FX OPTIONS

TRADER
HANDBOOK
Understanding the relationship
between CME FX Options on
Futures and OTC Options.

cmegroup.com/fx

As the worlds leading and most diverse derivatives

marketplace, CME Group (cmegroup.com) is where the
world comes to manage risk. CME Group exchanges offer
the widest range of global benchmark products across
all major asset classes, including futures and options
based on interest rates, equity indexes, foreign exchange,
energy, agricultural commodities, metals, weather and real
estate. CME Group brings buyers and sellers together
through its CME Globex electronic trading platform and
its trading facilities in New York and Chicago, and is in the
process of launching a London-based derivatives exchange.
CME Group also operates CME Clearing, one of the world's
leading central counterparty clearing providers, which
offers clearing and settlement services across asset
classes for exchange-traded contracts and over-the-counter
derivatives transactions. These products and services
ensure that businesses everywhere can substantially
mitigate counterparty credit risk.

FX PRODUCTS

CME The Premiere Global

Marketplace For FX
Averaging $109 billion in daily liquidity and $220 billion in
open interest,*CME is not only the worlds largest regulated
FX marketplace, we are also the leading FX platform of
choice for an increasingly diverse and global customer base.
Our high-volume futures and options markets are growing
at rates that continue to outperform the broader over-thecounter (OTC) market so that from the Sydney open to the
Chicago close, no one offers you more ways to capitalize on
the $5.3 trillion in daily opportunities of the worlds largest
asset class. Our broad range of products and services are
designed help you effectively manage risk, maximize capital
efficiency and achieve success in an increasingly electronic
and evolving market landscape through 73 listed
futures and 31 options on 22 major and emerging market
currencies. We continue to enhance our comprehensive
solutions both on- and off-exchange, with secure OTC
clearing services, flexible execution methods and expanding
venue choices including the highly anticipated launch of
CME Europe.

Table of contents
Three unique trading methods

CME FX options
deliver into a futures contract

CME FX options
have standardized maturities

CME FX options come in

two styles: European and American

CME FX options
expiration procedure

Premium-quoted product codes

Pricing of premium-quoted
CME FX options

10

Converting CME
"tick" price to implied volatility

12

Comparison of CME strike to

OTC strike for same maturity

13

CME trading conventions

for FX options spreads

15

A quick guide to
FX options on CME Globex

16

Contact Information

18

cmegroup.com/fx

Three unique
ways to access
$8 billion+ in daily
FX options liquidity.
On CME Globex:

Speed, transparency, access

and liquidity
With FX options on CME Globex, you have access to the speed,
liquidity, flexibility and transparency you need to get the
highest possible return. Thats why over 85 percent of our
FX options average daily volume is traded electronically.
Only CME Globex offers:

31 electronic FX options contracts on a single platform

accessible around the globe 23 hours a day

Major or emerging-market currencies

Quarterly, monthly and weekly contracts

American- and European-style expiration

1,000 direct connections in more than 90 countries

and foreign territories

Telecommunication hubs in Hong Kong, Kuala Lumpur,

London, Mexico City, New York, So Paulo, Seoul,
Singapore and Tokyo.

Options Trader Handbook

On the floor:

Access voice trading benefits

From the pits that created the modern derivatives markets,
trading FX options on the floor can offer any trader:

Quick set up and nearly immediate access to our liquidity

(no connection infrastructure or front-end systems required)

Use services of a voice broker to maximize the flexibility

in execution

Facilitate price discovery through interaction with

experienced floor traders

Block trades:

Private negotiation with

security of CME Clearing
Designed to provide traders the benefits of CME Clearing, while
maintaining existing bilateral pricing relationships.

Retain control and convenience of privately negotiating a

trade with a selected eligible counterparty

Access the risk management and counterparty credit

guarantees of CME Clearing

Now at reduced fees: weve reduced transaction fees 43%

from $1.75 to $1.00

Get started today.

Find out how you can start trading CME FX options
today. Contact a CME Group FX team member, or
visit cmegroup.com/fxoptions.

cmegroup.com/fx

Options Trader Handbook

CME FX options deliver

into a futures contract
One option contract delivers into one futures
contract, and correspondingly, each option contract has
a notional value equivalent to its underlying future and
currency denomination.
Examples:
EUR/USD = 125,000

CAD/USD = C$100,000

JPY/USD = 12,500,000

CHF/USD = SF125,000

GBP/USD = 62,500

AUD/USD = A$100,000

There are four futures contracts per year

(March, June, September and December
called the March Quarterly Cycle) each with a delivery
date set on the third Wednesday of the Quarterly month (referred
to as the International Money Market or IMM dates by many
forwards traders).

