SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-292 (1 of 4)

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): July 17, 2023 Filing Description: Modifications to the Central 

Bank 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: N/A

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

July 17, 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 Central Bank Incentive Program

CME Submission No. 23-292 (1 of 4)

Dear Mr. Kirkpatrick:

Chicago Mercantile Exchange Inc. (“CME”), The Board of Trade of the City of Chicago, Inc. (“CBOT”), New York 

Mercantile Exchange, Inc. (“NYMEX”), and Commodity Exchange, Inc. (“COMEX”) (collectively, the “Exchanges”)

hereby notify the Commodity Futures Trading Commission (“CFTC” or “Commission”) of modifications to the Central 

Bank Incentive Program (“CBIP” or “Program”). The modifications to the Program will become effective on August 1, 

2023.

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

overstruck. 

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

Commodity Exchange Act (“CEA”). During the review, the Exchanges’ 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’s incentive structure does not impact the Exchanges’ ability to perform their trade practice and market 

surveillance obligations under the CEA. The Exchanges’ market regulation staff will monitor trading in the Program’s 

products to prevent manipulative trading and market abuse. The incentives in the Program do not impact the 

Exchanges’ order execution. Participants in the Program will be selected by the Exchanges’ staff using criteria as further 

stated in Exhibit 1. Chapter 4 of the Exchanges’ rules includes prohibitions against fraudulent, non-competitive, unfair 

or abusive practices. The Program is subject to these rules. The Program is subject to the Exchanges’ record retention 

policies which comply with the CEA.

The Exchanges certify that the Program complies with the CEA and the regulations thereunder. There were no 

substantive opposing views to this Program or the proposed modifications.

The Exchanges certify that this submission has been concurrently posted on the Exchanges’ 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. 23-292 in any related correspondence.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit 1
EXHIBIT 1

CENTRAL BANK INCENTIVE PROGRAM 

Program Purpose

The purpose of this Program is to incentivize Central Banks located outside of the United States to trade 

the products listed below. The resulting increase in liquidity in the products listed below benefits all 

participant segments in the market. 

Product Scope

Certain CME, CBOT, NYMEX, and COMEX products available for trading on the CME Globex Platform,

and all CME Interest Rate Options traded via Open Outcry (“Products”).

Eligible Participants

There is no limit to the number of participants that may participate in the Program. All non-U.S. central 

banks, multilateral development banks, multilateral financial institutions, sub-regional banks, aid 

coordination groups, and international organizations of central banks may apply for participation. 

Program Term 

Start date is July 1, 2013. End date is July 31, 2023 January 31, 2024.

Hours

The incentives will apply to all trades made in the Products regardless of the execution time. 

Incentives

Once accepted into the Program, participants will be eligible to receive the following incentives: 

Fee Discounts: Participants will be eligible to receive discounted fees for the Products in accordance with 

the following:

GLOBEX

Product Category

(For executed trades on Globex only)

Central Bank Incentive Program 

Participant Fees

(Per Side)

CME Products

E-mini Equity Index Futures – Outrights $1.07 $1.20

E-mini Equity Index – Options $0.50 $0.53

Micro E-Mini Equity Index Futures – Outrights $0.22 $0.29
Micro E-Mini Equity Index Futures – Spreads $0.22 $0.29

Micro E-mini Equity Index Options – Outrights $0.14 $0.17

Micro E-mini Equity Index Options – Spreads $0.11 $0.13

Bitcoin Futures – Outrights, Spreads $5.50 $5.75

Bitcoin Options $4.85 $4.93

Interest Rate Futures – Front Months $0.75 $1.00

Interest Rate Futures – Back Months $0.85

Interest Rate Options $0.60 $0.75

Full Size Foreign Exchange – Futures

(excluding FX Link) $1.00 $1.30

Full Size Foreign Exchange – Options $1.00 $1.30

CBOT Products

E-mini Dow/DJ U.S. Real Estate $1.07 $1.20

Micro E-Mini Dow $0.22 $0.29

Micro Treasury Yield Futures $0.27 $0.29

TBA Futures $0.55 $0.63

Ultra U.S. Treasury Bond Futures $0.80 $0.88

U.S. Treasury Options $0.53 $0.69

2-Year & 3-Year U.S. Treasury Futures $0.61 $0.63

5-Year U.S. Treasury Futures $0.61 $0.63

10-Year & Ultra 10-Year U.S. Treasury Futures $0.70 $0.75
All other U.S. Treasury Bond Futures $0.77 $0.82

Fed Fund Contracts $0.60 $0.78

Full Size Agricultural Contracts* $1.72 $1.91

NYMEX Products

Energy Contracts (Physicals) on CME Globex

(CL, LO, HO, OH, RB, OB, NG, LN, ON)*

$1.27 $1.39

NYMEX Metals (PL, PA)* $1.27 $1.41

COMEX Products

Metals Futures Contracts (Physicals) on CME 

Globex (GC, SI, HG)*

$1.27 $1.41

Gold (Enhanced Delivery) Futures $1.27 $1.41

*For the products denoted with an asterisk above, Globex TAS transactions will be excluded from the 

Program upon implementation by the Exchanges.

OPEN OUTCRY

Product Category

(For executed trades via Open Outcry only)

Central Bank Incentive Program 

Participant Fees

(Per Side)

CME Products

Interest Rate Options $0.60 $0.68

Monitoring and Termination of Status

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

revoke participant status if it concludes from review that a participant no longer meets the eligibility 

requirements or fails to meet the obligations of the Program.