BURSA MALAYSIA DERIVATIVES BERHAD. Date : 16 May 2012 Trading Participant Circular No.: 10/2012

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1 BURSA MALAYSIA DERIVATIVES BERHAD Date : 16 May 2012 Trading Participant Circular No.: 10/ AMENDMENTS TO THE RULES OF BURSA MALAYSIA DERIVATIVES BERHAD ( RULES OF BURSA DERIVATIVES ) - OPTION ON FTSE BURSA MALAYSIA KUALA LUMPUR COMPOSITE INDEX FUTURES CONTRACT FTSE BURSA MALAYSIA KUALA LUMPUR COMPOSITE INDEX FUTURES CONTRACT 2. TRADING FEE INCENTIVE SCHEME 1. INTRODUCTION 1.1 Bursa Malaysia Derivatives Bhd ( the Exchange ) has reviewed the contract specifications for the Kuala Lumpur Composite Index Option Contract in line with the changes in the market conditions and as part of its plan to re-launch the Contract. The main modification made is a change of its underlying instrument, from FTSE Bursa Malaysia Kuala Lumpur Composite Index ( FBM KLCI ) to the Kuala Lumpur Composite Index Futures Contract. With the modifications, Kuala Lumpur Composite Index Option Contract has been renamed as Option on FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures ( OKLI ) Contract. 1.2 The name of the Kuala Lumpur Composite Index Futures Contract has also been updated to FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures ( FKLI ) Contract to reflect the name of its underlying Instrument. 1.3 In line with the above, amendments have been made to the Rules of Bursa Derivatives and the Trading Manual. The rule amendments and the amendments made to the Trading Manual are further explained below in paragraphs 2 and Further in line with the re-launch, the Exchange has also issued a trading fee incentive scheme for trades by Local Participants and proprietary trades by Trading Participants in relation to the OKLI contract. The details for the trading fee incentive scheme are explained below in paragraph AMENDMENTS TO THE RULES OF BURSA DERIVATIVES 2.1 The salient changes to the Rules of Bursa Derivatives in relation to the OKLI Contract are as follows: (a) (b) (c) The contract unit for an Option is now an Option to buy (in the case of a Call Option) or to sell (in the case of a Put Option) one underlying Futures Contract. The exercise prices of the Option Contract will be fixed at levels referencing the price of the underlying Futures Contract. Rule is amended to clarify that unless otherwise instructed by the buyer, an Option which is in the money will be automatically exercised in Bursa Malaysia Berhad P 15th Floor, Exchange Square Tel : , (GL) Bukit Kewangan Fax : Kuala Lumpur, Malaysia Website :

2 accordance with the Rules of the Bursa Malaysia Derivatives Clearing Bhd and that an Option is in the money if the final settlement value of the underlying Futures Contract is above the exercise price of the Option (in the case of a Call Option), or below the exercise price of the Option (in the case of a Put Option). (d) (e) (f) Rule 1008 is amended to clarify that the positions in the underlying Futures Contract, as a result of the exercise of the Option, will be settled in cash in accordance with Rules 906 and 907 (i.e. the terms of the underlying Futures Contract). Schedule (b) and Schedule are amended to set out the combined position limit that is applicable for the Futures Contract and the Option. A person must not own or control a combination of both the Option and its underlying Futures Contract that exceeds an equivalent of 10,000 Futures Contracts net on the same side of the Market in all contract months combined. Schedule , which sets out the conditions on exemption from the position limits for bona fide hedging transactions with FKLI and OKLI Contracts, now provides that hedging will only qualify for exemption if the underlying stock portfolio contains at least 3 FBM KLCI stocks and none of these stocks account for more than 50% of the total value of the underlying stock portfolio and comprises of stocks in at least 3 sectors. (g) The minimum premium fluctuation for the Option in Schedule 7 is now 0.1 index point valued at RM5.00. (h) (i) In Guideline 1.5.1, the minimum quote size and maximum spread granted to market makers in relation to the OKLI contract have been deleted. Guideline which sets out the trading fee payable in respect of the OKLI contract has been amended. The general trading fee and the trading fees for Local Participants has been reduced. 2.2 The change of the contract name from Kuala Lumpur Composite Index Futures Contract to FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract is made in Schedule The detailed amendments to the Rules of Bursa Derivatives are set out in Annexure The key amendment to the Trading Manual is made in relation to Trade Cancellation and Trading Control Settings for the OKLI contract at chapter 6. The updated version is attached here as Annexure TRADING FEE INCENTIVE SCHEME FOR TRADES BY LOCAL PARTICIPANTS AND PROPRIETARY TRADES BY TRADING PARTICIPANTS Kindly be informed that pursuant to Rule 702A.8 and Guideline 3.2 of the Rules Bursa Derivatives, the Exchange sets out the following trading fee incentives for trades by Local Participants and proprietary trades by Trading Participants in relation to the OKLI contract: Bursa Malaysia Berhad P 15th Floor, Exchange Square Tel : , (GL) Bukit Kewangan Fax : Kuala Lumpur, Malaysia Website :

3 OKLI Trading Fee (RM) per contract Current (as per Guideline 3.2.1) Revised (based on Incentive Scheme) Outright Trade COMMENCEMENT OF TRADING FOR OKLI AND FEES 5.1 Trading in the revised OKLI contract will commence at 8.45am Malaysian Time on the first day of trading on 21 May 2012, and the contract months available for trading are May 2012 (spot month), June 2012 (next month), September 2012 and December 2012 (next nearest two quarterly month contracts). 5.2 For ease of reference, the revised contract specifications for OKLI and the trading and clearing fees are reproduced respectively in Annexures 3 and EFFECTIVE DATE 6.1 The changes to the Rules of Bursa Derivatives and the Trading Manual and the Trading Fee Incentive Scheme set out respectively in paragraphs 2, 3 and 4 take effect on 21 May 2012 ( Effective Date ). 6.2 All rules, directives or circulars in force which make references to or contain provisions relating to the above matters shall have effect from the Effective Date as if such reference or provisions relate to the amended provisions aforesaid. 7. FREQUENTLY ASKED QUESTIONS (FAQs) For further clarification on the above matters, kindly refer to Annexure 5 for a set of FAQs. 8. CONTACT PERSONS In the event of any queries in relation to the above matter, kindly contact the following persons: Name Logan Tee Tan Siew Siew (Rules) Edmund Koh (Trading Manual) Contact Details teecheekah@bursamalaysia.com tansiewsiew@bursamalaysia.com KohYeeLoong@bursamalaysia.com This Circular is available at ml REGULATION Bursa Malaysia Berhad P 15th Floor, Exchange Square Tel : , (GL) Bukit Kewangan Fax : Kuala Lumpur, Malaysia Website :

