Effective Wednesday, December 7, 2011, CME is removing "place-holder" foreign exchange ("FX") options on futures "trading halt" rules from 25 FX Options on Futures contracts that would have been effective in the event the underlying futures contracts were subject to, and bid or offered, at a price limit. These "place-holder" FX options rules had been retained in the FX options chapters, given the history of imposition of emergency FX futures price limits in the past and the need to halt FX options trading, if underlying FX futures were lock-limit bid or offered, and thus, were prevented from trading beyond a restrictive price limit. However, given that there are no current underlying FX futures permanent price limits and temporary emergency price limits have not been imposed recently in the FX futures, CME is removing the inapplicable FX options trading halt rules referring to deleted FX futures price limits, in order to make CME FX futures and options on futures rules more internally consistent. The appendix following this notice displays the overstruck rule deletions to remove the FX Options "trading halts" rule language that is no longer applicable.
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