SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-434

Organization: Commodity Exchange, Inc. ("COMEX")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): October 17, 2023 Filing Description: Extension of the Korea 

Retail FCM Micro Silver Rebate 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

October 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, DC 20581

RE: Extension of the Korea Retail FCM Micro Silver Rebate Program

COMEX Submission No. 23-434

Dear Mr. Kirkpatrick:

Commodity Exchange, Inc. (“COMEX” or “Exchange”) hereby notifies the Commodity Futures Trading Commission 

(“CFTC” or “Commission”) of plans to extend the Korea Retail FCM Micro Silver Rebate Program (“Program”) through 

January 31, 2025. The extension of the Program will become effective on November 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.

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

Commodity Exchange Act (“CEA” or “Act”). During the review, Exchange 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 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 activity in the Program’s products to prevent 

manipulative trading and market abuse. Additionally, the Exchange has implemented systems to track Program 

participants’ volume to ensure proper distribution of earned incentives. The Program does not affect the Exchange’s

order execution. Participants in the Program will be selected by Exchange staff using criteria as set forth in Exhibit 1. 

Exchange rules include prohibitions against fraudulent, non-competitive, unfair, or abusive practices. All participants 

must execute a contractual agreement with the Exchange in which each participant expressly agrees to comply with, 

and be subject to, applicable regulations and applicable rules. The Program is subject to the Exchange’s record 

retention policies which comply with the CEA.

COMEX 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 COMEX Submission No. 23-434 in any related 

correspondence.

Sincerely,

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit 1
EXHIBIT 1

Korea Retail FCM Micro Silver Rebate Program

Program Purpose

The purpose of the Program is to incentivize higher levels of volume contribution in the COMEX Micro 

Silver product. Higher levels of volume and liquidity in the product benefits all participants in the 

marketplace. 

Product Scope 

Micro Silver Futures (“SIL”) that are traded on the CME Globex Platform (“Product”).

Eligible Participants

There is no limit to the number of participants that may participate in the Program. The Program is open 

to non-members that are: (i) located in Korea, and (ii) registered with the Exchange as a retail brokerage 

firm.

Program Term

Start date is November 1, 2022. End date is October 31, 2023 January 31, 2025.

Hours

N/A

Obligations

Participants must meet certain volume thresholds in the Product, as determined by the Exchange, in 

order to receive the incentives.

Incentives

Upon meeting all obligations, as determined by the Exchange, participants will be eligible to receive 

predetermined incentives.

Monitoring and Termination of Status

The Exchange shall monitor participants’ activity in the Product and retains the right to revoke participant 

status if it concludes from review that a participant no longer meets the requirements of the Program.