- Reporting of Segregated Account Computation and Details Regarding the Holding of Futures Customer Funds- that violates Commission Regulation 1.32 shall be deemed to have violated this Rule 304.18.

1. Each Participant shall, and shall cause its Authorized Users to:

   1. access the Exchange in a responsible manner and not for any improper purpose;

   2. access the Exchange only to conduct business that is subject to the Rules and the Requirements and in a manner consistent with the Rules and the Requirements;

   3. comply with the Rules and the Exchange Requirements and act in a manner consistent with the Rules and the Requirements;

   4. comply with the rules of the Clearinghouse that accepts for clearing a Contract traded by the Participant on the Exchange, to the extent applicable to such Participant and such Contract;

   5. observe high standards of integrity, market conduct, commercial honor, fair dealing, and just and equitable principles of trade while conducting or seeking to conduct any business connected with or concerning the Exchange;

   6. not knowingly mislead or conceal any material fact or matter in any dealings or filings with the Exchange or in connection with a Disciplinary Action;

   7. cooperate promptly and fully with the Exchange in any investigation, inquiry, audit, examination or proceeding regarding compliance with the Rules or any Disciplinary Action or arbitration;

   8. comply with any order issued by the Exchange;

   9. employ practices to monitor and enforce compliance with risk limits;

   10. keep all User IDs, account numbers and passwords related to the Exchange confidential;

   11. keep, or cause to be kept, complete and accurate books and records, including, without limitation, all books and records required to be maintained pursuant to the Applicable Law, for at least five (5) years, and make such books and records available for inspection by a representative of the Exchange, the CFTC or the U.S. Department of Justice; and

   12. operate electronic trading systems and conduct activity on the Exchange in a manner that is reasonably intended to prevent, detect, and mitigate market disruptions or system anomalies associated with electronic trading.

2. In addition to the requirements of Rule 305.1, each Participant shall employ practices to monitor and enforce compliance with its internal risk limits and shall be responsible for all Orders and Transactions effected on the Exchange by or for the account of such Participant, its Authorized Users or by any Person using its or their User IDs.

1. All Participants must have at least one Authorized User.

2. A Participant who is not a natural Person must designate one of its employees as an Authorized User.

3. By agreeing to become an Authorized User, an individual agrees to be bound by the duties and responsibilities of an Authorized User set out in Rule 307 and to be subject to, and comply with Applicable Law and the Rules.

4. To designate an Authorized User, a Participant must follow the procedures established by the Exchange. The Exchange may establish criteria that individuals must fulfill to become an Authorized User. Without limiting the generality of the foregoing, each Participant will ensure on an ongoing basis that (i) none of its Authorized Users is subject to a disqualification pursuant to any Applicable Law (unless an appropriate exemption has been obtained with respect thereto) and (ii) each of its Authorized Users is technically proficient and conducts its business in a fair and equitable manner.

5. The Exchange will promptly notify a Participant in writing of the approval of designated Authorized User(s) or if the Exchange declines to approve the nomination of an Authorized User.

6. The Exchange will maintain a list of all designated Authorized Users for each Participant.

7. The Exchange may, in its sole discretion and/or pursuant to CEA Section 8a(2), revoke or suspend the designation of an individual as an Authorized User and shall promptly notify the Participant and its Clearing Member of such action.

8. To request the termination of the designation of an individual as an Authorized User, the Participant must follow the procedures established by the Exchange. The Exchange may, in its sole discretion, refuse to accept a request to terminate the registration of an Authorized User or may postpone the effective date of the termination of registration if the Exchange considers it necessary for the protection of the Participant or in the Exchange's best interest. Based on the information provided to, and other information gathered by, the Exchange regarding the request to terminate the registration of an Authorized User, the Exchange will determine whether to:

   1. accept the request to terminate such registration;

   2. postpone the effective date of termination of the registration; and/or

   3. impose any terms or conditions before or after the effective date of termination of the registration.

1. By agreeing to act as an Authorized User, such Person agrees to be bound by the duties and responsibilities of an Authorized User and to be subject to, and comply with, the Rules.

2. An Authorized User must:

   1. ensure that activity conducted under its User ID complies with Applicable Law and the Rules;

   2. have the authority, at the Exchange's request, to adjust or withdraw any Order submitted under such User ID;

   3. have and maintain during all necessary regulatory approvals and/or licenses to operate as an Authorized User;

   4. cooperate promptly and fully with the Exchange in any investigation, inquiry, audit, examination or proceeding regarding compliance with the Rules or any Disciplinary Action or arbitration proceeding;

   5. comply with any order issued by the Exchange; and

   6. agree to such other terms and conditions as may be established by the Exchange from time to time.

