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Cross-border Cooperation Agreement among Members of the Chicago Mercantile 

Exchange, Inc. Crisis Management Group 

1. Objectives, nature and scope of this agreement

1.1 We, as the Home Authorities and Host Authorities, as defined in Annex A, for the

Chicago Mercantile Exchange, Inc. (“CME”), have set out in this cross-border 

cooperation agreement (“Agreement”) the manner in which we will work together with 

a view to facilitating institution-specific crisis management planning and cooperation 

between and among relevant authorities, with an emphasis on cooperation in the event 

of the resolution of CME, insofar as the authorities are responsible for crisis 

management, recovery or resolution. 

1.2 The Co-lead Authorities are the U.S. Commodity Futures Trading Commission and the 

Federal Deposit Insurance Corporation (“FDIC”) (each a “Co-lead Authority” and 

together, the “Co-lead Authorities”). 

1.3 The parties to this Agreement are the Home and Host Authorities listed in Annex A, as 

updated and circulated from time to time by the Co-lead Authorities (each a “Party” 

and together, the “Parties” or “Authorities”). Each of the Parties is a member of the 

Crisis Management Group (“CMG”) for CME. The CMG is a cooperative structure 

formed by the Parties consistent with Key Attribute 9 of the Financial Stability Board’s 

(“FSB’s”) Key Attributes of Effective Resolution Regimes for Financial Institutions

(“Key Attributes”), calling for the establishment of CMGs for financial market 

infrastructures (“FMIs”) that are systemically important in more than one jurisdiction. 

The CMG’s purpose is to enhance preparedness and planning for, and to facilitate the 

crisis management, recovery and resolution of CME. The CMG does not have legal 

personality. 

1.4 This Agreement sets forth the Parties’ intentions with regard to cooperation, 

coordination and the exchange of information, to the extent permitted, for each of the 

respective Parties, by the respective laws, regulations, and requirements applicable to 

that Party (“Applicable Law”). The provisions of this Agreement and the 

understandings reached at the CMG do not create legally binding or legally enforceable 

obligations, confer any rights or give rise to any legal claim on behalf of any Party or 

third parties. This Agreement should be interpreted in a manner that is permitted by, 

and consistent with, Applicable Law. This Agreement does not contemplate roles, 

responsibilities or powers beyond those granted to the Parties under Applicable Law. 

This Agreement does not supersede or modify Applicable Law and nothing in this 

Agreement affects the competence or the supervisory, resolution or regulatory authority 

of the Parties under Applicable Law.

1.5 The Parties may disclose the existence of this Agreement to the public. A Party may 

publicly disclose all or portions of this Agreement, to the extent such public disclosure 

is in the proper exercise of its functions, powers or obligations, but will provide prior 

notice to the Co-lead Authorities, which will inform the other Parties. 

2. General framework for cooperation
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2.1. The roles of the Parties during “business as usual” (that is, during planning for recovery 

and resolution) and “in crisis” with respect to CME are set forth herein.

2.2 The Parties approach to the crisis management, recovery and resolution measures that 

they adopt with respect to CME should be informed by: (i) the Key Attributes and the 

related FSB Guidance on Central Counterparty Resolution and Resolution Planning,

(ii) the Bank for International Settlements’ (“BIS’s”) Committee on Payment and 

Settlement Systems’ and the Technical Committee of the International Organization of 

Securities Commissions’ (“IOSCO’s”) Principles for Financial Market Infrastructures 

(“PFMI”), and (iii) the BIS’s Committee on Payments and Market Infrastructures’ and 

IOSCO’s Recovery of Financial Market Infrastructures (“Recovery Guidance”). 

3. Undertakings to cooperate 

3.1 The Parties will cooperate in the recovery and resolution planning process and, subject 

to paragraphs 6.2 through 6.6 of this Agreement, will share relevant information to the 

extent permitted by Applicable Law, including information relating to the recovery and 

resolution planning process such as the resolution plan developed by the FDIC for CME

(the “CME Resolution Plan”). To prepare for coordinated resolution of the activities 

of CME, the Parties also will endeavor to share, where appropriate and to the extent 

permitted by Applicable Law, relevant information relating to the recovery and 

resolution planning process for CME or its affiliates and providers of critical systems 

or services to CME or its affiliates in their respective jurisdictions. As the CME

Resolution Plan is refined, the Parties may identify steps necessary to implement the 

resolution strategy, potential barriers to resolution, areas in which cross-border 

cooperation would be needed, and actions the Parties might consider taking to facilitate 

identified strategies. 

