SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 24-017

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): January 2, 2024 Filing Description: Extension of the FX 

Options Give-up Surcharge Fee Waiver 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: 
20 S Wacker Dr Chicago, IL 60606 T 312 466 7478 tim.elliott@cmegroup.com cmegroup.com

Timothy Elliott

Managing Director and Chief Regulatory Counsel

Legal Department

January 2, 2024

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: Extension of the FX Options Give-up Surcharge Fee Waiver Program

CME Submission No. 24-017

Dear Mr. Kirkpatrick:

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

Commission (“CFTC” or “Commission”) that it plans to extend the FX Options Give-up Surcharge Fee Waiver 

Program (“Program”) through January 31, 2025. The extension of the Program will become effective on February 1, 

2024. All other Program terms remain unchanged. 

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 is a general fee waiver that applies to all market participants. A general fee waiver does not incentivize 

manipulative trading or market abuse. The Program does not impact the Exchange’s ability to perform its trade 

practice and market surveillance obligations under the CEA. The Exchange’s market regulation staff will monitor 

trading in the products that are included in the Program to prevent manipulative trading and market abuse. The 

general fee waiver in the Program does not impact the Exchange’s order execution. All market participants that 

execute trades in the products shall be entitled to participate. Chapter 4 of the Exchange rules includes prohibitions

against fraudulent, non-competitive, unfair, or abusive practices. The Program is subject to these rules and CME 

records retention policies that 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. 24-017 in any related correspondence.

Sincerely,

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel

Attachment: Exhibit 1
EXHIBIT 1

FX Options Give-up Surcharge Fee Waiver Program

Program Purpose

The purpose of this Program is to incentivize market participants to submit transactions in foreign 

exchange (“FX”) options. The resulting increase in liquidity benefits all participant segments of the market. 

Product Scope

All CME FX options (“Products”).

Eligible Participants

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

members or non-members. The incentives described below will be automatically applied to all 

transactions in the Products made by market participants.

Program Term 

Start date is July 1, 2019. End date is January 31, 2024 January 31, 2025. 

Hours

N/A

Incentives

Fee Waivers: All market participants will receive give-up surcharge waivers for the Products.