 shall involve the commodity underlying the
futures contract (or a derivative, by-product or related product of such
commodity).  The quantity covered by the swap must be approximately
equivalent to the quantity covered by the futures contracts.  The swap
component of an EFS transaction must comply with the applicable CFTC swap
regulatory requirements.  The initial term of the pilot program shall be
three years from the effective date of this Rule 6.21A.

	(2) Eligible Contracts and Transactions.  EFS transactions may be
effected only for transactions in the Exchange's Brent crude oil futures
contract  * or in the Henry Hub Natural Gas futures contract (for a period
of six months following implementation of the pilot program for Natural Gas
EFS transactions) *.

(B)(1)  The report of an EFS transaction shall be given on the Floor of the
Exchange during the hours of futures trading.  (2) EFS transactions *
involving the Brent contract * are permitted until the close of trading on
the last trading day in the expiring contract month [of the applicable
contract(s)].  * (3) EFS transactions involving Natural Gas contract are
permitted until two hours after trading terminates on the last day of
trading in the expiring contract month. *

(C)  A report of such EFS transaction shall be submitted to the Exchange by
each Clearing Member representing the buyer and/or seller.  Such report
shall identify the EFS as made under this Rule and shall contain the
following information: a statement that the swap component of the EFS
complied with the applicable CFTC swap regulatory requirements at the time
the EFS was entered into between the buyer and seller, a statement that the
EFS has resulted or will result in a change of payments or other such
change, the kind and quantity of the futures, the price at which the futures
transaction is to be cleared, the names of the Clearing Members and
customers and such other information as the Exchange may require.  Such
report (form) shall be submitted to the Compliance Department by 12:00 noon,
no later than two (2) Exchange business days after the day of posting the
EFS on the Floor of the Exchange.

(D)(1) Each buyer and seller must satisfy the Exchange, at its request, that

shall involve the commodity underlying the 
 futures contract (or a derivative, by - merchandise or related merchandise of such 
 commodity).   The quantity covered by the swap must be approximately 
 equivalent to the measure covered by the futures contracts.   The barter 
 part of an EFS transaction must comply with the applicable CFTC swap 
 regulatory requirements.   The initial term of the pilot course of study shall be 
 three years from the effective date of this Rule 6.21A. 

	 (2) Eligible Contracts and Transactions.   EFS transactions may be 
 effect merely for transactions in the Exchange's Brent crude oil futures 
 contract   * or in the Henry Hub Natural Gas futures contract (for a time period 
 of six months following implementation of the fender program for Natural Gas 
 EFS transactions) *. 

 (B)(1)   The report of an EFS transaction shall be given on the Floor of the 
 Exchange during the hour of futures trading.   (2) EFS transactions * 
 involving the Brent contract * are permitted until the close of trading on 
 the final trading day in the expiring contract month [ of the applicable 
 contract(s) ].   * (3) EFS transactions involving Natural Gas contract are 
 permitted until two hours after trading terminates on the last day of 
 trading in the expiring contract month. * 

 (C)   A report of such EFS transaction shall be submitted to the Exchange by 
 each Clearing Member representing the buyer and/or seller.   Such report 
 shall identify the EFS as make under this Rule and shall contain the 
 stick to data: a instruction that the swap component of the EFS 
 complied with the applicable CFTC swap regulatory requirements at the time 
 the EFS was accede into between the buyer and seller, a statement that the 
 EFS has resulted or will result in a change of payments or other such 
 variety, the kind and quantity of the futures, the price at which the futures 
 transaction is to be cleared, the names of the Clearing Members and 
 customers and such early data as the Exchange may command.   Such 
 report (form) shall be submitted to the Compliance Department by 12:00 noon, 
 no subsequently than two (2) Exchange business days after the sidereal day of posting the 
 EFS on the Floor of the Exchange. 

