SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-245 (1 of 2)

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 07/12/23 Filing Description: Trade Marker at Close (“TMAC”) 

Transactions Eligibility for Certain CME and CBOT Equity 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: See filing.

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:

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

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

July 12, 2023

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. Trade Marker at Close (“TMAC”)

Transactions Eligibility for Certain CME and CBOT Equity Index Futures Contracts.

CME Submission No. 23-245 (1 of 2)

Dear Mr. Kirkpatrick:

Chicago Mercantile Exchange Inc. (“CME”) and The Board of Trade of the City of Chicago, Inc. (“CBOT”) 

(collectively, the “Exchanges”) certify to the Commodity Futures Trading Commission (“CFTC” or 

“Commission”) the adoption of new CME and CBOT Rule 524.D. (“Trade Marker at Close (“TMAC”) 

Transactions”) which shall apply to certain equity index futures contracts listed in the Table 1. below 

(collectively, the “Contracts”) for trading on the CME Globex electronic platform (“CME Globex”) and for 

submission for clearing via CME ClearPort (collectively, the “Rule Amendments”) effective Sunday, July 30, 

2023 for trade date Monday, July 31, 2023.

 Table 1.

Contract Title Rulebook 

Chapter

CME Globex 

and

CME 

ClearPort 

Code

TMAC Code TMAC Eligibility

E-mini Standard and 

Poor’s 500 Stock Price 

Index Futures

CME 358 ES ESX

first active contract 

month – (Mar, Jun, 

Sep, Dec) only 

E-mini Nasdaq-100 

Index Futures CME 359 NQ NQX

E-mini Russell 2000 

Index Futures CME 393 RTY RTX

E-mini Dow Jones 

Industrial Average 

Index Futures

CBOT 27 YM YMX

TMAC transactions allow market participants to trade index futures contracts at or near the futures marker 

level. This marker is determined by the 30-second volume-weighted average price (“VWAP”) of the 

underlying futures market leading up to 4:00 p.m. Eastern Prevailing Time (“EPT”). The VWAP calculation 

is identical to that utilized for daily settlement, albeit with increased granularity of .01, as opposed to 

settlement price granularity of 0.25. Please note that all E-mini Equity Index Options on Futures contracts 

utilize the same marker price for determining moneyness of European-style options expiring at 4:00 p.m. 

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

2

The Exchanges are concurrently certifying amendments to CME and CBOT Rule 524. effective July 12, 

2023 via Submission No. 23-244 also dated July 12, 2023. For convenience purposes, amendments to 

CME and CBOT Rule 524. are also provided in Appendix B below.

Appendix A provides amendments to the relevant CME and CBOT product chapters. As previously noted, 

Appendix B provides amendments to CME and CBOT Rule 524. Appendix C provides amendments to the 

CME and CBOT Rule 524. Table. Appendix D provides block trade minimum thresholds. Appendix E 

provides the relevant Exchange Fees. 

The Exchanges 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 Exchanges will release a Special Executive Report 

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

Contracts Not Readily Subject to Manipulation: A review of the Contracts’ activity indicates 

there is sufficient liquidity to support pricing at TMAC. The Contracts are not subject to 

manipulation.

Compliance with Rules: The SER provides information on the Contracts’ TMAC eligibility 

pursuant to CME and CBOT Rule 524. The SER and Table are intended to provide regulatory 

guidance to ensure that market participants are in compliance with Rule 524.

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

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

opposing views to the proposal. 

The Exchanges certify 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

Attachments: Appendix A Amendments to CME and CBOT Equity Futures Contracts Rulebook

Chapters

Appendix B Amendments to CME and CBOT Rule 524.

Appendix C Amendments to the CME and CBOT Rule 524. Table

Appendix D CME and CBOT Rule 526. (“Block Trades”) Table

Appendix E Exchange Fees
3

Appendix A

(additions underscored; deletions struck through)

CME Rulebook

Chapter 358

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

35806. BASIS TRADE AT INDEX CLOSE (“BTIC”), AND BASIS TRADE AT CASH OPEN 

(“TACO”) TRANSACTIONS, AND TRADE MARKER AT CLOSE (“TMAC”) 

TRANSACTIONS

All BTIC transactions, and TACO transactions, and TMAC transactions must be executed in accordance 

with the requirements of Rules 524.B., and 524.C., and 524.D., respectively. 

