Position Limits

The Exchange may adopt and require Participants to adhere to position limits for Contracts. If so adopted, the Exchange may, in its sole discretion, grant exemptions from position limits for bona fide hedging transactions and positions in accordance with CFTC Rules. A Person seeking an exemption from position limits must apply to the Compliance Department in the form and manner required by the Exchange.

The CFTC may also from time to time establish position limits for Contracts traded pursuant to these Rules. For any such Contract subject to a position limit set by the CFTC, the Exchange shall not set its position limit at a level higher than the CFTC's limit.

For purposes of aggregation, no market participant shall own or control any combination of futures and options contracts that exceeds the contract specification's net long or short in any single contract month. In determining whether any market participant has exceeded the position limits, all positions in accounts for which such market participant by power of attorney or otherwise directly or indirectly holds positions or controls trading will be included with the positions held by such market participant. Position limits will apply to positions held by two or more market participants acting pursuant to an expressed or implied agreement or understanding, the same as if the positions were held by a single market participant.

The position limit levels for those Contracts with position limits are set forth in the product rules.