SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 22-237

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 07/20/22 Filing Description: Reduction in the Minimum Price 

Increment for Transactions Submitted for Clearing via CME ClearPort for all Options on 

E-mini Standard & Poor’s 500 Stock Price Index Futures, Options on E-mini Nasdaq-100 

Index Futures, and Options on E-mini Russell 2000 Index 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

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Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

July 20, 2022

VIA ELECTRONIC PORTAL

Mr. Christopher J. 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. Reduction in the Minimum Price Increment 

for Transactions Submitted for Clearing via CME ClearPort for all Options on E-mini 

Standard & Poor’s 500 Stock Price Index Futures, Options on E-mini Nasdaq-100 

Index Futures, and Options on E-mini Russell 2000 Index Futures Contracts.

CME Submission No. 22-237

Dear Mr. Kirkpatrick:

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

Commission (“CFTC” or “Commission”) a reduction in the minimum price increment for all Options on Emini Standard & Poor’s 500 Stock Price Index Futures, Options on E-mini Nasdaq-100 Index Futures, and 

Options on E-mini Russell 2000 Index Futures contracts (the “Contracts”) for outright option and option 

spread transactions submitted for clearing via CME ClearPort regardless of the price level effective Sunday, 

August 7, 2022 for trade date Monday, August 8, 2022, as more specifically described in the table below.

Contract Title

CME Globex

and

CME 

ClearPort 

Code

Current

CME Globex and 

CME ClearPort 

Minimum Price 

Increment (Price 

Level greater than 

5 Index points)

Current

CME Globex and 

CME ClearPort 

Minimum Price 

Increment (Price 

Level less than or 

equal to 5 Index 

points) 

Reduced

CME ClearPort 

ONLY Minimum 

Price Increment 

(All Price 

Levels)

Options on E-mini Standard and 

Poor's 500 Stock Price Index 

Futures

ES

0.25 0.05 0.05

Options on E-mini Standard and 

Poor's 500 Stock Price Index 

Futures - End-of-Month (EuropeanStyle)

EW

Monday Weekly Options on E-mini 

Standard and Poor's 500 Stock 

Price Index Futures - Week 1-5 

(European-Style)

E1A-E5A

Tuesday Weekly Options on E-mini 

Standard and Poor's 500 Stock 

Price Index Futures - Week 1-5 

(European-Style)

E1B-E5B

Wednesday Weekly Options on Emini Standard and Poor's 500 

Stock Price Index Futures - Week 

1-5 (European-Style)

E1C-E5C
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

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Thursday Weekly Options on Emini Standard and Poor's 500 

Stock Price Index Futures - Week 

1-5 (European-Style)

E1D-E5D

Weekly Options on E-mini Standard 

and Poor's 500 Stock Price Index 

Futures - Week 1-4 (EuropeanStyle)

EW1-EW4

Options on E-mini Standard and 

Poor's 500 Stock Price Index 

Futures - Quarterly PM (EuropeanStyle)

EYC

Options on E-mini Nasdaq-100 

Index Futures NQ

0.25 0.05 0.05

Options on E-mini Nasdaq-100 

Index Futures - End-of-Month 

(European-Style)

QNE

Monday Weekly Options on E-mini 

Nasdaq-100 Index Futures - Week 

1-5 (European-Style)

Q1A-Q5A

Wednesday Weekly Options on Emini Nasdaq-100 Index Futures -

Week 1-5 (European-Style)

Q1C-Q5C

Weekly Options on E-mini Nasdaq100 Index Futures - Week 1-4

(European-Style)

QN1-QN4

Options on E-mini® Russell 2000® 

Index Futures RTO

0.10 0.05 0.05

Options on E-mini® Russell 2000® 

Index Futures - End-of-Month RTM

Monday Weekly Options on Emini® Russell 2000® Index Futures 

- Week 1-5 (European-Style)

R1A-R5A

Wednesday Weekly Options on Emini® Russell 2000® Index Futures 

- Week 1-5 (European-Style)

R1C-R5C

Weekly Options on E-mini® Russell 

2000® Index Futures - Week 1-4

R1E-R4E

Specifically, the Exchange is implementing amendments to CME Rule 358A01. (“Options Characteristics”) 

of CME Chapter 358A (“Options on E-mini® Standard and Poor's 500 Stock Price Index Futures”), CME 

Rule 359A01. (“Options Characteristics”) of CME Chapter 359A (“Options on E-mini Nasdaq-100 Index®

Futures”), and CME Rule 393A01. (“Options Characteristics”) of CME Chapter 393A (“Options on E-mini®

Russell 2000® Index Futures”) to implement the decreased minimum price fluctuation for the Contracts for 

transactions submitted for clearing via CME ClearPort regardless of the price level (collectively, the “Rule 

Amendments”).

Exhibit A below provides the Rule Amendments in blackline format.

The Exchange is implementing the Rule Amendments to provide market participants with greater flexibility 

when executing complex and large transactions in the Contracts. The Rule Amendments will more 

accurately reflect current market practices and provide the marketplace with more relevant minimum price 

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

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

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

bearing on the following Core Principles: 

Availability of General Information: The Exchange will release a Special Executive Report 

(“SER”) regarding the Rule Amendments. The SER will also be posted on the CME Group website.

