SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-549

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): December 29, 2023 Filing Description: Modifications to the 

Micro Cryptocurrency Futures Market-Wide Fee Discount 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

December 29, 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: Modifications to the Micro Cryptocurrency Futures Market-Wide Fee Discount 

Program

CME Submission No. 23-549

Dear Mr. Kirkpatrick:

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

Commission (“CFTC” or “Commission”) of plans to modify the Micro Cryptocurrency Futures Market-Wide Fee 

Discount Program (“Program”). The modifications to the 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.

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 is a general fee discount that applies to all market participants. A general fee discount does not 

incentivize manipulative trading or market abuse. The Program does 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 products that are included in the Program to prevent manipulative trading and market abuse. The 

general fee discount in the Program does not impact the Exchange’s order execution. All market participants that 

execute trades in the products shall be entitled to participate. Chapter 4 of the Exchange rules includes prohibitions 

against fraudulent, non-competitive, unfair, or abusive practices. The Program is subject to these rules and CME 

records retention policies that 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. 23-549 in any related correspondence.

Sincerely,

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel

Enclosure: Exhibit 1
EXHIBIT 1

Micro Cryptocurrency Futures Market-Wide Fee Discount Program

Program Purpose

The purpose of this Program is to encourage participants to support the development of micro 

cryptocurrency futures products the products listed below. More liquid contracts on the central limit order 

book benefits all participants in the marketplace.

Product Scope

All Micro Cryptocurrency Futures Micro Bitcoin Futures (“MBT”) and Micro Ether Futures (“MET”)

(“Products”).

Eligible Participants

There is no limit to the number of participants in the Program. Participants may be members or nonmembers. The incentives described below will be automatically applied to all transactions in the Products 

made by market participants.

Program Term 

Start date is March 1, 2023. End date is January 31, 2024 July 31, 2024.

Hours

N/A

Incentives

Member Fee Discounts: All market participants that are CME members will receive discounted fees of 

$0.70 for all MBT Micro Bitcoin futures transactions and $0.07 for all MET Micro Ether futures

transactions.

Non-Member Fee Discounts: All market participants that are non-members will receive discounted fees of 

$1.00 for all MBT Micro Bitcoin futures transactions and $0.10 for all MET Micro Ether futures

transactions.