SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 24-070 (1 of 2)

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): January 16, 2024 Filing Description: Modifications to the

Globex Precious Metals 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: 
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

January 16, 2024

VIA ELECTRONIC PORTAL

Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, DC 20581

RE: Modifications to the Globex Precious Metals Volume Incentive Program

NYMEX Submission No. 24-070 (1 of 2)

Dear Mr. Kirkpatrick:

New York Mercantile Exchange, Inc. (“NYMEX”) and Commodity Exchange, Inc. (“COMEX”) (collectively, the 

“Exchanges”) hereby notify the Commodity Futures Trading Commission (“CFTC” or “Commission”) of plans to 

modify the Globex Precious Metals Volume Incentive Program (“Program”). The modifications to Program will 

become effective on February 1, 2024.

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

overstruck. 

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

Commodity Exchange Act (“CEA”). During the review, Exchanges’ 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 Exchanges’ ability to perform their trade practice and market surveillance 

obligations under the CEA and the Exchanges have implemented systems to track Program participants’ volume to 

ensure proper distribution of earned incentives. The incentives in the Program do not impact the Exchanges’ order 

execution. Participants in the Program will be selected by Exchanges’ staff using criteria as further stated in Exhibit 1. 

Chapter 4 of the NYMEX/COMEX rules includes prohibitions against fraudulent, non-competitive, unfair or abusive 

practices. All participants must execute a contractual agreement with the Exchanges in which each participant will 

expressly agree to comply with and be subject to, applicable regulations and the NYMEX/COMEX rules. The 

Program is subject to the Exchanges’ record retention policies which comply with the CEA. 

NYMEX and COMEX certify that the Program complies with the CEA and the regulations thereunder. There were no 

substantive opposing views to this Program.

The Exchanges certify that this submission has been concurrently posted on the Exchanges’ 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. 24-070 in any related 

correspondence.

Sincerely,

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit 1
EXHIBIT 1

Globex Precious Metals Volume Incentive Program

Program Purpose

The purpose of this Program is to encourage market participants to increase their Globex® volume in the 

products listed below. A more liquid contract on the central limit order book benefits all participants in 

the market.

Product Scope

Gold futures (“GC”), Silver futures (“SI”), Platinum futures (“PL”), and Palladium futures (“PA”) traded on 

Globex® (“Products”). 

Eligible Participants

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

COMEX 106.J members and NYMEX members, or COMEX individual members*. The Exchanges, in their 

sole discretion, will use a variety of factors in determining whether a prospective participant is selected to 

participate in the Program, including the prospective participant’s overall historical volume in the Products 

and the prospective participant’s ability to maintain threshold volume obligations for the duration of the 

Program. The Exchanges may from time to time add or subtract from the above factors as they deem 

necessary.

*In accordance with the CME Group Fee Policy Bulletin regarding Individual Members Trading on 

Globex®.

Program Term 

Start date is February 1, 2018. End date is January 31, 2024 January 31, 2025.

Hours

N/A

Obligations

Participants must meet certain volume thresholds in the Products in order to be eligible to receive the 

incentives.

Incentives

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

predetermined incentives.
Monitoring and Termination of Status

The Exchanges 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 or obligations of the Program.