Revision to Inactive and Spot Month Copper Futures Block Trade Minimum Threshold and Addition of TAS-Eligibility to Second Active Contract Month Copper Futures

This revised Special Executive Report supersedes SER-7351 issued on May 4, 2015.  It is being issued based on a decision to delay permitting the pricing of block trades in the first two active contract months of Copper futures at the settlement price or any valid price increment ten ticks higher or lower than the settlement price pursuant to the provision of Commodity Exchange Inc. (“COMEX”) Rule 524 (“Trading at Settlement (“TAS”), Trading at Marker (“TAM”) and Matched Order (“MO”) Transactions”) until July 6, 2015.

As previously notified, effective Sunday, May 17, 2015 for trade date Monday, May 18, 2015, and pending all relevant CFTC regulatory review periods, COMEX will implement the following amendments:

·         The addition of the second active contract month in Copper futures executed on CME Globex to be eligible to be priced at the settlement price or any valid price increment ten ticks higher or lower than the settlement price pursuant to the provisions of Rule 524; and

·         The reduction of the Copper futures block trade minimum threshold from 25 to 5 contracts for all inactive contract months and for each active month when it becomes the spot month.

For more information regarding TAS, TAM and MO Transactions, please see the current Market Regulation Advisory Notice (MRANs) which may be found via the following link:

http://www.cmegroup.com/rulebook/rulebook-harmonization.html

Questions regarding this notice may be directed to:

Joann Arena                  +1 212 299 2356                        Joann.Arena@cmegroup.com

Youngjin Chang             +1 312 466 4637                        Youngjin.Chang@cmegroup.com

Fred Penha                   +1 212 299 2353                        Fred.Penha@cmegroup.com

Sandra Ro                    +44 203 379 3789                      Sandra.Ro@cmegroup.com      

For media inquiries concerning this Special Executive Report, please contact CME Group Corporate Communications at 312.930.3434 or news@cmegroup.com.