Regulatory and Trading Advice Disclaimer

CME Group comprises of four Designated Contract Markets (DCMs), the Chicago Mercantile Exchange Inc (“CME”), the Chicago Board of Trade, Inc. (“CBOT”), the New York Mercantile Exchange, Inc. (“NYMEX”), and the Commodity Exchange, Inc. (“COMEX”). The Clearing Division of CME is a derivative clearing organization (“DCO”) for CME Group DCMs.

Exchange traded and cleared Over-The-Counter (OTC) derivatives are not suitable for all investors and involve the risk of loss. Exchange traded and OTC derivatives are leveraged investments, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money initially deposited for an exchange traded or OTC derivative position. Therefore, investors 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 any one trade because investors cannot expect to profit on every trade as it does not take into account their objectives, financial situation or needs. Investors should obtain appropriate professional advice before acting on or relying on the contents of the Website.

All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT, and NYMEX and COMEX rulebooks. Current rules should be consulted in all cases including matters relevant to contract specifications.

Any research views expressed represent those of the individual author and do not necessarily represent the views of the CME Group or its affiliates. Any demonstrative examples are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience.

While CME Group strives to provide accurate and timely information, there may be inadvertent inaccuracies, errors and omissions, for which we apologize. We reserve the right to make changes and corrections at any time, without notice. The content is provided on an "AS IS," "AS AVAILABLE" Basis. CME Group does not warrant the accuracy or completeness of the information, text, graphics, links, or other items contained on the site, and CME Group expressly disclaims liability for errors or omissions in these materials. CME Group makes no commitment to update the information contained on the Website. Any information denoting past or historical performance is not indicative of future performance and no reliance shall be placed on such information. No representations or warranties are made and nothing herein shall be construed to amount to an opinion or be binding on any person.

NOTHING CONTAINED IN THIS WEBSITE CONSTITUTES INVESTMENT ADVICE, NOR DOES IT CONSTITUTE THE SOLICITATION OF THE PURCHASE OR SALE OF ANY FUTURES OR OPTIONS. THE WEBSITE CONTENT IS FOR GENERAL INFORMATION ONLY AND SHOULD NOT BE REGARDED AS CONSTITUTING AN OFFER OR A SOLICITATION TO BUY OR SELL ANY SECURITIES OR FINANCIAL ASSETS AND SHOULD NOT BE REGARDED AS INVESTMENT ADVICE.

CME GROUP DOES NOT REPRESENT THAT ANY MATERIAL OR INFORMATION CONTAINED IN THIS WEBSITE IS APPROPRIATE FOR USE OR PERMITTED IN ANY JURISDICTION OR COUNTRY WHERE SUCH USE OR DISTRIBUTION WOULD BE CONTRARY TO ANY APPLICABLE LAW OR REGULATION.

None of CME Group entities are registered or licensed to provide, nor does it purport to provide, financial services of any kind in some jurisdictions, including, but not limited to, India, Korea, Malaysia, New Zealand, People’s Republic of China, Philippines, Taiwan, Thailand, Vietnam, Qatar and South Africa and in any jurisdiction where CME Group is not authorized to do business or where such distribution would be contrary to the local laws and regulations. The information contained in this website and relevant websites is not directed at any person in Japan.  In these jurisdictions, this website and any content herein have not been reviewed or approved by any regulatory authority and access shall be at the liability of the user. Any trades undertaken in the aforesaid jurisdictions will be at the sole risk of the relevant investor and should always be made in compliance with the local laws and regulations applicable in such jurisdictions. In the Republic of Korea this website is directed solely to “professional investors” as defined in Article 9(5) of the Financial Investment Services and Capital Markets Act and related rules.

In the United States, swaps trading should only be undertaken by investors who are Eligible Contract Participants (ECPs) within the meaning of Section 1a(18) of the Commodity Exchange Act. Non-US investors must take into consideration that most or all of the products featured herein are denominated and traded and, for those settled in cash, in a currency other than their own. Further, the corresponding contracts may not be subject to the laws of their own jurisdiction. Investors should seek their own advice as relevant rules that may apply to a particular transaction could vary.

In Australia, each of Chicago Mercantile Exchange Inc. (ARBN 103 432 391), The Board of Trade of the City of Chicago Inc (ARBN 110 594 459), the New York Mercantile Exchange Inc (ARBN 113 929 436) and Commodity Exchange, Inc. (ARBN 622 016 193) is a registered foreign company in Australia and holds an Australian market licence.

In France, each of CME, CBOT, NYMEX and COMEX have been recognized by the French Minister of Economy under Article D. 423-1 of the French Monetary and Financial Code.

