Chicago Mercantile Exchange Inc. – s. 144

Headnote

Sections 21.2.2 and 144 of the Securities Act (Ontario), section 42 of OSC Rule 91-507 -- Application for an order varying and restating the Commission's order designating Chicago Mercantile Exchange Inc. (CME) as a trade repository and for a decision partially exempting CME from the requirement in ss. 17(5) of OSC Rule 91-507.

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c. S.5, as am., ss. 21.2.2 and 144.

OSC Rule 91-507 Derivatives: Trade Reporting, ss. 17(5) and 42.

IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, CHAPTER S.5, AS AMENDED (the Act) AND IN THE MATTER OF CHICAGO MERCANTILE EXCHANGE INC.

ORDER (Sections 21.2.2 and 144 of the Act)

WHEREAS the Ontario Securities Commission (theCommission) issued an order dated September 19, 2014, designating Chicago Mercantile Exchange Inc. (CME) as a trade repository pursuant to section 21.2.2 of the Act (Designation Order);

AND WHEREAS the Commission published in final form amendments to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting on July 25, 2024 (the Trade Reporting Amendments);

AND WHEREAS CME will continue to be subject to applicable requirements in OSC Rule 91-507 Derivatives: Trade Reporting, as amended by the Trade Reporting Amendments (OSC Rule 91-507);

AND WHEREAS the Commission has received an application under section 144 of the Act to vary and restate the Designation Order to reflect the Trade Reporting Amendments and to otherwise modernize the Designation Order (Application);

AND WHEREAS CME has represented to the Commission that:

a. CME is a corporation organized under the laws of the State of Delaware in the United States (U.S.) and is a wholly owned subsidiary of CME Group Inc. (CMEG), a publicly traded for-profit corporation organized under the laws of Delaware and listed for trading on the NASDAQ Global Select Market. CMEG is the ultimate parent company of: (i) CME; (ii) Board of Trade of the City of Chicago, Inc.; (iii) Commodity Exchange, Inc.; and (iv) New York Mercantile Exchange, Inc.;

b. In the U.S., CME operates under the jurisdiction of the Commodity Futures Trading Commission (CFTC), is registered with the CFTC as a designated contract market (DCM) and a derivatives clearing organization (DCO) within the meanings of those terms under the U.S. Commodity Exchange Act (CEA). The DCM and DCO operations are organized under separate divisions within CME: CME Exchange Division and CME Clearing Division respectively;

c. On November 20, 2012, CME became provisionally registered with the CFTC as a swap data repository (SDR) to provide SDR services supporting credit, interest rates, other commodities (Commodities) and foreign exchange (FX) asset classes through its CME Repository Service. On June 11, 2019, CME's provisional registration was amended to add equities to the asset classes CME is approved to serve. Similar to the DCM and DCO operations, the SDR operations are organized under a separate division within CME: Global Repository Services Division. CME's Global Repository Services is comprised of a US Swap Data Repository (CME SDR) and a Canadian Trade Repository (CME CTR). CME is obliged under CFTC rules to have requirements governing the conduct of SDR participants, and to monitor compliance with those requirements;

d. CME has no physical presence in Ontario and does not have any physical offices or maintain other physical installations in any other Canadian province or territory. One CMEG employee whose activities are limited to marketing and development of energy products is based in Calgary, Alberta but engages in related activities on a virtual basis; and

e. CME will comply with all applicable requirements for designated trade repositories under Ontario securities law, including applicable requirements in OSC Rule 91-507.

AND WHEREAS CME is currently subject to the oversight of the CFTC as a SDR;

AND WHEREAS the CFTC, the Commission, and other Canadian Authorities have entered into a Memorandum of Understanding regarding cooperation and the exchange of information related to the supervision of cross-border covered entities;

AND WHEREAS the Director has granted a Decision, as varied and restated, as set out in Schedule "B" of the Designation Order;

AND WHEREAS based on the Application the Commission has determined that:

(a) it is in the public interest to continue to designate CME as a trade repository pursuant to section 21.2.2 of the Act, subject to the terms and conditions that are set out in Schedule "A" of the Designation Order; and

(b) it is not prejudicial to the public interest to vary and restate the Designation Order.

AND WHEREAS CME has agreed to the respective terms and conditions that are set out in Schedule "A" of the Designation Order;

AND WHEREAS the Commission will monitor developments in international and domestic capital markets and CME's activities on an ongoing basis to determine whether it is appropriate that CME continues to be designated subject to the terms and conditions in this order and whether it is appropriate to amend this order and the terms and conditions thereunder pursuant to section 144 of the Act;

IT IS ORDERED pursuant to section 144 of the Act that the Application to vary and restate the Designation Order is granted;

IT IS ORDERED by the Commission that CME continues to be designated as a trade repository pursuant to section 21.2.2 of the Act;

PROVIDED THAT CME complies with the applicable requirements in OSC Rule 91-507 and the terms and conditions set out in Schedule "A" of the Designation Order.

