SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-501

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): December 15, 2023 Filing Description: Extension of the Brent 

Crude Oil Futures-Style Margin Option Fee Waiver 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

December 15, 2023

VIA ELECTRONIC PORTAL

Christopher J. Kirkpatrick 

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

RE: Extension of the Brent Crude Oil Futures-Style Margin Option Fee Waiver Program

NYMEX Submission No. 23-501

Dear Mr. Kirkpatrick:

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

Commission (“CFTC” or “Commission”) of plans to extend the Brent Crude Oil Futures-Style Margin Option Fee 

Waiver Program (“Program”) through January 31, 2025. The extension of the Program will become effective on 

February 1, 2024. All other Program terms remain unchanged.

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

overstruck.

NYMEX reviewed the designated contract market core principles (“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 includes a general fee waiver that applies to all market participants and thus does not incentivize 

manipulative trading or market abuse and 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 trading in the 

Program’s products to prevent manipulative trading and market abuse. The general fee waiver in the Program does 

not impact the Exchange’s order execution. All market participants that execute trades in the Product shall be entitled 

to participate. Chapter 4 of the Exchange rules includes prohibitions against fraudulent, non-competitive, unfair or 

abusive practices. The Program is subject to these rules. The Program is subject to the Exchange’s record retention 

policies which comply with the CEA.

NYMEX 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. 23-501 in any related 

correspondence.

Sincerely,

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel 

Enclosure: Exhibit 1
EXHIBIT 1

Brent Crude Oil Futures-Style Margin Option Fee Waiver Program

Program Purpose

The purpose of this Program is to incentivize participants to increase liquidity in the product listed below. 

A more liquid contract on the central limit order book benefits all participants in the marketplace.

Product Scope

Brent Crude Oil Futures-Style Margin Options (“BZO”) traded on CME Globex® or cleared through CME 

ClearPort (“Product”).

Eligible Participants

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

non-members. The Program is open to any participant that trades the Product. The fee incentives 

described below will be automatically applied to all trades executed in the Product or cleared through 

CME ClearPort.

Program Term 

Start date is October 12, 2015. End date is January 31, 2024 January 31, 2025.

Hours

The incentives will apply to all activity in the Product regardless of execution time.

Incentives

Fee Waivers. All participants will have exchange fees waived for all activity in the Product.