35806.A. Block Trade Requirements 

1. BTIC block trades must be executed in accordance with the requirements of Rule 526. For a BTIC 

or BTIC block trade executed on a given Trading Day on or before the scheduled close of the Primary 

Listing Exchange, the corresponding futures price shall be made by reference to the Index closing 

value for the current Trading Day. For a BTIC or BTIC block trade executed on a given Trading Day 

after the scheduled close of the Primary Listing Exchange, the corresponding futures price shall be 

made by reference to the Index closing value for the next Trading Day.

2. TACO block trades must be executed in accordance with the requirements of Rule 526. For a TACO 

block trade executed on a given Trading Day on or before the scheduled opening auction on the 

Primary Listing Exchange, the corresponding futures price shall be made by reference to the Index 

special opening quotation (“SOQ”) for such Trading Day. For a TACO block trade executed on a 

given Trading Day after the scheduled start of the opening auction on the Primary Listing Exchange, 

the corresponding futures price shall be made by reference to the SOQ for the next Trading Day.

2.3. TMAC block trades must be executed in accordance with the requirements of Rule 526. For a TMAC 

or TMAC block trade executed on a given Trading Day on or before the scheduled calculation of the 

underlying Marker, the corresponding futures price shall be made by reference to the Marker price 

for the current Trading Day. For a TMAC or TMAC block trade executed on a given Trading Day after 

the scheduled calculation of the underlying Marker, the corresponding futures price shall be made 

by reference to the Marker price for the next Trading Day. 

35806.B. Price Assignment Procedures 

1. The price assignment procedures for BTIC transactions shall follow Rule 524.B.3. 

2. The futures price of a TACO transaction made by reference to the Index SOQ for a given Trading 

Day shall be determined by the Exchange following the publication of the Index SOQ. No revisions 

to the price shall be made until the close of the next Business Day.

3. The price assignment procedures for TMAC transactions shall follow Rule 524.D.3.

i. For the Marker at U.S. close, the Marker price shall be based on the volume-weighted 

average price of transactions in such futures on the CME Globex electronic trading 

platform during the interval (i) between 2:59:30 p.m. and 3:00:00 p.m., or (ii) in the case 

of an early scheduled close of the Primary Listing Exchange, between 11:59:30 a.m. 

and noon, rounded to the nearest 0.01 Index point.

35806.C. Minimum Price Increments 

The valid basis or price increment applied either to the Index closing value to establish the BTIC futures 

price, or to the Index SOQ to establish the TACO futures price, or to the Marker value to establish the 

TMAC futures price must be an integer multiple of the contract minimum price increment of 0.05 index 

points.

35806.D. Market Disruption Events 

In the event of a market disruption in the Primary Listing Exchange, all pending and executed BTIC

transactions and TMAC transactions in the corresponding futures contract shall be cancelled by the 

Exchange. Such disruption shall be declared by the Exchange in its sole discretion, and may include, 

without limitation, an unscheduled early close of the Primary Listing Exchange or a NYSE Rule 7.12 

trading halt declared in response to a Level 3 (20%) decline in the S&P 500 Index that necessitates an 

early close of the Primary Listing Exchange. 
4

[Remainder of chapter is unchanged.]

CME Rulebook

Chapter 359

E-mini Nasdaq-100 Index® Futures

35906. BASIS TRADE AT INDEX CLOSE (“BTIC”), AND BASIS TRADE AT CASH OPEN 

(“TACO”) TRANSACTIONS, AND TRADE MARKER AT CLOSE (“TMAC”) 

TRANSACTIONS

All BTIC transactions, and TACO transactions, and TMAC transactions must be executed in accordance 

with the requirements of Rules 524.B., and 524.C., and 524.D., respectively.

35906.A. Block Trade Requirements 

1. BTIC block trades must be executed in accordance with the requirements of Rule 526. For a BTIC 

or BTIC block trade executed on a given Trading Day on or before the scheduled close of the Primary 

Listing Exchange, the corresponding futures price shall be made by reference to the Index closing 

value for the current Trading Day. For a BTIC or BTIC block trade executed on a given Trading Day 

after the scheduled close of the Primary Listing Exchange, the corresponding futures price shall be 

made by reference to the Index closing value for the next Trading Day. 

2. TACO block trades must be executed in accordance with the requirements of Rule 526. For a TACO 

block trade executed on a given Trading Day on or before the scheduled opening auction on the 

Primary Listing Exchange, the corresponding futures price shall be made by reference to the Index 

special opening quotation (“SOQ”) for such Trading Day. For a TACO block trade executed on a 

given Trading Day after the scheduled start of the opening auction on the Primary Listing Exchange, 

the corresponding futures price shall be made by reference to the SOQ for the next Trading Day.

