SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-247

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

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): June 12, 2023 Filing Description: Extension of the ESTR First 

Market-Wide Fee Waiver 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

June 12, 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 ESTR First Market-Wide Fee Waiver Program

CME Submission No. 23-247

Dear Mr. Kirkpatrick:

Chicago Mercantile Exchange Inc. ("CME" or “Exchange”) hereby notifies the Commodity Futures Trading 

Commission (“CFTC” or “Commission”) of plans to extend the ESTR First Market-Wide Fee Waiver Program

(“Program”) through September 30, 2023. The extension of the Program will become effective on July 1, 2023. All 

other Program terms remain unchanged.

Exhibit 1 sets forth the terms of this Program. Modifications appear below, with additions underscored and deletions 

overstruck.

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

Commodity Exchange Act (“CEA” or “Act”). During the review, CME 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 is a general fee waiver that applies to all market participants. A general fee waiver does not incentivize 

manipulative trading or market abuse. 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 products that are included in the Program to prevent manipulative trading and market abuse. The 

general fee waiver in the Program does not impact the Exchange’s order execution. All market participants that 

execute trades in the products shall be entitled to participate. Chapter 4 of the Exchange rules includes prohibitions 

against fraudulent, non-competitive, unfair, or abusive practices. The Program is subject to these rules and CME 

records retention policies that comply with the CEA.

CME 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 CME Submission No. 23-247 in any related correspondence.

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachment: Exhibit 1
EXHIBIT 1

ESTR First Market-Wide Fee Waiver Program

Program Purpose 

The purpose of this Program is to incentivize market participants to support the development of the 

products below. The resulting increase in liquidity benefits all participant segments of the market.

Product Scope

Euro Short-Term Rate (€STR) Futures (“ESR”) and Euro Short-Term Rate (€STR) Three-Month Single 

Contract Basis Spread Futures (“EUS”) that are traded on the CME Globex Platform or cleared via CME 

ClearPort (“Products”).

Eligible Participants

There is no limit to the number of participants in the Program. Participants may be members or nonmembers. The incentives described below will be automatically applied to all transactions in the Products 

made by market participants. 

Program Term

Start date is April 1, 2023. End date is June 30, 2023 September 30, 2023.

Hours

N/A

Incentives

Fee Waivers: All market participants will receive Globex and CME ClearPort fee waivers for the Products, 

including give-up surcharges and position transfer fees.