SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-151

Organization: Chicago Mercantile Exchange Inc. (“CME”)

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 03/20/23 Filing Description: Withdrawal of Clearing Support for

Cleared Over-the-Counter Singapore Dollar Denominated Interest Rate Swap Products 

Referencing the Singapore Dollar Swap Offer Rate

SPECIFY FILING TYPE 

Please note only ONE choice allowed per Submission.

Organization Rules and Rule Amendments

Certification § 40.6(a)

Approval § 40.5(a)

Notification § 40.6(d)

Advance Notice of SIDCO Rule Change § 40.10(a)

SIDCO Emergency Rule Change § 40.10(h)

Rule Numbers: 

New Product Please note only ONE product per Submission.

Certification § 40.2(a) 

Certification Security Futures § 41.23(a)

Certification Swap Class § 40.2(d)

Approval § 40.3(a)

Approval Security Futures § 41.23(b)

Novel Derivative Product Notification § 40.12(a)

Swap Submission § 39.5

Product Terms and Conditions (product related Rules and Rule Amendments)

Certification § 40.6(a) 

Certification Made Available to Trade Determination § 40.6(a)

Certification Security Futures § 41.24(a)

Delisting (No Open Interest) § 40.6(a) 

Approval § 40.5(a)

Approval Made Available to Trade Determination § 40.5(a)

Approval Security Futures § 41.24(c)

Approval Amendments to enumerated agricultural products § 40.4(a), § 40.5(a)

“Non-Material Agricultural Rule Change” § 40.4(b)(5)

Notification § 40.6(d)

Official Name(s) of Product(s) Affected: See filing.

Rule Numbers: See filing.
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

March 20, 2023

VIA ELECTRONIC PORTAL

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: CFTC Regulation 40.6(a) Certification. Withdrawal of Clearing Support for Cleared 

Over-the-counter Singapore Dollar Denominated Interest Rate Swap Products

Referencing the SGD Swap Offer Rate.

CME Submission No. 23-151

Dear Mr. Kirkpatrick:

Pursuant to Commodity Futures Trading Commission (“CFTC” or “Commission”) Regulation 40.6(a), 

Chicago Mercantile Exchange Inc. (“CME” or the “Clearing House”), a registered derivatives clearing 

organization (“DCO”) under the Commodity Exchange Act, as amended (“CEA” or “Act”), hereby notifies

the Commission of the withdrawal of clearing support for CME cleared over-the counter (“OTC”) Interest 

Rate Swap (“IRS”) products which reference the Singapore Dollar (“SGD”) Swap Offer Rate (“SOR”) (the 

“Contracts”), effective immediately.

There is no open interest in the Contracts.

Ahead of the scheduled cessation of publication of the SOR reference rate after June 30, 2023, the 

Contracts will be not be available for submission of clearing via CME ClearPort and CME will withdraw 

clearing support for trades in the Contracts submitted for clearing by CME, effective immediately. For the 

avoidance of doubt, CME will continue to support clearing of SGD denominated interest rate swap products 

referencing the Singapore Overnight Rate Average (“SORA”), the nominated successor risk-free rate 

(“RFR”) for contracts denominated in SGD.

As a result of the delisting, CME will amend the CME Rule 90102.E.1. (“Interest Rate Swaps Rate Options”) 

of Chapter 901 (“Interest Rate Swap Contract Terms”) as set out in Appendix 1 below in order to effect the 

withdrawal of clearing support for the Contracts. CME has made public the withdrawal of clearing support 

for the Contracts by publishing a Clearing Advisory Notice to the marketplace.1 The list of IRS contracts 

accepted for clearing by CME will be updated on the CME Group website to reflect the delisting of the 

Contracts.

CME reviewed the derivatives clearing organization core principles (“Core Principles”) as set forth in the 

CEA and identified that the following Core Principles may be impacted by this initiative as follows:

1 CME Clearing Advisory notice was published by CME on [ ]. The Clearing Advisory advised that CME proposed to delist the 

Contracts effective Monday, March 20, 2023, subject to the necessary regulatory filings.
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

2

• Risk Management: There is no open interest in any of the Contracts, and therefore there will be 

no impact on risk management of the Clearing House or for market participants related to their 

delisting.

• Public Information: CME has made publicly available the details of the delisting by publishing a 

Clearing Advisory to the marketplace. The Clearing Advisory is available on CME Group’s website. 

The CME Rulebook and the list of IRS contracts accepted for clearing by CME will be updated on 

the CME Group website to reflect the delisting of the Contracts.