In Germany, each of CME, CBOT, NYMEX and COMEX have been authorized under section 102 of the German Securities Trading Act (Wertpapierhandelsgesetz). The Commission implementing decision (EU) 2017/2320 of 13 December 2017 on the equivalence of the legal and supervisory framework of the United States of America for national securities exchanges and alternative trading systems in accordance with Directive 2014/65/EU of the European Parliament and of the Council replaced authorization under EU member state laws.

In Hong Kong, CME Group is authorised by the Hong Kong Securities and Futures Commission (the "SFC") to provide Automated Trading Services ("ATS") to Hong Kong investors via its GLOBEX system, and its CME Clearing System under Part III of the Securities and Futures Ordinance (the "SFO").

In Japan, CME Inc. has a Foreign Clearing Organisation (FCO) license under the Financial Instruments and Exchange Act of Japan.

In the Netherlands, CME, CBOT, NYMEX and COMEX are dispensed from the requirement to obtain exchange recognition.

In Singapore, CME, CBOT and NYMEX are regulated as a recognized market operator and CME is regulated as a recognized clearing house under the Securities and Futures Act (Chapter 289) ("SFA"). Save as aforesaid, none of the CME Group entities are licensed to carry on regulated activities under the SFA or to provide financial advisory services under the Financial Advisers Act (Chapter 110) in Singapore.

In Switzerland, CME, CBOT, NYMEX and COMEX are authorised foreign exchanges.

In the Dubai International Financial Centre, CME, CBOT, NYMEX and COMEX are each registered as a "Recognized Body" by the Dubai Financial Services Authority.

In the United Kingdom, CME, CBOT, NYMEX and COMEX are Recognised Overseas Investment Exchanges.

Trademarks and Third-Party Marks

The following trademarks, logos, and service marks (collectively the "Trademarks") displayed on this site are owned by Chicago Mercantile Exchange Inc. or the Board of Trade of the City of Chicago, Inc. Amicus®, Building Futures in our Community®, Call it Return on Innovation™, CBOT Direct®, CBOT Market Profile®, CBOT®, CBT®, Chicago Board of Trade®, Chicago Mercantile Exchange®, Chicago Securities Corp™, Clearing360™, CME Alternative Marketplace™, CME Auction Markets™, CME Chicago Mercantile Exchange®, CME Datamine™, CME E-mini®, CME Feeder Cattle Index®, CME Globex®, CME Group®, CME Ilink®, CME Lean Hog Index®, CME Now®, CME Rainfaill Index™, CME Spottrade™, CME Stocker Cattle Index®, CME Trust™, CME®, CTR Plus®, Driving Futures For Over 155 Years®, Eagle-I®, E-CBOT®, Electronic Trading Around the Clock from Around the World®, E-mini®, Engineering Market Faith®, E-PX®, E-Quivalents®, Gains®, Galax-C®, GEM®, Global Markets Association™, Globex Trader®, Globex®, Globex2®, Growth And Emerging Markets®, I Need To Weather the Extremes™, Ideas That Change the World®, IEF®, Ilink®, I-Link®, IMM®, International Monetary Market™, IOM®, LEF™, Market Profile®, Obex®, Pc-Span®, Predictability Is What I Bank On™, QBI®, Risk Is What You Make Of It™, Span Risk Manager®, Span®, SPCTR®, Surge Stopper®, The Exchange of Ideas™, We Invented Financial Futures®, Windjammer® and the following designs: ®, ®,®, ®, ™ Clearing 21® is a trademark of the Chicago Mercantile Exchange Inc. and New York Mercantile Exchange. Because Time Is Your Most Precious Commodity®, Clean Powered®, Clean Powered by NYMEX®, Clearport®, Comex Miny®, Commodity Exchange®, COMEX®, Energy In The News®, Green Is Clean®, Miny®, New York Clean Exchange®, New York Mercantile Exchange®, New York Mercantile Exchange – Europe®, New York Mercantile Exchange Access®, New York Mercantile Exchange Clearport®, NYMEX®, NYMEX -Europe™, NYMEX 3-2-1®, NYMEX 3-2-1 Plus®, NYMEX Access®, NYMEX Cat Risk®, NYMEX Clearport®, NYMEX Direct®, NYMEX Iport™, NYMEX Miny™, NYMEXSOFTS™, NYMEXSOFTS Coffee Sugar Cocoa Cotton FCOJ®, The Green Exchange®, Vision Is Our Greatest Commodity™ and the designs: img src="http://www.cmegroup.com/images/disclaimer09.jpg" height="21" width="27">®,  ®, ®, ® are trademarks of the New York Mercantile Exchange, Inc. "CBOE®" and "VIX®" are trademarks of Chicago Board Options Exchange, Incorporate ("CBOE") and have been licensed for use by CME Group, Inc. for certain purposes associated with the CBOE/NYMEX Crude Oil (WTI) Volatility Index, CBOE/COMEX Gold Volatility Index, CBOE/CBOT Corn Volatility Index and CBOE/CBOT Soybean Volatility Index. CBOE makes no representation regarding the advisability of investing in any investment product that is based on such Volatility Indexes.

