SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-074 (3 of 4)

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 02/24/23 Filing Description: Amendments to the CME Globex 

Trading Hours for Basis Trade at Index Close (“BTIC”) Transactions on CME and CBOT 

Commodity 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

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

February 24, 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. Amendments to the CME Globex Trading 

Hours for Basis Trade at Index Close (“BTIC”) Transactions on CME and CBOT 

Commodity Index Futures Contracts.

CME Submission No. 23-074 (3 of 4)

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”) amendments amend the CME Globex electronic trading platform (“CME Globex”) hours for 

Basis Trade at Index Close (“BTIC”) transactions of the three (3) CME and CBOT commodity index futures 

contracts listed in Table 1. below effective Sunday, March 12, 2023 for trade date Monday, March 13, 2023.

Specifically, this amendment will harmonize the CME Globex BTIC trading hours with the respective 

underlying index close for all four (4) of the Exchanges’ commodity index futures contracts in Table 1.

below.

Additionally, the Exchanges will implement administrative changes to the four (4) CME and CBOT 

commodity index futures product chapters listed in Table 1. below (collectively, the “Rule Amendments”). 

The Exchanges will delete specific trading hours from the product chapters and replace with boilerplate 

language. The Exchanges’ house specific trading hours on contract specification pages of each contract.

Table 1.

Contract Title

CME 

Globex / 

CME 

ClearPort 

Code

Rulebook 

Chapter

Current CME Globex 

BTIC Trading Hours

Amended CME 

Globex BTIC Trading 

Hours

S&P GSCI Commodity 

Index Futures GD/GI CME401 5:00 pm – 4:00 pm CT 5:00 pm – 1:30 pm CT

S&P GSCI ER Index 

Futures GIE/GA CME415 5:00 pm – 4:00 pm CT 5:00 pm – 1:30 pm CT

Bloomberg Commodity 

Index Futures AW CBOT29 5:00 pm – 1:30pm CT No change

Bloomberg Roll Select 

Commodity Index 

Futures

DRS CBOT

29D 5:00 pm – 4:00 pm CT 5:00 pm – 1:30 pm CT

The Rule Amendments are being put in place to align the CME Globex BTIC Trading Hours with the Trading 

Hours of the underlying futures. 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

2

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.

Daily Publication of Trading Information: The Exchanges 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 Exchanges, which include prohibitions on manipulation, price distortion, and disruption to the 

cash settlement process.

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

and enforce compliance with the rules of the Contracts. 

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

Attachment: Appendix A Amendments to CME Rulebook Chapters 401 and 415 and CBOT 

Rulebook Chapters 29 and 29D
3

Appendix A

(additions underscored; deletions struck through)

CME Rulebook

Chapter 401

S&P GSCITM Commodity Index Futures

***

40104. BASIS TRADE AT INDEX CLOSE (“BTIC”) TRANSACTIONS

All BTIC transactions must be executed in accordance with the requirements of Rule 524.B.

40104.A. BTIC Block Trade Requirements

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

trade executed on a given Trading Day on or before the scheduled close of the underlying primary 

securities market, the corresponding futures price shall be made by reference to the Index closing value 

for the current Trading Day. For a BTIC block trade executed on a given Trading Day after the scheduled 

close of the underlying primary securities market, the corresponding futures price shall be made by 

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

40104.B. BTIC Price Assignment Procedures

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

The futures price of a BTIC transaction shall be determined by the Exchange at 3:30 p.m. Chicago time 

(4:30 p.m. Eastern time) (or according to the requirements of Rule 40103 in the case of final settlement). 

Such price determination shall be deemed final.

40104.C. BTIC Minimum Price Increment

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

must be stated in full tick increments of 0.010 index points.

[End of rule changes.]

Chapter 415

S&P GSCITM ER Index Futures

***

41504. BASIS TRADE AT INDEX CLOSE (“BTIC”) TRANSACTIONS

All BTIC transactions must be executed in accordance with the requirements of Rule 524.B.

