Binary Options may be listed for trading by the Exchange with such contract expiration months as shall be determined by the Exchange.

At the time that any Binary Option is listed for trading the Exchange shall define the contract expiration month of such Binary Option with reference to a regularly scheduled meeting of the Federal Open Market Committee (hereafter the FOMC).  Regularly scheduled meetings of the FOMC shall be as indicated in the FOMC meeting calendar that is maintained and published by the Board of Governors of the Federal Reserve.  For the purpose of this regulation, a contract expiration month shall be defined as any calendar month that contains the terminal day of a regularly scheduled meeting of the FOMC.

The contract expiration month for any given Binary Option shall be set by the Exchange on the basis of the most recently published FOMC meeting calendar as of the date that such Binary Option is listed for trading by the Exchange.  The contract expiration month for said Binary Option, so determined, shall remain fixed, notwithstanding such changes to the schedule of meetings of the FOMC as may occur after said Binary Option has been listed by the Exchange for trading.

Without limiting the foregoing, the Exchange customarily shall list for trading Binary Options that expire in each of the next four (4) contract expiration months. (07/12/06)