Our FX futures contracts are denominated in

foreign currency amounts and quoted in USD
terms (except for cross-currency pairs). Thus,
a CALL option gives the right to BUY the foreign currency and
PUT the right to SELL the foreign currency (i.e. JPY/USD option
contract: CALL = BUY JPY; PUT = SELL JPY). This is similar to the
trader convention in the OTC.

cmegroup.com/fx

CME FX options have

standardized maturities
In the major currency pairs, there are 10
maturities listed at any one time: four
Quarterlies, two Serials and four Weeklies.
The four Quarterly option expiration dates
are set on the second Friday prior to the third
Wednesday of the Quarterly months two
Fridays before the futures delivery date.
This allows exercised options holders at least a week to
unwind (trade out of) futures positions if they prefer that to
taking delivery.

The two Serial option expiration dates are

the first two nearest months that are not a
Quarterly month. For example, on April 15th, the nearest
Serial will be May, the first Quarterly will be June, and the second
nearest Serial will be July. Serial expiration is also on the second
Friday before the third Wednesday of the month. It is important to
remember that Serial options deliver into the nearest Quarterly
futures contract.

The four Weekly option expiration dates are the

first four nearest Fridays on the calendar that
are not also a Serial or Quarterly expiration.
These contracts are listed on a rolling basis. When one expires, the
next fourth nearest Weekly is listed. Thus the label Weekly may
be a bit confusing as these tend to be listed for approximately one
month before expiration.
The end result being that there will be a Friday option expiration
for at least the nearest five to six weeks of the calendar, then
a slight gap to the next Serial or Quarterly representing
approximately a 10-week maturity, with the last Quarterlies
representing approximately 3 months, 6 months and 9 to
12 months.

Options Trader Handbook

CME FX options
come in two styles:
European and American
American-style can be early-exercised at the
strike price at any time up to the evening prior
to expiration day by contacting your clearing
firm. European-style are exercised only on
expiration day. It is important to remember that early
exercise of American-style options on futures does NOT carry the
major benefits found in options on spot, because taking delivery
of a futures contract does not provide immediate access to the
higher yielding underlying currency. Theoretically, early exercise
should only occur when options are very deep in the money and
cost of carry is higher than time value. For most options, the
pricing difference between European- and American-style options
on futures should be negligible. The main difference is in the
timing of the expiration. European-style options expire at
9:00 a.m. Central Time (CT) (10:00 a.m. NY) and American-style
expire at 2:00 p.m. CT (3:00 p.m. NY) on the Friday of expiration.
The American-style options are the legacy products at CME,
constituting about 98 percent of the volume, primarily because
they provide an extra five hours of trading on the Friday expiration
days. Many of these cover important economic releases such as
U.S. employment.
When trading on CME Globex, the default description is assumed
to be an American-style option but if the option is Europeanstyle, it will be clearly stated in the long product description. The
product code will also differentiate: American-style will have a six
in the code sequence (i.e. 6EU8: 6 = American-style, E = EUR/
USD, U = September, 8 = 2008); while European-style will have an
X in the sequence (i.e. XJZ8: X = European-style, J = JPY/USD,
Z = December, 8 = 2008).
A full code would look like: 6EU8 P1550 and refer to the Americanstyle, EUR/USD, September 5th expiration, 2008, Put with strike
of 1.5500. Notice the strikes decimal and the last digit are both
dropped for simplicity sake.

cmegroup.com/fx

CME FX options
expiration procedure
CME FX options on the six major currencies are
AUTO-EXERCISED against a daily fixing with
no choice to the holder (buyer) of the option.
The daily fixing is computed by CME Group and is based on a 30
second volume weighted average price of trades in the underlying
futures occurring on CME Globex immediately preceding the
9:00 a.m. expiry (for European-style) and 2:00 p.m. expiry (for
American-style). This daily fixing is published in real time on
the CME Group website at:

cmegroup.com/fxfixing-price.
All in-the-money (ITM) options (1 pip or more) will be exercised
and all at-the-money (ATM) and out-of-the-money (OTM) options
will be abandoned with no recourse.

