Notice to Members
Notice No. 524
10/05/2006
Eliminating Price Fluctuation Limits for Platinum
The Board of Directors voted at its October 4, 2006 meeting to eliminate price fluctuation limits for Platinum (see attached rule amendment). This amendment will make the price fluctuation rule for Platinum consistent with the Exchange’s other metals products.

The approved amendment will go into effect with the start of Trade Date Monday, October 9, 2006 which begins at 6:00 PM New York Time on Sunday, October 8, 2006.

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PROPOSED AMENDMENTS Italics indicate additions. Strikethroughs indicate deletions.

90.06 Prices and Fluctuations

(A) Prices shall be quoted in dollars and cents per ounce. The minimum price fluctuation shall be $.10 per ounce. There shall be no maximum limit on price fluctuation. The maximum permissible price fluctuation (the “basic maximum fluctuation") in any one day shall be $50.00 per ounce above or below the preceding day's settlement price.

(B) If the settlement price for any month shall move by the basic maximum fluctuation in either direction, the maximum permissible fluctuation in either direction for all months during the next business session shall be 150% of the basic maximum fluctuation.

(C) An expanded maximum permissible fluctuation of 150% of the basic maximum fluctuation shall remain in effect for all subsequent business sessions until the business session next following two (2) consecutive trading sessions at which the settlement price for no month shall move by the basic maximum fluctuation in either direction. At such next business session the maximum permissible fluctuation in either direction for all months shall be the basic maximum fluctuation.

(D) If the settlement price for any month for a business session for which the maximum permissible fluctuation is 150% of the basic maximum fluctuation shall move by said expanded maximum permissible fluctuation in either direction, the maximum permissible fluctuation in either direction for all months during the next business session shall be 200% of the basic maximum fluctuation.

(E) An expanded maximum permissible fluctuation of 200% of the basic maximum fluctuation shall remain in effect for all subsequent business sessions until the business session next following two (2) consecutive trading sessions at which the settlement price for no month shall move by 150% of the basic maximum fluctuation in either direction. At such next business session the maximum permissible fluctuation in either direction for all months shall be 150% of the basic maximum fluctuation.

(F) There shall be no maximum limit on price fluctuations during;
(1) the current delivery month,

(2) the immediately following nearby month of January, April, July or October, and

(3) any months traded between those months specified in (F)(1) and (F)(2).
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