Any person who directly or through intermediaries initiates or executes transactions on the exchange or in accordance with the rules of the exchange, as well as the beneficiaries of such transactions, expressly accepts the jurisdiction of the exchange and agrees to accept and comply with the relevant rules of the transaction, including but not limited to the requirements of cooperation and participation in any investigation and disciplinary proceedings. Any futures commission merchant, introducing broker, broker agent, or any foreign person holding a similar role who will charge commissions or fees for such transactions also expressly agrees to accept the jurisdiction of the exchange

Market participants must note that market access for CME, CBOT, NYMEX, and COMEX is subject to compliance with Rule 418

Trading at Settlement ("TAS") allows all parties to trade at a difference in the futures settlement price that is not yet known on the day

Trading at Marker ("TAM") allows all parties to trade at an upper and lower difference in the market benchmark price (determined by the exchange) that is not yet known on that day

Basis Trade at Index Close (BTIC) allows all parties to trade based on the difference (basis) in the closing price of the spot index that is not yet known to the eligible futures contract

Basis Trade at Cash Open ("TACO") allows all parties to trade based on the spread (basis) of the Special Opening Price/Quotations ("SOQ") of eligible futures contracts that are not yet known as the underlying spot index

The basis must be based on the allowable price fluctuation units of the relevant futures contract. If it is a Block trade of BTIC or TACO, the agreed basis must be fair and reasonable, and the factors to be considered include financing rate, expected dividend income and the time from the maturity date of the underlying futures contract

Information on specific products, contract months, and price differentials that qualify for pricing based on TAS, TAM, BTIC, or TACO transactions has been included at the end of Chapter 5 of each exchange's rulebook. You can also refer to the relevant list from this link

Block trade refers to privately negotiated futures, options or portfolio transactions that are allowed to be executed outside the open bidding market and reach a specific threshold

All parties to Block trade must be eligible contract participants as defined in Article 1a (18) of the Commodity Exchange Act

Block trade must meet specific minimum quantity requirements for qualified products

Block trade must be carried out at fair and reasonable prices as described in Part 5 of the Notice on Market Supervision Suggestions

Block trade can be executed at any time, including when the open auction market is closed, but it cannot be executed after the expiration of the month of the futures or futures option contract that is the subject of Block trade

When the Block trade is concluded, it must be submitted to the exchange through CME Direct or CME ClearPort within 5 minutes or 15 minutes (depending on the specific product)

A broker who negotiates Block trade on behalf of a client must first obtain the client's explicit consent before disclosing the client's identity to potential counterparties (including the counterparties with whom the Block trade was completed). This explicit customer consent must be obtained in writing (such as letters, emails, instant messaging messages, etc.) or through a recorded telephone line. Customers do not need to express clear consent for each Block trade. Unless the broker obtains explicit consent from the client one by one for each Block trade, the broker must confirm again to the client at least annually whether they continue to agree to disclose their identity when negotiating transactions. If the customer does not object to this type of further confirmation, it constitutes consent (negative consent is permissible)

Market participants should refer to the additional guidance in the market supervision advice notice on Block trade

Rule 532 prohibits anyone from disclosing the purchase and sale order information of others, as well as soliciting or inducing others to disclose order information, to designated exchange personnel or individuals other than CFTC

No one shall take action or instruct others to take action based on non-public order information, regardless of how such information is obtained. However, only expressing opinions or making predictions about the price at the opening or resumption of trading does not constitute a violation of this rule

Rule 533- Simultaneous buying and selling orders with different beneficial owners

Rule 533 specifies the requirements when the relevant party receives both buying and selling offers from different beneficiaries for the same product

In the Globex Electronic trading platform, the party obtaining the customer's discretionary trading can submit orders in opposite directions for two accounts belonging to different beneficiaries at the same time, provided that the other order can be entered at least 5 seconds after one of the futures order is entered into the system. If it is an option contract, the inputs of two opposite orders must be separated by at least 15 seconds