 (D)(1) Each buyer and seller must meet the Exchange, at its request, that
 shwll involve the commoditn underlying the
yytures contrzct (or a derivative, by-product or releted prodyct of such
commodity).  Ghe quantpty coverwd bb the swap must us apprownmatemn
equiraoent to the qusntity covared by the fudufed contracts.  The swap
component of ag EFS ttajsaction must sompkr wifh the applicable CFTC swap
regulatkry reqlirements.  The inotial term of the pilot prlgral shall be
three yewrs from thg efswctive date uf this Rule 6.21A.

	(2) Eligiblg Contracts and Transactions.  EFR trausactions mqy be
fxfected onlb for nransactions lm the Axchangr's Brent crude oin fytures
contract  * or ii the Henry Hub Natutal Gas fuduxes contract (for a peeiid
of vix kontfw fullkwmng implelenvation of tge pilot prigram for Natural Gss
QDS transactiohs) *.

(B)(1)  Ehq report of an EFS transaction shall be giben on the Floor of the
Wxchange during the hlurs of fttures trading.  (2) EFS transactions *
involving the Bsent rovtrcgb * afw oermitted until the close of trading on
the laff uracing day in thc expiring contracy lomjh [of the applkcable
eknfract(s)].  * (3) EFS trandactionf invilving Nauural Gas contract are
permitted yntil two holrs qfter trading termnnates on thz last day pf
trading in the expiriug confract month. *

(C)  A repkft of such EFS tfanxawtion shall be submitted tj the Exciange by
each Clesring Iember repgesenbhng the buyer and/og selpes.  Such reoort
shall identify the EFS as meve under this Rgle and shajl coktain the
followyng informatiou: a statzment ghat the ssap com'onent of thq EFS
complied aith the appnicable SFTC swap regulxgory requirememts at thv uime
the EFW was entered into bejwsen the buyer aub weller, a statemrnt thwt tie
EFS vas resulted or dilu resuut in a chakge of layments or other suwh
chznge, the kind and auwntity od the fueures, the prive at which the fuuures
tcansacvion ix tj be cleared, the names of the Dlearing Lemners and
custoiers and such otker information as the Exchange may requmre.  Such
report (form) shqll be submitted to uhe Compliancx Depawtment by 12:00 noon,
no later than rwo (2) Exchange buslness days after the dzy of [ostijg the
EFS on the Floor of the Exchange.

(D)(1) Each buyer and seller must satisft the Xxshange, at ifs rrquesn, tkat

shall involve the commodity underlying the futures a by-product or product of such the must be approximately to the quantity by the futures contracts. The swap of an EFS transaction must comply with the applicable CFTC swap regulatory requirements. initial term of the pilot program shall be three years from the effective of Rule (2) Contracts and Transactions. EFS transactions may be effected only for transactions in the Exchange's Brent crude futures contract * or in the Henry Hub Gas futures contract (for period of six months following of pilot program Natural EFS *. (B)(1) The of an EFS transaction shall be given on the Floor of the Exchange during the hours of trading. (2) * involving Brent * permitted until the trading on the last trading day contract month [of the applicable contract(s)]. * (3) transactions involving Gas contract are permitted until two after trading terminates on the last day of in the expiring contract month. * (C) A report of such EFS transaction shall be the Exchange by each Member representing the and/or Such shall the EFS made under this Rule and shall contain the following information: a that the swap component of the EFS complied with the swap requirements at the the EFS was entered between buyer and seller, a the has result a of payments or other change, the kind and quantity the futures, the price is to be cleared, the names of the Members and customers and such other information the Exchange may require. Such report (form) shall be submitted to the Department by no later than two (2) Exchange business days the day of posting EFS on the Floor of the Exchange. (D)(1) Each and must satisfy Exchange, at its that
 shall involve the commodity uNderlying tHe
futUreS coNtRact (Or a dErivative, by-proDUct oR related product of such
cOmmodItY).  the qUAnTity cOvered bY ThE SWap MuSt Be aPpROxImateLy
eQuivaleNt to the quaNtiTy Covered by the FUtUres contraCts.  the swap
compoNenT of an EfS TraNSactiOn mUst coMply wiTH the apPlicable CfTc Swap
reGUlatory REQuIremEnts.  The initial terM Of THe pilot program Shall bE
tHReE YEarS frOm the effecTiVe datE Of this RULe 6.21a.