3.2 To the extent consistent with Applicable Law, the Parties will endeavor to work to 

develop, and if necessary, implement CME resolution options that are aimed at 

pursuing financial stability and the continuity of CME’s critical functions without 

exposing taxpayers to losses. In doing so, the Parties will duly consider the potential 

impact of their resolution actions on the financial stability of other jurisdictions.

3.3 The Parties, at a sufficiently senior level, through representation in the CMG, may 

participate in reviewing the overall resolution strategy for CME and may provide input 

on the development and maintenance of the CME Resolution Plan. 

3.4 The Parties may engage in periodic table top simulation or scenario exercises within 

the CMG in order to assess the viability of the CME Resolution Plan to help prepare 

for a coordinated resolution of CME.

3.5 The Parties may use the results of the Resolvability Assessment referred to in 

subparagraph 4.1(ii) below to inform the resolution planning process. 

3.6 The Parties acknowledge that:

(i) A review of the substantive resolution strategy set forth in the CME Resolution 

Plan by appropriate senior officials of the Home Authorities and Host 

Authorities should occur at least annually; and 
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(ii) Appropriate senior officials of the Home Authorities and Host Authorities

should review the operational aspects of the CME Resolution Plan at least

annually.

3.7 Subject to Applicable Law, the Parties will endeavor to inform each other of material 

and relevant changes to their respective crisis management or resolution frameworks. 

4. Home Authorities’ undertakings

4.1 The appropriate Home Authorities1 will:

(i) Facilitate and chair meetings of the CMG;

(ii) With the benefit of the input of the other Parties: (a) perform an assessment of

the resolvability of CME (the “Resolvability Assessment”) considering the

guidance set forth in the Key Attributes Resolvability Assessments Annex, and

(b) identify actions that the Home Authorities, the Host Authorities, or CME

may need to take to improve the resolvability of CME;

(iii) Lead the discussions of relevant information related to the recovery plan

developed by CME (the “CME Recovery Plan”) within the CMG;

(iv) Create and ultimately maintain the CME Resolution Plan, considering the

impact of CME and its resolution on the financial stability of other jurisdictions;

(v) Lead the discussions of the CME Resolution Plan and the review of relevant

recovery plan information within the CMG, with the benefit of the input of the

other Parties;

(vi) To the extent permitted by Applicable Law, endeavor to alert other Parties

without undue delay, so as to allow practical cooperation, if CME encounters

material difficulties, takes recovery actions, or if it becomes apparent that CME

is likely to enter the applicable resolution regime;

(vii) Take into account the overall effect of their actions with respect to CME on

financial stability in other relevant jurisdictions and, where possible and feasible

and consistent with Applicable Law, endeavor to avoid taking actions that

reasonably could be expected to trigger instability in CME or in the financial

system of one or more relevant jurisdictions; and

(viii) Where possible and feasible and to the extent permitted by Applicable Law,

work with the other Parties towards a coordinated resolution of CME with the

aim of maintaining financial stability and the continuity of the critical functions

of CME without exposing taxpayers to losses.

5. Host Authorities’ undertakings

5.1 Each Host Authority will:

(i) Participate, at a sufficiently senior level, at meetings of the CMG;

1 With respect to the actions identified in subparagraphs 4.1(i) through (vi), the appropriate Home Authorities 

will be one or both of the Co-lead Authorities.
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(ii) Provide input into the development and maintenance of the CME Resolution

Plan;

(iii) To the extent consistent with Applicable Law, coordinate with the other Parties

the implementation of the actions set out in the CME Resolution Plan;

(iv) To the extent permitted by Applicable Law, alert the Home Authorities without

undue delay if a CME affiliate or provider of critical systems or services to CME

or its affiliates encounters material difficulties or if it becomes apparent that

such entity is likely to enter the Host Authority’s resolution regime; and

(v) Where possible and feasible, work with the other Parties towards the

coordinated resolution of CME with the aim of maintaining financial stability

and the continuity of the critical functions of CME without exposing taxpayers

to losses.

5.2 Each Host Authority will endeavor not to pre-empt resolution actions by the Home 

Authorities while reserving the right to act on its own initiative if necessary to achieve 

domestic stability in the absence of effective action by the Home Authorities. 

