Pre-Arranged, Pre-Negotiated, and Noncompetitive Trades Prohibited

No Person shall prearrange or pre-negotiate any purchase or sale or noncompetitively execute any Transaction, except as provided in Rule 403.2.

Participants and Authorized Users may engage in pre-execution communications with regard to transactions executed or to be executed on the Exchange if one party (the first party) wishes to be assured that a contra party (the second party) will take the opposite side of the first party's Order, subject to the following restrictions:

1. A party may not engage in pre-execution communications with other market participants on behalf of another party unless the party for whose benefit the trade is being made has previously consented to permit such communications.

2. Parties to pre-execution communications shall not disclose to a non-party the details of such communications or enter an Order to take advantage of information conveyed during such communications except in accordance with this rule.

3. The first party's Order must be entered into the Exchange first, and the second party's Order may not be entered into the Exchange until a period of fifteen (15) seconds has elapsed from the time entry of the first Order.

Each Participant and Clearing Member shall not engage in any conduct that has the intent or effect of creating a false or misleading appearance of market activity or market depth.

Each Participant and Clearing Member shall not engage in any conduct that has the intent or effect of manipulating the market or the price of any Contract.

Each Participant and Clearing Member shall not engage in any conduct that has the intent or effect of disrupting the market or the price of any Contract.