SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-379

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): September 1, 2023 Filing Description: Implementation of the 

CNH Cash-Settled 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: 
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

September 1, 2023

VIA ELECTRONIC PORTAL

Christopher J. Kirkpatrick 

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

RE: Implementation of the CNH Cash-Settled Futures Volume Incentive Program

CME Submission No. 23-379

Dear Mr. Kirkpatrick:

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

Commission (“CFTC” or “Commission”) of plans to implement the CNH Cash-Settled Futures Volume Incentive 

Program (“Program”). The proposed Program will become effective on October 1, 2023.

Exhibit 1 sets forth the terms of this Program. 

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

Exchange Act (“CEA”). During the review, CME 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 will not impact the Exchange’s ability to perform its trade practice and market surveillance obligations 

under the CEA. The Exchange will monitor trading in the Program’s product to prevent manipulative trading and 

market abuse. Additionally, the Exchange has implemented systems to track Program participants’ volume to ensure 

proper distribution of earned incentives. The product included in this Program is listed for trading in the open and 

competitive market. Participants in the Program will be selected by Exchange staff using criteria as further stated in 

Exhibit 1. Chapter 4 of the Exchange rules includes prohibitions against fraudulent, non-competitive, unfair, or 

abusive practices. All participants must execute a contractual agreement with the Exchange in which each participant 

will expressly agree to comply with and be subject to applicable regulations and Exchange rules. The Program is 

subject to the Exchange’s record retention policies which comply with the CEA.

CME 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. 23-379 in any related correspondence.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit 1
EXHIBIT 1

CNH Cash-Settled Futures Volume Incentive Program

Program Purpose

The purpose of the Program is to incentivize higher levels of volume contribution in the product listed 

below. Higher levels of volume and liquidity in the product benefits all participants in the marketplace.

Product Scope

Cash-Settled Standard-Size USD/Offshore RMB Futures (“CNH”) that are traded on the CME Globex 

Platform or cleared through CME ClearPort (the “Product”).

Eligible Participants

There is no limit to the number of participants that may participate in the Program. The Program is open 

to CME members and non-members. Participants may not be enrolled in the CNH Cash-Settled Futures 

Market Maker Program.

Program Term

Start date is October 1, 2023. End date is April 30, 2024.

Hours

N/A

Obligations

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

in the Product.

Incentives

Upon meeting all obligations, as determined by the Exchange, participants will receive predetermined 

incentives.

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 no longer meets the requirements of 

the Program.