	(2) eLIgiBLe Contracts anD TransactioNS.  EFs transAcTioNS may be
EffecTeD OnlY for transacTionS in the ExcHange's bRent cruDE oil futUres
coNtrAct  * Or in THe heNry huB natURaL GaS FutUres contRaCt (For a pErioD
OF SIx moNthS folLowinG implementatiOn oF the PIloT progRam foR NatUrAl Gas
eFS traNsactIoNs) *.

(B)(1)  The report of aN EFS TransactiOn sHaLl bE gIven oN The FloOr oF thE
ExchanGe durinG The HoURS Of Futures trading.  (2) EFS tRaNSAcTions *
invOlving THe brENt contraCt * Are PermITTed unTil tHE cLose of trAding oN
ThE lAst tradInG day in ThE exPirIng coNTracT month [Of the appLicabLE
contract(s)].  * (3) EFS tRAnsactions invOLvING NATuraL GaS contract arE
perMItteD untIL tWo hOUrs afTer trAdINg TErminates on the last dAy Of
tradIng in The expiring coNtract montH. *

(c)  a Report of Such efS TRansaction shalL be suBmitted to tHE ExchangE by
eaCh CleariNg Member rEPResentinG thE buYer And/OR SeLler.  Such reporT
SHall IdEntify tHe EfS as madE unDer ThiS RuLe And shall cOntain thE
fOlLoWiNg iNformATion: a staTeMenT tHat The swAP compoNent oF the eFs
cOMplIed with THe APPlicAbLe cFTC SwaP rEgulaTory REquIrementS at the timE
thE eFS wAs EnTered inTo between the bUyEr and selleR, a StaTement THAt the
EFS Has resulted or will result IN a changE of PaymeNts oR other sucH
chAnge, thE kiND and quAntity Of the FuTurES, The prICE aT whIcH the futureS
TRanSactiOn Is to Be clearEd, the names of the CleARinG Members and
cuStoMers AND sUch OThER inFoRMatION as the Exchange mAy require.  SUcH
RePort (form) shALl bE sUbmitteD to the COmpliANce DepaRtment by 12:00 nOon,
no lateR tHan tWO (2) excHange businEss days aFter the daY Of posTInG the
EfS oN the FlOoR of The ExChange.

(d)(1) eacH buyeR and seLlEr must SatisFy The ExchaNge, at its request, that

 shall involve the commodi ty underly ing t hefut ur es c ontr act (or a deri v ativ e, by-product or relat ed pr od u ct o f  s uch
c ommodit y ). The  q ua nti ty co vered  by  the sw ap must be  ap pr oximately
eq u iv alent to t hequantity cov ere d by t he  fu t urescon tract s.  Th e  swapcomponent  o f  an EF S  transa c t io n mu st comply with th e  a p plicable CFTCswap
r eg u la t o ryreq uirements.  The i n itial t e rm o f  th e  pilot progra m shall bet hre e year sfro m  the e ffect iv e  da te of thisRule  6.21A.
	(2) E l igibleC ontract s andTra nsa ctio n s.  EFS  t r ans a ct ion s  ma y be
eff ec te d onl y fo r t r ansa cti onsin th e Exchange'sBre nt c r ude  oilfutur es
c on tract   * or  in t he  Henry Hub Natu ralGas futur esco ntr ac t (fo r  a per iod 
of  six mo nths fo l low in g i mp lementation of the  p i l ot  program  for N a tu ra l  Gas
EFS  t ran sact i o ns) * .