6. Cooperation mechanisms and information sharing framework

6.1 The Parties will meet at least annually and may hold additional meetings if necessary 

to address emergency situations or if requested by the Parties. Requests for additional 

meetings should be addressed to the Co-lead Authorities and should specify the purpose 

of the meeting. 

6.2 To the extent permitted by Applicable Law, the Parties intend to exchange information 

on their resolution regimes, the operations of CME in the jurisdictions of the Parties, 

and such other information relevant to the recovery and resolution planning and 

implementation process as provided in this Agreement. During an emergency situation, 

information exchanges may increase in frequency and level of detail based on the 

specific circumstances and consistent with the provisions of this Agreement. 

6.3 The Co-lead Authorities will coordinate information sharing in connection with regular 

and ad hoc CMG meetings. The Parties will maintain up-to-date contact lists, which 

will include contact details for key senior and working-level staff, and the Co-lead 

Authorities will maintain and facilitate access to those lists by all Parties. This contact 

list should be used for all notices under this Agreement. The Parties intend to agree on 

multiple means of telecommunications (e.g., electronic correspondence, conference 

calls) to facilitate rapid and effective communication sharing and communication 

among the Parties. 

6.4 To the extent permitted by Applicable Law, the Parties may, from time to time, share 

confidential (i.e., non-public), proprietary or supervisory information (including, but 

not limited to, the Resolvability Assessments, the CME Recovery Plan, the CME

Resolution Plan, other recovery or resolution strategies or plans, and information 

regarding the members of CME) (“Confidential Information”). To the extent that any 

Party’s authority permits the sharing of Confidential Information only upon request, 

any requests for Confidential Information to such Party will be made in writing, to the 

extent practicable in the situation. Such request should state why the information is 
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being requested and confirm that it will be used, and its confidentiality maintained 

pursuant to paragraphs 6.5 and 6.6. 

6.5 Each Party receiving any Confidential Information pursuant to this Agreement (a

“Receiving Party”) from another Party will use the Confidential Information only for 

lawful purposes related to that Party’s financial stability, safety and soundness, 

supervisory or regulatory functions, including recovery and resolution planning and 

crisis management. In addition, each Receiving Party will hold confidential all such 

Confidential Information to the extent permitted by Applicable Law and will not 

disclose any of it other than as necessary to carry out its lawful responsibilities and as 

consistent with the following limitations: 

(i) Except as provided below in subparagraphs (ii) and (iii), before a Receiving 

Party discloses any Confidential Information received pursuant to this 

Agreement to any other person, including any other Party or a governmental 

entity that is not a signatory to this Agreement, the Receiving Party seeking to 

disclose such Confidential Information will request and obtain prior written 

consent from the Party that produced or provided the Confidential Information 

(the “Producing Party”).

(ii) Where Confidential Information is produced or provided by a Producing Party 

to a subset of or all other Parties, those Receiving Parties may share such 

Confidential Information amongst themselves without the consent of the 

Producing Party, but such Confidential Information may not be shared with any 

other Party without the prior written consent of the Producing Party. 

(iii) In the event that a Receiving Party is required by Applicable Law or legal 

process, including a legally enforceable demand, to disclose Confidential 

Information, it will, to the extent permitted by Applicable Law, inform the 

Producing Party about such possible compelled disclosure in advance of sharing 

such Confidential Information. If the Producing Party does not consent to such 

disclosure, the Receiving Party will take reasonable steps, to the extent 

permitted by Applicable Law, to resist disclosure, including by asserting all 

appropriate legal exemptions or privileges that may be available to challenge 

the requirement or demand to disclose Confidential Information. 

(iv) Subject to the foregoing, access to Confidential Information by each Receiving 

Party should be restricted to those staff members who have a bona fide need for 

access to such information in connection with the Receiving Party’s lawful 

activities, and Confidential Information should be handled carefully and 

appropriately in the manner applicable to similar information in that Receiving 

Party’s jurisdiction.

(v) The Parties acknowledge that a Party’s inability or failure to comply with the 

foregoing limitations may result in that Party having limited or no access to 

Confidential Information in the future.

(vi) The provision of, or request for, information under this Agreement may be 

denied on grounds of public interest or national security, or when disclosure 

would interfere with an ongoing investigation.
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6.6 No privileges or confidentiality associated with information provided by any Party are 

waived as a result of sharing information as contemplated by this Agreement. 

7. Cross-border implementation of resolution measures

7.1 The Parties will work together to develop a process for evaluating the application of 

potential resolution options and processes for CME.