41504.A. BTIC Block Trade Requirements

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

trade executed on a given Trading Day on or before the scheduled close of the underlying primary 

securities market, the corresponding futures price shall be made by reference to the Index closing value 

for the current Trading Day. For a BTIC block trade executed on a given Trading Day after the scheduled 

close of the underlying primary securities market, the corresponding futures price shall be made by 

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

41504.B. BTIC Price Assignment Procedures

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

The futures price of a BTIC transaction shall be determined by the Exchange at 3:30 p.m. Chicago time 

(4:30 p.m. Eastern time) (or according to the requirements of Rule 41503 in the case of final settlement). 

Such price determination shall be deemed final.

410504.C. BTIC Minimum Price Increment

The valid basis or price increment applied to the Index closing value to establish the BTIC futures price 
4

must be stated in full tick increments of 0.0010 index points.

[End of rule changes.]

CBOT Rulebook

Chapter 29

Bloomberg Commodity IndexSM 1 Futures

***

29106. BASIS TRADE AT INDEX CLOSE (“BTIC”) TRANSACTIONS

All BTIC transactions must be executed in accordance with the requirements of Rule 524.B.

29106.A. BTIC Block Trade Requirements

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

trade executed on a given Trading Day on or before the scheduled close of the underlying primary 

securities market, the corresponding futures price shall be made by reference to the Index closing value 

for the current Trading Day. For a BTIC block trade executed on a given Trading Day after the scheduled 

close of the underlying primary securities market, the corresponding futures price shall be made by 

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

29106.B. BTIC Price Assignment Procedures

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

The futures price of a BTIC transaction shall be determined by the Exchange at 3:30 p.m. Chicago time 

(4:30 p.m. Eastern time) (or according to the requirements of Rule 29104 in the case of final settlement). 

Such price determination shall be deemed final.

29106.C. BTIC Minimum Price Increment

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

must be stated in full tick increments of 0.010 index points.

[End of rule changes.]

Chapter 29D

Bloomberg Roll Select Commodity IndexSM2 Futures

***

29D106. BASIS TRADE AT INDEX CLOSE (“BTIC”) TRANSACTIONS

All BTIC transactions must be executed in accordance with the requirements of Rule 524.B.

29D106.A. BTIC Block Trade Requirements

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

trade executed on a given Trading Day on or before the scheduled close of the underlying primary 

securities market, the corresponding futures price shall be made by reference to the Index closing value 

for the current Trading Day. For a BTIC block trade executed on a given Trading Day after the scheduled 

close of the underlying primary securities market, the corresponding futures price shall be made by 

1

“Bloomberg®”, “Bloomberg Commodity IndexSM” are service marks of Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”) and have 

been licensed for use for certain purposes by Board of Trade of the City of Chicago, Inc. Neither Bloomberg nor UBS Securities LLC and its affiliates 

(collectively, “UBS”) are affiliated with Board of Trade of the City of Chicago, Inc., and Bloomberg and UBS do not approve, endorse, review, or 

recommend Bloomberg Commodity IndexSM futures. Neither Bloomberg nor UBS guarantees the timeliness, accurateness, or completeness of any data 

or information relating to Bloomberg Commodity IndexSM.

2

“Bloomberg®”, “Bloomberg Roll Select Commodity IndexSM” are service marks of Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”) 

and have been licensed for use for certain purposes by Board of Trade of the City of Chicago, Inc. Neither Bloomberg nor UBS Securities LLC and its 

affiliates (collectively, “UBS”) are affiliated with Board of Trade of the City of Chicago, Inc., and Bloomberg and UBS do not approve, endorse, review, 

or recommend Bloomberg Roll Select Commodity IndexSM futures. Neither Bloomberg nor UBS guarantees the timeliness, accurateness, or 

completeness of any data or information relating to Bloomberg Roll Select Commodity IndexSM.
5

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

29D106.B. BTIC Price Assignment Procedures

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

The futures price of a BTIC transaction shall be determined by the Exchange at 3:30 p.m. Chicago time 

(4:30 p.m. Eastern time) (or according to the requirements of Rule 29D104 in the case of final settlement). 

Such price determination shall be deemed final.

29D106.C. BTIC Minimum Price Increment

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

must be stated in full tick increments of 0.010 index points.

[End of rule changes.]