November 17, 2023

BY ELECTRONIC FILING

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

1155 21st Street, NW

Washington, DC 20581

Re: Cboe Clear Digital, LLC Rule Certification Submission Number CDE-2023-15E

Dear Mr. Kirkpatrick:

Cboe Digital Exchange, LLC (“CDE” or the “Exchange”), a registered designated contract market

clearing (“DCM”) under the Commodity Exchange Act, as amended (the “Act”), hereby submits, 

pursuant to §40.6(a) of the regulations promulgated by the Commodity Futures Trading 

Commission (“CFTC” or “Commission”) amendments to the Exchange and Clearing Fee Schedule 

in connection with fees for financially-settled margined futures on digital assets (“Amendment”). 

The Exchange Fee Schedule (“Fee Schedule”)1 will become effective on or after December 4, 

2023, on a date to be announced by the Exchange through the issuance of an Exchange notice.

CDE intends to begin listing financially-settled margined futures on digital assets for trading in 

January 2024.

The Fee Schedule is being revised to, among other things, establish exchange fees and rebates 

associated with transactions in financially-settled margined futures contracts to be launched by the 

Exchange.2 The exchange fees are categorized by product and by the following transactional 

classifications: (i) by transactions on behalf of a Customer or Clearing Member House Account, 

(ii) by transactions on behalf of a Proprietary Firm or Market Maker Account, and (iii) by 

Block/ECRP trades. In addition, a rebate is being adopted for certain qualifying transactions; 

specifically, for a Trading Privilege Holder that is also a member of the Cboe Digital spot market 

that meets a certain daily notional threshold in the underlying spot digital assets (bitcoin (“BTC”) 

and Ether (“ETH”). In addition, the Amendment also clarifies the categories of participants to 

1 The Fee Schedule is located on the Cboe Digital website at https://www.cboedigital.com/product/futures-fees/. 

2 Financially-settled bitcoin futures (“FBT”) on a margin basis and financially-settled Ether futures (“FET”) on a 

margin basis. CDE intends to begin listing and trading physically-settled bitcoin futures (“BTC”) on a margin basis 

and physically-settled Ether futures (“ETH”) on a margin basis at a time following the launch of FBT and FET, and 

intends to submit a separate rule certification in connection with exchange fees for BTC and ETH.
2

which the exchange fees apply. The text of the categories and exchange fees associated with the

Fee Schedule is appended as Exhibit A.3

Cboe Digital believes that the Amendment is consistent with the following DCM Core Principles 

2 (Compliance with Rules) and 7 (Availability of General Information) under Section 5 of the Act 

because the amended fees are equitable and do not unfairly discriminate and the Amendment sets 

forth in a clear and transparent way the manner in which CDE applies its fees.

The Exchange believes that the impact of the proposed Fee Schedule will be beneficial to the 

public and market participants. The Exchange is not aware of any substantive opposing views to 

the Fee Schedule. The Exchange hereby certifies that proposed Fee Schedule complies with the 

Act and the Commission’s regulations thereunder. 

Concurrent with the filing of this submission, the Exchange will post a notice of pending 

certification with the Commission and a copy of this submission on the Cboe Digital website 

(https://www.cboedigital.com/regulation/exchange-notices/). 

Questions regarding this submission may be directed to Katherine Kirkpatrick at (312) 786-7431

and Rebecca Tenuta at (312) 786-7068. Please reference our submission number CDE-2023-07E

in any related correspondence.

Sincerely,

/s/ Katherine Kirkpatrick

Katherine Kirkpatrick

Chief Legal Officer, Cboe Digital

3 Please note that clearing fees assessed by the Derivatives Clearing Organization (Cboe Clear Digital, LLC) are 

omitted from Exhibit A and will be submitted under a separate self-certification to the CFTC from Cboe Clear 

Digital, LLC.
3

Exhibit A

The Amendments, marked to show additions in underlined text and deletions in stricken text, 

consists of the following:

* * * * *

Fee Categories

Fees will be applied to participants based upon the following 3 categories:

Category* Description

Direct Individual or Firm Customer A Customer of a Trading Privilege Holder

Professional Trading Firm Proprietary Firm A Professional Trading Firm is an entity that 

certifies they have substantial trading and 

exchange connectivity management 

experience A Trading Privilege Holder that 

trades on behalf of its own account. 

Market Maker A Market Maker is a Professional Trading 

Firm Trading Privilege Holder that has entered 

into market making agreement with Cboe 

Digital and meets specific metrics on a 

monthly basis.

Clearing Member An FCM Clearing Member of Cboe Clear 

Digital and a Trading Privilege Holder 

* All categories of users will be required to enter into user agreements with Cboe Digital and will 

be required to accept certain risks and disclosures. Cboe Digital reserves the right to modify the 

content of this Rate Card.

Exchange and Clearing Fees

ParticipantsTrading Privilege Holders pay are assessed fees and rebates on each transaction 

executed on the Exchange based upon the rates below for each category. These fees and rebates

are chargedassessed per contract in USD. Fees and incentives are effective from December 17, 

2019Effective as of [●].

Futures (per contract per 

side)*

Direct Clearing Rate** FCM Client Rate**

Individual | Firm 0 0

Professional Trading Group 0 0

Market Maker 0 0

Deliveries 0 0

* Fees contained in this table are exclusive of fees which may be charged by futures commission 

merchants for non-direct clearing clients.

**Fees are waived.

Fee Description Product
4

FBT FET

Customer Account; or

Clearing Member House Account

$0.40 $0.40

Proprietary Account; or 

Market Maker Account

$0.35 $0.35

Block/ECRP Trades $0.50 $0.50

* * * * *

* * * * *