Market Hours and Operation

Market Hours. The Exchange and the Clearinghouse will be open for, respectively, trading and clearing in all listed Contracts on all business days excluding holidays specified on the Website. Market hours shall be 19:00 to 16:00 CPT, Sunday through Friday unless otherwise specified in the Contract Specifications.

Procedures. With respect to trading on or through the Exchange, the Exchange and the Clearinghouse may adopt, without limitation, procedures relating to Transactions in Contracts and trading on the Exchange, including procedures to:

1. disseminate the prices of bids and offers and the prices of trades in Contracts;

2. record and account for Contracts;

3. perform market surveillance and regulation on matters affecting Contracts;

4. establish limits on the number and/or size of Orders that may be submitted by a Participant or Authorized User to the Exchange;

5. establish position limits on the number of Contracts that can be held by a Participant or customer on the Exchange;

6. establish limits on the number of messages a Participant can send to the Exchange for a Contract in a given time frame;

7. establish a limit on the maximum daily price fluctuations for any Contracts and provide for any related restriction or suspension of trading in such Contracts; and

8. require a suspended or expelled Participant, or a Participant with restricted trading rights, to cause Contracts to be executed for such Participant's account to reduce or eliminate such Participant's open positions.

Market Suspension and Emergencies. The Exchange and the Clearinghouse reserve the right to adjust Market Hours and suspend market activities for all or a subset of Contracts in the case of extenuating market circumstances which include, but are not limited to, any occurrence or circumstance which threatens or may threaten such matters as the fair and orderly trading in, or the liquidation of or delivery pursuant to, any Contracts, and which is determined by the Exchange to require immediate action, or any Emergency as defined in Rule 213.

Price Limit Timer. If a trade occurs at the Price Limit for a side, the Trade Matching Engine triggers a timer. If the timer elapses and no trades occur inside of the Price Limit, the Price Limits are re-calculated and reset. The resultant Price Limits are outside the original Price Limits to allow for additional price movement. The Exchange Market Operations & Risk Team may adjust the daily Price Limits at its sole discretion based on market conditions.