SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-278

Organization: Commodity Exchange, Inc. (“COMEX”)

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 09/26/23 Filing Description: Amendment to the CME Globex 

Matching Algorithm for Trading-at-Settlement (“TAS”) Transactions in Connection with 

Calendar Spreads on the Gold Futures Contract

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: See filing.

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

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Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

September 26, 2023

VIA ELECTRONIC PORTAL

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, DC 20581

Re: CFTC Regulation 40.6(a) Certification. Amendment to the CME Globex Matching 

Algorithm for Trading at Settlement (“TAS”) Transactions in Connection with 

Calendar Spreads on the Gold Futures Contract.

COMEX Submission No. 23-278

Dear Mr. Kirkpatrick:

Commodity Exchange, Inc. (“COMEX” or “Exchange”) certifies to the Commodity Futures Trading 

Commission (“CFTC” or the “Commission”) an amendment to the CME Globex matching algorithm for 

Trading at Settlement (“TAS”) transactions in connection with calendar spreads on the Gold Futures 

contract effective on Sunday, October 22, 2023 for trade date Monday, October 23, 2023 as set forth 

Table 1. below.

Table 1.

Commodity 

Code

Current

CME Globex Matching 

Algorithm -

Gold Futures Calendar 

Spreads

Amended

CME Globex Matching 

Algorithm -

Gold Futures Calendar 

Spreads

Gold Futures TAS 

(calendar spreads only) GCT F- FIFO K- Configurable

Upon the implementation of TAS eligibility for the Gold Futures contract, the Exchange determined that for 

both outright and calendar spread transactions, the appropriate CME Globex matching algorithm was FFIFO. Recent market participant feedback, prompted the Exchange to conducted an analysis of market

participation in Gold TAS calendar spread transactions. In an effort to ensure greater opportunity for all 

market participants, the Global Command Center (“GCC”) proposes amending the matching algorithm for 

Gold TAS calendar spreads from F-FIFO to K-Configurable. The K-Configurable CME Globex matching 

algorithm for Gold TAS calendar spreads will allow for additional criteria to be considered in determining 

order execution. The CME Globex matching algorithm for Gold Futures TAS outright trades will remain 

unchanged.

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

the Commodity Exchange Act (“Act”) and identified that the amended CME Globex matching algorithm may 

have some bearing on the following Core Principles:

• Availability of General Information: The Exchange will release a Special Executive Report 

(“SER”) regarding the amended CME Globex matching algorithm. The SER will also be posted on 

the CME Group website.
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

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• Execution of Transactions: All TAS transactions on Gold Futures are available for trading on 

CME Globex. The CME Globex platform provides a transparent, open and efficient mechanism to 

electronically execute trades on screen.

Pursuant to Section 5c(c) of the Act and CFTC Regulation 40.6(a), the Exchange herby certifies that the 

amended CME Globex matching algorithm complies with the Act, including regulation under the Act. The

Exchange is unaware of any opposing views to the proposal.

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.

Should you have any questions concerning the above, please contact the undersigned at 212-299-2200 or 

via e-mail at CMEGSubmissionInquiry@cmegroup.com.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel