Chicago Mercantile Exchange: Proposed Amendments to the Cash Settlement Provisions of the CME Russian Ruble Futures Contract

摘要

The Chicago Mercantile Exchange (CME or Exchange) has submitted proposed amendments related to the cash settlement provisions of its Russian ruble futures contract. Under the proposal, the CME would no longer base the cash settlement price of the Russian Ruble futures contract on the reciprocal of the daily rubles per dollar spot exchange rate as determined by the Moscow Interbank Currency Exchange (MICEX). Rather, the CME would base the cash settlement price on two surveys performed by the CME clearing house at random times on the last day of trading. The survey procedure would be similar to the procedure used for the daily survey that, under current rules, is used as a backup procedure for cash settlement of the Russian ruble futures contract. The Commission has determined that publication of the proposal for comment is in the public interest, will assist the Commission in considering the views of interested persons, and is consistent with the purpose of the Commodity Exchange Act.