Exchange Trading

Order Requirements. To be valid, an Order must consist of the following information:

1. Contract: The Order must be submitted for a Contract for which Orders may be placed.

2. Order ID: Must be present for identification purposes.

3. Side: Must be either buy or sell.

4. Quantity: Number of Contracts to be traded. Must be a positive integer greater than zero and less than maximum Order Quantity as defined in Contract Specifications.

5. Price: As defined by Contract Specification.

6. Time-In-Force: Day or Immediate-or-Cancel ("IOC"). Day orders are cancelled at the end of the day's trading session. IOCs are Orders that are immediately executed against resting Orders. If the Order cannot be fully filled, the remaining Quantity is cancelled

Order Types. The following types of Orders are allowed on the Exchange.

1. Limit Order. Allows the buyer to define the maximum purchase Price and the seller to define the minimum sale Price for a Contract. If any portion of the Order can be matched, it will be immediately executed. Buy Limit Orders will only be executed at or below the limit Price. Sell Limit Orders will only be executed at or above the limit Price. If a Limit Order is not immediately executed, it will remain in the book at the limit Price until the Order is either executed, cancelled, or expires at the end of the trading session.

Submission. Submission of an Order to the Trading Platform constitutes a representation by the submitting Participant that it is acting as principal in respect of such Order. Orders may be submitted to the Trading Platform via the API.

The Exchange reserves the right to temporarily or permanently defer processing Orders that may interfere with the proper functioning of the Exchange. For previously submitted Orders, additional validation checks may be run to ensure that the Order contents are still valid and that the submitting Participant has not been suspended.

1. Price Bands. The Exchange shall apply a price range for aggressive Orders at which new Orders will be accepted. The initial Price Bands are based on the previous day Settlement Price +/- the Price Band variation set by the Exchange Market Operations & Risk Team. The Price Band variation range is continuously re-calculated from the top-of-book price. Calendar spread Price Band variation shall be 50% of the Price Band variation listed in the Contract Rules.

2. Price Limits. The Exchange shall apply a price range, which may change throughout the trading session according to Rule 501.4, at which new Orders will be accepted and are computed as follows:

   1. Futures Contracts: the greater of 50% of the previous day Settlement Price or the price listed in the Contract Specifications.
   2. Options Contracts: the greater of 100% of the previous day Settlement Price or the price listed in the Contract Specifications.
   3. Calendar spreads: 50% of the Price Limit listed in the outright Contract Specifications.

3. Self-Match Prevention. The Exchange enforces Self-Match Prevention ("SMP") to protect against self-trading that violates the Exchange's Wash Trade prohibition set out in Rule 402.10. SMP prevents the matching of orders with the same Trading Account ID. The Exchange reserves the right to change behavior of SMP from time to time.

Order Modification. Previously submitted Orders can be modified prior to being fully filled.

Order Cancellation. Previously submitted Orders can be cancelled prior to being fully filled.

Order Submission Period. The Exchange will accept Orders during the period as defined in Rule 501 and Rule 502. The Exchange reserves the right to modify this schedule. All submissions, modifications or cancellations will receive acknowledgement after Exchange processing if they have been accepted.

Trade Matching. The Trade Matching Engine matches and fills Orders using a central limit order book ("CLOB") and a price-time priority algorithm, meaning best prices first then on a first-in-first-out (FIFO) basis at identical prices, or as otherwise specified in the Contract Specifications.

Clearing. All matched trades generated by the Trade Matching Engine after the application of trade risk limits give rise to binding Exchange Transactions between the applicable Participants, which will be automatically submitted to the Clearinghouse for registration and novation, as described in Chapter 8 and 9 of these Rules. Further description of Clearinghouse procedures and rules can be found in the Clearinghouse rulebook. The Exchange reserves the right to cancel erroneous trades submitted to the Clearinghouse in accordance with Rule 508.

Trading Information. The Exchange shall make public daily information on settlement prices, volume, open interest, and opening and closing ranges for actively traded contracts on the contract market. Trading information will be published on the Exchange Website at the end of the day.

Messaging Policy. The Exchange enforces a messaging policy that limits the number of messages a Participant can submit to the API.