Similarly, only after receiving an order and immediately inputting it into the trading system at least 5 seconds apart (in the case of futures) or at least 15 seconds apart (in the case of options), can the relevant party input another discretionary order in the opposite direction (if not immediately inputted upon receipt) to the trading system

Rule 534 prohibits anyone from placing or accepting buy and sell orders for the same product, if they know or have reasonable grounds to know that the purpose of the order is to avoid creating real market positions in the market (such transactions are commonly referred to as wash trades, "Wash Trades")

Buying and selling orders between different accounts of the same beneficial owner aimed at offsetting market risk or price competition are also considered a violation of the prohibition of resale transactions

In addition, no person shall directly or indirectly intentionally execute or facilitate the execution of such orders

Market participants should refer to the more detailed guidelines in the market regulatory advisory notice on wash trading

Exchange for Related Position ("EFRP") trading refers to the execution of privately negotiated exchange futures or options contracts over the counter, while also executing equivalent spot products, by-products, related products, or OTC over-the-counter derivatives of the underlying exchange contract in the opposite direction of the market

According to Rule 538, the following types of EFRP transactions are allowed to be executed outside the centralized market of the exchange:

• Exchange of Futures for Physical (EFP) - Synchronizes the execution of exchange futures contracts and corresponding physical or physical forward contracts
• Exchange of Futures for Risk (EFR) - Simultaneously executing exchange futures contracts and corresponding OTC swaps or other OTC derivative products transactions
• Exchange of Option for Option (EOO) - Simultaneously execute exchange option contracts and corresponding OTC option transactions

Market participants should refer to the specific rules and requirements listed in the market regulatory advisory notice on EFRP

Rule 539 allows pre execution communications between market participants before the transaction is executed, and the purpose of communication must be to identify the interest of both parties in the transaction before the order is disclosed to the Globex market. Any communication involving market size, direction, order price, or potential upcoming transaction orders constitutes the aforementioned pre execution communication

All CME, CBOT, NYMEX, and COMEX futures and options products traded on Globex, as well as CBOT invoice swap spreads, can undergo pre execution communication. Please note that the pre execution communication defined in Rule 539 is different from the private negotiated transactions mentioned in Rules 526 and 538

All parties involved in pre execution communication must follow the list in Chapter 5 of the relevant exchange rules manual to execute transactions using appropriate cross protocol methods suitable for the relevant products

Market participants should refer to the description of various cross agreement methods in the market regulatory advice notice regarding pre execution communication

Rule 575 prohibits several types of disruptive market behavior

According to Rule 575, all order inputs must have the purpose of executing real transactions. In addition, all orders and messages must be entered for genuine and legitimate purposes

No person shall input or cause the input of an order for the purpose of canceling or modifying the order before execution to avoid transaction

No one shall enter or cause to be entered orders or related information for the purpose of misleading other market participants

No one shall input or cause input orders or related messages for the purpose of overloading or delaying the system operation of exchanges or other market participants

No one shall intentionally or recklessly input messages that may disrupt the exchange system; And

No one shall input or cause input of information with the purpose of disrupting market trading order or fair execution of transactions, or recklessly disregarding potential negative impacts on the market

Market participants should refer to the more detailed guidance and examples of prohibited behaviors in the market regulatory advice notice related to Rule 575

Rule 576- Identify Globex terminal operators

Rule 576 requires each Globex terminal operator to submit a unique Operator ID for the exchange to identify themselves. The operator identification code is a unique identification code used to identify the user accessing and/or submitting information to Globex. The operator identification code is issued by the clearing member of the exchange or its supplier or trustee, or in some cases by the Global Command Center ("GCC") of the Chishang Exchange

Each information submitted to Globex must reflect the operator identification code of the individual or group who submitted or facilitated the submission of the information

All individual or group operator identification codes cannot be shared with others or groups