Please note the following amendment to Exchange Rule 9.27, which specifies the effective period of the speculative position limits for emissions contracts.

Questions regarding the amendments to Exchange Rule 9.27 may be directed to Anthony V. Densieski, Vice President, Market Surveillance, at (212) 299-2881, R. Stephen Painter Jr., Director and Counsel, Market Surveillance, at (212) 299-2920, or Christopher Reinhardt, Manager, Market Surveillance, at (212) 299-2884.

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( Bold underlining indicates insertion, and strikethrough indicates deletion.)

Rule 9.27, Expiration and Current Delivery Month Position Limits

(A) No person may own or control a net long position or a net short position in the expiration or current delivery month (as defined in this Rule 9.27 for energy, metals and soft contracts respectively) in excess of the levels set forth in Chapter 9, Appendix (A) below under 9.27 Expiration and Current Delivery Month Position Limits or Position Accountability.

Note: Specific reference to contract aggregation requirements prescribed in Chapter 9, Appendix (A).

(B) The expiration position limits for energy contracts for those contracts enumerated in Appendix (A), Chapter 9 for which expiration month position limits are designated, are effective on the open of trading of the last three trading days of the futures contract. The expiration position limits shall be calculated on a net futures-equivalent basis.

(C) The expiration month position limits for the PJM and the Uranium contracts are effective on the opening of trading on all business days when a contract month becomes the first nearby month (or spot month) and continues on an intra-day basis thereafter until the conclusion of trading in the expiring contract. The expiration month position limit shall be calculated on a net futures-equivalent basis for the PJM contracts.

(D) The current delivery month position limits for physically-delivered metals contracts are effective on the business day prior to the first notice day for any delivery month. No person shall maintain any position which, when combined with the number of contracts for which a delivery notice has been tendered or accepted during the delivery month, exceeds the maximum permissible current delivery month position limit for such contract. The current delivery month position limits for COMEX London Metals Futures contracts shall be effective as of the open of business on the first business day of the expiring contract month.

(E) The current delivery month position limits for soft commodities shall be in effect as of the open of trading on the last three trading days of the expiring contracts.

(F) The expiration position limits for emissions contracts for those contracts enumerated in Appendix (A), Chapter 9 for which expiration month position limits are designated, are effective on the open of trading of the last ten trading days of the futures contract. The expiration position limits shall be calculated on a net futures-equivalent basis.