Trading shall be conducted in Binary Options with contract striking levels expressed in terms of the Contract Grade Index (Regulation 2036.01 ).  All contract striking levels shall be listed in integral multiples of one eighth of one unit of the Contract Grade Index, i.e., integral multiples of 0.125 Contract Grade Index units.

At such time that Binary Options, for any given contract expiration month, are listed for trading by the Exchange, the listing shall comprise the following contract striking levels:

           One striking level that is closest to the value of the Contract Grade Index (Regulation 2036.01 ) at the time such Binary Option contracts are listed for trading; and

            twenty (20) higher contract striking levels; and           

            twenty (20) lower contract striking levels.

Over time, new contract striking levels will be added to ensure that at least ten (10) consecutive contract striking levels always exist above and below the prevailing value of the Contract Grade Index, subject to the following constraints:

The Exchange will not list for trading any Binary Option on the Fed that has a contract striking level that is outside the range of values permissible for the Contract Grade Index (Regulation 2036.01 ).

The Exchange will not list for trading any Binary Call Option on the Fed that has a contract striking level equal to one hundred (100.00)

The Exchange will not list for trading any Binary Put Option on the Fed that has a contract striking level equal to zero (0.00).

All new contract striking levels shall be added prior to the opening of trading on the following business day.

The Exchange may modify the procedure for the introduction of contract striking levels as it deems appropriate in order to respond to market conditions.  (07/12/06)