3. TMAC block trades must be executed in accordance with the requirements of Rule 526. For a TMAC 

or TMAC block trade executed on a given Trading Day on or before the scheduled calculation of the 

underlying Marker, the corresponding futures price shall be made by reference to the Marker price 

for the current Trading Day. For a TMAC or TMAC block trade executed on a given Trading Day after 

the scheduled calculation of the underlying Marker, the corresponding futures price shall be made 

by reference to the Marker price for the next Trading Day.

35906.B. Price Assignment Procedures

1. The price assignment procedures for BTIC transaction shall follow Rule 524.B.3.

2. The futures price of a TACO transaction made by reference to the Index SOQ for a given Trading 

Day shall be determined by the Exchange following the publication of the Index SOQ. No revisions 

to the price shall be made until the close of the next Business Day.

3. The price assignment procedures for TMAC transactions shall follow Rule 524.D.3.

i. For the Marker at U.S. close, the Marker price shall be based on the volume-weighted 

average price of transactions in such futures on the CME Globex electronic trading platform 

during the interval (i) between 2:59:30 p.m. and 3:00:00 p.m., or (ii) in the case of an early 

scheduled close of the Primary Listing Exchange, between 11:59:30 a.m. and noon, 

rounded to the nearest 0.01 Index point.

35906.C. Minimum Price Increments 

The valid basis or price increment applied either to the Index closing value to establish the BTIC futures 

price, or to the Index SOQ to establish the TACO futures price, or to the Marker value to establish the 

TMAC futures price must be an integer multiple of the contract minimum price increment of 0.05 index 

points. 

35906.D. Market Disruption Events 

In the event of a market disruption in the Primary Listing Exchange, all pending and executed BTIC

transactions and TMAC transactions in the corresponding futures contract shall be cancelled by the 

Exchange. Such disruption shall be declared by the Exchange in its sole discretion, and may include, 
5

without limitation, an unscheduled early close of the Primary Listing Exchange or a NYSE Rule 7.12 

trading halt declared in response to a Level 3 (20%) decline in the S&P 500 Index that necessitates an 

early close of the Primary Listing Exchange. 

[Remainder of chapter is unchanged.]

CME Rulebook

Chapter 393

E-mini® Russell 2000® Index Futures

39306. BASIS TRADE AT INDEX CLOSE (“BTIC”), AND BASIS TRADE AT CASH OPEN (“TACO”) 

TRANSACTIONS, AND TRADE MARKER AT CLOSE (“TMAC”) TRANSACTIONS

All BTIC transactions, and TACO transactions, and TMAC transactions must be executed in accordance 

with the requirements of Rules 524.B., and 524.C., and 524.D., respectively.

39306.A. Block Trade Requirements

1. BTIC block trades must be executed in accordance with the requirements of Rule 526. For a BTIC or 

BTIC block trade executed on a given Trading Day on or before the scheduled close of the Primary 

Listing Exchange, the corresponding futures price shall be made by reference to the Index closing 

value for the current Trading Day. For a BTIC or BTIC block trade executed on a given Trading Day 

after the scheduled close of the Primary Listing Exchange, the corresponding futures price shall be 

made by reference to the Index closing value for the next Trading Day.

2. TACO block trades must be executed in accordance with the requirements of Rule 526. For a TACO 

block trade executed on a given Trading Day on or before the scheduled opening auction on the 

Primary Listing Exchange, the corresponding futures price shall be made by reference to the Index 

special opening quotation (“SOQ”) for such Trading Day. For a TACO block trade executed on a given 

Trading Day after the scheduled start of the opening auction on the Primary Listing Exchange, the 

corresponding futures price shall be made by reference to the SOQ for the next Trading Day. 

3. TMAC block trades must be executed in accordance with the requirements of Rule 526. For a TMAC 

or TMAC block trade executed on a given Trading Day on or before the scheduled calculation of the 

underlying Marker, the corresponding futures price shall be made by reference to the Marker price for 

the current Trading Day. For a TMAC or TMAC block trade executed on a given Trading Day after the 

scheduled calculation of the underlying Marker, the corresponding futures price shall be made by 

reference to the Marker price for the next Trading Day.

