SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-241

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): June 7, 2023 Filing Description: Termination of the FX Futures 

Calendar Spreads 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: 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

June 7, 2023

VIA ELECTRONIC PORTAL

Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, DC 20581

RE: Termination of the FX Futures Calendar Spreads Discount Program

CME Submission No. 23-241

Dear Mr. Kirkpatrick:

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

Commission (“CFTC” or “Commission”) of plans to terminate the FX Futures Calendar Spreads Discount Program 

(“Program”). The Program will terminate on June 30, 2023.

Exhibit 1 sets forth the terms of the Program. Modifications appear below, with deletions overstruck. 

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

Exchange Act (“CEA”). During the review, Exchange 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 incentivize manipulative trading or market abuse or 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 Program’s products to prevent manipulative trading and market abuse. The Program does not 

impact the Exchange’s order execution. Chapter 4 of the CME rules includes prohibitions against fraudulent, noncompetitive, unfair or abusive practices. The Program is subject to these rules and CME records retention policies 

that comply with the CEA.

The Exchange certifies that the Program complies with the CEA and the regulations thereunder. There were no 

substantive opposing views to this Program.

CME 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. 23-241 in any related correspondence.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit 1
EXHIBIT 1

FX Futures Calendar Spreads Discount Program

Program Purpose 

The purpose of this Program is to encourage participants to increase liquidity in foreign exchange (“FX”) 

calendar spreads products. A more liquid contract benefits all participants in the marketplace. 

Product Scope

All FX futures spread products traded on the CME Globex Platform, excluding the quarterly spread during 

the quarterly roll month (Mar, Jun, Sep, and Dec) (“Products”).

Eligible Participants

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

Program Term

Start date is February 1, 2020. End date is January 31, 2024. 

Hours

N/A

Incentives

Fee Discounts: Participants will receive 50% fee discounts in the Products.

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.