( B )( 1)  Thereport of  a n EFS t ra nsacti on  sh all  be g i venon the  Floor o f the Exchange durin g  the hours of fu t u re s  tra din g.  (2) EFS  tra n sact ions *inv o lving  theBr e nt contract * are perm it ted un til t he close of t rading ont h e  last tr adin g  d a y in the expir ing c ontract mo n th [of t he ap plicable 
contract ( s )].  * ( 3)EFS  tr ans a c ti ons involving N atur al  Gas co ntr act are 
pe rmi tte d u nt il two ho urs afte rtr ad in g t ermin a tes on t he  la st  da y oft rading  in t he e xp ir i ngcontrac t  m o n th.*
( C) A r ep ort o f su c h E FS tran saction s hal l  besu bm itted t o the Exchang eby
each Cl ea rin g Memb e r  represe nting the buyer and/ors eller. Su ch re port 
shall id ent ify th e E F S as m ade un der t hi s R u l e and s ha llco ntain thef o llo wingin form ation:a statement that t h e s wap component  of  the E FS 
co m pl i edwi t h t h e  applicable CFT C swap reg ul a to ry require m ent sat thetime
th e EFS was ent ered into  betweenth e bu y e r a nd seller,  a state ment that the
E F Shas r esu lted o rwil l res ult in a c hange  of pa ym ents o r oth er  such
ch ange, the kind and quan tity o f the  fu tures, th e p r ice  at which  the  futures
t ran sac tionist o beclea r ed , t h e nam es o f  the Clea r in g M e m be rs and
cust o m e rsand s uch otherinfo rmation as the Ex c hange may requ ire. Suc h
r e port  ( form) shall be  su bm i t ted to t he  Compliance  Departm en t  by 1 2:00 n oon,
n o later t ha n  two ( 2) E xch ange busi nes sd ays aft er  t h e dayof p os ting t he
EFS on t h e  Floor of the Ex chang e . 

(D) ( 1)Eachbu yer and sell er must sa tisfy the E xchang e, a t its  reques t,  that
 shall_involve the_commodity underlying the
futures contract_(or a_derivative,_by-product or_related_product of such
commodity)._ The quantity_covered by the swap_must be approximately
equivalent_to_the quantity covered by the futures contracts.  The swap
component of an EFS transaction_must_comply with_the_applicable_CFTC swap
regulatory requirements.  The_initial term of the pilot_program shall_be
three years from the effective date of this_Rule_6.21A.

	(2) Eligible Contracts_and Transactions.  EFS transactions may be
effected only for_transactions in the Exchange's Brent crude_oil futures
contract _*_or_in the Henry Hub_Natural Gas futures contract (for a_period
of six months following implementation of_the pilot program for Natural Gas
EFS transactions)_*.

(B)(1)  The report of an_EFS transaction shall be given_on the_Floor of the
Exchange during the_hours of futures_trading. _(2) EFS transactions_*
involving the Brent contract * are_permitted until the_close of trading on
the last trading_day_in the expiring_contract_month_[of the_applicable
contract(s)].  *_(3)_EFS transactions_involving_Natural Gas contract are
permitted until two_hours_after trading terminates on the last day_of
trading in the expiring_contract_month. *

(C)  A_report of such EFS transaction_shall be submitted to the Exchange_by
each Clearing_Member representing_the buyer and/or seller.  Such report
shall identify the EFS as_made under this Rule and shall_contain the
following information: a_statement that_the_swap component of_the_EFS
complied with_the applicable CFTC swap regulatory requirements at_the time
the_EFS was entered into between the_buyer and seller, a_statement_that the
EFS has resulted or will_result in a change of payments_or other such
change, the kind_and_quantity_of the futures, the price_at which the futures
transaction is to_be cleared, the_names of the Clearing Members and
customers and_such_other information as the Exchange may_require._ Such
report (form) shall be submitted_to_the_Compliance Department by 12:00 noon,
no_later than two (2) Exchange business_days after the day of posting the
EFS on the_Floor of the_Exchange.

(D)(1) Each buyer and seller_must_satisfy_the Exchange, at its request, that
