SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-538

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): December 22, 2023 Filing Description: Extension of the FX 

Futures & Options Member EFRP 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

December 22, 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 FX Futures & Options Member EFRP Fee Discount Program

CME Submission No. 23-538

Dear Mr. Kirkpatrick:

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

Commission (“CFTC” or “Commission”) of plans to extend the FX Futures & Options Member EFRP Fee Discount 

Program (“Program”) through January 31, 2025. The extension of the Program will become effective on February 1, 

2024. All other Program terms remain unchanged.

Exhibit 1 sets forth the terms of the Program. Modifications appear below, with additions underlined and 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 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 product that is 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. All market participants that execute 

transactions in the product shall be entitled to participate. Chapter 4 of the Exchange rules includes prohibitions 

against fraudulent, non-competitive, 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 CME 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. 23-538 in any related correspondence.

Sincerely,

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel

Attachment: Exhibit 1
EXHIBIT 1

FX Futures & Options Member EFRP Fee Discount Program

Program Purpose 

The purpose of this Program is to encourage participants to increase volume in the products listed below, 

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

Product Scope

All FX Futures, FX Options, and E-mini FX Futures (“Products”).

Eligible Participants

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

incentives described below will be automatically applied to all transactions in the Products made by CME 

member participants.

Program Term

Start date is July 1, 2022. End date is January 31, 2024 January 31, 2025. 

Hours

N/A

Incentives

Fee Discounts: All CME member participants will receive reduced fees of $0.52 for EFRPs executed in 

the Products.