4 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract RULES OF BURSA MALAYSIA DERIVATIVES BHD RULE AMENDMENTS IN RELATION TO OPTION ON FTSE BURSA MALAYSIA KUALA LUMPUR COMPOSITE INDEX FUTURES CONTRACT AND FTSE BURSA MALAYSIA KUALA LUMPUR COMPOSITE INDEX FUTURES CONTRACT EXISTING PROVISIONS AMENDED PROVISIONS Rule 201 Definitions Stock Index Futures Contract means an Adjustment Agreement where the underlying stock index is a stock index or a basket of shares of an Underlying Market approved by the Exchange and the Commission; Definitions Stock Index Option Contract means an Option where the underlying stock index is a stock index or a basket of shares of an Underlying Market approved by the Exchange and the Commission; New Provision Definitions Underlying Market means (a) in relation to a Stock Index Option Contract or a Stock Index Futures Contract, the market from which prices and other Definitions Stock Index Futures Contract means an Adjustment Agreement where the underlying stock indexinstrument is a stock index or a basket of shares of an Underlying Market approved by the Exchange and the Commission; Definitions Stock Index Option Contract [This definition has been deleted.] Definitions Option on Stock Index Futures means an Option where the underlying Instrument is a Stock Index Futures Contract; Definitions Underlying Market means (a) in relation to a Stock Index Option Contract or a Stock Index Futures Contract, the market from which prices and other relevant information Page 1 of 14

5 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract Rule 613.1(a) Rule 909 Rule Rule EXISTING PROVISIONS relevant information are taken for the computation of the underlying stock index; and (b) in relation to any other Contract, the market in which the underlying Instrument is traded; Position and Exercise Limits The Exchange shall determine from time to time the limits on the Open Positions which may be held or controlled by any Client or a Participant in any Contract ( position limits ) and the number or Options that can be exercised by any Client or a Participant ( exercise limits ). Approval of Underlying Stock Index to be Used for Stock Index Futures Contract The underlying stock index used is selected by the Exchange with the approval of the Commission. When the Exchange determines that the underlying stock index previously approved no longer meet the current requirements for approval, or for any other reason should no longer be approved, the Exchange shall not open for trading any additional Contracts of that Stock Index Futures Contract. AMENDED PROVISIONS are taken for the computation of the underlying stock index; and (b) in relation to any other Contract, the market in which the underlying Instrument is traded; Position and Exercise Limits The Exchange shallmay determine from time to time the limits on the Open Positions which may be held or controlled by any Client or a Participant in any Contract ( position limits ) andor the number or of Options that can be exercised by any Client or a Participant ( exercise limits ). Approval of Underlying Stock Index to be Used for Stock Index Futures Contract [This definition has been deleted.] When the Exchange determines that the underlying stock index previously approvedselected to be used as the underlying Instrument no longer meet the current requirements for approvalselection, or for any other reason should no longer be approvedused, the Exchange shallwill not open for trading any additional Contracts of that Stock Index Futures Contract. Rule 1000 STOCK INDEX OPTION CONTRACT STOCK INDEX OPTION CONTRACTOPTION ON STOCK INDEX FUTURES Page 2 of 14

6 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract EXISTING PROVISIONS AMENDED PROVISIONS Rule Rule A Rule Rule 1002 Rule 1003 Contract Unit The contract unit shall be the numerical value of the underlying stock index multiplied by a contract multiplier. Contract Multiplier The contract multiplier for Stock Index Option Contract shall be Ringgit Malaysia One Hundred (RM100.00) or any other amount as may be determined by the Exchange. Minimum Fluctuation The premium shall be quoted in minimum premium fluctuations as set by the Exchange from time to time. Contract Months The contract months are the designated months when the Contract expires. The contract months shall be the spot month, the next month and the next nearest two (2) calendar quarterly months or any such other months as shall be determined by the Exchange from time to time. Final Trading Day and Expiration Date The Final Trading Day and Expiration Date shall be the last Business Day of the month or any such day as the Exchange Contract Unit The contract unit shall be the numerical value of the underlying stock index multiplied by a contract multiplieris an Option to buy (in the case of a Call Option) or to sell (in the case of a Put Option) one (1) Stock Index Futures Contract. Contract Multiplier [This Rule has been deleted.] Minimum Fluctuation The premium shallwill be quoted in minimum premium fluctuations as set by the Exchange from time to time. Contract Months The contract months are the designated months when the Contract expires. The contract months shall be the spot month, the next month and the next nearest two (2) calendar quarterly months or any such other months as shall be determined by the Exchange from time to time. Final Trading Day and Expiration Date The Final Trading Day and Expiration Date shall be the last Business Day of the month or any such day as the Exchange may from time to time Page 3 of 14