Options Trader Handbook

Premium-quoted
product codes
This is just a subset of CME FX Premium-Quoted options.
PREMIUM-QUOTED OPTIONS
Product

Style

AUD/USD

American

American
CAD/USD
European

American
CHF/USD
European

American
EUR/USD
European

American
GBP/USD
European

American
JPY/USD
European

Maturity

Product Code

Monthly

6A

Weekly

6A1 thru 6A5

Monthly

6C

Weekly

6C1 thru 6C5

Monthly

XD

Weekly

XD1 thru XD5

Monthly

6S

Weekly

6S1 thru 6S5

Monthly

XS

Weekly

XS1 thru XS5

Monthly

6E

Weekly

6E1 thru 6E5

Monthly

XT

Weekly

XT1 thru XT5

Monthly

6B

Weekly

6B1 thru 6B5

Monthly

XB

Weekly

XB1 thru XB5

Monthly

6J

Weekly

6J1 thru 6J5

Monthly

XJ

Weekly

XJ1 thru XJ5

Monthly
MXN/USD

American

6M, 1M thru 5M
Weekly

Note: For Weekly contracts, the number one means first week of
the month, the number two means second week of the month,
etc. So an American-style CHF/USD option that expires on the
third Friday in October would have a code of: 6S3V8.

cmegroup.com/fx

Pricing of
premium-quoted
CME FX options
One option contract delivers into one futures
contract, and correspondingly, each option contract has a
notional value equivalent to its underlying future and currency
denomination. Examples:
EUR/USD = 125,000

CAD/USD = C$100,000

JPY/USD = 12,500,000

CHF/USD = SF125,000

GBP/USD = 62,500

AUD/USD = A$100,000

Premium-quotation is the equivalent of a

live price in the OTC market (the transaction is
unhedged). Premiums are quoted in USD points per amount of
foreign currency with the minimum tick usually set at $0.0001
(except in JPY/USD = $0.000001). The minimum tick is for
example in EUR/USD = $0.0001 times the contract size of
125,000 = $12.50.
On the screen shot shown on the next page, the EUR/USD AUG08
1.5550 Call is quoted on the bid side at a price of 77 for 280
contracts. This means that each contract is bid at a premium
value of $0.0077*125,000 = $962.50. If a seller were to hit
the bid on the full amount, the premium collected would be
280*962.50 = $269,500. The notional value of the short option
position would be 280*125,000 = 35,000,000.

If the option dealer wants to hedge the trade:

In the futures market: Multiply the option delta by the
number of option contracts and buy/sell equivalent number of
futures contracts. Example above, the delta is approximately 50
percent, the buyer will sell 280*0.50 = 140 futures contracts.

In the OTC spot market: Multiply the option delta by the

number of option contracts, then multiply by the notional amount
per contract and buy/sell the currency amount. Example above,
50%*280*125,000 = 17,500,000 and the option buyer would
sell 17,500,000 against USD in the spot market.

10

Options Trader Handbook

Above picture of CME EOS Trader is used in pricing

examples on the facing page.

11

cmegroup.com/fx

Converting CME
tick price to
implied volatility
Some pricing models have preset CME International Monetary
Market (IMM) formats. However, most are set with a default
American-style profile with a maturity day count set to the
Saturday following expiration (giving full time value to the Friday
expiration day). While this is perfectly correct theoretically, it
creates a slight discrepancy when trying to compare implied
volatility (IV) levels with the OTC option expiring on the Friday
morning. This day-count can be adjusted by manually changing
the days to expiry field or by permanently changing the rule in the
default settings for IMM options. This allows an apples-to-apples
comparison of IV for the European-style contracts (and with the
awareness that the CME American-style contracts provides an
extra five hours of trading).

