SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-491

Organization: New York Mercantile Exchange, Inc. ("NYMEX")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): December 15, 2023 Filing Description: Extension of the 

NYMEX Crude and Refined Futures Volume Incentive 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 15, 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: Extension of the NYMEX Crude and Refined Futures Volume Incentive Program

NYMEX Submission No. 23-491

Dear Mr. Kirkpatrick: 

New York Mercantile Exchange, Inc. (“NYMEX” or “Exchange”) hereby notifies the Commodity Futures Trading 

Commission (“CFTC” or “Commission”) of plans to extend the NYMEX Crude and Refined Futures Volume Incentive 

Program (“Program”) through January 31, 2025. The extension of 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.

The Exchange reviewed the designated contract market Core Principles as set forth in the Commodity Exchange Act 

(“CEA”). During the review, NYMEX 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 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. Additionally, NYMEX has implemented systems to track Program 

participants’ volume to ensure proper distribution of earned incentives. The products included in this Program are 

listed for trading in the open and competitive market. Participants in the Program are selected by Exchange staff 

using criteria as further stated in Exhibit 1. Chapter 4 of the NYMEX rules includes prohibitions against fraudulent, 

non-competitive, unfair or abusive practices. All participants must expressly agree to comply with and be subject to, 

applicable regulations and NYMEX rules. The Program is subject to the Exchange’s record retention policies which 

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.

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 NYMEX Submission No. 23-491 in any related 

correspondence.

Sincerely,

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel

Attachment: Exhibit 1
EXHIBIT 1

NYMEX Crude and Refined Futures Volume Incentive Program

Program Purpose

The purpose of this Program is to encourage large market participants to increase their Globex® volume 

enhancing market liquidity for the products listed below. A more liquid contract benefits all participants in 

the market.

Product Scope 

Crude Oil Futures (“CL”), NY Harbor ULSD Futures (“HO”), and RBOB Gasoline Futures (“RB”) that are 

traded on Globex® (“Products”).

Eligible Participants

There is no limit to the number of participants in the Program. Participants must be NYMEX members.

The Exchange, in its sole discretion, will use a variety of factors in determining whether a prospective 

participant is selected to participate in the Program, including the prospective participant’s overall 

historical volume in the Products and the prospective participant’s ability to maintain threshold volume 

obligations for the duration of the Program. The Exchange may from time to time add or subtract from the 

above factors as it deems necessary.

Program Term

Start date is February 1, 2018. End date is January 31, 2024 January 31, 2025. 

Hours

N/A

Obligations

In order to be eligible to receive the incentives, participants must meet predetermined volume thresholds 

in the Products.

Incentives

Upon meeting all obligations, as determined by the Exchange, participants may be eligible to receive 

predetermined incentives.

Monitoring and Termination of Status

The Exchange shall monitor participants’ activity in the Products and retains the right to revoke participant 

status if it concludes from review that a participant no longer meets the eligibility criteria or obligations of 

the Program.