7 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract Rule Rule Rule EXISTING PROVISIONS may from time to time determine. Trading in any expiring series of the Stock Index Option Contract shall cease at the close of trading, on the Final Trading Day, which is also the Expiration Date. Stock Index Option Contract premiums shall be quoted in points and in minimum fluctuations as the Exchange may from time to time determine. The obligation to pay premiums accrues from the day the Stock Index Option Contract comes into existence. Buyers of Stock Index Option Contract shall settle the premiums due with the respective Trading Participants within such period as may be prescribed by the Exchange from time to time. Sellers of Stock Index Option Contract shall be credited with the premiums due from the respective Participants within such period as may be prescribed by the Exchange from time to time. If a Client fails to make payment of the premiums payable to his Trading Participant, within such time as may be prescribed by the Exchange from time to time after being requested to do so by the Trading Participant, then the Trading Participant shall be entitled to Close Out the position, charging any loss to the defaulting Client and retaining any gain, subject to any terms agreed between the Client and the Trading Participant contained in the client agreement entered into by the Client and the Trading Participant. AMENDED PROVISIONS determine. Trading in any expiring series of the Stock Index Option ContractOption on Stock Index Futures shall cease at the close of trading, on the Final Trading Day, which is also the Expiration Date. Stock Index Option ContractThe premiums of Options on Stock Index Futures shall be quoted in index points and in minimum fluctuations as the Exchange may from time to time determine. The obligation to pay premiums accrues from the day the Stock Index Option ContractOption on Stock Index Futures comes into existence. BuyersA buyer of Stock Index Option Contractan Option on Stock Index Futures shallmust settle the premiums due with the respective Trading Participants within such period as the Exchange may be prescribed by the Exchange from time to time. Sellers of Stock Index Option ContractA seller of an Option on Stock Index Futures shallwill be credited with the premiums due from the respective Participants within such period as the Exchange may be prescribed by the Exchange from time to time. If a Client fails to make payment ofpay the premiums payable to his Trading Participant, within such time as may be prescribed by the Exchange from time to time after being requested to do so by the Trading Participant, then the Trading Participant shall beis entitled to Close Out the position, charging any loss to the defaulting Client and retaining any gain, subject to any terms agreed between the Client and the Trading Participant contained in the clientthe written agreement entered into by the Client and the Trading Participant. Page 4 of 14

8 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract EXISTING PROVISIONS AMENDED PROVISIONS Rule 1005 Rule Margin All Writers are required to lodge with the Trading Participant adequate margins as determined by the Trading Participant provided always that such margins shall be at least equivalent to the amount of margins required by the Clearing House. For the purpose of this Rule 1005, margins must be lodged within such period as may be prescribed by the Exchange from time to time following the day of Margin Call or earlier if required by the Trading Participant or Associate Participant. Exercise Price (a) The Exercise Price shall be set by the Exchange and fixed at: (i) a level which is reasonably close to the numerical value of the underlying stock index at the time the series of Options were introduced for trading; and (ii) levels above and below that mentioned in (i) as such levels are determined by the Exchange. (b) Exercise Prices may be introduced or removed as the numerical value of the underlying stock index moves from the initial or existing Exercise Prices range. Margin All Writers are required toa seller of an Option on Stock Index Future must lodge with the Trading Participant adequate margins as determined by the Trading Participant provided always that such margins shall beare at least equivalent to the amount of margins required by the Clearing House. For the purpose of this Rule 1005, margins must be lodged within such period as may be prescribed by the Exchange may prescribe from time to time following the day of Margin Call or earlier if required by the Trading Participant or Associate Participant. Exercise Price (a) The Exercise Price shallwill be set by the Exchange and fixed at: (i) a level which is reasonably close to the numerical valueprice of the underlying stock indexstock Index Futures Contract at the time the series of Options were introduced for trading; and (ii) levels above and below the level that is mentioned in (i) as such levels aredetermined by the Exchange. (b) Exercise Prices may be introduced or removed as the numerical valueprice of the underlying stock indexstock Index Futures Contract moves from the initial or existing Exercise Prices range. Page 5 of 14

9 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract EXISTING PROVISIONS AMENDED PROVISIONS Rule Option Exercise (a) Stock Index Option Contracts shall be European Style Options and shall be exercised in accordance with the rules of the Clearing House. (b) Buyers of Stock Index Option Contract may exercise the Stock Index Option Contract on the Expiration Date, subject to and in accordance with Rule and any other terms agreed between the Clients and the Trading Participant. A notice to exercise any Stock Index Option Contract must be lodged by the Trading Participant with the Clearing House on the Expiration Date or such other date as may be prescribed by the Clearing House from time to time. Option Exercise (a) Stock Index Option ContractsOptions on Stock Index Futures shall beare European Style Options and shallmust be exercised in accordance with the rules of the Clearing House. (b) A Bbuyers of Stock Index Option Contractan Option on Stock Index Futures may exercise the Stock Index Option ContractOption on Stock Index Futures on the Expiration Date, subject to and in accordance with Rule and any other terms agreed between thea Clients and the Trading Participant. A notice to exercise any Stock Index Option ContractOption on Stock Index Futures must be lodged by the Trading Participant with the Clearing House on the Expiration Date or such other date and time as may be prescribed by the Clearing House may prescribe from time to time. (c) On the Expiration Date, unless otherwise instructed by the buyer, an Option which is in the money by such amount as may be determined by the Exchange from time to time (with the agreement of the Clearing House) will be automatically exercised in accordance with the rules of the Clearing House. (d) Unless otherwise prescribed by the Exchange, an Option on Stock Index Futures is in the money if the final settlement value of the underlying Stock Index Futures Contract determined by the Exchange in accordance with Rule 907 is above the Exercise Price of the Option on Stock Index Futures (in the case of a Call Option), or below the Exercise Price of the Option on Stock Index Futures (in the case of a Put Option). Page 6 of 14

10 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract EXISTING PROVISIONS AMENDED PROVISIONS Rule 1008 Settlement The positions in the Stock Index Futures Contract, as a result of the Exercise of the Option, will be settled in cash in accordance with Rules 906 and 907. Rule Rule Final Settlement Value After the close of trading on the Final Trading Day for a Stock Index Option Contract, the final settlement value shall be announced by the Exchange. The final settlement value as declared by the Exchange for each Expiration Date is calculated based on the methodology set by the Exchange and shall be accepted as final and binding. If an event has occurred or will likely to occur that will affect the ability of the Exchange to compute the final settlement value based on the methodology set by the Exchange, the Exchange may use any other methodology it deems fit to compute and declare the final settlement value. Any decision taken by the Exchange in this regard shall be final and binding. Cash Settlement Stock Index Option Contracts shall be settled in cash on the Final Settlement Day. This cash settlement shall be the difference between the Exercise Price of the exercised Contracts and the final settlement value. The Exchange may, in its absolute discretion, extend or postpone any Final Settlement Day whenever in its opinion such action is required in the public interest or to meet unusual conditions. [This Rule has been deleted.] [This Rule has been deleted.] Page 7 of 14