For other models, follow these steps to compare

IV pricing with OTC options:
1. S
 et up pricing system to follow Foreign Currency
(FC)/USD convention
2. I nput CME options expiration day (Friday xx) as the
maturity date
3. Input CME contracts strike in appropriate FC/USD slot
4. Select American- or European-style (remember its not a big
factor in options on futures)
5. Input the CME underlying Futures IMM date (i.e. third
Wednesday of Quarterly month) as the options value date or
delivery date
6. Input the correct all-in forward rate for the IMM date (either by
having correct spot and swap or by simply inputting the futures
price as the forward outright rate). Again, make sure the rate
is in FC/USD convention and option price is set to $pips/FC
notional
7. Input CME contracts tick price in the $pips per FC slot
8. Set the premium value date to todays date (same day
payment this is not a big factor)
9. Solve for IV

This IV can be compared to same-delta

(not same-strike) OTC options.

12

Options Trader Handbook

Comparison of CME
strike to OTC strike
for same maturity
In order to match CME options with OTC
options with the same maturity dates, one
must adjust the strikes (which will also lead
to equivalent deltas).
To do this, one needs to approximate what the forward swap
difference will be between the spot and the futures contract on
the day of expiration. This forward swap difference must then
be added or subtracted to the CME strike to provide an OTC
equivalent strike. If the futures trades at a discount, add back
the swap differential. If it trades at a premium, subtract the swap
differential.
Note: the below example dates back a few years when the
rate curve was steeper. The current flat rate curve makes
this adjustment negligible, but still good to keep in mind.

Example 1:
Determine OTC strike equivalent for a CME EUR/USD, August 8,
1.5550 Call (delivers into September 17th future).
Assumption: EUR/USD forward swap curve = 0.8 pips/day
(0.00008)
1. On August 8th, spot date will be Aug 12th and CME September
IMM date is Sep 17th. The day count between spot and IMM is
36, so swap differential is 36 * (0.8) = 28.8 pips (0.00288)
2. Take CME strike and add back the differential:
1.5550 + ~0.0029 = 1.5579
An OTC option for Aug 8th expiry, with a strike of 1.5579 should
respond (delta) to spot in a corresponding manner as a CME
Aug 8th 1.5550 will respond to its underlying future.
The process requires an extra inversion step for CME contracts
quoted inversely to OTC such as, CAD/USD, CHF/USD
and JPY/USD.

See Example 2 on next page.

13

cmegroup.com/fx

Example 2:
Determine OTC strike equivalent for a JPY/USD, September 5,
9450 Call (actual strike is 0.009450 but quoted without decimals
for practical reasons).
Assumption: USD/JPY forward swap curve = 0.6 pips/day
(0.006)
1. On September 5th, spot date will be Sep 9th and Sep IMM date
is Sep 17th. The day count between spot and IMM is 8, so swap
differential is 8 * (0.6) = 4.8 (0.048)
2. Take CME strike and invert to OTC convention:
1/0.009450 = 105.82
3. Add the differential back to the CME strike:
105.82 + .048 = approximately 105.87
(This adjustment can be minimal when interest differentials are
small and option expiration is close to the IMM date.)

When the strike is adjusted as described above,

OTC and CME FX options with same expiration
dates provide a strong arbitrage opportunity
(because they behave nearly identically, they should be priced
identically). The CME European-style options will have nearly
identical expirations (10:00 a.m. NY VWAP vs. 10:00 a.m.
NY spot), and thus could be effectively used as offsets. In fact,
CME American-style options can also be used as offsets,
preferably in a Short OTC Long CME scenario in which the
CME option provides an extra five hours of positive gamma
trading after the OTC offset rolls off.

14

Options Trader Handbook

CME trading
conventions for
FX options spreads
Important default rules for pricing
option spreads:
We use the following default format for market consistency in
pricing spreads electronically:
1. First listed contract is always BOUGHT; second listed contract
is SOLD
2. Vertical spreads: first listed = more-ITM strike; second listed
= less-ITM
3. Calendar spreads: first = BACK date; second = FRONT date
4. Risk reversals: first = CALL strike; second = PUT strike
Examples assuming the following EUR/USD option quotes:
Sep08 P15500 bid/ask = 50/51
Sep08 P15400 bid/ask = 21/22
Oct08 P15500 bid/ask = 150/153
Dec08 P15100 bid/ask = 147/150
Sep08 C15600 bid/ask = 19/21
Sep08 15500 15400 Put vertical:
Example 1: Sep08 15500 15400 Put vertical
Quoted 28/30 to buy the 15500 and sell the 15400
Example 2: Oct08 15500 Sep08 15500 Put calendar
Quoted 99/103 to buy the Oct and sell Sep
Example 3: Dec08 15100 Oct08 15500 Put calendar
Quoted 6/0 to buy the Dec and sell Oct
Example 4: Sep08 C15600 P15400 Risk reversal
Quoted 3/0 to buy the Call and sell the Put