39306.B. Price Assignment Procedures

1. The price assignment procedures for BTIC transactions shall follow Rule 524.B.3. 

2. The futures price of a TACO transaction made by reference to the Index SOQ for a given Trading 

Day shall be determined by the Exchange following the publication of the Index SOQ. No revisions 

to the price shall be made until the close of the next Business Day.

3. The price assignment procedures for TMAC transactions shall follow Rule 524.D.3.

i. For the Marker at U.S. close, the Marker price shall be based on the volume-weighted 

average price of transactions in such futures on the CME Globex electronic trading platform 

during the interval (i) between 2:59:30 p.m. and 3:00:00 p.m., or (ii) in the case of an early 

scheduled close of the Primary Listing Exchange, between 11:59:30 a.m. and noon, 

rounded to the nearest 0.01 Index point.

39306.C. Minimum Price Increments

The valid basis or price increment applied either to the Index closing value to establish the BTIC futures 

price, or to the Index SOQ to establish the TACO futures price, or to the Marker value to establish the 

TMAC futures price must be an integer multiple of the contract minimum price increment stated in full tick 

increments of 0.05 index points. 

39306.D. Market Disruption Events
6

In the event of a market disruption in the Primary Listing Exchange, all pending and executed BTIC

transactions and TMAC transactions in the corresponding futures contract shall be cancelled by the 

Exchange. Such disruption shall be declared by the Exchange in its sole discretion, and may include, 

without limitation, an unscheduled early close of the Primary Listing Exchange or a NYSE Rule 7.12 

trading halt declared in response to a Level 3 (20%) decline in the S&P 500 Index that necessitates an 

early close of the Primary Listing Exchange. 

[Remainder of chapter is unchanged.]

CBOT Rulebook

Chapter 27 

E-mini Dow Jones Industrial AverageSM Index Futures

27106. BASIS TRADE AT INDEX CLOSE (“BTIC”) TRANSACTIONS AND TRADE MARKER AT 

CLOSE (“TMAC”) TRANSACTIONS

All BTIC transactions and TMAC Transactions must be executed in accordance with the 

requirements of Rule 524.B. and Rule 524.D., respectively. 

27106.A. BTIC Block Trade Requirements 

1. BTIC block trades must be executed in accordance with the requirements of Rule 526. For a BTIC 

or BTIC block trade executed on a given Trading Day on or before the scheduled close of the Primary 

Listing Exchange, the corresponding futures price shall be made by reference to the Index closing 

value for the current Trading Day. For a BTIC or BTIC block trade that is executed on a given Trading 

Day after the scheduled close of the Primary Listing Exchange, the corresponding futures price shall 

be made by reference to the Index closing value for the next Trading Day.

2. TMAC block trades must be executed in accordance with the requirements of Rule 526. For a TMAC 

or TMAC block trade executed on a given Trading Day on or before the scheduled calculation of the 

underlying Marker, the corresponding futures price shall be made by reference to the Marker price 

for the current Trading Day. For a TMAC or TMAC block trade executed on a given Trading Day after 

the scheduled calculation of the underlying Marker, the corresponding futures price shall be made 

by reference to the Marker price for the next Trading Day.

27106.B. BTIC Price Assignment Procedures 

1. The price assignment procedures for BTIC transactions shall follow Rule 524.B.3.

2. The price assignment procedures for TMAC transactions shall follow Rule 524.D.3.

i. For the Marker at U.S. close, the Marker price shall be based on the volume-weighted 

average price of transactions in such futures on the CME Globex electronic trading platform 

during the interval (i) between 2:59:30 p.m. and 3:00:00 p.m., or (ii) in the case of an early 

scheduled close of the Primary Listing Exchange, between 11:59:30 a.m. and noon, 

rounded to the nearest 0.01 Index point.

27106.C. BTIC Minimum Price Increments

The valid basis or price increment applied to the Index closing value to establish the BTIC futures price

or to the Marker value to establish the TMAC futures price must be stated in full tick increments of 1 index 

point.

27106.D. Market Disruption Events 

In the event of a market disruption in the Primary Listing Exchange, all pending and executed BTIC 

transactions and TMAC transactions in the corresponding futures contract shall be cancelled by the 

Exchange. Such disruption shall be declared by the Exchange in its sole discretion, and may include, 

without limitation, an unscheduled early close of the Primary Listing Exchange or a NYSE Rule 7.12 

trading halt declared in response to a Level 3 (20%) decline in the S&P 500 Index that necessitates an 

early close of the Primary Listing Exchange. 