7.2 The Parties will endeavor to ensure that any resolution plans that are maintained for 

any CME affiliate or provider of critical systems or services to CME or its affiliates 

consider the interaction with the CME Resolution Plan. To the extent practicable and 

consistent with its mandate, each Party should take into account the overall effect of the 

plan for which they have responsibility, including the CME Resolution Plan, on CME 

and its affiliates and on financial stability in the jurisdictions concerned. 

7.3 While it is recognized that each Party must operate within the framework of Applicable 

Law, each Party will work together with the other Parties to identify and, to the extent 

possible and feasible, to address the legal and operational impediments to effective 

cross-border implementation of resolution actions with regard to CME under the 

applicable legal and operational frameworks related to crisis management, recovery and 

resolution in such Party’s jurisdiction. 

7.4 In the event of the resolution of CME, the Parties will maintain open communication 

channels and coordinate with each other, to the extent permitted by Applicable Law, to 

promote, as appropriate, consistency of external communications both leading up to, at 

the time of, and for whatever period is necessary following resolution.

8. Additional provisions

8.1 Any Party may terminate its participation in this Agreement upon written notice to the

other Parties, provided, however, that upon such termination, the Agreement will 

continue to apply between the remaining Parties. The confidentiality provisions set 

forth in paragraphs 6.5 and 6.6 of this Agreement will continue to apply to all 

Confidential Information in the possession of any Party even if such Party ceases to be 

a Party to this Agreement, by way of termination or otherwise. 

8.2 Except as otherwise provided in paragraph 8, any modification to this Agreement (other 

than a change in the Parties to the Agreement) will be agreed to in writing by all Parties.

8.3 The Co-lead Authorities may enter into discussions with other authorities with a view 

to their joining the CMG and becoming party to this Agreement. The Co-lead 

Authorities will consult with current CMG members and, upon receiving the written 

consent of current CMG members, may add an authority as a new CMG member upon 

such authority’s execution of an accession. Promptly following such execution, the 

accession and revised Annex A will be circulated to all CMG members. 

8.4 The Parties may have existing bilateral or multilateral arrangements or may execute 

bilateral or multilateral arrangements in the future. This Agreement is not intended to 

amend or supersede existing arrangements or limit the terms of any future 

arrangements. 

[SIGNATURE PAGES FOLLOW.]
This Cross-border Cooperation Agreement among Members of the Chicago Mercantile 

Exchange, Inc. Crisis Management Group is signed by the representatives of each Party, and 

will become effective with respect to such Party, as of the date written below such Party 's 

signature block. 

U.S. Commodity Futures Trading Commission 

Name: Heath r". Tarbert 

Title: Cha irman & Chief Executive 

Date: September 23, 2020 
Federal Deposit Insurance Corporation

Name: Ricardo R. Delfin

Title: Director, Division of Complex Institution Supervision & Resolution 

Date:

Cross-Border Cooperation Agreement for Chicago Mercantile Exchange, Inc. (Signature Page) 
BoudofG1Jwmorsoftho Fedcnllleltno Symm 

Name: M1dihew Eiclrns 

Title: Direc:tar, Division ofRenve Bank Operations and Paymmt Systems 

Date: 04/09/2020 
European Central Bank 

Name: no.JJ'A- VAN e: c.h EJ-PoEL 

Title: Oefr.J 1 <'( Di /2-~r:_-r of2- 41? A.£!2-.lt1-

Date: l f - l\ - 1 a, 

Cross-Border Cooperation Agreement for Chicago Mercantile Exchange, Inc. (Signature Page) 
Autorite Controle Prudentiel et de Resolution 

Name: V f\ LL A- T 

Title: 1)e Pu,y C) i /l t'- ,o P- - R ES'C)L.U-i i) N wl R Ee c;r-a~Al:E 

Date: 3 ' A f ri ~ 2 o 1 0 

Cross-Border Cooperation Agreement for Chicago Mercantile Exchange, Tnc. (Signature Page) 
Autorite des Marches Financiers 

Name: 

Title: 

Date: .31/o3/2Dl0 

Cross-Border Cooperation Agreement for Chicago Mercantile Exchange, Inc. (Signature Page) 
Banque de Fnmce 

Name: Na111alie Aufauvre 

Title: Dim:lar Omaal Pimmcial Slab~ tmd OpenliOll8 

Dalic: 30 M~h 2020 
Bundesanstalt fur Finanzdienstleistungsaufsicht 

Name: Sve+f Ct.YJ CL 

Title: \!); rC-c....fe>, 

Date: Oc1ohes- ~ 6--1-t. 

