Effective Tuesday, December 6, 2011, CME is removing a selected section of CME Rule 26002.B as it is no longer applicable to existing contract months.
Please note that the Board of Directors on April 25, 2005, approved extensive changes to the CME Russian Ruble futures contract, effective for newly listed contract months only starting with the June 2006 and subsequent contract months. The changes specified a (1) switch of the cash settlement mechanism from a "TOD (Today) rate" to a "TOM (Tomorrow) rate," (2) change in the cash settlement survey procedures from two randomly timed surveys between 12 noon and 3:40 PM Moscow time to one survey conducted at a random time between 12 noon and 12:30 PM Moscow time, (3) publishing not only the final calculated USD/RUB rate (CME/EMTA Russian Ruble Reference Rate) but also later in the morning publishing all reference bank names and contributed rates to that day's survey, (4) survey of at least 10 rather than 8 reference banks to determine each day's ruble rate, and in the event of the unavailability of the daily CME/EMTA Russia Ruble Reference Rate (5) defer or postpone final settlement for up to 14 calendar days and (6) allow final settlement of expired RUB/USD futures to the EMTA RUB Indicative Survey Rate.
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