11 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract EXISTING PROVISIONS AMENDED PROVISIONS Rule 1009 Rule Rule Schedule Schedule Approval of Underlying Stock Index to be used for Stock Index Option Contracts The underlying stock index used is selected by the Exchange with the approval of the Commission. When the Exchange determines that the underlying stock index previously approved no longer meet the current requirements for approval, or for any other reason should no longer be approved, the Exchange shall not open for trading any additional series of Options in that Stock Index Option Contracts. Stock Index Futures Contract The Exchange has decided that for Stock Index Futures contract, no one Client or Participant acting alone or in concert with others, shall directly or indirectly own or control more than 10,000 contracts net long or net short for all contract months combined. Stock Index Option Contract The Exchange has decided that for Stock Index Option Contract, Approval of Underlying Stock Index Futures Contract to be used for Stock Index Option ContractsOption on Stock Index Futures [This Rule has been deleted.] When the Exchange determines that the underlying stock indexstock Index Futures Contract previously approvedselected to be used as the underlying Instrument no longer meet the current requirements for approvalselection, or for any other reason should no longer be approvedused, the Exchange shallwill not open for trading any additional series of Options in that Stock Index Option ContractsOptions on Stock Index Futures. Stock Index Futures Contract (a) The Exchange has decided that for Stock Index Futures contract, no onea Client or Participant acting alone or in concert with others, shallmust not directly or indirectly own or control more than 10,000 Stock Index Futures contracts net long or net short for all contract months combined. (b) If a Client or a Participant owns or controls a combination of Stock Index Futures Contracts and Options on Stock Index Futures, the Client or Participant must comply with Schedule instead of Schedule (a). Stock Index Option ContractOption on Stock Index Futures The Exchange has decided that for Stock Index Option Contract, noa Page 8 of 14

12 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract Schedule EXISTING PROVISIONS no Client or Participant acting alone or in concert with others, directly or indirectly own or control more than 5,000 Contracts on the same side of the Market in all contract months combined. For this purpose, a long Call Option and a short Put Option would be on the same side of the Market; similarly a short Call Option and a long Put Option are on the same side of the Market. Hedging with Stock Index Futures or Stock Index Option Contracts will only qualify for exemption if the underlying stock portfolio meets the following requirements: a) the underlying stock portfolio contains at least ten (10) Kuala Lumpur Composite Index (KLCI) stocks and none of these stocks can account for more than twenty per cent (20%) of the total value of the underlying stock portfolio; and b) the underlying stock portfolio comprises of stocks in at least three (3) industry groups. Provided always the Exchange reserves the right to approve other underlying stock portfolio that may not meet the above requirements, if it is of the opinion that the underlying stock portfolio does represent a bona fide hedge. AMENDED PROVISIONS Client or Participant acting alone or in concert with others, must not directly or indirectly own or control more than 5,000 Contracts a combination of Option on Stock Index Futures and the underlying Stock Index Futures Contracts that exceeds an equivalent of 10,000 Stock Index Futures Contracts net on the same side of the Market in all contract months combined. For thisthe purpose of this Schedule , a long Call Option, and a short Put Option and a long underlying Futures Contract would beare taken as being on the same side of the Market; similarly a short Call Option, and a long Put Option and a short underlying Futures Contract are taken as being on the same side of the Market. Hedging with Stock Index Futures Contract or Stock Index Option ContractsOptions on Stock Index Futures will only qualify for exemption if the underlying stock portfolio meets the following requirements: a) the underlying stock portfolio contains at least ten (10)three (3) FTSE Bursa Malaysia Kuala Lumpur Composite Index (KLCI) stocks and none of these stocks can account for more than twenty per cent (20%)fifty per cent (50%) of the total value of the underlying stock portfolio; and b) the underlying stock portfolio comprises of stocks in at least three (3) industry groupssectors. Provided always thethe Exchange reserves the right to approve other underlying stock portfolio that may not meet the above requirements, if it is of the opinion that the underlying stock portfolio does represent a bona fide hedge. Page 9 of 14

13 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract EXISTING PROVISIONS AMENDED PROVISIONS Schedule SCHEDULE 6 (Title) The Exchange has determined that the exercise limits for Stock Index Option Contract and Stock Option Contract shall be equivalent to the position limits. For Stock Option Contract, no Client, or a Participant, acting alone or in concert, directly or indirectly, can exercise more than the exercise limits within any five (5) consecutive Business Days its aggregate Long Positions for all contract months combined. KLSE CI FUTURES CONTRACT The Exchange has determined that the exercise limits for Stock Index Option Contract and Stock Option Contract shall be equivalent to the position limits. For Stock Option Contract, no Client, or a Participant, acting alone or in concert, directly or indirectly, can exercise more than the exercise limits within any five (5) consecutive Business Days its aggregate Long Positions for all contract months combined. FTSE BURSA MALAYSIA KLSE CI FUTURES CONTRACT SCHEDULE 6 (Contract) CONTRACT KUALA LUMPUR COMPOSITE INDEX FUTURES CONTRACT CONTRACT FTSE BURSA MALAYSIA KUALA LUMPUR COMPOSITE INDEX FUTURES CONTRACT SCHEDULE 7 (Title) KUALA LUMPUR CI OPTION CONTRACT KUALA LUMPUR CI OPTION CONTRACTOPTION ON FTSE BURSA MALAYSIA KLCI FUTURES SCHEDULE 7 (Contract) CONTRACT KUALA LUMPUR COMPOSITE INDEX OPTION CONTRACT CONTRACT KUALA LUMPUR COMPOSITE INDEX OPTION CONTRACTOPTION ON FTSE BURSA MALAYSIA KUALA LUMPUR COMPOSITE INDEX FUTURES Page 10 of 14