15

cmegroup.com/fx

A quick guide to
FX options on
CME Globex
Contract

Style

Size

AUD/USD

A/E

100,000
Australian dollars

BRL/USD

100,000
Brazilian reais

CAD/USD

A/E

100,000
Canadian dollars

CHF/USD

A/E

125,000
Swiss francs

CZK/EUR

4,000,000
Czech koruna

CZK/USD

4,000,000
Czech koruna

EUR/CHF

125,000
euro

EUR/GBP

125,000
euro

EUR/JPY

125,000
euro

EUR/USD

A/E

125,000
euro

GBP/USD

A/E

62,500
British pounds

HUF/EUR

30,000,000
Hungarian forint

HUF/USD

30,000,000
Hungarian forint

ILS/USD

1,000,000
Israeli shekelim

JPY/USD

A/E

12,500,000
Japanese yen

KRW/USD

125,000,000
Korean won

MXN/USD

500,000
Mexican pesos

NZD/USD

100,000
New Zealand dollars

PLN/EUR

500,000
Polish zloty

PLN/USD

500,000
Polish zloty

RMB/EUR

1,000,000
Chinese renminbi

RMB/JPY

1,000,000
Chinese renminbi

RMB/USD

1,000,000
Chinese renminbi

RUB/USD

2,500,000
Russian rubles

A = American-style options

16

E = European-style options

Options Trader Handbook

Futures
Delivery/
Settlement

Tick

Expiration(s)

$.0001 per Australian dollar =

$10/contract

4 months in the March quarterly

cycle, 2 serial months and 4 weekly

Physical

$.00005 per Brazilian real =

$5/contract

12 consecutive months and 4 weekly

Cash

$.0001 per Canadian dollar =

$10/contract

4 months in the March quarterly

cycle, 2 serial months and 4 weekly

Physical

$.0001 per Swiss franc =

$12.50/contract

4 months in the March quarterly

cycle, 2 serial months and 4 weekly

Physical

.000002 euro per Czech koruna

= 8/contract

4 months in the March quarterly

cycle and 2 serial months

Physical

$.000002 per Czech koruna =

$8/contract

4 months in the March quarterly

cycle and 2 serial months

Physical

.0001 Swiss francs per euro =

SF12.5/contract

4 months in the March quarterly

cycle, 2 serial months and 4 weekly

Physical

.00005 British pounds per euro =

6.25/contract

4 months in the March quarterly

cycle, 2 serial months and 4 weekly

Physical

.01 Japanese yen per euro =

1,250/contract

4 months in the March quarterly

cycle, 2 serial months and 4 weekly

Physical

$.0001 per euro =

$12.50/contract

4 months in the March quarterly

cycle, 2 serial months and 4 weekly

Physical

$.0001 per British pound =

$6.25/contract

4 months in the March quarterly

cycle, 2 serial months and 4 weekly

Physical

.0000002 euro per Hungarian

forint = 6/contract

4 months in the March quarterly

cycle and 2 serial months

Physical

$.0000002 per Hungarian

forint = $6/contract

4 months in the March quarterly

cycle and 2 serial months

Physical

$.00001 per Israeli shekel =

$10/contract

4 months in the March quarterly

cycle, 2 serial months and 4 weekly

Physical

$.000001 per Japanese yen =

$12.50/contract

4 months in the March quarterly

cycle, 2 serial months and 4 weekly

Physical

$.0000001 per Korean won =

$12.50/contract

12 consecutive months and 4 weekly

Physical

$.000025 per Mexican peso =

$12.50/contract

12 consecutive months and 4 weekly

Physical

$.0001 per New Zealand dollar =

$10/contract

4 months in the March quarterly

cycle, 2 serial months and 4 weekly

Physical

.00002 euro per Polish zloty =

10/contract

4 months in the March quarterly

cycle and 2 serial months

Physical

$.00002 per Polish zloty =

$10/contract

4 months in the March quarterly

cycle and 2 serial months

Physical

.00001 euro per Chinese

renminbi = 10/contract

12 consecutive months and 4 weekly

Cash

.001 Japanese yen per Chinese

renminbi = 1,000/contract

12 consecutive months and 4 weekly

Cash

$.00001 per Chinese renminbi =

$10/contract

12 consecutive months and 4 weekly

Cash

$.00001 per Russian ruble =

$25/contract

4 months in the March quarterly

cycle and 4 weekly listed 4 weeks
prior to termination

Cash

17

cmegroup.com/fx

Important contact information:

