Recently, the Exchange approved Rule 152 (“GLOBEX^® Open Access Learning (GOAL) Permit Program”) to provide an opportunity for potential future members to learn about electronic trading in a real trading environment on the Exchange trading floors.  To   participate individuals must apply for and obtain a GOAL permit and be guaranteed by an Exchange clearing member firm.  As GOAL permit holders, participants are provided GLOBEX terminals on the trading floor outside of regular trading hours to trade Exchange products.  Participants are expressly prohibited from entering the trading floor outside of the program’s specified hours, unless such participant is also an employee of a member or clearing member firm with floor access privileges pursuant to Exchange Rule 501 (“Employees of Members”).

Participants in the program that have or obtain floor access privileges pursuant to Rule 501, or change existing daytime trading floor employment relationships after receiving a permit, must ensure that their daytime employers are advised of their participation in the GOAL program, and additionally are under an obligation to provide their guaranteeing firm with the identity of their current daytime employer.  Pursuant to Rule 924.F. (“Qualified Traders”) clearing firms that are guaranteeing and providing GLOBEX access to GOAL permit program participants who are trading floor employees of another member or clearing member firm must notify the employing entity in writing and obtain that entity’s written consent.  These notification requirements must be completed prior to the individual beginning to trade.  Additionally, the guaranteeing firm must ensure that program participants do not trade or place orders for accounts they own or in which they have a beneficial interest outside the program’s specified hours and it is recommended that the guaranteeing firm provide daytime employers with a copy of the participants’ account statements.

Pursuant to Rule 152.H. (“Compliance”), failure to comply with the terms of the program, including those listed above, may result in suspension of a participant’s GLOBEX privileges, revocation of the permit and/or disciplinary action pursuant to Exchange rules.

If you have any questions concerning the information above, please contact James P. Moran (312) 930-8520 or Robert A. Sniegowski (312) 648-5493 in Market Regulation, or Laura Giacomino (312) 930-8259 in Trading Floor Operations.