14 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract EXISTING PROVISIONS AMENDED PROVISIONS SCHEDULE 7 (Underlying Stock Index) UNDERLYING STOCK INDEX FTSE Bursa Malaysia Kuala Lumpur Composite Index UNDERLYING STOCK INDEX FUTURES CONTRACT FTSE Bursa Malaysia FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract SCHEDULE 7 (Contract Unit) CONTRACT UNIT FTSE Bursa Malaysia Kuala Lumpur Composite Index multiplied by RM CONTRACT UNIT FTSE Bursa Malaysia Kuala Lumpur Composite Index multiplied by RM100.00One (1) FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract SCHEDULE 7 (Minimum Premium Fluctuation) MINIMUM PREMIUM FLUCTUATION 0.1 index point valued at RM10.00 MINIMUM PREMIUM FLUCTUATION 0.1 index point valued at RM10.00RM5.00 SCHEDULE 7 (Exercise Price Interval) EXERCISE PRICE INTERVAL 20 index points interval for the spot month and next month. 40 index points interval for the next nearest two (2) quarters. When quarterly month becomes the next month contract, no new series will be introduced automatically at the beginning of the EXERCISE PRICES INTERVAL 20 index points interval for the spot month and next month. 40 index points interval for the next nearest two (2) quarters. When quarterly month becomes the next month contract, no new series will be introduced automatically at the beginning of the month to fulfill the 20 index points interval requirement.at least thirteen (13) Exercise Prices (six (6) are In-the-Money, Page 11 of 14

15 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract EXISTING PROVISIONS month to fulfill the 20 index points interval requirement. AMENDED PROVISIONS one (1) is At-the-Money and six (6) are Out-of- Money) shall be set at intervals of 10 index points for the spot month and next month Contracts. At least seven (7) Exercise Prices (three (3) are In-the-Money, one (1) is At-the- Money and three (3) are Out-of-Money) shall be set at intervals of 20 index points for the next nearest two (2) quarterly month Contracts. SCHEDULE 7 (Option Series) OPTION SERIES At the start of trading daily, there shall be at least an In-the-Money Exercise Price, an Out-of-Money Exercise Price, and an approximate At-the-Money Exercise Price for each contract month of both the Call Options and Put Options. A new option series will not be introduced if it would expire in less than 10 Business Days before the Expiration Date. OPTION SERIES [This Schedule 7 item has been deleted.] SCHEDULE 7 (Final Settlement Value) FINAL SETTLEMENT VALUE As declared by the Exchange FINAL SETTLEMENT VALUE [This Schedule 7 item has been deleted.] Page 12 of 14

16 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract GUIDELINE EXISTING PROVISIONS In accordance with Rule 321 the Exchange has decided on the following conditions and privileges to be granted to market makers: Minimum Quote Size Rule Reference Stock Index Option Contract Stock Option Contract 321.4(b) 5 lots per bid or ask 5 lots per bid or ask Maximum Spread - by tiers Rule Stock Index Option Contract Reference 321.4(d) At Premium Price (RM) < Maximum Spread (RM) Stock Option Contract At Premium Price (RM) < > Maximum Spread (RM) AMENDED PROVISIONS In accordance withpursuant to Rule 321, the Exchange has decided on the following conditions and privileges to beare granted to market makers: Minimum Quote Size Rule Reference 321.4(b) [This Guideline has been deleted.] Maximum Spread - by tiers Rule This Guideline has Reference been deleted.] 321.4(d) Stock Option Contract 5 lots per bid or ask Stock Option Contract At Premium Price (RM) < > Maximum Spread (RM) > Page 13 of 14

17 ANNEXURE 1 RULE AMENDMENTS in relation to Option On FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract And FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures Contract Guideline EXISTING PROVISIONS Trading Fees Applicable to Outright Trades Fee Items a. General Trading Fees RM9 b. Trading Fees for market makers RM2.70 c. Trading Fees for Local Participants RM9 Stock Index Option Contract AMENDED PROVISIONS Trading Fees Applicable to Outright Trades Fee Items Stock Index Option Contract Option on Stock Index Futures a. General Trading Fees RM94 b. Trading Fees for market makers RM2.70As determined by the Exchange from time to time. c. Trading Fees for Local Participants RM94 [End of Rule Amendments] Page 14 of 14

18 BURSA MALAYSIA DERIVATIVES BHD This manual is the intellectual property of BURSA MALAYSIA. No part of the manual is to be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or any information storage and retrieval system, without permission in writing from Head of BMD Exchange Operations. 1

19 Version History Version Date Author Comments V Aug 2010 BMDB Initial Version ANNEXURE 2 V Aug 2010 BMDB Updated # Review of Trades Price Adjustments and Cancellations V1.2 6 Sep 2010 BMDB Inserted 15. Operator ID ( Tag 50 ID ) Required for All BMD orders traded on CME Globex V1.3 9 Sep 2010 BMDB Update 1. Introduction 1.6 TPs compliance in relation to access, connectivity, specification or use of CME Globex V Sep 2010 BMDB Updated 13. Messaging And Market Performance Protection Policy V1.5 9 Nov 2011 BMDB Inserted 16 Negotiated Large Trade V Nov 2011 BMDB Amended section 16 for typo errors, consistency and clarity. V Nov 2011 BMDB Amended section 16 - Extended NLT cut-off time for FKLI, FKB3 and FMG5 to 4.00pm and for FCPO to 5.00pm. -Amended the NLT Facility Trade Registration form. V Feb 2012 BMDB Updated section 11 EFP to EFRP V Mar 2012 BMDB Amended sections 11 and 16 (forms and processes) V2.0 5 Apr 2012 BMDB Renamed to Trading Manual V May 2012 BMDB Updated Section 6 for OKLI and to align with CME practice 2

20 Contents 1. Introduction 2. Orders Fut ures an d Op t io n s Ord er t yp es Lim it Ord ers Market -lim it Ord ers Market Ord ers w it h Pro t ect io n Fut ures Ord er Typ es St o p -lim it Ord ers St o p Ord ers w it h Pro t ect io n Op t io n s Ord er Typ es Cab in et Ord ers Ord er Qualif iers Day Goo d -Till-Can celled (GTC) Goo d -Till-Dat e (GTD) Fill-an d -Kill (FAK) Fill-or-Kill (FOK) Disp lay Quan t it y Min im um Quan t it y Ad d it io n al Inf o rm at ion St o p Sp ike Lo gic GTC/GTD Out sid e Daily Price Lim it s Ord er St at us 3. Options and Options Spreads Op t io n s Nam in g Con ven t io n s Op t io n s Sp read s Nam in g Co nven t ion s CME Glo b ex Exch an ge Reco gn ized Sp read CME Glo b ex Un reco gn ized Sp read Typ e Exch an ge Reco gn ized Op t io n s Sp read Co n st ruct io n Op t io n s Sp read Descrip t io n Calen d ar (Ho rizon t al o r Diago nal) St rad d le St ran gle Vert ical Bo x But t erf ly Con d it io n al Curve Con d o r Do ub le Ho rizon t al St rad d le Iro n Con d o r Rat io 1x2 Rat io 1x3 Rat io 2x3 St rip Risk Reversal St rad d le St rip s 3