A Clearing Member may trade an account on behalf of a Participant hereunder solely for the purpose of liquidating Contracts and any resulting positions previously submitted to the Clearinghouse for the account of such Clearing Member on behalf of a Participant that has failed to perform its obligations to the Exchange or such Clearing Member (to the extent applicable).

1. Each Participant shall immediately notify the Exchange upon becoming aware of any of the following events:

   1. any material changes to the information provided to the Exchange by the Participant;

   2. any damage to, or failure or material inadequacy of, the systems, facilities or equipment of the Participant used to effect Transactions on the Exchange;

   3. any refusal of admission to, or withdrawal by the Participant of any application for membership in, any Self-Regulatory Organization;

   4. any denial or withdrawal of an application for registration or license by or from any Governmental Authority, and any revocation, suspension or conditioning of a registration or license granted by any Governmental Authority;

   5. the commencement of any judicial or administrative proceeding against the Participant by a Governmental Authority or the imposition of any fine, cease and desist order, denial of trading privileges, censure or other sanction or remedy (whether through an adverse determination, voluntary settlement or otherwise) imposed by any Governmental Authority;

   6. the indictment or conviction of, or any confession of guilt or plea of guilty or nolo contendere by, the Participant or any of its officers for any felony or misdemeanor involving, arising from, or related to, the purchase or sale of any commodity, security, futures contract, option or other financial instrument, or involving or arising from fraud or moral turpitude; and

   7. the Insolvency of the Participant or any of its Affiliates.

2. Each Participant that is not a natural person shall notify the Exchange at least ten business days prior to any merger, sale or transfer of substantially all of its assets, acquisition, consolidation, combination, sale or other material change of ownership.

3. Nothing in this Rule 309 is intended to substitute for or limit any other reporting obligations that a Participant may have to the Exchange or any regulatory agency or Self-Regulatory Organization.

1. Each Participant shall appoint at least one Account Administrator, who shall (1) be responsible for monitoring the Participant's participation on the Exchange, the compliance of the Participant with the Rules and communication with the Exchange, and (2) be entitled to access the Exchange for risk management, audit and other back-office purposes as specified by the Exchange from time to time.

2. A Participant shall promptly notify the Exchange of a change in the identity of any of its Account Administrators.

1. Access to the Exchange will be Internet-based. Participant accounts will be issued User IDs, passwords, and digital certificates for secure access. The Participant is responsible for the security of these items, and any misuse is the responsibility of the Participant.

2. Certificates, User IDs, and passwords are for the Participant's use only and shall not be shared with other parties.

3. A Participant must notify the Exchange immediately upon any suspicion of theft of a password, User IDs or certificate, or any unauthorized access.

Exchange and Clearinghouse dues and fees are posted at the Website, which may be amended from time to time without advance notice to any person.

1. The Exchange and the Regulatory Services Provider, if any, shall have the right, in connection with determining whether the Rules are being, will be, or have been complied with by the Participant, to:

   1. inspect systems, equipment and software operated by the Participant in connection with business that is or may be subject to the Rules, wherever located;

   2. access the systems, equipment, software, and the premises on which the systems, equipment, and software are located, any data stored in any of the systems or equipment, during the regular business hours of the Exchange, without prior notice to the Participant; and/or

   3. copy and/or reproduce any data to which the Exchange has access under this rule.

2. Each Participant shall provide the Regulatory Services Provider with the same access as it would be required to provide to the Exchange.

3. The Exchange may require a Participant to furnish such information concerning the Participant's business that is subject to the Rules of the Exchange as the Exchange deems necessary to enable the Exchange to perform its obligations under Applicable Law, including information relating to (i) Contracts executed on the Exchange and in related derivatives markets, including in the products underlying those Contracts, and (ii) information requested by a Governmental Authority relating to the Exchange's business as a designated contract market and/or the Exchange's compliance with Applicable Law that the Exchange believes is maintained by, or otherwise in the possession of, a Participant.

At its discretion, the Exchange may offer programs that provide incentives to Participants, Clearing Members, and Customers willing to increase market liquidity and promote robust markets. These programs may offer incentives, as determined by the Exchange.