SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-372

Organization: New York Mercantile Exchange, Inc. ("NYMEX")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): September 1, 2023 Filing Description: Implementation of the 

Financial European Natural Gas Market Maker 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

September 1, 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: Implementation of the Financial European Natural Gas Market Maker Program

NYMEX Submission No. 23-372

Dear Mr. Kirkpatrick: 

New York Mercantile Exchange, Inc. (“NYMEX” or “Exchange”) hereby notifies the Commodity Futures Trading 

Commission (“CFTC” or “Commission”) of plans to implement the Financial European Natural Gas Market Maker 

Program (“Program”). The proposed Program will become effective on October 1, 2023.

Exhibit 1 sets forth the terms of this Program. 

The Exchange reviewed the designated contract market Core Principles as set forth in the Commodity Exchange Act 

(“CEA”). During the review, NYMEX 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 will 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 trading in the Program’s products to prevent 

manipulative trading and market abuse. Additionally, NYMEX 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. Participants in the Program are selected by Exchange staff 

using criteria as further stated in Exhibit 1. Chapter 4 of the NYMEX rules includes prohibitions against fraudulent, 

non-competitive, unfair or abusive practices. All participants must expressly agree to comply with and be subject to, 

applicable regulations and NYMEX rules. The Program is subject to the Exchange’s record retention policies which 

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.

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 NYMEX Submission No. 23-372 in any related 

correspondence.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachment: Exhibit 1
EXHIBIT 1

Financial European Natural Gas Market Maker Program

Program Purpose

The purpose of this Program is to build liquidity in the natural gas product listed below. The resulting 

increase in central limit order book liquidity benefits all participant segments in the market.

Product Scope 

Dutch TTF Natural Gas Financial Calendar Month Futures (“TTG”) that are traded on the CME Globex

Platform or submitted for clearing through CME ClearPort (the “Product”).

Eligible Participants

There is no limit to the number of participants in the Program. Participants may be NYMEX members or 

non-members. 

Program Term

Start date is October 1, 2023. End date is March 31, 2024. 

Hours

8:30AM – 4:30PM UK Time.

Obligations

In order to be eligible to receive the incentives, participants must quote two-sided markets in the Product

at predetermined average bid/ask spreads and minimum quote sizes.

Incentives

Upon satisfying all obligations, as determined by the Exchange, each participant 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 eligibility criteria or obligations of 

the Program.