Nasdaq®, Nasdaq Composite®, Nasdaq Composite Index®, Nasdaq-100 Index Tracking Stock®, Nasdaq-100 Index®, and Nasdaq Biotechnology Index™ are trademarks of The Nasdaq Stock Market, Inc. (which with its affiliates are the Corporations) and are licensed for use by Chicago Mercantile Exchange Inc. The Contracts have not been passed on by the Corporations as to their legality or suitability. The Contracts are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the Futures Contracts.

CarvillSM is a service mark of RK Carvill (International Holdings) Ltd; Carvill Hurricane IndexSM and CHISMare service marks of Carvill America Incorporated; all of which are used by CME Group under license.

"Bloomberg®" and "Bloomberg Commodity IndexSM" are service marks of Bloomberg Finance L.P. and its affiliates (collectively, Bloomberg") and have been licensed for use for certain purposes by the Board of Trade of the City of Chicago, Inc. ("CBOT"). Neither Bloomberg nor UBS Securities LLC and its affiliates (collectively, "UBS") are affiliated with CBOT, and Bloomberg and UBS do not approve, endorse, review or recommend any of CBOT and its affiliates' products based upon the Bloomberg Commodity Index. Neither Bloomberg nor UBS guarantees the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Commodity Index.

BLOOMBERG and BLOOMBERG INDICES are trademarks or service marks of Bloomberg Finance L.P and its affiliates (collectively, "Bloomberg") and have been licensed for use for certain purposes by Chicago Mercantile Exchange, Inc. Bloomberg is not affiliated with Chicago Mercantile Exchange, Inc.

Each of the SGI Wise US Indices is the sole and exclusive property of Societe Generale. "Societe Generale" and "SGI WISE US Indices" are trademarks of Societe Generale and have been licensed for use for certain purposes by CME Group. CME Group's Custom Index Futures based on the SGI Wise US Indices are not sponsored, endorsed, sold or promoted Societe Generale, and Societe Generale makes no representation regarding the advisability of trading in such futures.

CME Group and Societe Generale do not guarantee the accuracy and/or the completeness of the composition, calculation, dissemination and adjustment of the SGI Wise US Indices, any products based thereon, nor of the data included therein.

CME Group and Societe Generale shall have no liability for any errors, omissions, interruptions or delays relating to any of the SGI Wise US Indices and any products based thereon.

CME Group and Societe Generale make no warranty, whether express or implied, relating to (i) the merchantability or fitness for a particular purpose of the SGI Wise US Indices and any products based thereon, and (ii) the results of the use of the SGI Wise US Indices or any data included therein. CME Group and Societe Generale shall have no liability for any losses, damages, costs or expenses (including loss of profits) arising, directly or indirectly, from of the use of the SGI Wise US Indices, any products based thereon or any data included therein.

The levels of the SGI Wise US Indices do not represent a valuation or a price for any product referencing any such index.

Societe Generale has contracted with Standard & Poors' ("S&P") to maintain and calculate the SGI Wise US Indices. S&P shall have no liability for any errors or omissions in calculating the SGI Wise Indices. The S&P 500® Index is the exclusive exclusive property of S&P. The S&P 500® index has been licensed for use by Societe Generale in connection with the SGI Wise US Indices. "Calculated by S&P Custom Indices" and its related stylized design are trademarks of the McGraw-Hill Companies, Inc. and have been licensed for use by Societe Generale.

A summary of the Index rules for each of the SGI Wise US Indices is available upon written request made to Societe Generale.

DatavisionSM, CMA DatavisionSM and SM are service marks of Credit Market Analysis ("CMA") and have been licensed by the CBOT. The CBOT index futures and futures options are not sponsored, endorsed or sold by CMA, and CMA makes no representation regarding the advisability of investing in such products.

FIXSM ,FASTSM and FIX/FASTSM are trademarks of FIX Protocol Limited.
Pivot Instant Markets™ is a registered trademark of Pivot, Inc.

Copyright

Except as otherwise noted, the content of CMEGroup.com, including but not limited to text, graphics and icons, are copyrighted materials of CME Group and contain trademarks, service marks and trade names of the CME Group and/or its affiliates and licensors. ALL RIGHTS RESERVED. You may use the content to learn about, evaluate or acquire services or products of the CME Group. You may not copy or display for redistribution to third parties for commercial purposes any portion of the content without the prior written permission of the CME Group.

© 2019 CME Group. All rights reserved.