Pursuant to Section 5c(c) of the CEA and CFTC Regulation 40.6(a), CME hereby certifies that the 

withdrawal of clearing support for the Contracts complies with the Act, including regulations under the Act. 

There were no substantive opposing views to this proposal.

CME certifies that this submission has been concurrently posted on CME Group’s website at 

http://www.cmegroup.com/market-regulation/rule-filings.html.

Should you have any questions concerning the above, please contact the undersigned at (212) 299-2200 

or via e-mail at CMEGSubmissionInquiry@cmegroup.com.

Sincerely,

/s/ Christopher Bowen

Managing Director & Chief Regulatory Counsel

Attachment: Appendix 1 – CME Rulebook Chapter 901 (“Interest Rate Swap Contract Terms”) 

(blackline format)
3

Appendix 1

CME Rulebook

(additions underscored; deletions overstruck)

Chapter 901

Interest Rate Swap Contract Terms

***

90102. CONTRACT TERMS 

***

90102.E. Rate Options 

90102.E.1. Interest Rate Swaps Rate Options 

With respect to an IRS Contract, the Floating Rate Option elected by the IRS Clearing Participant 

in accordance with Rule 90002.F from the following Floating Rate Options names specified in the 

2006 ISDA Definitions or Floating Rate Options names specified in the ISDA Definitions Floating 

Rate Matrix, or combination of rate options:

2006 ISDA Definitions Floating Rate Option (“FRO”)

Name

2021 ISDA Definitions FRO Name

1. USD-LIBOR-BBA USD-LIBOR

2. USD-Federal Funds-H.15-OIS-COMPOUND USD-Federal Funds-OIS Compound

3. USD-Federal Funds-H. 15 USD-Federal Funds

4. EUR-EURIBOR-Reuters EUR-EURIBOR

5. EUR-EURIBOR-Telerate (as defined in the 2000 ISDA 

Definitions, as published by ISDA)

Not applicable

6. GBP-LIBOR-BBA* GBP-LIBOR*

*As set out in CME Clearing Advisory Notice 21-434, effective January 4, 2022, CME will cease to accept 

for clearing IRS Contracts referencing GBP-LIBOR-BBA or GBP-LIBOR except where the start date of 

such swap is on or after January 4, 2022.

7. GBP-SONIA-COMPOUND GBP-SONIA-OIS Compound

8. JPY-LIBOR-BBA** JPY-LIBOR** 

**As set out in CME Clearing Advisory Notice 21-434, effective January 4, 2022, CME will cease to 

accept for clearing IRS Contracts referencing JPY-LIBOR-BBA or JPY-LIBOR except where the start 

date of such swap is on or after January 4, 2022.

9. JPY-TONA-OIS-COMPOUND JPY-TONA-OIS Compound

10. CHF-LIBOR-BBA*** CHF-LIBOR*** 

***As set out in CME Clearing Advisory Notice 21-434, effective January 3, 2022, CME will cease to 

accept for clearing IRS Contracts referencing CHF-LIBOR-BBA or CHF-LIBOR except where the start 

date of such swap is on or after January 3, 2022.

11. CAD-BA-CDOR CAD-CDOR

12. CAD-CORRA-OIS-COMPOUND CAD-CORRA-OIS Compound

13. AUD-BBR-BBSW AUD-BBSW

14. AUD-AONIA-OIS-COMPOUND AUD-AONIA-OIS Compound

15. SEK-STIBOR-SIDE SEK-STIBOR

16. DKK-CIBOR-DKNA13 DKK-CIBOR

17. DKK-CIBOR2-DKNA13 DKK-CIBOR2

18. NOK-NIBOR-NIBR NOK-NIBOR

19. NOK-NIBOR-OIBOR NOK-NIBOR

20. HKD-HIBOR-HKAB HKD-HIBOR
4

21. NZD-BBR-FRA NZD-BKBM FRA

22. SGD-SOR-VWAP SGD-SOR 

2322. HUF-BUBOR-Reuters HUF-BUBOR

2423. PLN-WIBOR-WIBO PLN-WIBOR

2524. CZK-PRIBOR-PRBO CZK-PRIBOR

2625. ZAR-JIBAR-SAFEX ZAR-JIBAR

2726. MXN-TIIE-Banxico MXN-TIIE

2827. USD-SOFR-COMPOUND USD-SOFR-OIS Compound

2928. EUR-EuroSTR-COMPOUND EUR-EuroSTR-OIS Compound

3029. CHF-SARON-OIS-COMPOUND CHF-SARON-OIS Compound

3130. USD-BSBY USD-BSBY

3231. Not supported SGD-SORA-OIS Compound 

[Remainder of Rule unchanged.]