SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 22-557

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): December 20, 2022 Filing Description: Extension of the FEX 

Strip Option Expiration 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: 
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

December 20, 2022

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 FEX Strip Option Expiration Fee Waiver Program

CME Submission No. 22-557

Dear Mr. Kirkpatrick:

Chicago Mercantile Exchange Inc. (“CME”), on behalf of its clearing house division (“CME Clearing”), hereby notifies 

the Commodity Futures Trading Commission (“CFTC” or “Commission”) of plans to extend the FEX Strip Option 

Expiration Fee Waiver Program (“Program”) through January 31, 2024. The extension of the Program will become 

effective on February 1, 2023. 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 derivatives clearing organization (“DCO”) 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: Financial Resources, Rule Enforcement, Recordkeeping, and Public Information.

The Program is a general fee waiver that applies to all market participants as further stated in Exhibit 1. CME will 

publish the Program on the CME website to ensure that the fees waived by the DCO are publicly available. The 

incentives in the Program have a non-material impact on the financial resources of CME. As such, the Program will 

not prevent CME from demonstrating that it has adequate financial, operational, and managerial resources to 

discharge its responsibilities as a DCO. Further, the incentives provided under the Program will not impact CME’s 

ability to perform its monitoring or enforcement obligations under the CEA. Chapter 4 of the CME rules includes 

prohibitions against fraudulent, non-competitive, unfair or abusive practices. The Program will be subject to these 

rules. The Program is subject to CME’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.

CME certifies that this submission has been concurrently posted on CME’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. 22-557 in any related correspondence.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit 1
EXHIBIT 1

FEX Strip Option Expiration Fee Waiver Program

Program Purpose

The purpose of this Program is to support the launch and development of CME’s clearing partnership with 

FEX Global.

Product Scope

FEX Base Load Quarter Strip 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 option 

expiration fees in the Products for all market participants.

Program Term

Start date is March 25, 2021. End date is January 31, 2023 January 31, 2024.

Hours

N/A

Incentives

Fee Waivers: All market participants will receive fee waivers for option expiration fees in the Products.