Required for: all applicants, for any role.

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  CCPE Exchange Rules
  *** PLACEHOLDER — FINAL DOCUMENT PENDING ***
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1. GENERAL
   These Exchange Rules govern participation in and trading on the Chicago Commercial Paper Exchange
   (the "Exchange"). By participating, each participant agrees to be bound by these Rules as
   amended from time to time.

2. ELIGIBILITY
   Participation is limited to firms approved by the Exchange for one or more roles
   (Issuer, Investor, Dealer, Market Maker, Trader).

3. TRADING
   Orders are matched by price/time priority. The Exchange operates opening, reopening, and
   closing auctions and continuous trading, plus issuance auctions for new commercial paper.

4. SETTLEMENT
   Trades settle in cash and commercial paper across participant accounts at their designated
   settlement banks. Participants must maintain sufficient collateral for their orders.

5. CONDUCT
   Participants must not engage in manipulative or disruptive practices. The Exchange may halt
   trading in any instrument at its discretion.

(This is placeholder text describing the intended scope only. The final, authoritative
Exchange Rules will replace this document.)