Via Portal Submission September 29, 2023

 MGEX Submission No. 23-57

Mr. Christopher Kirkpatrick

Secretary of the Commission

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street NW

Washington, DC 20581

RE: Rule Certification Submission Pursuant to Regulation 40.6(a); Amendment

to MGEX Rules

Dear Mr. Kirkpatrick:

Pursuant to Commodity Exchange Act (“CEAct”) Section 5c and Commodity Futures 

Trading Commission (“CFTC” or “Commission”) Regulation 40.6(a), the Minneapolis 

Grain Exchange, LLC (“MGEX” or “Exchange”) hereby certifies that the attached 

amendments to the MGEX Rules (the “Proposed Amendments”) comply with the CEAct 

and CFTC Regulations. MGEX further certifies that the submission and pending changes 

to the MGEX Rules have been posted on the Exchange website at the following link: 

http://www.mgex.com/regulation.html.

Overview of Rule Amendment

MGEX is making the Proposed Amendments to change the time that the Bitnomial 

Settlement Facility opens to delivering Market Participants from 5:00 p.m. to 9:00 a.m. 

DCO Core Principles

In connection with the Proposed Amendments, the Exchange has reviewed the core 

principles for DCOs (“DCO Core Principles”) and has determined that the amendments

comply with the requirements of such principles. During the review, MGEX identified the 

following DCO Core Principles as potentially being impacted:

• DCO Core Principle L – Public Information: Core Principle L requires DCOs to 

provide market participants with sufficient information and to have clear and 

comprehensive rules and procedures. The Proposed Amendments will be 

incorporated into the Exchange’s Rules, which are posted publicly on the MGEX 

website in satisfaction of this core principle.

Pursuant to MGEX Bylaw 3.1., the Proposed Amendments were approved on September

29, 2023. There were no substantive opposing views expressed with respect to this filing. 
MINNEAPOLIS GRAIN EXCHANGE, LLC

400 South 4th Street | 130 Grain Exchange Building | Minneapolis, MN 55415

612-321-7159

mgex.com

The Proposed Amendments are to be effective when incorporated into the MGEX 

Rulebook and posted on its website, which will be at least 10 business days following the 

date of this submission. If there are any questions regarding this submission, please 

contact me at (612) 321-7176 or jkrause@mgex.com. Thank you for your attention to this 

matter.

Sincerely, 

James D. Krause

Associate Corporate Counsel, DCO & Int’l
MINNEAPOLIS GRAIN EXCHANGE, LLC

400 South 4th Street | 130 Grain Exchange Building | Minneapolis, MN 55415

612-321-7159

mgex.com

EXHIBIT A

The following MGEX Rule is to be amended. Additions are underlined while deletions are 

marked through.

CHAPTER 23

BITNOMIAL EXCHANGE CLEARING RULES

23.12.4. DELIVERY PROCEDURES AND REPORTING.

Unless stated otherwise, the Clearing House will electronically issue notices and reports to 

relevant Clearing Members.

Delivery of a Bitnomial Exchange Contract is based upon open positions after contract 

expiration. The delivery process, as set forth below, consists of the following requirements and

deadlines (all references to days are Business Days and times are noted in Central time):

T-5 5 Days Prior to 

Last Trading Day

5:10 p.m. Clearing Members file Bitnomial delivery files 

and all otherrequested information at the end of

each day with the Clearing House.

T-3 3 Days Prior to 

Last Trading Day 

(start of Delivery 

Period)

59:00 pa.m. Settlement Facility opens to delivering Market 

Participants.

T Last Trading Day 

of Contract

9:30 a.m. Clearing Members are responsible for ensuring 

all Market Participants making delivery deliver 

underlying asset through Settlement Facility.

5:10 p.m. Clearing Members file Bitnomial delivery files 

with the Clearing House, which will serve as a 

binding Delivery Notice to MGEX.

8:45 p.m. Clearing House issues final Delivery Report 

and corresponding payment information.

T+1 Delivery Day 11:30

a.m.

All payments for delivery are due to the 

delivering Clearing Member.

12:30

p.m.

Clearing Member notification to Bitnomial 

Exchange and Clearing House regarding 

receipt of final payment is due.
MINNEAPOLIS GRAIN EXCHANGE, LLC

400 South 4th Street | 130 Grain Exchange Building | Minneapolis, MN 55415

612-321-7159

mgex.com

By 7:00

p.m.

Delivery process and movement of 

corresponding Digital Assets is completed.

T+2 Release of Margin By 9:00

a.m.

Provided that notification ofdelivery has been 

received by the applicable Delivery Day 

deadlines, MGEX will release margins.

Any discrepancies or material reporting errors may result in MGEX disciplinary action.

*****