DATED July 23, 2025 and to take effect July 25th, 2025

"Aaron Ferguson" 
AVP, Trading and Markets Division 
Ontario Securities Commission

SCHEDULE "A"

TERMS and CONDITIONS

DEFINITIONS

For the purposes of this Schedule:

"derivatives trading facility" means a person or company that constitutes, maintains, or provides a facility or market that brings together buyers and sellers of over-the-counter derivatives, brings together the orders of multiple buyers and multiple sellers, and uses methods under which the orders interact with each other and the buyers and sellers agree to the terms of trades and, for greater certainty, includes a "swap execution facility" as defined in the Commodity Exchange Act 7 U.S.C. §(1a)(50); a "security-based swap execution facility" as defined in the Securities Exchange Act of 1934 15 U.S.C. §78c(a)(77); a "multilateral trading facility" as defined in Directive 2014/65/EU Article 4(1)(22) of the European Parliament; and an "organised trading facility" as defined in Directive 2014/65/EU Article 4(1)(23) of the European Parliament;

"local counterparty" has the meaning ascribed to it in OSC Rule 91-507;

"Ontario participant" means a person or company that has entered into an agreement with CME to access CME's service that supports reporting under OSC Rule 91-507;

"Ontario securities law" has the meaning ascribed to it in subsection 1(1) of the Act;

"participant" has the meaning ascribed to it in OSC Rule 91-507;

"Rule" means a proposed new, amendment to, or deletion of, any provision or other requirement in the CME CTR Rulebook, policies and procedures governing the rights and obligations between CME and its participants; and

"Rule Subject to Approval" has the meaning ascribed to it in the Rule and Approval Protocol at Appendix "B" to this Schedule.

Unless the context otherwise requires, other terms used in this Schedule "A" and its Appendices have the meanings ascribed to them in Ontario securities law (including terms defined elsewhere in the Designation Order).

REGULATION IN HOME JURISDICTION

1. CME must maintain its status as a SDR in the United States and will continue to be subject to the regulatory oversight of the CFTC.

2. CME must continue to comply with its ongoing regulatory requirements as a SDR in the United States.

3. CME must provide prompt written notice to the Commission of any material change or proposed material change to its status as a SDR in the United States or the regulatory oversight of the CFTC.

OWNERSHIP OF PARENT

4. CME must provide to the Commission 90 days prior written notice and a detailed description and assessment of the impact of a change in control of CME Group, Inc.

SERVICES OFFERED

5. CME must not refuse to receive derivatives data from a participant for all derivatives of the following asset classes: commodity, credit, equity, interest rate, and foreign exchange (Trade Repository Services). Any change to these asset classes requires prior written approval of the Commission.

ACCESS AND PARTICIPATION

6. CME must provide prompt written notice to the Commission when an applicant has been denied access to CME's Canadian Trade Repository Services and who would otherwise be an Ontario participant.

DATA REPORTING

(a) Collection of Data

7. CME must provide the Commission with written notice of any material change to (i) specifications of the methods (including, for greater certainty, templates and systems) used to collect data reported to it under OSC Rule 91-507 from participants, (ii) the definition, format and values of the data, and (iii) CME's validation procedure (collectively, Specifications) at least 45 days before implementing the change. For a non-material change to the Specifications, CME must provide the Commission with written notice at least 7 days before implementing the change. Notwithstanding the foregoing, notice is not required when modifications to Specifications are intended to align with updates made to the CSA Derivatives Data Technical Manual.

8. Specifications must substantively enable participants to report as provided under the CSA Derivatives Data Technical Manual, or as otherwise published under a blanket order, notice or staff notice of the Commission. Specifications must enable participants to report as provided under subsection 36.1(4) of OSC Rule 91-507 in respect of derivatives trading facilities. Notwithstanding the foregoing, CME is not required to accept position level data.

9. CME's documentation made available to Ontario participants must include a provision to inform them that they must report in accordance with Canadian reporting requirements as applicable. Specifications must include a provision to inform Ontario participants that data elements indicated as optional in the Specifications may or may not be optional for the Ontario participant or the derivative that is being reported under Canadian reporting requirements.

10. CME must amend, create, remove, define or otherwise modify the Specifications, including any data element (including format) required to be reported by participants who are reporting, or who are reporting on behalf of reporting counterparties, under OSC Rule 91-507, in a manner and within a time frame required by the Commission from time to time after consultation with CME and taking into consideration any practical implication of such modification on CME.

11. Specifications in respect of the unique product identifier must enable participants to report as permitted under Coordinated Blanket Order 96-933 Re Temporary Exemptions from Derivatives Data Reporting Requirements relating to the Unique Product Identifier for Commodity Derivatives and CSA Staff Notice 96-306 Coordinated Blanket Order 96-933 Re Temporary Exemptions from Derivatives Data Reporting Requirements relating to the Unique Product Identifier for Commodity Derivatives until the expiration or revocation of the Coordinated Blanket Order.

12. CME must enable a participant described in subsection 29(4) of OSC Rule 91-507 to request that CME assign a unique transaction identifier.

(b) Public Dissemination of Data

13. CME must ensure that data that is required to be disseminated to the public pursuant to section 39 of OSC Rule 91-507 is in a format, and is disseminated in a manner, that is acceptable to the Commission. Without limiting the generality of the foregoing, CME must ensure that such data is readily available and easily accessible to the public through the homepage of its CTR website or other publicly accessible technology or medium.

