SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-310

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 11, 2023 Filing Description: Extension of the 

Cryptocurrency Futures and Options Block and EFRP 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

July 11, 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 Cryptocurrency Futures and Options Block and EFRP Program

CME Submission No. 23-310

Dear Mr. Kirkpatrick:

Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) hereby notifies the Commodity Futures Trading 

Commission (“CFTC” or “Commission”) of plans to extend the Cryptocurrency Futures and Options Block and EFRP 

Program (“Program”) through July 31, 2024. The extension of the Program will become effective on August 1, 2023.

All other Program terms remain unchanged.

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

overstruck.

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

Exchange Act (“CEA”). 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 incentivize manipulative trading or market abuse or 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 trading in the Program’s products to prevent manipulative trading and market abuse. Additionally, CME has 

implemented systems to track Program participants’ volume to ensure proper distribution of earned incentives. The 

products included in this Program are listed for trading in the open and competitive market. The incentives under the 

Program do not adversely impact price discovery in the centralized market. Specifically, incentives under the Program 

are only available to brokers that submit previously matched third-party trades in the relevant products. The parties to 

a trade have discretion to select the venue. Brokers earn incentives after venue selection is made. Principals who 

submit trades or execute orders for their own account or a proprietary account are not eligible for incentives under the 

Program. Thus, the Program does not influence the choice made by the principals regarding the execution venue. 

Participants in the Program will be selected by CME staff using criteria set forth in Exhibit 1. Chapter 4 of the CME 

rules includes prohibitions against fraudulent, non-competitive, unfair or abusive practices. The Program is subject to 

these rules and CME records retention policies that comply with the CEA.

The Exchange 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 the CME 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. 23-310 in any related correspondence.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit 1
EXHIBIT 1

Cryptocurrency Futures and Options Block and EFRP Program

Program Purpose 

The purpose of this Program is to encourage brokers to increase volume in the products listed below, 

enhancing market liquidity for the products. A more liquid contract benefits all participants in the market.

Product Scope

All cryptocurrency futures and options (“Products”).

Eligible Participants

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

to all registered brokers that facilitate matched trades via CME ClearPort or CME Direct.

Program Term

Start date is February 18, 2020. End date is July 31, 2023 July 31, 2024. 

Hours

N/A

Incentives

Fee Credits: Participants will receive a fee credit equal to 20% of the fee associated per lot submitted for 

all ex-pit trades, including blocks, block spreads, BTIC blocks, EFRPs, and EOOs, submitted via CME 

ClearPort or CME Direct.

Monitoring and Termination of Status

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

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

requirements of the Program.