SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-255

Organization: Chicago Mercantile Exchange Inc. ("CME")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): June 14, 2023 Filing Description: Implementation of the FX 

Non-Roll Spreads Volume Incentive 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

June 14, 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: Implementation of the FX Non-Roll Spreads Volume Incentive Program

CME Submission No. 23-255

Dear Mr. Kirkpatrick:

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

Commission (“CFTC” or “Commission”) of plans to implement the FX Non-Roll Spreads Volume Incentive Program

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

Exhibit 1 sets forth the terms of the Program.

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

Exchange Act (“CEA”). During the review, CME 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. Exchange staff will monitor trading in the Program’s products in order 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 impact the Exchange’s order execution. 

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

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

must execute a contractual agreement with CME in which each participant will expressly agree to comply with, and 

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

record retention policies, which comply with the CEA.

CME 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 CME Submission No. 23-255 in any related correspondence.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel 

Enclosure: Exhibit 1
EXHIBIT 1

FX Non-Roll Spreads Volume Incentive Program

Program Purpose

The purpose of this Program is to incentivize participants to enhance liquidity in the FX futures products

listed below. The resulting increase in liquidity on the central limit order book benefits all participant 

segments in the market.

Product Scope

All FX G5 futures non-roll spreads that are traded on the CME Globex Platform (“Products”).

Eligible Participants

There is no limit to the number of participants that may participate in the Program. Participants may be

CME members or non-members. Participants cannot be concurrently enrolled in the FX Futures Spreads 

Member Bank Volume Incentive Program or FX Monthly Futures Market Maker Program. 

Program Term 

Start date is July 1, 2023. End date is June 30, 2024.

Obligations 

Upon meeting certain volume thresholds in the Products, participants will be eligible to receive 

predetermined incentives.

Incentives

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

incentives in the Products.

Monitoring and Termination of Status

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

revoke participant status if it concludes from review that a participant has failed to meet its obligations or 

no longer meets the eligibility requirements of the Program.