Daily Publication of Trading Information: The Exchange will continue to publish contract trading 

volumes, open interest levels, and price information daily on its website and through quote vendors 

for the Contracts.

Prevention of Market Disruption: Trading in the Contracts will continue to be subject to the rules 

of the Exchange, which include prohibitions on manipulation, price distortion, and disruption to the 

cash settlement process.

Compliance with Rules: The Exchange will continue its normal practice to establish, monitor, and 

enforce compliance with the rules of the Contracts, including the reduction of the minimum price 

increments for the Contracts. 

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

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

opposing views to the proposal. 

The Exchange certifies that this submission has been concurrently posted on the CME Group 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

Attachment: Exhibit A - CME Rulebook Chapters 358A, 359A, and 393A (blackline format)
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Exhibit A

CME Rulebook

(additions underscored; deletions overstruck)

Chapter 358A

Options on E-mini® Standard and Poor's 500 Stock Price Index Futures

***

358A01. OPTIONS CHARACTERISTICS

***

358A01.C. Minimum Fluctuations

Option prices shall be quoted in Index points. Each Index point shall represent $50.00 per option

contract.

Subject to Rule 358A01.C.1., the minimum price fluctuation shall be 0.25 Index points (equal to $12.50

per option contract), for trades executed on CME Globex electronic trading platform, provided that 

trades at price levels equal to or less than 5.00 Index points may occur at price levels that are integer 

multiples of 0.05 Index points (equal to $2.50 per option contract), and provided that trade may occur

at a price level of 0.05 Index points irrespective of whether such trade results in the liquidation of

positions for both parties to such trade. For transactions submitted for clearing via CME ClearPort, the 

minimum price increment shall be 0.05 Index points, regardless of the price level.

1. Option Spreads and Combinations

Any option contract that trades as a component of a spread or combination shall be traded at a

price that conforms to the applicable CME Globex minimum price fluctuation as set forth in this Rule, 

provided that for any option spread or combination that trades at a net premium of 5.00 Index points 

or less, each option contract comprised within such spread or combination may trade in price 

increments of 0.05 Index points. For spread and combination transactions submitted for clearing via 

CME ClearPort, the minimum price increment shall be 0.05 Index points, regardless of the price level.

[End of Rule.]

Chapter 359A

Options on E-mini Nasdaq-100 Index® Futures

359A01. OPTIONS CHARACTERISTICS

***

359A01.C. Minimum Fluctuations

Option prices shall be quoted in Nasdaq-100 Index (“Index”) points. Each Index point shall represent 

$20.00 per option contract.

Subject to Rule 359A01.C.1., the minimum price fluctuation shall be 0.25 Index points (equal to $5.00 per 

option contract), for trades executed on CME Globex electronic trading platform, provided that trades at 

price levels equal to or less than 5.00 Index points may occur at price levels that are integer multiples of 

0.05 Index points (equal to $1.00 per option contract), and provided that trade may occur at a price level 

of 0.05 Index points irrespective of whether such trade results in the liquidation of positions for both parties 

to such trade. For transactions submitted for clearing via CME ClearPort, the minimum price increment 

shall be 0.05 Index points, regardless of the price level.

1. Option Spreads and Combinations

Any option contract that trades as a component of a spread or combination shall be traded at a price that 

conforms to the applicable CME Globex minimum price fluctuation as set forth in this Rule, provided that

for any option spread or combination that trades at a net premium of 5.00 Index points or less, each option 
5

contract comprised within such spread or combination may trade in price increments of 0.05 Index points.

For spread and combination transactions submitted for clearing via CME ClearPort, the minimum price 

increment shall be 0.05 Index points, regardless of the price level. 

[End of Rule.]

Chapter 393A

Options on E-mini® Russell 2000® Index Futures

***

393A01. OPTIONS CHARACTERISTICS 

***

393A01.C. Minimum Fluctuations 

Option prices shall be quoted in Index points. Each Index point shall represent $50.00 per option contract. 

Subject to Rule 393A01.C.1., the minimum price fluctuation shall be 0.1 Index points (equal to $5.00 per 

option contract), for trades executed on CME Globex electronic trading platform, provided that trades at 

price levels equal to or less than five (5) Index points may occur at price levels that are integer multiples 

of 0.05 Index points (equal to $2.50 per option contract), and provided that trade may occur at a price level 

of 0.05 Index points irrespective of whether such trade results in the liquidation of positions for both parties 

to such trade. For transactions submitted for clearing via CME ClearPort, the minimum price increment 

shall be 0.05 Index points, regardless of the price level.

1. Option Spreads and Combinations 

Any option contract that trades as a component of a spread or combination shall be traded at a price that 

conforms to the applicable CME Globex minimum price fluctuation as set forth in this Rule, provided that 

for any option spread or combination that trades at a net premium of five (5) Index points or less, each 

option contract comprised within such spread or combination may trade in price increments of 0.05 Index 

points. For spread and combination transactions submitted for clearing via CME ClearPort, the minimum 

price increment shall be 0.05 Index points, regardless of the price level.

[End of Rule.]