SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 17-388

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): October 3, 2017 Filing Description: Modifications to the Fee 

Schedule Applicable to CME SDR

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: 
20 South Wacker Drive, Chicago, Illinois 60606 T 312 466 7478 F 312 930 3323 tim.elliott@cmegroup.com cmegroup.com

Tim Elliott

Executive Director and Associate General Counsel

Legal Department

October 3, 2017

VIA ELECTRONIC PORTAL

Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, DC 20581

RE: CFTC Regulation 40.6(a) Certification. Modifications to the CME SDR Fee Schedule.

CME SDR Submission No. 17-388

Dear Mr. Kirkpatrick:

The Swap Data Repository Division of Chicago Mercantile Exchange Inc. (“CME SDR” or “SDR”) hereby notifies the 

Commodity Futures Trading Commission (“CFTC” or “Commission”) that it plans to modify the fee schedule that 

applies to the business of CME’s swap data repository (“CME SDR Fee Schedule”). The modifications to the CME 

SDR Fee Schedule will become effective on December 1, 2017.

Exhibit 1 sets forth the CME SDR Fee Schedule. Modifications appear below, with additions underscored and 

deletions overstruck.

CME SDR reviewed the requirements of the Commodity Exchange Act (“CEA” or “Act”) relating to the business of 

SDRs including applicable SDR core principles (“Core Principles”) in light of the proposed changes that are the 

subject of this submission. As a result of this review, CME SDR identified that the changes described in this 

submission may have some bearing on SDR Core Principle 4 (“Additional Duties”) as discussed below:

• Registered SDRs are required to maintain sufficient financial resources as set forth in CFTC Regulation 

49.25. The modifications to the CME SDR Fee Schedule will modify fees for SDR services to replace the 

current fee schedule. CME believes that charging fees for its services is clearly aligned with the 

requirement to maintain sufficient financial resources.

• Registered SDRs shall adhere to CFTC requirements regarding fair and open access and the charging of 

any fees, dues or other similar type charges as detailed in CFTC Regulation 49.27. As set forth in Exhibit 1, 

the proposed fee changes in CME SDR’s Fee Schedule include fees that are equitable and will be 

established in a non-discriminatory manner.

Further, the Fee Schedule will be fully disclosed and transparent to all market participants as it will be posted on the 

CME Group website.

CME SDR certifies that the modifications to the CME SDR Fee Schedule comply with the Act and regulations 

thereunder. There were no opposing views related to the modifications to the CME SDR Fee Schedule.

CME SDR certifies that this submission has been concurrently posted on the CME Group 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 SDR Submission No. 17-388 in any related 

correspondence.

Sincerely, 

/s/ Tim Elliott

Executive Director and Associate General Counsel

Attachment: Exhibit 1
EXHIBIT 1

CME SDR Fee Schedule

Rates, Credit & 

Commodities

OTC FX

Who to Charge All Reporting Users (Designated Reporting Counterparties or 

SEF/DCM)

Annual User Membership 

Fee

$2,400

Minimum Monthly Fee • $200 per asset class per month 

• Applies to Users unless a Master Account exists, then 

applies to Master Account

Covered by Minimum 25 USIs per asset class per 

month

1,000 USIs per FX asset class 

per month

Transactional Fee $5.00 per USI for Rates, 

Credit & Commodities

$1.50 per USI for OTC FX

Maintenance Fee No maintenance fees

Porting Fee Fees are waived for closed positions ported to CME SDR from 

another CFTC-authorized SDR. Standard fees apply for open 

positions ported to CME SDR from another SDR. 

Annual Fee Cap* (calculated 

against the aggregated 

activity across all asset 

classes for the User Billing 

Account)

$250,000 per asset class per year

Category 1: USD 300,000 – Any User Master Account or User 

who is not registered with the CFTC, except if as a Limited 

Swap Dealer, or who is not classified as a Service Provider.

Category 2: USD 1,500,000 – Any User Master Account or 

User who is registered with the CFTC as a Designated 

Clearing Organization (DCO), a Major Swap Participant (MSP) 

or a Swap Dealer (SD). 

*The Annual Fee Cap is inclusive of the Annual User 

Membership Fee and any fees on ported open positions. User 

Master Accounts comprised of both Category 1 and Category 2 

Users will be considered Category 2 for purposes of assessing 

the Annual Fee Cap.