SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 22-566

Organization: Chicago Mercantile Exchange Inc. ("CME")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 12/20/22 Filing Description: Amendments to the Special Price 

Fluctuation Limits and Daily Limits Table in Connection with CME Cryptocurrency

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

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: 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

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Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

December 20, 2022

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 Special Price 

Fluctuation Limits and Daily Limits Table in Connection with CME Cryptocurrency

Futures Contracts.

CME Submission No. 22-566

Dear Mr. Kirkpatrick:

Pursuant to Commodity Futures Trading Commission (“CFTC” or “Commission”) Regulation 40.6(a), 

Chicago Mercantile Exchange Inc. ("CME") hereby certifies to the Commission amendments to the Special 

Price Fluctuation Limits and Daily Price Limits table (the “Table”) located in CME Rule 589. (“Special Price 

Fluctuation Limits”) to in connection with all CME cryptocurrency futures contracts (and their associated 

products) to remove the existing price limit of 30% provided in Table 1. below (the “Contracts”) effective on

trade date Friday, January 6, 2023 (collectively, the “Rule Amendments”).

 Table 1.

Contract Title

CME Globex

and

CME Clearing

Code

Rulebook Chapter

Bitcoin Futures BTC 350

Bitcoin Euro Futures BTE 450

Micro Bitcoin Futures MBT 348

Ether Futures ETH 349

Ether Euro Futures ETE 449
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

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Micro Ether Futures MET 347

The Exchange is implementing the Rule Amendments to further facilitate price discovery and align the 

Contracts with the underlying cash market. 

The Contracts will continue to be subject to Dynamic Price Fluctuation Limits with a 10% dynamic variant 

pursuant to Rule 589.D. (“Dynamic Price Fluctuation Limits”).

Dynamic price limit functionality under the special price fluctuation limits mechanism assigns a price limit 

variant as determined by the Exchange (“dynamic variant”). During the trading day, the dynamic variant will 

be utilized in rolling 60 minutes look-back periods to establish dynamic upper and lower price fluctuation 

limits. Posted trades, bids or offers through the dynamic price fluctuation limits will trigger a two (2) minute 

trading halt. This methodology allows for the trading engine to halt the market on a move at any point during 

the day, which is intended to promote continuous price discovery with less market disruption.

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

the Commodity Exchange Act (“CEA” or “Act”) and identified that the following Core Principles may be 

impacted by this initiative as follows:

• Compliance with Rules: Changes to special price fluctuation limits constitute a change to a term 

and condition pursuant to Part 40 of the Regulations under the CEA. The Exchange is amending 

the price limits and special price fluctuation limit functionality attendant to the Contracts. As such, 

the Rule Amendments remain in compliance with this Core Principle.

• Prevention of Market Disruption: CME Rule 589. is expressly intended to prevent unwarranted 

price movements in products subject to the Rule. The Rule Amendments codify the manner in 

which the limits are applied and remain in compliance with the Core Principle.

• Availability of General Information: The Exchange will amend the Exchange’s Rulebook 

accordingly which is publicly available on the CME Group website. In addition, the Exchange will 

publish a Special Executive Report (“SER”) to advise the marketplace of the Rule Amendments. 

The SER will also be posted on the CME Group website.

• Protection of Market Participants: CME Rule 589. is expressly intended to promote fair and 

equitable trading by ensuring that there are limits on the permissible price movements on any given 

trading day in the products subject to the Rule. As such, the Rule Amendments are in compliance 

with this Core Principle.

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

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

opposing views to this proposal.

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

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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