SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-522

Organization: New York Mercantile Exchange, Inc. ("NYMEX")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): December 15, 2023 Filing Description: Extension of the 

NYMEX Oil 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: 
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 15, 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: Extension of the NYMEX Oil Incentive Program

NYMEX Submission No. 23-522

Dear Mr. Kirkpatrick:

New York Mercantile Exchange, Inc. (“NYMEX” or “Exchange”) hereby notifies the Commodity Futures Trading 

Commission (“CFTC” or “Commission”) that it plans to extend the NYMEX Oil Incentive 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 this Program. Modifications appear below, with additions underlined and deletions 

overstruck.

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

Exchange Act (“CEA”). During the review, NYMEX 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 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 Program’s products 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 Program does not impact the Exchange’s 

order execution. Participants in the Program will be selected by NYMEX staff using criteria as further stated in Exhibit 

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

practices. All participants must execute a contractual agreement with NYMEX in which each participant will expressly 

agree to comply with and be subject to, applicable regulations and NYMEX rules. The Program is subject to the 

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

NYMEX 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 NYMEX Submission No. 23-522 in any related 

correspondence.

Sincerely,

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit 1
EXHIBIT 1

NYMEX Oil Incentive Program

Program Purpose

The purpose of this Program is to build liquidity across the Exchange’s North American crude oil grade 

products on the CME Globex Platform (“Globex”). The resulting central limit order book liquidity benefits 

all participants in the market.

Product Scope

All North American crude oil futures and options products that incorporate a third-party price assessment 

as either the price of the contract or the price of the first leg of the contract (“Products”).

Eligible Participants

There is no limit to the number of participants that may participate in the Program. Participants may be 

NYMEX member or non-member trading firms, including banks, hedge funds, commercial firms, asset 

managers, or proprietary trading firms.

Program Term

Start date is April 1, 2017. End date is January 31, 2024 January 31, 2025.

Hours

N/A

Obligations

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

Incentives

Upon satisfying all obligations, as determined by the Exchange, participants may be eligible to 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 has failed to meet the obligations of 

the Program.