I 

Cross-Border Cooperation Agreement for Chicago Mercantile Exchange, Inc. (Signature Page) 
Deutsche Bundesbank 

Name: Jorhdn Metzger Matthias Schmudde 

Title: Directorate General Payments and Settlements System 

Date: 21.10.2019 

Cross-Border Cooperation Agreement for Chicago Mercantile Exchange, Inc. (Signature Page) 
Bank of Japan 

Name: To-.r-e s"'-1 K; ~v~ 

Title: (\red11Y- <:ie~vJ PyM.{1,>-ct IA>,d Se.t( le~ -~fW"'-f Dep~v'f!,--vvf 

Date: Oc-hhet-- 11- I, ~of~ 

Cross-Border Cooperation Agreement for Chicago Mercantile Exchange. Inc. (Signature Pag..:) 
Financial Services Agency 

Name: Sc.\ f osh; l keJ Dv 

Title: D1 t""ec."toi- ,+01- EY--chori~es tAvnJ f~'\ls, fitiMc,o.l 1l°'rkets Div,s~of'\ 

Date: 1.,f ·fVo i:Je'f'r; 0 ci ober _20{ 1

Cross-Border Cooperation Agreement for Chicago Mercantile Exchange, Inc. (Signature Page) 
Banco de Mexico 

Name: Othon Martino Moreno Gonzalez 

Title: Director of Payment Systems and Market Infrastructure Po licy and Studies 

Date: January 22nd, 2020 

Banco de Mexico 

Name: Jose Elias Romero Apis Hernandez 

Title: Manager of International and Special Legal Affairs 

Date: January 22nd

, 2020 

This MoU is signed in accordance with articles 4, first paragraph, 8, first and third paragraphs, 10, first paragraph, 17, 

section IV, and 20 Quater, sections IX and XI, of the Bylaws of Banco de Mexico (Reglamento Interior de/ Banco de M exico) . 
pam~ ~ 1-u.e., l lc..e i-n_c_ 

Title: 01 U~i) it: Di r-e,ck'.A.--- / p; r-ec+or 

Date: 

Cross-Border Cooperation Agreement for Chicago Mercantile Exchange, Inc. (Signature Page) 
Cross-Border Cooperation Agreement for Chicago Mercantile Exchange, Inc. (Signature Page)

Name: SA~M"'- MIUS 

Title: fir..-f'Clkr ,V£ D\ l<LCTCJR , Rt&~ LU, T / 6 N 

Date: Lll,, I 

111 

L 

Cross-Border Cooperation Agreement for Chicago Mercantile Exchange, lnc. (Signature Page) 
Cross-Border Cooperation Agreement for Chicago Mercantile Exchange, Inc. (Signature Page)

Prudential PrudentialRegulation Regulation Authority Authority

Name: Name: David David Bailey BaileyTitle: Title: Executive E xe cutive Director, D i r e c t o r , International Banks Banks Supervision S u p e r v i s i o n

Date Date: : '& I l l D / I 9 

Cross-Border Cooperation Agreement for Chicago Mercantile Exchange, Inc. (Signature Page) 
ANNEX A

The Parties to this Agreement are the Home Authorities and Host Authorities listed below:

Home authorities (each a “Home Authority”, and together, the “Home Authorities”) and 

the “Home Jurisdiction”:

 

Home Jurisdiction Home Authorities

United States of America U.S. Commodity Futures Trading Commission

Federal Deposit Insurance Corporation 

Board of Governors of the Federal Reserve System

Host authorities (each a “Host Authority”, and together, the “Host Authorities”) and the 

“Host Jurisdiction”: 

 

Host Jurisdiction Host Authority or Host Authorities

Euro Area European Central Bank (representing the 

Eurosystem as central bank of issue for the Euro)

France Autorité Contrôle Prudentiel et de Résolution 

Autorité des Marchés Financiers

Banque de France

Germany Bundesanstalt für Finanzdienstleistungsaufsicht

Deutsche Bundesbank

Japan Bank of Japan

Financial Services Agency

Mexico Banco de Mexico

Netherlands De Nederlandsche Bank

United Kingdom Bank of England

Prudential Regulation Authority

Cross-Border Cooperation Agreement among

Members of the Chicago Mercantile Exchange, Inc. Crisis Management Group 

(Annex A)