SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-280 (1 of 2)

Organization: Chicago Mercantile Exchange Inc. (“CME”)

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 08/15/23 Filing Description: Amendments to Price Increments 

Rule to Increase Minimum Price Increment for Outright & Spread Trades Executed on CME 

Globex & Related Amendments to the CME Globex NRR for US Dollar/Offshore Chinese 

(ISD/RMB) Futures Contracts

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: 

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

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: See filing.

Rule Numbers: See filing.
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

August 15, 2023

VIA ELECTRONIC PORTAL

Mr. Christopher Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: CFTC Regulation 40.6(a) Certification. Amendments to CME Rules 284L01.C. and 

344L01.C. (“Price Increments”) to Increase the Minimum Price Increment for Outright 

and Spread Trades Executed on CME Globex and Related Amendments to the CME 

Globex Non-Reviewable Trading Ranges Table for the U.S. Dollar/Offshore Chinese 

Renminbi (USD/RMB) Futures Contracts.

CME Submission No. 23-280 (1 of 2)

Dear Mr. Kirkpatrick:

Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) is certifying to the Commodity Futures Trading 

Commission (“CFTC” or “Commission”) amendments to CME Rule 284L01.C. and Rule 344L01.C. (“Price 

Increments”) of the U.S. Dollar/Offshore Chinese Renminbi (USD/RMB) Futures and Micro U.S. 

Dollar/Offshore Chinese Renminbi (USD/RMB) Futures contracts, respectively (the “Contracts”) to increase

the minimum price increment (“MPI”) for (collectively, the “Rule Amendments”) for U.S. Dollar/Offshore 

Chinese Renminbi (USD/RMB) futures contracts (the “Contracts”) as more specifically described in the 

Table 1. below effective Sunday, October 1, 2023 for trade date Monday, October 2, 2023. The MPI for 

trades submitted for clearing via CME ClearPort shall remain unchanged for the Contracts as also noted in Table 

1.

Table 1.

Contract Title

CME 

Rulebook 

Chapter

Commodity 

Code

Current

CME Globex

and

CME ClearPort

Outright MPI

Increased 

CME Globex 

Outright MPI

Current

CME Globex 

Spread MPI

Increased

CME Globex 

Spread MPI

U.S. Dollar/Offshore Chinese 

Renminbi (USD/RMB) Futures 284L CNH 0.0001 0.0005 0.00005 0.00025

Micro U.S. Dollar/Offshore Chinese 

Renminbi (USD/RMB) Futures 344L MNH 0.0001 0.0005 0.0001 0.0005

In addition, CME will also implement related amendments to the CME Rule 588.H. (“Globex NonReviewable Trading Ranges”) table (the “Table”) to modify the number of price increments in the Table for 

the Contracts to accommodate the increase in the minimum price increment (collectively, the “Rule 

Amendments”). To facilitate this change, customers have been asked to cancel all Good ‘Till Cancel (GTC) 

and Good ‘Till Date (GTD) orders after the close on September 29, 2023. After 16:00 Central Time on 

Friday, September 29, 2023 all remaining Good ‘Till (GT) orders will be cancelled or deleted by the CME 

Global Command Center (GCC).

The Exchange is increasing the MPI for transactions in for U.S. Dollar/Offshore Chinese Renminbi 

(USD/RMB) futures contracts to minimize intraday volatility for the Contracts. 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

2

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

Commodity Exchange Act (“Act” or “CEA”) and identified that the Rule Amendments may have some 

bearing on the following Core Principles:

• Compliance with the Rules: CME shall continue its normal practice to establish, monitor, and 

enforce compliance with the rules of the Contracts, including the terms and conditions of the 

Contracts’ newly revised rules for the MPI for the Contracts.

• Availability of General Information: The Exchange will amend the CME rulebook accordingly on 

the effective date, which is publicly available on the CME Group website, to reflect the changes 

that will be made to the rules pertaining to the MPI for the Contracts. In addition, the Exchange will 

publish a Special Executive Report (“SER”) to inform the marketplace of these amendments to the 

Contracts. The SER will also be posted on the CME Group website.

• Daily Publication of Trading Information: CME will continue to make public daily information on 

settlement prices, volume, open interest, and opening and closing ranges for the Contracts.

Pursuant to Section 5c(c) of the Act and CFTC Regulation 40.6(a), CME hereby certifies that the Rule 

Amendments, comply with the Act, including all regulations under the Act. There were no substantive 

opposing views to this proposal.

CME 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

Attachments: Exhibit A: Amendments to CME Rule 284L01.C. and 344L01.C. (“Price 

Increments”) (blackline format)

Exhibit B: Amendments to the CME Rule 588.H. (“Globex NonReviewable Trading 

Ranges”) Table (blackline format)
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EXHIBIT A

CME Rulebook

(Additions are underlined; deletions are struck through.)

CME Rulebook

Chapter 284L

U.S. Dollar/Offshore Chinese Renminbi (USD/RMB) Futures

***

284L01.TRADING SPECIFICATIONS

***

284L01.C.Price Increments

For trades executed on CME Globex electronic trading platform, mMinimum price fluctuations shall be in 

multiplies of 0.00015 offshore Chinese renminbi (RMB) per U.S.dollar, equivalent to 1050 RMB per contract. 

Trades may also occur in multiples of 0.00025 offshore Chinese renminbi (RMB) per U.S. dollar, commonly 

referred to as one-half tick (525 RMB/contract) for U.S. dollar/offshore Chinese renminbi (RMB) futures intracurrency spreads executed as simultaneous transactions pursuant to Rule 542. For transactions submitted 

through CME ClearPort, the minimum price fluctuation shall be 0.0001 offshore Chinese renminbi per U.S. 

dollar.

[Remainder of Rule is unchanged.]

Chapter 344L

Micro U.S. Dollar/Offshore Chinese Renminbi (USD/RMB) Futures

***

344L01.TRADING SPECIFICATIONS

***

344L01.C.Price Increments

For trades executed on CME Globex electronic trading platform, mMinimum price fluctuations shall be in 

multiplies of 0.00015 offshore Chinese renminbi (RMB) per U.S. dollar, equivalent to 15 RMB per contract. 

For transactions submitted through CME ClearPort, the minimum price fluctuation shall be 0.0001 offshore 

Chinese renminbi per U.S. dollar.

[Remainder of Rule is unchanged.]

EXHIBIT B

(Additions are underlined; deletions are struck through.)

CME Rulebook

Chapter 5

Trading Qualifications and Practices

Rule 588.H. Globex Non-Reviewable Trading Ranges (Table)