For emergency issues on any CME Globex
related orders, fills, connectivity or general rules
questions, please contact:
CME Globex Control Center (GCC):
United States:
Europe:
Asia:

+1 312 930 2322

+44 20 7623 4708
+65 6223 1357

For more information on our global FX Options

offering, contact [email protected].

18

Options Trader Handbook

Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment,
and because only a percentage of a contracts value is required to trade, it is possible to lose more than the
amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford
to lose without affecting their lifestyles. And only a portion of those funds should be devoted to anyone trade
because they cannot expect to profit on every trade. All references to options refer to options on futures.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME, E-mini and Chicago Mercantile Exchange
are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks
of the Board of Trade of the City of Chicago, Inc. NYMEX is a registered trademark of the New York Mercantile
Exchange, Inc. All other trademarks are the property of their respective owners.

Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged
The
information
this brochure
has been compiled
by CME value
Groupis
forrequired
general purposes
CME
investment,
andwithin
because
only a percentage
of a contracts
to trade, only.
it is possible
to
Group
assumes
responsibility
for any errors
or omissions.
Additionally,
all examples
intraders
this brochure
areonly
lose more
thanno
the
amount of money
deposited
for a futures
position.
Therefore,
should
hypothetical situations, used for explanation purposes only, and should not be considered investment advice
use funds that they can afford to lose without affecting their lifestyles. And only a portion of those
or the results of actual market experience. All matters pertaining to rules and specifications herein are made
funds should be devoted to anyone trade because they cannot expect to profit on every trade. All
subject to and are superseded by official CME, CBOT and NYMEX rules. Current rules should be consulted in all
references
to options
refer
to options on futures.
cases concerning
contract
specifications.
CME
Group Limited
is a trademark
of CME Group
Inc. TheExchange
Globe Logo,
E-mini
and Chicago
Mercantile
CME Europe
will be a Recognised
Investment
(RIE)CME,
subject
to a pending
application
to the
ExchangeConduct
are trademarks
Chicago
Mercantile
Exchange
Inc. CBOTClearing
and theHouse
Chicago
Board
of Trade
Financial
Authority. of
CME
Clearing
Europe Limited
is a Recognised
(RCH)
recognised
by
Bank of England.
European
Repository
is a trading
of CME
Repository
Limited, a
arethe
trademarks
of the CME
Board
of TradeTrade
of the
City of Chicago,
Inc.name
NYMEX
is aTrade
registered
trademark
registered
under
EMIR. Chicago
Exchangeare
Inc.the
is aproperty
Recognised
Clearing
of the Newtrade
Yorkrepository
Mercantile
Exchange,
Inc. AllMercantile
other trademarks
of Overseas
their respective
House (ROCH) recognised by the Bank of England. Chicago Mercantile Exchange Inc., Board of Trade of the City
owners.
of Chicago and the New York Mercantile Exchange are Recognised Overseas Investment Exchanges (ROIEs)
recognised by the Financial Conduct Authority.

The information within this brochure has been compiled by CME Group for general purposes only.
CME Group assumes no responsibility for any errors or omissions. Additionally, all examples in
Issued by CME Marketing Europe Limited. CME Marketing Europe Limited Issued by CME Marketing Europe
this brochure
are hypothetical
situations,
for explanation
only,byand
not
be
Limited.
CME Marketing
Europe Limited
(FRN:used
220523)
is authorisedpurposes
and regulated
theshould
Financial
Conduct
considered
investment
advice or the results of actual market experience. All matters pertaining to
Authority in the
United Kingdom
rules and specifications herein are made subject to and are superseded by official CME, CBOT and
NYMEX rules.
Current
rules should
consulted in all cases concerning contract specifications.
Copyright
2014
CME Group.
All rightsbe
reserved.
Copyright 2011 CME Group. All rights reserved.

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