433 West Van Buren Street › Suite 700S › Chicago, IL 60607 › cboe.com

November 1, 2023

Christopher J. Kirkpatrick

Secretary

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: Cboe Futures Exchange, LLC Rule Certification

Submission Number CFE-2023-024

Dear Mr. Kirkpatrick:

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and 

Regulation 40.6(a) of the regulations promulgated by the Commodity Futures Trading Commission 

(“CFTC” or “Commission”) under the Act, Cboe Futures Exchange, LLC (“CFE” or “Exchange”) 

hereby submits a CFE rule amendment (“Amendment”) to extend and amend the CFE Broker 

Incentive Program (“Program”).

The Amendment is set forth in a segregated confidential Appendix A to this submission. 

Exhibit 1 to this submission includes the description of the amended Program which CFE will 

include in Policy and Procedure IX of the Policies and Procedures Section of the CFE Rulebook. 

The Amendment will become effective on January 1, 2024.

The purpose of the amended Program is to incentivize brokers to educate their customers 

about CFE products and thus to increase liquidity in those products to the benefit of all CFE market 

participants. The amended Program provides for CFE to furnish sponsored content relating to CFE 

products (“CFE Content”) to each broker that participates in the amended Program (“Participant”) 

for inclusion in that broker’s marketing and promotional activities (“Activities”) and for 

Participants to receive specified benefits for participating in the amended Program.

Any firm that acts as broker for Orders in one or more CFE products is eligible to 

participate in the amended Program as a Participant. A firm is not required to be a CFE Trading 

Privilege Holder organization in order to be a Participant in the amended Program. In order to 

become and remain a Participant in the amended Program, a firm must be registered with or 

otherwise permitted by the appropriate regulatory body or bodies to act as a broker for Orders in 

CFE products as and to the extent required by applicable law. There is no limit on the number of 

Participants in the amended Program. A firm that desires to participate in the amended Program 

may provide a written request to the Exchange to become a Participant in the amended Program in 

a form and manner prescribed by the Exchange.

The amended Program expires on December 31, 2024, unless the amended Program is 

extended by the Exchange. CFE may determine to extend the term of the amended Program, allow 

the amended Program to expire, terminate the amended Program at any time, or amend or replace 
2

the amended Program with a different program at any time. Any of these actions, other than 

allowing the amended Program to expire, would be done through a subsequent rule amendment 

submission to the Commission.

CFE believes that the Amendment is consistent with the Designated Contract Market 

(“DCM”) Core Principles under Section 5 of the Act. In particular, CFE believes that the 

Amendment is consistent with DCM Core Principles 2 (Compliance with Rules), 9 (Execution of 

Transactions), and 12 (Protection of Markets and Market Participants).

CFE notes in this regard that: Each broker that participates in the amended Program is

obligated pursuant to the provisions of CFE Rule 308 (Consent to Exchange Jurisdiction) to comply 

with Exchange rules. The provisions of the amended Program also provide for compliance by 

Participants with applicable law in relation to broker registration requirements, the Activities, 

Participant Content, and personal data collection in connection with acting as a Participant under 

the amended Program. The Program includes objective criteria for participation in the amended 

Program and treats all parties eligible for the amended Program equally. CFE does not endorse the 

use of any particular broker and includes a publicly accessible list on CFE’s website solely for 

informational purposes of all CFE Trading Privilege Holders that have a broker capacity on CFE. 

Brokers are included on this list regardless of whether or not they participate in the amended 

Program. The Exchange believes that the benefits under the amended Program strike the 

appropriate balance with the requirements under the amended Program in order to incentivize 

brokers to participate in the amended Program. CFE believes that the amended Program will 

contribute to the provision of a competitive, open, and efficient market and the price discovery 

process on the Exchange by fostering increased liquidity in CFE products from customer Orders

and trading activity. Enhanced liquidity in CFE products benefits all participants in CFE’s market.

Accordingly, CFE believes that the impact of the Amendment will be beneficial to the 

public and market participants.

CFE is not aware of any substantive opposing views to the Amendment. CFE hereby 

certifies that the Amendment complies with the Act and the regulations thereunder. CFE further 

certifies that it has posted a notice of pending certification with the Commission and a copy of this 

submission on CFE’s website (http://www.cboe.com/us/futures/regulation/rule_filings/cfe/) 

concurrent with the filing of this submission with the Commission.

Questions regarding this submission may be directed to Arthur Reinstein at (312) 786-7570

or Shane Wilkerson at (484) 798-9350. Please reference our submission number CFE-2023-024 in 

any related correspondence.

Cboe Futures Exchange, LLC

/s/ Laura Fuson

By: Laura Fuson

Managing Director
3

EXHIBIT 1

(Additions are shown in underlined text and

deletions are shown in stricken text)

Cboe Futures Exchange, LLC

Policies and Procedures Section of Rulebook

* * * * *

IX. CFE Broker Incentive Program

The purpose of the CFE Broker Incentive Program (“Program”) is to incentivize brokers 

to educate their customers about CFE products and thus to increase liquidity in those products to 

the benefit of all CFE market participants.

Under the Program, CFE provides sponsored content relating to CFE products (“CFE 

Content”) to each broker that participates in the Program (“Participant”) for inclusion in that 

broker’s marketing and promotional activities (“Activities”).

Eligibility

• Any firm that acts as broker for Orders in one or more CFE products is eligible to 

participate in the Program as a Participant.

• There is no limit on the number of Participants in the Program.

• A firm that desires to participate in the Program shall provide a written request to the 

Exchange to become a Participant in the Program in a form and manner prescribed by the 

Exchange.

• A Participant in the Program may withdraw from participation in the Program at any time 

upon written notice to the Exchange.

Qualifications

• In order to become and remain a Participant in the Program, a firm must be registered with 

or otherwise permitted by the appropriate regulatory body or bodies to act as a broker for 

Orders in CFE products as and to the extent required by Applicable Law.

• A firm is not required to be a CFE Trading Privilege Holder organization in order to be a 

Participant in the Program.

Program Operation

• Each Participant shall use commercially reasonable efforts to engage in marketing and 

promotional activities that promote CFE products to current and prospective customers of 

the Participant and to include CFE Content in Activities of the Participant in accordance 

with the provisions of the Program.
4

• Each Participant shall comply with all applicable laws and regulations relating to the 

Activities and the Participant’s content utilized in the Participant’s Activities that include 

CFE Content.

• The Exchange may remove a Participant from the Program if at any time the Participant 

does not meet the eligibility requirements to participate in the Program or fails to satisfy 

the requirements applicable to Participants under the Program.

Benefits

• A Participant shall receive specified benefits for acting as a Participant under the Program.

Term

• The start date of the Program is March 1, 2023. The end date of the Program is December 

31, 2023 2024.

• The Exchange may determine to extend the term of the Program, allow the Program to 

expire, terminate the Program at any time, or amend or replace the Program with a different 

Program at any time.

* * * * *