[Remainder of chapter is unchanged.]
7
8

Appendix B

CME and CBOT Rulebooks

Chapter 5

(“Trading Qualifications and Practices”)

(additions are underscored; deletions are overstruck)

*** 

524. TRADING AT SETTLEMENT (“TAS”), BASIS TRADE AT INDEX CLOSE (“BTIC”), AND 

BASIS TRADE AT CASH OPEN (“TACO”) AND TRADE MARKER AT CLOSE (“TMAC”) 

TRANSACTIONS

 

The Exchange shall determine the products, contract months and time periods during which TAS, BTIC, 

and TACO, and TMAC transactions shall be permitted. Specific products, contract months and spreads 

eligible for pricing as TAS, BTIC, or TACO, or TMAC transactions are set forth in the TAS, BTIC, and 

TACO, and TMAC Table (“Table”) at the end of Chapter 5.

[Sections A.-C. remain unchanged]

524.D. Trade Marker at Close (“TMAC”) Transactions

The following shall govern TMAC transactions:

1. A TMAC order may be entered on Globex at any time the applicable contract is available for TMAC 

trading on Globex and during such TMAC-eligible contract’s prescribed pre-open time period. The 

initiation of any TMAC order on Globex outside these time periods is prohibited.

2. Unless otherwise specified in the Table, a TMAC-eligible product and contract month may be 

executed as a block trade pursuant to the requirements of Rule 526 or as an Exchange of Futures 

for Physical (“EFP”) or Exchange of Futures for Risk (“EFR”) transaction pursuant to the requirements 

of Rule 538.

3. Unless otherwise specified by the Exchange, a TMAC transaction may be executed at the current 

day’s applicable marker price or at any valid price increment four ticks higher or lower than the 

applicable marker price.

[End of Rule.]
9

Appendix C

CME and CBOT Rulebook

Chapter 5 

(“Trading Qualifications and Practices”) 

Rule 524. - Trading at Settlement (“TAS”), Basis Trade at Index Close (“BTIC”),

Basis Trade at Cash Open (“TACO”), and Trade Marker at Close (“TMAC”) Table

BOLD indicates calendar months; italic indicates contract months.

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

TMAC on E-mini 

Standard and Poor's 

500 Stock Price Index 

Futures (ESX)

Mar Mar Mar Jun Jun Jun Sep Sep Sep Dec Dec Dec

Jun Sep Dec Mar

TMAC on E-mini 

Nasdaq-100 Index 

Futures (NQX)

Mar Mar Mar Jun Jun Jun Sep Sep Sep Dec Dec Dec

Jun Sep Dec Mar

TMAC on E-mini 

Russell 2000 Index 

Futures (RTX)

Mar Mar Mar Jun Jun Jun Sep Sep Sep Dec Dec Dec

Jun Sep Dec Mar

TMAC on E-mini Dow 

Jones Industrial 

Average Index Futures 

(YMX)

Mar Mar Mar Jun Jun Jun Sep Sep Sep Dec Dec Dec

Jun Sep Dec Mar

The column headings represent the first day of the month. The cells display the TAS eligible contract 

months and spreads as of the first day of the month. 

TMAC eligibility terminates on the business day preceding the underlying futures' last trade date. The new 

month will be available on the last day of trading of the preceding contract month's expiry. 

Appendix D

Block Trade Minimum Thresholds

Product 

Group

Clearing 

Code Product Description

Block Trade 

Minimum

Threshold

Reporting 

Window

Equity Index ESX TMAC on E-mini Standard and Poor's 

500 Stock Price Index Futures 

RTH: 500

ETH: 100

ATH: 100

15 

minutes

Equity Index NQX TMAC on E-mini Nasdaq 100 Futures

RTH: 500

ETH: 100

ATH: 100

15 

minutes

Equity Index RTX TMAC on E-mini Russell 2000 Index 

Futures RTH/ETH/ATH: 40 15 minutes
10

Equity Index YMX TMAC on E-mini Dow Jones Industrial 

Average Index Futures

RTH: 500

ETH: 100

ATH: 100

15 

minutes

Appendix E

Exchange Fees

CME 

Membership Type Venue/Transaction Type Fee

Individual Members

Clearing Members

Rule 106.J Equity Member Firms & Rule 106.J Qualified 

Subsidiaries

Rule 106.I Members & Rule 106.I Qualified Affiliates

Rule 106.S Member Approved Funds

TMAC (CME Globex and Block) $1.90

Rule 106.D Lessees

Rule 106.F Employees 

TMAC (CME Globex and Block)