21 Xm as Tree 3-Way Iro n But t erf ly (IB) Jelly Roll ( JR ) Gut s (GT) 3-w ay: St rad d le versus Call (3C) 3-w ay: St rad d le versus Put (3P) 4. Futures Spreads Sp read Typ e Co m p at ib ilit y Fut ures Sp read Co n st ruct io n Fut ures Sp read Descrip t io n Calen d ar (Ho rizon t al o r Diago nal) St rip 5. Indicative Opening Price (IOP) And First-In, First-Out (FIFO) Matching Algorithm Calculat ing/ Det erm in in g t h e IOP St o p Ord ers in IOP Det erm in in g Cum ulat ive Quan t it y Exam in in g f o r IOP Ap p lyin g t h e Rules t o Est ab lish t h e In d icat ive Op en in g Price St o p s in IOP Disp lay Quan t it y Ord ers in IOP First -In, First -Out (FIFO) Mat ch in g Algo rit h m 6. Market Integrity Controls Ord er Act ivit y Rest rict io n s Daily Price (Trad in g) Lim it s Price Ban d in g Price Ban d in g w it h Market Lim it o rd ers Price Ban d in g w it h St o p o rd ers Price Ban d Variat io n (PBV) Reserve Price Ban d Mult ip lier Fut ures Ban d in g Op t io n s Ban d ing Trad e Can cellat ion GCC Trad e Can cellat io n Policy No-Bust Range - Trad e Can cellat io n Review o f Trad es GCC Trad e Can cellat io n St o p Sp ike Lo gic Market Is Op en Market Is Reserved Market Reserved Act ivit ies Market Reo p en s e-st o p Trad in g Co n t rols Set t in gs 7. Static Thresholds And Invalid Trade 8. Unplanned Holiday 4

22 9. Circuit Breaker 10. Market Emergency 11. Exchange For Related Positions (EFRPs) 12. Trading Phases, Timing And Status 13. Messaging And Market Performance Protection Policy 14. Error Maker Liability Claim 15. Operator ID ( Tag 50 ID ) Required For All BMD Orders Traded On CME Globex 16. Negotiated Large Trade 5

23 1. Introduction 1.1 Scope of Coverage Th is m an ual is issued p ursuan t t o Rule 702A.7 of t h e Rules of Bursa Malaysia Derivat ives Berh ad ( BMD / t h e Exch an ge ). It p ro vid es p ert in en t in f o rm at ion an d guid elin es relat in g t o execut in g t ran sact ion s an d p ro ced ures o n d ealin g w it h t h e Exch an ge: Th e guid elin es an d p ro ced ures in t h is m an ual are in t en d ed f o r gen eral usage. Wh ere excep t io n s are t o b e m ad e, Trad in g Part icip an t s sh o uld exercise d iscret io n an d goo d jud gm en t acco rd in gly. In case of d o ub t, Trad in g Part icip an t s sh o uld ch eck w it h t h e Exch an ge Op erat io n s Divisio n of BMD. 1.2 Intended Audience Th is m an ual is in t en d ed f o r t h e use o f all p erso n s in volved in t h e execut io n of t ran sact io n s on t h e Exch an ge. 1.3 Ownership and Custody of Manual Th e o w n er of t h is m an ual is BMD. BMD m ay, f ro m t im e t o t im e, in co rp o rat e in t o t h is m an ual ch an ges o r am en d m en t s in lin e w it h p o licy an d p ro ced ure ch an ges No p art o f t h is m an ual is t o b e rep ro d uced o r t ran sm it t ed in an y f o rm o r b y an y m ean s, elect ro n ic o r m ech an ical, in clud ing p h o t o co pyin g, reco rd in g o r an y in f o rm at ion st o rage an d ret rieval syst em, w it h o ut t h e p erm issio n in w rit in g f ro m t h e Head o f BMD Exch ange Op erat io n s. 1.4 Customer Support On 17 th Sep t em b er 2009, BMD en t ered in t o t he Glo b ex Services Agreem en t ( GSA ) w it h t h e Ch icago Mercan t ile Exch ange Gro up ( CME ). Th e agreem en t is t o h o st all exist in g BMD p ro d uct s o n CME s Glo b ex elect ro n ic t rad e execut io n syst em via an Ap p licat io n Services Pro vid er ( ASP ) m o d el. Fo r cust o m er sup p o rt, CME Glo b al Co m m an d Cen t er ( GCC ) is t h e co n t act p o in t. Th e GCC p rovid es Glo b ex cust o m er sup p o rt an d p ro b lem m anagem en t on ly t o m em b ers, clearin g m em b ers an d cust o m ers d esign at ed by clearing m em b ers. In o rd er t o b e eligib le f o r GCC sup p o rt, such p erso n s m u st regist er w it h t h e GCC ( Regist ered Co n t act s ). Th e GCC p ro vid es cust o m er sup p o rt via a sp ecif ied t elep h on e n um b er an d d urin g sp ecif ied h o urs. GCC em p lo yees m ay n o t alw ays b e availab le t o assist Regist ered Co n t act s. Perso n s o t h er t h an Regist ered Co n t act s, in clud in g n on -m em b ers w it h Glo b ex access m ust co n t act t h eir clearing m em b ers t o m ake sup p o rt req uest s. Fo r cust o m er sup p o rt an d p ro b lem m an agem en t, Trad in g Part icip an t s are t o call t h e GCC at t elep h on e num b er: (+ 603) f o r Trad e can cellat ion o r Ord er st at us/can cellat ion an d m o d if icat io n. 6

