SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-537

Organization: NEX SEF LIMITED ("NEX SEF")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): December 14, 2023 Filing Description: Modification to the NEX

SEF Fee Schedule for the Increase in Basis Risk Reduction Services Crossing Access Fee.

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:
1

Timothy Elliott

Managing Director and Chief Regulatory Counsel

Legal Department

December 14, 2023

VIA ELECTRONIC PORTAL

Division of Market Oversight

Commodity Futures Trading Commission 

Three Lafayette Centre

1155 21st Street, N.W. 

Washington, D.C. 20581

RE: Modifications to the NEX SEF Fee Schedule for the Increase in Basis Risk Reduction 

Services Crossing Access Fee.

NEX SEF Submission No. 23-537

To Whom It May Concern:

Pursuant to Section 5c(c) of the Commodity Exchange Act (“CEA”) and Section 40.6(a) of the regulations of the 

Commodity Futures Trading Commission (“CFTC” or “Commission”), NEX SEF Limited (“NEX SEF”) hereby notifies 

the Commission of modifications to NEX SEF’s Fee Schedule for the increase in Basis Risk Reduction Services 

(“BRRS”) Crossing Access Fee (“BRRS Fee Increase”). These modifications will be effective on January 1, 2024.

The BRRS Fee Increase is set forth in Appendix A, attached under separate cover, with additions underlined and 

deletions overstruck. A clean version of the BRRS Fee Increase is set forth in Appendix B, attached under separate 

cover. A request for confidential treatment of these changes is being simultaneously submitted to the Commission and 

a copy of that request for confidential treatment is included with this submission.

NEX SEF has reviewed the swap execution facility core principles (“Core Principles”) as set forth in the CEA and has 

determined that the BRRS Fee Increase complies with the requirements of impartial access in Core Principle 2 and 

Commission Regulation 37.202 because all fees will be applied in an impartial, fair, and non-discriminatory manner, 

and the BRRS Fee Increase will be made transparent to all participants. In compliance with Core Principle 2 and 

Commission Regulation 37.200, the BRRS Fee Increase does not incentivize manipulative trading or market abuse or 

impact NEX SEF’s ability to perform its trade practice and market surveillance obligations under the Act.

NEX SEF certifies that the BRRS Fee Increase complies with the requirements of the CEA and the rules and regulations 

promulgated thereunder. There were no substantive opposing views to this proposal.

NEX SEF certifies that this submission has been concurrently posted on its 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.

Sincerely,

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel

Attachments: Appendix A – Program (blacklined) (Confidential Treatment Requested) (attached under separate 

cover)

Appendix B – Program (clean) (Confidential Treatment Requested) (attached under separate cover)

20 S Wacker Dr Chicago, IL 60606 T 312 466 7478 tim.elliott@cmegroup.com cmegroup.com
2

APPENDIX A

CONFIDENTIAL TREATMENT REQUESTED

(ATTACHED UNDER SEPARATE COVER)
3

APPENDIX B

CONFIDENTIAL TREATMENT REQUESTED

(ATTACHED UNDER SEPARATE COVER)