SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-391

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): September 8, 2023 Filing Description: Modifications to the 

Nikkei 225 Futures 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

September 8, 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: Modifications to the Nikkei 225 Futures Volume Incentive Program

CME Submission No. 23-391

Dear Mr. Kirkpatrick:

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

Commission (“CFTC” or “Commission”) that it plans to modify its incentive program in support of certain Nikkei 225 

futures contracts that are traded on CME Globex® (“Program”). The modifications to the Program will become 

effective on October 1, 2023. 

Exhibit 1 sets forth the terms of this 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, 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 does not impact the Exchange’s ability to perform its trade practice and market surveillance obligations 

under the CEA and CME 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 Program does not impact the Exchange’s order 

execution. Participants in the Program will be selected by CME staff using criteria as further stated 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. 

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. 23-391 in any related correspondence.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit 1
EXHIBIT 1

Nikkei 225 Futures Volume Incentive Program

Program Purpose

The purpose of this Program is to encourage participation in our Nikkei 225 futures product suite to 

enhance market liquidity for the products listed below. A more liquid contract on the central limit order 

book benefits all participants in the marketplace.

Product Scope

Nikkei/Yen Futures (“N1”), Nikkei/USD Futures (“NK”), and BTIC on Yen Denominated Nikkei Stock 

Average Futures (“NIT”) traded on Globex® (“Products”).

Eligible Participants

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

members or non-members. The Program is open to all participants that register with the Exchange.

Program Term

Start date is January 2, 2013. End date is September 30, 2023 March 31, 2024.

Hours

N/A

Obligations

In order to be eligible to receive the incentives, participants must meet predetermined volume thresholds 

in the Products.

Incentives

Upon meeting all obligations, as determined by the Exchange, participants may be eligible to receive 

predetermined incentives.

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 no longer meets the eligibility 

requirements of the Program.