SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 24-015

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): January 3, 2024 Filing Description: Extension of the CME 

Short-Term Interest Rate (“STIR”) Options Pit Broker 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 3, 2024

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: Extension of the CME STIR Options Pit Broker Program

CME Submission No. 24-015

Dear Mr. Kirkpatrick:

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

Commission (“CFTC” or “Commission”) of plans to extend the CME STIR Options Pit Broker Program (“Program”)

through January 31, 2025. The extension of the Program will become effective on February 1, 2024. All other 

Program terms remain unchanged.

Exhibit 1 sets forth the terms of the 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 the Exchange’s market regulation staff will monitor trading under the Program’s products to 

prevent manipulative trading and market abuse. Additionally, the Exchange has implemented systems to track 

Program participants’ obligations to ensure proper distribution of earned incentives. The incentives in the Program do 

not impact the Exchange’s order execution. Participants in the Program will be selected by Exchange staff using 

criteria as further stated in Exhibit 1. Chapter 4 of the CME rules includes prohibitions against fraudulent, noncompetitive, unfair or abusive practices. All participants must execute a contractual agreement with the Exchange in 

which each participant will expressly agree to comply with and be subject to, applicable regulations and CME rules. 

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. 24-015 in any related correspondence.

Sincerely,

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit 1
EXHIBIT 1

CME STIR Options Pit Broker Program

Program Purpose

The purpose of the Program is to incentivize participants to enhance liquidity in the products listed below 

for our global client base. A more liquid contract benefits all participants in the market. 

Product Scope

All CME STIR Options (“Products”).

Eligible Participants

The Program is available to all CME members. There is no limit to the number of participants that can be 

in the Program. Existing Program participants must: (i) be floor brokers, (ii) have executed at least 10,000 

sides as a broker in the Products during the prior calendar year, and (iii) have volume in the Products in 

three (3) separate months during the prior calendar year. New Program participants must: (i) be floor 

brokers, and (ii) execute at least 2,500 sides as a broker in the Products for three (3) consecutive months.

New participants that qualify for the Program will be enrolled during the following calendar quarter.

Program Term

Start date is December 1, 2017. End date January 31, 2024 January 31, 2025.

Hours

Regular and Extended Trading Hours (“RTH & ETH”).

Incentives

Brokers will receive the following benefits for personal accounts:

• $0.13 discount off Globex® all-in fees. 

• $0.08 discount off pit all-in fees.

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.