SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-419

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): September 26, 2023 Filing Description: Implementation of the 

NYMEX Micro Natural Gas Futures Liquidity Provider 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 26, 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 NYMEX Micro Natural Gas Futures Liquidity Provider 

Program

NYMEX Submission No. 23-419

Dear Mr. Kirkpatrick:

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

Commission (“CFTC” or “Commission”) of plans to implement the NYMEX Micro Natural Gas Futures Liquidity 

Provider Program (“Program”). The Program will become effective on November 6, 2023.

Exhibit 1 sets forth the terms of the Program.

The Exchange 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 will 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. Additionally, the Exchange has implemented systems to track Program 

participants’ volume to ensure proper distribution of earned incentives. The products included in this Program are 

listed for trading in the open and competitive market. Participants in the Program will be selected by NYMEX staff 

using criteria as further stated in Exhibit 1. Chapter 4 of the NYMEX rules includes prohibitions against fraudulent, 

non-competitive, unfair or abusive practices. All participants must execute a contractual agreement with NYMEX in 

which each participant will expressly agree to comply with and be subject to, applicable regulations and NYMEX 

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 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.

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. 23-419 in any related 

correspondence.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit 1
EXHIBIT 1

NYMEX Micro Natural Gas Futures Liquidity Provider Program

Program Purpose 

The purpose of this Program is to support the launch and development of the product listed below. A 

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

Product Scope

Micro Henry Hub Natural Gas Futures (“MNG”) that are traded on the CME Globex Platform (“Product”).

Eligible Participants

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

NYMEX members or non-members. 

Program Term 

Start date is November 6, 2023. End date is July 31, 2024.

Hours

7:00AM CT – 1:30PM CT and 5:00PM CT – 7:00AM CT.

Obligations

Participants must quote two-sided markets in the Product, at predetermined average bid/ask spreads and 

minimum quote sizes during a certain percentage of time-in-market in order to be eligible to receive the 

incentives. 

Incentives

Upon meeting all obligations, as determined by the Exchange, participants will 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 has failed to meet the requirements 

of the Program.