NOTICE OF EMERGENCY ACTION

FILE NO.:

CME and CBOT 16-0004

SUBJECT:

Temporary Modification to CME and CBOT Interest Rate Special Price Fluctuation Limits

APPLICABLE CME/CBOT RULE:

579. GLOBAL COMMAND CENTER (in part)

A. GCC Authority
The GCC has the authority to take any action deemed appropriate to preserve market integrity in CME Group markets. Such actions include, but are not limited to, the halting of trading, modifying risk-mitigating parameters including price bands, velocity logic and special price fluctuation limits as described in Rule 589, restricting customer access to Globex or any other actions deemed to be in the best interest of the Exchange. In the event any action taken pursuant to this Rule is in response to an emergency as defined in CFTC Regulation 40.1(h), the CFTC shall be notified of the emergency action in accordance with CFTC Regulations.

589. SPECIAL PRICE FLUCTUATION LIMITS (links below)
http://www.cmegroup.com/rulebook/CME/I/5/5.pdf
http://www.cmegroup.com/rulebook/CBOT/I/5/5.pdf

EMERGENCY ACTION:

On November 7, 2016, the Global Command Center (“GCC”) took emergency action by temporarily modifying the special price fluctuation limits applicable to CME and CBOT Interest Rate futures as a precautionary measure to ensure fair and orderly trading in these products based on the material likelihood of a marked increase in price volatility expected to result from the General Election vote in the United States to be held of November 8, 2016.

With regard to CME and CBOT Interest Rate futures, effective with the opening of trading at 5:00 p.m. Central Time/CT on November 8, 2016, for trade date November 9, 2016, and continuing until 7:20 a.m. on November 9, 2016, the lower Extended Trading Hours special price fluctuation limit levels specified in the Table will be replaced with the higher Regular Trading Hours special price fluctuation limit levels specified in the Table.

In the good faith exercise of its sole discretion, the GCC determined that an emergency exists and that emergency action is warranted.

EFFECTIVE DATE:

5:00 p.m. CT on November 8, 2016, for trade date November 9, 2016, effective through 7:20 a.m.CT on November 9, 2016