1. Participants, Clearing Members, and Customers shall arbitrate through NFA in accordance with NFA's Code of Arbitration and NFA's member arbitration rules. All disputes, controversies or claims between or among themselves that relate to or arise out of any Contract or otherwise arise out of one or more Transactions made or to be made on the Exchange or subject to the Rules and that are based upon facts and circumstances that occurred at a time when the parties were Participants, Clearing Members, or Customers.

2. To initiate arbitration, a Person shall notify the NFA, either in writing or orally. The NFA shall maintain a record of the receipt of such notice and shall promptly provide such Person with a copy of the member arbitration rules and an Arbitration Claim form. The intent to arbitrate must be received by NFA within two years from the date when the party filing the Arbitration Claim form knew or should have known of the act or transaction that is the subject of the controversy.

3. The party filing a claim shall pay a hearing fee based on the amount claimed in accordance with NFA's member arbitration rules. The arbitrator(s), in their discretion, may assess the entire fee against any party or divide the fee among any or all parties. Hearing fees shall be paid to NFA in advance of the hearing sessions to which they apply.

4. The arbitration will be conducted in Chicago, Illinois, by an arbitrator operating in accordance with the provisions of NFA's member arbitration rules in effect at the time of filing of the claim for arbitration. The arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including the issuance of an injunction.

5. Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a Party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of the Parties. For the purposes of this section, the NFA is not considered a Party.

6. Controversies or claims solely related to the Clearinghouse between Clearing Members and the Clearinghouse arising out of or relating to the Rules, or the breach thereof, shall be settled by arbitration administered by the American Arbitration Association in accordance with its Commercial Arbitration Rules and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. The place of arbitration shall be Chicago, Illinois. Claims against the Clearinghouse must be pursued pursuant to the rules of the Clearinghouse. In the event of a conflict between the American Arbitration Association Commercial Arbitration Rules, the terms of the Rulebook shall control.

This Chapter 7 does not apply to disputes between Participants, Clearing Members or Customers in which: 1. such Participants, Clearing Members or Customers are required by the rules of a Self-Regulatory Organization to submit to the dispute resolution procedures of that Self-Regulatory Organization; or 2. such Participants, Clearing Members or Customers have, by valid and binding agreement, committed to negotiate or litigate in a forum other than the NFA or the American Arbitration Association.

1. Any failure on the part of a Participant or Clearing Member to arbitrate a dispute subject to this Chapter 7, or the commencement by any such person of a suit in any court prior to arbitrating a case subject to this Chapter 7, violates the Rules and shall subject such Participant or Clearing Member to Disciplinary Action pursuant to Chapter 6.

2. The Exchange or Clearinghouse may, as applicable, summarily suspend, pursuant to Rule 604, a Participant or Clearing Member that fails to timely satisfy an arbitration award rendered in any arbitration pursuant to this Chapter 7. If a case settles before an award has been issued, the Exchange will enforce the agreed upon settlement.