24 1.5 Compliance in relation to access, connectivity, specifications or use of CME Globex Trading Participants must ensure compliance with all requirements in relation to access, connectivity, specification or use of CME Globex as may be prescribed by the Exchange or CME whether via directives or otherwise and whether issued to the Trading Participants or to their agents as the case may be. 7

25 2. Orders Th is sect io n d escrib es t h e o rd er t yp es an d q ualif iers t h at are co m p at ib le w it h CME Glo b ex. Order Types Futures Options Lim it X X Market Ord ers w it h Pro t ect io n X X Market -lim it X X St o p -lim it St o p Ord ers w it h Pro t ect io n X X Hid d en Quan t it y X X Min im um Quan t it y X X 2.1 Futures and Options Order Types Th e f o llow in g o rd er t yp es are sup p o rt ed b y CME Glo b ex f o r b o t h f ut ures an d o p t ion s: Lim it Or d ers Market -lim it Ord er s Market Ord ers w it h Pro t ect io n Limit Orders Lim it o rd ers allo w t h e b uyer t o d ef in e t h e m axim um p urch ase p rice f o r b uyin g an in st rum en t an d t h e seller t o d ef in e t h e m in im um sale p rice f o r sellin g an in st rum en t. An y p o rt io n o f t h e o rd er t h at can b e m at ch ed is im m ed i at ely execut ed. Lim it o rd er s sub m it t ed f o r b uyin g an in st rum en t are execut ed at o r b elow t h e lim it p rice. Lim it o rd ers sub m it t ed f o r selling an in st rum en t are execut ed at o r ab o ve t h e lim it p rice. A lim it o rd er r em ain s o n t h e b o o k un t il t h e o rd er is eit h er execut ed, can celled, o r exp ires Market-limit Orders Market -lim it o rd ers are execut ed at t h e b est p rice availab le in t h e m arket. If t h e m arket -lim it o rd er can on ly b e p art ially f illed, t h e o rd er b eco m es a lim it o rd er an d t h e rem ain in g q uan t it y rem a in s o n t h e o rd er b o o k at t h e sp ecif ied lim it p rice. Exam p le: Market -lim it Ord er (Bid ) 1. Th e clien t sen d s a New Ord er t o CME Glo b ex. - Bid, FKLIZ8, Market -Lim it. 2. CME Glo b ex resp o n d s w it h an Execut io n Repo rt - Ord er Co nf irm at io n. 3. Th e m arket -lim it o rd er b eco m es a lim it o rd er at t h e b est availab le m arket p rice (900). 8

26 4. CME Glo b ex sen d s an Execut io n Rep o rt - Part ial Fill. - 2-Lo Th e rem ain in g q uan t it y rest s o n t h e b o o k at Market Orders with Protection Market o rd ers w it h p ro t ect io n are in t en d ed t o avo id cascad in g m arket o rd ers b ein g f illed at ext rem e p rices. Market o rd ers w it h p ro t ect io n are f illed w it h in a p re -d ef in ed ran ge o f p rices ref erred t o as t h e p ro t ect ed ran ge. Fo r b id o rd ers, p ro t ect io n p o in t s are ad d ed t o t h e curren t b est o f f er p rice t o calculat e t h e p ro t ect io n p rice lim it. Fo r o f f er o rd ers, p ro t ect io n p o in t s are sub t ract ed f ro m t h e curren t b est b id p rice. CME Glo b ex m at ch es t h e o rd er at t h e b est availab le p rice level w it ho ut exceed in g t h e p ro t ect io n p rice lim it. If t h e en t ire o rd er can n o t b e f illed w it h in t h e p ro t ect ed ran ge im m ed iat ely, t h e u n f illed q uan t it y rem ain s in t h e o rd er b o o k as a lim it o rd er at t h e lim it o f t h e p ro t ect ed ran ge. Th e p ro t ect ed ran ge is 50% o f t h e "n o b ust " ranges f o r p ro d uct s Example: Market Order with Protection Bid Th e f ollo w in g exam p le illust rat es h o w t h e clien t in t eract s w it h CME Glo b ex t o p ro cess a m arket o rd er w it h p ro t ect io n b id. 1. Th e clien t sen d s a Market Ord er t o CME Glo b ex. - Bid, FKLIZ8, Market Ord er. - Best Of f er = 900 an d Pro t ect io n Po in t s = Pro t ect io n Price Lim it = = CME Glo b ex sen d s an Execut io n Rep o rt - Part ial Fill. 2-Lo CME Glo b ex sen d s an Execut io n Rep o rt - Part ial Fill. 3-Lo CME Glo b ex sen d s an Execut io n Rep o rt - Part ial Fill. 3-Lo Next Best Of f er = 967. Th is value exceed s t h e p ro t ect io n p rice lim it. CME Glo b ex p l aces t h e rem ain in g q uan t it y on t h e o rd er b o o k at a p rot ect io n p rice lim it o f Example: Market Order with Protection Offer Th e f ollo w in g exam p le illust rat es h o w t h e clien t in t eract s w it h CME Glo b ex t o p ro cess a m arket o rd er w it h p ro t ect io n o f f er. 1. Th e clien t sen d s a Market Ord er t o CME Glo b ex. - Of f er, FKLIZ8, Market Ord er. - Best Bid = 900 an d Pro t ect io n Po in t s = 60 - Pro t ect io n Price Lim it = = CME Glo b ex sen d s an Execut io n Rep o rt - Part ial Fill. Ord ers 2-Lo CME sen d s an Execut ion Rep o rt - Part ial Fill. 9

