SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-307 (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): July 13, 2023 Filing Description: Implementation of the E-mini 

Equity Index Futures Trade Marker at Close ("TMAC") Market Maker 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

July 13, 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 E-mini Equity Index Futures Trade Marker at Close (“TMAC”)

Market Maker Program

CME Submission No. 23-307 (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”) hereby notify the Commodity Futures Trading Commission (“CFTC” or “Commission”) 

of plans to implement the E-mini Equity Index Futures TMAC Market Maker Program (“Program”). The proposed 

Program will become effective on July 31, 2023.

Exhibit 1 sets forth the terms of this Program.

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

Commodity Exchange Act (“CEA” or “Act”). 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 will not impact the Exchanges’ ability to perform their trade practice and market surveillance obligations

under the CEA and the Exchanges’ market regulation staff will monitor trading in the Program’s products to prevent 

manipulative trading and market abuse. Additionally, the Exchanges have implemented systems to track Program 

participants’ obligations to ensure proper distribution of earned incentives. The incentives in the Program do not 

impact the Exchanges’ order execution. Participants in the Program will be selected by Exchange staff using criteria 

as further stated in Exhibit 1. Chapter 4 of the Exchanges rules includes prohibitions against fraudulent, noncompetitive, unfair or abusive practices. All participants must execute a contractual agreement with the Exchanges in 

which each participant will expressly agree to comply with and be subject to applicable regulations and the 

Exchanges rules. The Program is subject to the Exchanges’ record retention policies which comply with the CEA. 

The Exchanges certify that the Program complies with the CEA and the regulations thereunder. There were no 

substantive opposing views to this Program.

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.

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. 23-307 in any related correspondence.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachment: Exhibit 1
EXHIBIT 1

E-mini Equity Index Futures TMAC Market Maker Program

Program Purpose

The purpose of this Program is to support the development of consistent two-sided quote markets on the 

CME Globex Platform (“Globex”) for the products listed below. The resulting increase in central limit order 

book liquidity benefits all participant segments in the market.

Product Scope

TMAC on E-mini S&P 500 Index Futures (“ESX”), TMAC on E-mini Nasdaq 100 Index Futures (“NQX”),

TMAC on E-mini Russell 2000 Index Futures (“RTX”), and TMAC on CBOT E-mini Dow Jones Industrial 

Average Index Futures ($5 Multiplier) (“YMX”) that are traded on Globex (“Products”).

Eligible Participants

The Exchanges may designate up to ten (10) participants in the Program. Participants must be member

proprietary trading firms. Potential participants are required to submit an application/bid sheet to the 

Exchanges as part of a competitive application process which is used to determine eligibility. In 

determining whether or not a prospective participant is selected to participate in the Program, Exchange

staff may take into account a variety of factors including the strength of the quoting obligations the 

prospective participant is willing to commit to provide, whether Exchange staff believes that the 

prospective participant can maintain such obligations, and historical volume trading similar contracts. The 

Exchanges may, from time to time, add or subtract from the aforementioned requirements as they deem 

necessary.

Program Term 

Start date is July 31, 2023. End date is January 31, 2024.

Hours

8:30AM – 3:00PM CT.

Obligations

In order to be eligible to receive the incentives, participants must quote two-sided markets in the 

applicable Products, at predetermined average bid/ask spreads and minimum quote sizes during a 

certain percentage of time-in-market.

Incentives 

Upon meeting all obligations, as determined by the Exchanges, participants may be eligible to receive 

predetermined incentives.
Monitoring and Termination of Status

The Exchanges 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 eligibility 

requirements or fails to meet the obligations of the Program.