SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 17-189

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): May 16, 2017 Filing Description: Modifications to the E-mini 

Futures Volume Incentive 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 212 299 2299 christopher.bowen@cmegroup.com cmegroup.com\

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

May 16, 2017

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 E-mini Futures Volume Incentive Program

CME Submission No. 17-189

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 E-mini Futures Volume Incentive Program (“Program”). 

The modifications to the Program will become effective on June 1, 2017.

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

overstruck. 

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

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

potentially being impacted: Prevention of Market Disruption, Execution of Transactions, Protection of Market 

Participants, Compliance with Rules, and Recordkeeping. 

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

under the CEA and the Exchange’s market regulation staff will monitor trading in the Program’s products to prevent 

manipulative trading and market abuse. Additionally, the Exchange has implemented systems to track Program 

participants’ obligations to ensure proper distribution of earned incentives. The incentives in the Program do not 

impact the Exchange’s order execution. Participants in the Program will be selected by Exchange staff using criteria 

as further stated in Exhibit 1. Chapter 4 of the CME rules includes prohibitions against fraudulent, non-competitive, 

unfair or abusive practices. All participants must execute a contractual agreement with the Exchange in which each 

participant will expressly agree to comply with and be subject to applicable regulations and CME rules. 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. 17-189 in any related correspondence.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachment: Exhibit 1
EXHIBIT 1

E-mini Futures Volume Incentive Program

Program Purpose 

The purpose of this Program is to incent market makers to enhance liquidity in the products listed below. 

The resulting increase in central limit order book liquidity on the CME Globex® Platform benefits all 

participant segments in the market.

Product Scope

E-mini S&P Real Estate Select Sector Stock Index Futures, E-mini S&P Consumer Staples Select Sector 

Futures, E-mini S&P Consumer Utilities Select Sector Futures, E-mini S&P Consumer Discretionary 

Select Sector Futures, E-mini S&P Industrial Select Sector Futures, E-mini S&P Financial Select Sector 

Futures, E-mini S&P Health Care Select Sector Futures, E-mini S&P Technology Select Sector Futures, 

E-mini S&P Energy Select Sector Futures, E-mini S&P Materials Select Sector Futures, E-mini FTSE 

China 50 Index Futures, E-mini FTSE 100 Index (GBP) Futures, E-mini FTSE Emerging Index Futures, Emini FTSE Developed Europe Index Futures, E-mini USD Denominated FTSE 100 Index Futures, E-mini 

Russell 1000 Value Index Futures, E-mini Russell 1000 Growth Index Futures, E-mini Russell 1000 Index 

Futures, E-mini NIFTY 50 Index Futures, E-mini S&P 600 Small Cap Futures, E-mini NASDAQ 

Biotechnology Index Futures, E-mini NASDAQ Composite Futures, E-mini Russell 2000 Growth Index 

Futures, E-mini Russell 2000 Value Index Futures, and E-mini S&P MidCap 400 Futures (“Products”) that 

are traded on the CME Globex® Platform.

Eligible Participants

There is no limit to the number of participants that may participate in the Program. Participants may be 

CME members or non-members. 

Program Term 

Start date is June 1, 2016. End date is May 31, 2017 December 31, 2017.

Obligations

Participants must meet certain volume thresholds, as determined by the Exchange, in order to be eligible 

to receive the Program incentives.

Incentives 

Upon meeting 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 Program participant status if it concludes from review that a Program participant no longer meets 

the eligibility requirements or fails to meet the obligations of the Program.