SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-476

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

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 OTC 

FX Options 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: 
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 OTC FX Options Fee Waiver Program

CME Submission No. 23-476

Dear Mr. Kirkpatrick:

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

Trading Commission (“CFTC” or “Commission”) of plans to extend the fee waiver program supporting 

certain cleared-only over-the-counter (“OTC”) foreign exchange (“FX”) options products (“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 the Program. Modifications appear below, with additions underlined and 

deletions overstruck. 

CME reviewed the derivatives clearing organization core principles (“Core Principles”) as set forth in the 

Commodity Exchange Act (“CEA”). During the review, CME staff concluded that the following Core 

Principle applies to this submission:

Financial Resources: The Program will have a non-material impact on the financial resources of the 

Clearing House. As such, it will not prevent the Clearing House from demonstrating that it has adequate 

financial, operational, and managerial resources to discharge its responsibilities as a derivatives clearing 

organization.

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

this Program complies with the CEA, including regulations thereunder. There were no substantive 

opposing views to this proposal.

CME certifies that this submission has been concurrently posted on CME’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. 23-476 in any related 

correspondence.

Sincerely,

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit 1 
EXHIBIT 1

OTC FX Options Fee Waiver Program

Program Purpose

The purpose of this Program is to incentivize market participants to submit transactions in the OTC FX

Options products listed below to the Clearing House for clearing. The resulting increase in volume

benefits all participant segments in the market.

Product Scope

All cleared-only OTC FX Options (collectively, the “Products”).

Eligible Participants

The temporary reduction in fees will be open to all market participants and will automatically be applied to 

any transaction in the Products submitted to the Clearing House for clearing. 

Program Term 

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

Hours

The Program will be applicable regardless of the transaction time.

Incentives

Fee Waivers: All market participants that submit transactions in the Products to the Clearing House will 

have their clearing fees waived.