proposedcontracttermsandconditionsfor.docVIP

PROPOSED CONTRACT TERMS AND CONDITIONS FOR THE ALUMINUM FUTURES CONTRACT CHAPTER XX: ALUMINUM RULES Rule XX.01 SCOPE The provisions of these rules shall apply to all aluminum bought and sold for future delivery on the Exchange. Rule XX.02 DEFINITIONS For the purposes of this chapter, the terms set forth below shall mean: (A) Sow shall mean Low-profile sow with an aspect ratio of not less than three (3). The aspect ratio is the smallest dimension in inches measured across the top surface of the sow divided by the height in inches. (B) Aluminum shall mean primary aluminum produced by the electrolytic reduction of alumina. (C) All times referred to in these rules shall be New York time unless otherwise stated. (D) All documents must be in English and all translations shall be in a form acceptable to the Exchange. Rule XX.03 ALUMINUM ADVISORY COMMITTEE The Board of Directors shall appoint an Aluminum Advisory Committee which shall advise the Board with respect to the futures contracts traded under these rules. Rule XX.04 REFERENCE TO SELLER AND BUYER The terms Seller and Buyer shall mean the short Clearing Member and the long Clearing Member respectively. Rule XX.05 CONTRACT UNIT In fulfillment of every contract, the Seller shall deliver forty-four thousand (44,000) pounds (2% more or less) of aluminum. Rule XX.06 DELIVERABLE METAL SPECIFICATIONS (A) Quality Specifications The contract grade for the aluminum contract shall be primary aluminum meeting all of the requirements of the P1020A designation as specified in the Registration Record of Aluminum Association Designations and Chemical Composition Limits for Unalloyed Aluminum on March 29, 1982 under the designation system approved by the American National Standards Institute (ANSI) on September 22, 1982, or its latest revision, or primary aluminum of minimum 99.7% purity with a maximum iron (Fe) content of 0.20% and a maximum silicon (Si) content of 0.10%.