(a) An e-cbot order may contain one of the following designations:

(1) Market orders – Market orders are executed at the best price or prices available in the order book at the time the order is received until the order has been filled in it entirety. However, a market order will not trade outside of the dynamic price limits and any residual volume from an incomplete market order is canceled. Market orders are rejected if the market is not open.

(2) Market on Open (MOO) orders – Market on open orders can only be submitted for futures products, including strategies. Such orders are accepted only during Pre-Open and are intended for execution at the opening market price. MOO orders will be executed by the Trading Host at the opening price calculated after the uncrossing of limit orders in the market when the market opens. MOO orders can be entered as Standard or Persisted. An expiration date can also be entered for Persisted MOOs. If an opening price cannot be calculated for the market when it opens, all MOO orders will be automatically canceled. Any residual volume from Standard MOO orders that are not matched on the opening will be converted automatically to limit orders at the opening price. Any residual volume from Persisted MOO orders that are not matched on the opening will be converted automatically to Good-Till-Canceled limit orders at the opening price.

(3) Limit orders – Limit orders are orders to buy or sell a stated quantity at a specified price, or at a better price, if obtainable. Unless otherwise specified, any residual volume from an incomplete limit order is retained in the central order book until the end of the day unless it is withdrawn or executed.

(4) Good-Till-Canceled Limit (“GTC”) orders – GTC orders are eligible for execution for the current and all subsequent e-cbot trade sessions until executed, canceled or the expiry month expires. GTC orders can be given an expiry date and are valid until the end of trading on that date.

(5) Stop Market and Stop Limit orders – Buy stop orders will be triggered by a trade at or above the stop trigger price and sell stop orders will be triggered by a trade at or below the stop trigger price. Higher bids/lower offers, as well as ex-pit trades and strategy leg prices, will not activate stop orders. For a stop market order, once the stop price is triggered, the order is entered into the Trading Host as a market order, which will react to the market as a regular market order. For a stop limit order, once the stop price is triggered, the order is entered into the Trading Host as a limit order at the trigger price. Valid order time types for stop orders are Good-for-Day and Good-Till-Canceled.

(6) Market Making orders (“MMO”) – MMOs allow a trader to simultaneously submit bids and offers into a single options series or futures month. Volumes for each side do not have to be equal.

(7) Clip orders – Clip orders are designed to provide more functionality for traders that are hedging between two markets. “Clips” are a series of quantity levels that allow the trader to define specific amounts to be traded. The trader specifies a ratio, and the ratio defines the clip size. Clip orders can be described as an Immediate or Cancel order with a time-out value. If the order clip size is not fully matched the remaining volume is canceled. Clip orders will only be permitted for specific products designated by the Exchange.

(b) The following order modifiers are permitted:

(1) Minimum Volume – Minimum Volume orders are executed only if there is at least the designated minimum volume available at the stated price or better. If the designated minimum volume cannot be traded, the order is canceled. Any residual volume from a partially executed minimum volume order is retained in the central order book. A Minimum Volume modifier may be used with limit orders, GTC limit orders and market orders.

(2) Complete Volume – Complete Volume orders are executed only if there is sufficient volume available, at the stated price or better, to execute the order in its entirety. If the order cannot be executed in its entirety, the entire order is canceled. A Complete Volume modifier may be used with limit orders and market orders.

(3) Immediate & Cancel – Immediate and Cancel orders are executed against any existing orders at the stated price or better, up to the volume designated on the order. Any residual volume on the order is canceled. An Immediate and Cancel modifier may be used with limit orders.

(c) Strategy Orders and Contingent Multiple Orders

(1) Strategy Orders – e-cbot allows for the creation of recognized strategies, including delta neutral strategies, and for the submission of orders in such strategies.

(2) Contingent Multiple Orders – A Contingent Multiple Order is an order that contains between two and eight component outright orders in up to two products. The permitted product pairs are pre-defined by the Exchange. Trading of any component order is contingent on all component orders being fully executed. Only one futures component is permitted if any component is an option. Each component order can be a limit order or a market order. (11/29/07)