SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-091

Organization: Chicago Mercantile Exchange Inc. ("CME")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): February 13, 2023 Filing Description: Modifications to the FX 

Monthly Futures Market Maker Program

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: Not Applicable

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

Official Product Name: 

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: 

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

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

February 13, 2023

VIA ELECTRONIC PORTAL

Christopher J. Kirkpatrick 

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

RE: Modifications to the FX Monthly Futures Market Maker Program

CME Submission No. 23-091

Dear Mr. Kirkpatrick:

Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) hereby notifies the Commodity Futures Trading 

Commission (“CFTC” or “Commission”) of plans to modify the FX Monthly Futures Market Maker Program

(“Program”). The modifications to the Program will become effective on March 1, 2023.

Exhibit 1 sets forth the terms of the Program. Modifications appear below, with additions underlined and deletions 

overstruck. 

CME reviewed the designated contract market core principles (“Core Principles”) as set forth in the Commodity

Exchange Act (“CEA”). During the review, CME staff identified the following Core Principles as potentially being 

impacted: Monitoring of Trading, Execution of Transactions, Protection of Market Participants, Compliance with 

Rules, Availability of General Information, and Recordkeeping

The Program does not impact the Exchange’s ability to perform its trade practice and market surveillance obligations 

under the CEA. Exchange staff will monitor trading in the Program’s products in order to prevent manipulative trading 

and market abuse. Additionally, the Exchange has implemented systems to track Program participants’ volume to 

ensure proper distribution of earned incentives. The Program does not impact the Exchange’s order execution. 

Participants in the Program will be selected by CME staff using criteria as set forth in Exhibit 1. Chapter 4 of the 

Exchange rules includes prohibitions against fraudulent, non-competitive, unfair or abusive practices. All participants 

must execute a contractual agreement with CME in which each participant will expressly agree to comply with, and 

be subject to, applicable regulations and Exchange rules. Additionally, the Program is subject to the Exchange’s 

record retention policies, which comply with the CEA.

CME certifies that the Program complies with the CEA and the regulations thereunder. There were no substantive 

opposing views to this Program.

The Exchange certifies that this submission has been concurrently posted on the Exchange’s website at 

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

If you require any additional information regarding this submission, please e-mail 

CMEGSubmissionInquiry@cmegroup.com or contact Rachel Johnson at 312-466-4393 or via e-mail at 

Rachel.Johnson@cmegroup.com. Please reference our CME Submission No. 23-091 in any related correspondence.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel 

Enclosure: Exhibit 1
EXHIBIT 1

FX Monthly Futures Market Maker Program

Program Purpose

The purpose of this Program is to incentivize participants to support the development of the products 

listed below. A more liquid contract benefits all participants in the marketplace.

Product Scope

Monthly maturities of Australian Dollar Futures (“6A”), British Pound Futures (“6B”), Canadian Dollar 

Futures (“6C”), Euro FX Futures (“6E”), and Japanese Yen Futures (“6J”), and Euro/British Pound Futures

(“RP”) traded on the CME Globex Platform (the “Products”).

Eligible Participants

CME may designate up to eight (8) participants in the Program. Participants may be CME members or 

non-members. Potential participants are required to submit an application/bid sheet to the Exchange as 

part of a competitive application process which is used to determine eligibility. In determining whether or 

not a prospective market maker is selected to participate in the Program, CME may take into account a 

variety of factors including the strength of the quoting obligations the prospective market maker is willing 

to commit to provide, whether CME staff believes that the prospective market maker can maintain such 

obligations, and the prospective market maker’s historical activity in Foreign Exchange products.

Participants may not concurrently participate in any other Program targeted at the Products included in 

this Program. Notwithstanding the foregoing, CME may add or subtract from the aforementioned factors 

as it deems necessary.

Program Term 

Start date is February 27, 2017. End date is October 31, 2023 August 31, 2023.

Hours

RTH, ETH, ATH.

Obligations

Participants must quote continuous two-sided markets in the Products at maximum bid/ask spreads and 

minimum quote sizes.

Incentives

Upon satisfying all obligations, as determined by the Exchange, participants may be eligible to receive

predetermined incentives. 
Monitoring and Termination of Status

The Exchange shall monitor trading activity and participants’ performance and shall retain the right to 

revoke participant status if it concludes from review that a participant has failed to meet its obligations or 

no longer meets the eligibility requirements of the Program.