### Question
How is the term emergency defined?


### Answer
The term **emergency** is defined in *17 CFR § 1.10* as the following:

> 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 § 1.10*
  - Heading: **PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT**