27 3-Lo CME Glo b ex sen d s an Execut io n Rep o rt - Part ial Fill. 3-Lo Next Best Bid = 830. Th is value is b elow t h e p ro t ect io n p rice lim it. CME Glo b ex p laces t h e rem ain in g q uan t it y on t h e o rd er b o o k at a p rot ect io n p rice lim it o f Futures Order Types Th e f o llow in g o rd er t yp es are sup p o rt ed b y CME Glo b ex f o r f ut ures o nly: St o p -lim it Ord er s St o p Ord ers w it h Pro t ect io n Stop-limit Orders St o p -lim it o rd ers are act ivat ed w h en an o rder's t rigger p rice is t rad ed in t h e m arket. Fo r a b id o rd er, t h e t rigger p rice m ust b e h igh er t h an t h e last t rad ed p rice. Fo r a sell o rd er, t h e t rigger p rice m ust b e lo w er t han t h e last t rad ed p rice. Af t er t h e t rigger p rice is t rad ed in t h e m arket, t h e o rd er en t ers t h e o rd er b o o k as a lim it o rd er at t h e o rd er lim it p rice. Th e lim it p r ice is t h e h igh est /lo w est p rice at w h ich t h e st o p o rd er can b e f illed. Th e o rd er can b e f illed at all p rice levels b et w een t h e t rigger p rice an d t h e lim it p rice. If any q uan t it y rem ain s un f illed, it rem ain s o n t h e o rd er b oo k as a lim it o rd er at t h e lim it p r ice Stop Orders with Protection St o p o rd ers w it h p ro t ect io n are in t en d ed t o avo id cascad in g st o p o rd ers b ein g f illed at ext rem e p rices. A st o p o rd er w it h p ro t ect io n is act iv at ed w h en t h e m arket t rad es at t h e st o p t rigger p rice an d can o nly b e execut ed w it h in t h e p ro t ect io n ran ge lim it s. Th e o rd er en t ers t h e o rd er b o o k as a lim it o rd er w it h t h e p ro t ect io n p rice lim it eq ual t o t h e t rigger p rice p lus o r m in us t h e p re -d ef in ed p ro t ect io n p o in t ran ge. Pro t ect io n p o in t ranges are eq ual t o 50% o f t h e p ro d uct 's "no b ust ran ge. Fo r b id o rd ers, p ro t ect io n p o in t s are ad d ed t o t h e t rigger p rice t o calculat e t h e p ro t ect io n p rice lim it. Fo r o f f er o rd ers, p ro t ect io n p o in t s are sub t ract ed f ro m t h e t rigger p rice. CME Glo b ex m at ch es t h e o rd er at all p rice levels b et w een t h e t rigger p rice an d t h e p ro t ect ion p rice lim it. If t h e o rd er is n o t co m plet ely f illed, t h e rem ain in g q uan t it y is p laced in t h e o rd er b o ok at t h e p ro t ect io n p rice lim it. Ref er t o St o p Sp ike Lo gic f o r m o re in f o rm at io n Example: Stop Order with Protection Bid Th e f ollo w ing exam p le illust rat es ho w t h e clien t in t eract s w it h CME Glo b ex t o p ro cess a st op o rd er w it h p ro t ect io n b id. 1. Th e clien t sen d s a Market Ord er t o CME Glo b ex. Bid, FKLIZ8, St o p Ord er, 900 Trigger Price 2. A t rad e o ccurs at t h e t rigger p rice of 900. The o rd er is act ivat ed an d CME Glo b ex resp o n d s w it h an Execut io n Rep o rt - Ord er Co n f irm at ion (No t if icat io n t h at o rd er w as t riggered ). Ord ers Trigger Pr ice = 900, Pro t ect io n Po in t s = 60 Pro t ect io n Price Lim it = = CME Glo b ex sen d s an Execut io n Rep o rt - Part ial Fill. 10

28 2-Lo CME Glo b ex sen d s an Execut io n Rep o rt - Part ial Fill. 3-Lo CME Glo b ex sen d s an Execut io n Rep o rt - Part ial Fill. 3-Lo Next Best Of f er = 967. Th is value exceed s t h e p ro t ect io n p rice lim it. CME Glo b ex p laces t h e rem ain in g q uan t it y on t h e o rd er b o o k at a p rot ect io n p rice lim it o f Example: Stop Order with Protection Offer Th e f ollo w ing exam p le illust rat es ho w t h e clien t in t eract s w it h CME Glo b ex t o p ro cess a st op o rd er w it h p ro t ect io n of f er. 1. Th e clien t sen d s a New Ord er t o CME Glo b ex. Of f er, FKLIZ8, St o p Ord er (w it h p ro t ect io n ), 900 Trigger Price 2. CME Glo b ex resp o n d s w it h an Execut io n Repo rt - Ord er Co nf irm at io n. 3. A t rad e o ccurs at t h e t rigger p rice o f 900. The clien t 's o rd er is act ivat ed an d CME Glo b ex resp o n d s w it h an Execut ion Rep o rt - Ord er Co n f irm at io n (No t if icat io n t h at o rd er w as t riggered ). Trigger Pr ice = 900, Pro t ect io n Po in t s = 60 Pro t ect io n Price Lim it = = CME Glo b ex sen d s an Execut io n Rep o rt - Part ial Fill. 2-Lo CME Glo b ex sen d s an Execut io n Rep o rt - Part ial Fill. 3-Lo CME Glo b ex sen d s an Execut io n Rep o rt - Part ial Fill. 3-Lo Next Best Bid = 830. Th is value is b elow t h e p ro t ect io n p rice lim it. CME Glo b ex p laces t h e rem ain in g q uan t it y on t h e o rd er b o o k at a p rot ect io n p rice lim it o f Options Order Types Th e f o llow in g o rd er t yp e is sup p o rt ed b y CME Glo b ex f o r o p t ion s o nly: Cab in et Ord ers Cabinet Orders CME Glo b ex f ully sup p o rt s cab in et p riced o p t io n o rd ers. A cab in et is an o p t io n p rem ium f o r an o rd er t h at is sub m it t ed f o r d eep o ut -of-t h e-m o n ey o p t io n s co n t ract s d ef in ed b y Clearin g as t h e lo w est t rad ab le p rice f o r t h e o p t io n. Th e cab in et o rd er allo w s t h e user t o en t er an o p t io n o rd er w it h a p rice t h at is less t h an t h e m in im um p rice m o vem en t an d h ave CME Glo b ex reco gn ize t h e p rice as valid. Cab in et t rad es o n CME Glo b ex are execut ed at a p rice eq ual t o zero f o r m o st CME Glo b ex p ro d uct s. Fo r eq uit y an d in t erest rat e p r o d uct s, t h e m in im um t ick value (n on -zero ) is co n sid ered cab in et. 11