SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 24-053

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): January 5, 2024 Filing Description: Modifications to the Micro 

Cryptocurrency Options 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

January 5, 2024

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: Modifications to the Micro Cryptocurrency Options Market-Wide Fee Discount 

Program

CME Submission No. 24-053

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 Options 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 the Program. Modifications appear below, with additions underlined and deletions 

overstruck.

The Exchange 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 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. The Exchange believes the fee 

discounts included in the Program will not adversely impact price discovery in the centralized market. Chapter 4 of 

the Exchange’s rules includes prohibitions against fraudulent, non-competitive, unfair or abusive practices. The 

Program is subject to these rules and the Exchange’s 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.

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. 24-053 in any related correspondence.

Sincerely,

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit 1
EXHIBIT 1

Micro Cryptocurrency Options Market-Wide Fee Discount Program

Program Purpose

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

products listed below. A more liquid contract benefits all participants in the marketplace.

Product Scope

Micro Bitcoin Options and Micro Ether All Micro Cryptocurrency Options (“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 28, 2022. End date is January 31, 2024 July 31, 2024.

Hours

N/A

Incentives

Fee Discounts: All market participants will receive a 50% discount on all Globex and ex-pit fees in the 

Products.