### Question
What is the definition of emergency?


### Answer
The definition of **emergency** is as follows in *17 CFR § 1.12*:

> any occurrence or circumstance listed in this paragraph (a)(4) which, in the opinion of the governing board of the contract market, requires immediate action and threatens or may threaten such things as the fair and orderly trading in, or the liquidation of or delivery pursuant to, any contracts on such contract market. 

#### Citation:
  - *17 CFR § 1.12*