$2.02 

Rule 106.R Electronic Corporate Members 

(For other than CME Globex - Non-Member rates apply)

CME Globex – TMAC $2.20

Block – TMAC $2.25

Rule 106.H and 106.N Firms 

TMAC (CME Globex and Block)

$2.20 

International Incentive Program (IIP) Participants

International Volume Incentive Program (IVIP) Participants 

(For other than CME Globex - Non-Member rates apply)

TMAC (CME Globex and Block) $2.25

Central Bank Incentive Program (CBIP) Participants

Latin American Fund Manager Incentive Program (FMIP) 

Participants 

(For other than CME Globex - Non-Member rates apply)

TMAC (CME Globex and Block) $2.25 

CBOE Members

(For S&P products only; for all other products - Non-Member rates apply)

TMAC (CME Globex and Block)

$2.20 

Members Trading Outside of Division 

(For other than CME Globex During ETH - Non-Member rates apply) TMAC (CME Globex and Block) $2.25
11

Non-Members

TMAC (CME Globex and Block)

$2.25 

CBOT

Level Account Owner Execution 

Type

Venue/Transaction 

Type Fee 

1

Individual Members 

Member 

Account 

Owner

TMAC (CME 

Globex and Block) $1.90

Individual Delegates 

Delegate 

Trading 

Own 

Account

TMAC (CME 

Globex and Block) $1.96

Equity Members (Individual Equity members, Clearing Equity Member Firms and Equity 

Member Firms)

2

Rule 106.J Equity Member Firms

Rule 106.I Affiliate Equity Member Firms

Individual Equity Members (Other 

Member/Delegate executing trade)

Clearing Equity Member Firms

Rule 106.I Affiliate Membership Umbrella -

Qualified Affiliate

Member or 

Delegate

TMAC (CME 

Globex and Block) $1.90

NonMemberTMAC (CME 

Globex and Block) $1.96

Rule 106.S. Family of Funds Equity 

Member Firms 

Member, 

Delegate 

or NonMember

TMAC (CME 

Globex and Block) $1.96

Trading Members (Individual Non-Equity Members, Clearing Non-Equity Member Firms and 

Non-Equity Member Firms)

3

Individual Non-Equity Members (Other 

Member/Delegate executing trade)

Clearing Non-Equity Member Firms

Rule 106.H. Member Firms

Rule 106.I. Affiliate Trading Member Firms 

(w/ an owned seat)

Member, 

Delegate 

or NonMember

TMAC (CME 

Globex and Block) $1.98

Individual Delegates (Other Member/Delegate 

executing trade)

Rule 106.I. Affiliate Trading Member Firms 

(w/ a leased seat)

Member, 

Delegate 

or NonMember

TMAC (CME 

Globex and Block) $2.00

Processing Fees Fee

Position Adjustment/Position Transfer $0.10 

Give-Up Surcharge $0.05 

Facilitation Fee $0.40 
12

Rule 106.S. Family of Funds Trading 

Member Firms 

Member, 

Delegate 

or NonMember

TMAC (CME 

Globex and Block) $1.98

Level Account Owner Execution 

Type

Venue/Transaction 

Type Fee

Electronic Corporate Member Firm

4

Rule 106.R Electronic Corporate Member 

Firms 

(For other than CME Globex – See Non-Members)

Member, 

Delegate or 

NonMember

CME Globex –

TMAC $2.00

Block – TMAC $2.25

Non-Members

5

International Incentive Program (IIP) 

International Volume Incentive Program 

(IVIP) 

(For other than CME Globex – See Non-Members)

Member, 

Delegate or 

NonMember

TMAC (CME 

Globex and Block) $2.25

Central Bank Incentive Program (CBIP)

Latin American Fund Manager Incentive 

Program (FMIP) 

(For other than CME Globex – See Non-Members)

Member, 

Delegate or 

NonMember

TMAC (CME 

Globex and Block) $2.25 

Non-Members N/A TMAC (CME 

Globex and Block) $2.25

Processing Fees Fee

Exchange Fees for Non-Trades (Member/Delegate/NonMember) $0.10/$0.25/$0.55

Exchange Fees for Non-Trades - Expired Options $0.10

Position Adjustment/Position Transfer $0.10

Give-Up Surcharge $0.06

Facilitation Fee $0.40