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ActiveUS 149246756v.3

BGC Derivative Markets, L.P

2015-12 Rulebook Changes

November 13, 2015 

1. The text of the proposed amendments to the BGC Derivative Markets, L.P. 

(“BGCDMLP”) Rules are appended as Attachment A. Any additions are underlined and 

any deletions are struck through.

2. The date of intended implementation of the proposed amendments is ten business days 

following the filing of this submission.

3. Attached, please find a certification that: (1) these rules comply with the Commodity 

Exchange Act, and the Commission’s regulations thereunder; and (2) concurrent with this 

submission, BGC posted on its website: (i) a notice of pending certification of the rule 

submissions with the Commission; and (ii) a copy of this submission.

4. A concise explanation and analysis of the operation, purpose, and effect of the amended 

rule appears below.

5. There were no opposing views expressed regarding these amended rules.

6. Confidential treatment is not requested.

CONCISE EXPLANATION AND ANALYSIS OF THE OPERATION, PURPOSE, AND 

EFFECT OF THE CERTIFIED RULE AND ITS COMPLIANCE WITH APPLICABLE 

PROVISIONS OF THE ACT, INCLUDING CORE PRINCIPLES AND THE 

COMMISSION’S REGULATIONS THEREUNDER

Pursuant to Commission Rule 40.6(a)(7)(vi), the following is a concise explanation and analysis 

of the operation, purpose, and effect of the amended rules. The attached amendments are 

technical changes in response to suggestions and guidance from CFTC staff during the course of 

its review of the BGCDMLP application for registration as a Swap Execution Facility. 

The following chart identifies the changed rules and includes an explanation of the operation, 

purpose, and effect of the change. 
CONCISE EXPLANATION AND ANALYSIS OF THE OPERATION, PURPOSE, AND 

EFFECT OF THE RULE AMENDMENT AND ITS COMPLIANCE WITH APPLICABLE 

PROVISIONS OF THE ACT 

Rule Rule Title Change 

201. Board of Directors The amendment explicitly 

incorporates into the BGCDMLP 

Rulebook the standards 

regarding composition of the 

Board of Directors which applies 

to BGCDMLP under 

Commission Rule 1.64(b )(1) and 

(b )(3). 

403(c) Record-keeping and The effect of the change will be 

Reporting Requirements. to clarify that the requirement 

applies also to Sponsored 

Participants and Customers, in 

accordance with Commission 

Rule 37.404(b). 

lOIO(a) and lOIO(b) Decision The change incorporates into 

the BGCDMLP Rulebook 

provisions set forth in CFTC 

rules. 

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CERTIFICATIONS PURSUANT TO SECTION 5c OF THE COMMODITY EXCHANGE 

ACT, 7 U.S.C. §7 A-2 AND COMMODITY FUTURES TRADING COMMISSION RULE 40.6, 

17 C.P.R. §40.6 

I hereby certifY that: 

(1) the amended Rule complies with the Commodity Exchange Act, and the 

Commodity Futures Trading Commission's regulations thereunder; and 

(2) concurrent with this submission, BGC Derivative Markets, L.P. posted on its 

website: (a) a notice of pending certification of the above Rules with the 

Commission; and (b) a copy of this submission 

•• 

By: -:71.)-c. ~ c: M t.,~7 

Title: C::. E. 0 

Date: "-\\~ \\'S 

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Attachment A-Amended Rules 

PART 2. GOVERNANCE 

201. Board of Directors. 

The Board shall have all the powers and authority permitted by law, the Facility's Rules 

and its formation Partnership Agreement. The Board of Directors shall be appointed by 

the general partner ofBGC Derivative Markets, L.P. The Board shall be composed in 

accordance with the standards set forth in Commission Rule 1.64Cb)(l) and Cb)(3), which 

are incorporated herein by reference. 

Part 4. OBLIGATIONS OF PARTICIPANTS. 

403. Record-keeping and Reporting Requirements. 

* * * * * 

(c) Commission Record-keeping Requirements. Each Participant, Sponsored 

Participant or Customer shall keep all records relating to the Facility that are 

required by the Commission and Applicable Law to be kept, in such form and 

manner and for such period, as required by Commission Rule and Applicable Law, 

including but not limited to records by a Participant, Sponsored Participant or 

Customer of its trading, including records of its activity in the index or instrument 

used as a reference price, the underlying commodity, and related derivatives 

markets, and make such records available, upon request, to the Facility or, if 

applicable, its Regulatory Services Provider, and the Commission. 

PART 10. DISCIPLINARY PROCEEDINGS. 

1010. Decision. 

(a) Promptly following the hearing, the Hearing Panel ofthe Disciplinary 

Committee shall render a written decision based upon the weight of 

the evidence contained in the record of the proceeding and shall serve a 

copy of its decision within 30 days upon the Compliance Department 

and the Respondent. The decision, shall be the final action of the 
Facility and shall not be subject to appeal within the Facility. The 

decision shall become effective at the time set forth therein the 

decision, which shall be not less than fifteen days after the written 

decision has been delivered to the Person disciplined or denied access. 

Where delivery is by U.S. mail, an additional three day period shall be 

provided prior to the decision becoming effective. Provided. however, 

that a decision may become effective in fewer than fifteen days if, as 

determined by the Facility and stated in the decision, such an action is 

necessary to protect the best interests of the Facility, the violation 

relates to timely submission of accurate records required for clearing, or 

the disciplined Person consents to the penalty and the timing of its 

effectiveness. The decision shall include: 

* * * * * 

When a Decision under Rules 1010, 1015 or 1016 has become final, the Facility shall, within 

thirty days, provide a copy of such Decision by mail to the Division of Market 

Oversight at the Commission's headquarters address as provided under Commission 

Rule 9.11, or alternatively by electronically providing such information to the National 

Futures Association for entry into its Background Affiliation Status Information Center 

system. 

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