14. CME must ensure that aggregate data that is required to be disseminated to the public pursuant to section 39 of OSC Rule 91-507 satisfies the criteria set out in Appendix "A" to this Schedule, as amended from time to time. In the event of a change to the method and format of dissemination of all other data required to be disseminated to the public pursuant to section 39 of OSC Rule 91-507, CME must ensure that the data is not made publicly available until the Commission has approved the change to the method and format of dissemination.

15. CME must make any modifications based on thresholds or other criteria to data that is required to be disseminated to the public pursuant to section 39 of OSC Rule 91-507, in a manner prescribed by the Commission.

16. CME must amend, create, remove, define or otherwise modify data (including format) required to be publicly disseminated pursuant to section 39 of OSC Rule 91-507 in a manner and within a timeframe required by the Commission from time to time after consultation with CME and taking into consideration any practical implication of such modification to CME.

17. Upon the Commission's request, CME must delay, and subsequently resume, the public dissemination of data that is required to be disseminated pursuant to section 39 of OSC Rule 91-507 in a manner and within a time frame acceptable to the Commission.

18. When a participant cancels a reported transaction or corrects an error or omission in derivatives data, CME is not required to republish aggregate data that was previously published before the cancellation or correction was recorded. However, any new publication of aggregate data must reflect the cancellation or correction in respect of notional and number of outstanding derivatives, as soon as technologically practicable after recording the correction, if applicable.

19. CME must, as soon as technologically practicable after recording a cancellation or correction in respect of a derivative or lifecycle event that was previously publicly disseminated, publicly disseminate the cancellation or correction as required under paragraph 1(c) of Appendix C to OSC Rule 91-507. Notwithstanding the foregoing, CME is not required to edit previously published transaction level reports to reflect a cancellation or correction.

(c) Provision of Data to the Commission

20. For greater clarity with respect to section 37 of OSC Rule 91-507, CME must at a minimum, on a daily basis, electronically provide the Commission with creation data that reflects lifecycle events up to and including the most current lifecycle event, valuation data, collateral and margin data, and, if applicable, position level data, through both secured access and secured data exchange with respect to data reported to it under OSC Rule 91-507; as well as work with the Commission to provide electronic access to derivatives data reported to it under OSC Rule 91-507 that is in CME's possession as is required by the Commission to fulfill its mandate, including but not limited to creation, lifecycle event, valuation data, collateral and margin data, and, if applicable, position level data, through both secured access and secured data exchange, in a manner and within a timeframe acceptable to the Commission.

21. When a participant corrects an error or omission in derivatives data, CME is not required to re-issue any static reports that were previously provided to the Commission to reflect the correction. However, any new static reports provided to the Commission, as soon as technologically practicable after recording the correction, must reflect the correction, if applicable. Similarly, data that the Commission accesses through its electronic access must be updated to reflect any corrections as soon as technologically practicable after CME records the correction.

22. CME must work with the Commission to provide reports that may be required by the Commission, including but not limited to lifecycle event, transaction level and, if applicable, position level reports relating to data reported to it under OSC Rule 91-507, and reports in respect of participant submissions under OSC Rule 91-507 that have failed to satisfy CME's validation procedure, in a manner and within a timeframe acceptable to the Commission.

23. CME must clearly identify changes to the processes used to extract and load data that is required to be reported to the Commission pursuant to OSC Rule 91-507 using industry best practices. Unless otherwise subject to the filing of an amendment to Form 91-507F1 pursuant to section 3 of OSC Rule 91-507, a summary of the changes to the processes used to extract and load data should be provided to the Commission one week in advance of these changes.

(d) Transfers to or from a different designated trade repository

24. CME must not impede a change by a participant to the designated trade repository to which derivatives data is reported, either from CME to a different designated trade repository, or from a different designated trade repository to CME, provided the participant complies with section 26.4 of OSC Rule 91-507.

CHANGE OF INFORMATION

25. In the event that CME amends Form 91-507F1 under subsection 3(1) of OSC Rule 91-507 and the proposed change must also be submitted with the CFTC, CME may satisfy its requirement under subsection 3(1) of OSC Rule 91-507 by providing the information submitted with the CFTC concurrently to the Commission. Where a significant change to a matter set out in Form 91-507F1 is not otherwise subject to submitting with the CFTC or the significant change is Canadian-specific in that it relates solely to the trade repository activities of CME in Canada, CME must comply with the requirement as set out in subsection 3(1) of OSC Rule 91-507.

RULES

26. CME must apply only the CTR Rulebook to its Canadian Trade Repository Services.

27. CME must provide to the Commission, no later than 10 business days prior to the intended effective date, a Rule Subject to Approval in accordance with Appendix "B" to this Schedule.

28. In the event that CME is required to file a Rule with the CFTC that is not a Rule Subject to Approval but that is applicable to Ontario participants, CME must provide the Commission with the CFTC Rule filing, concurrently with submission to the CFTC and no later than 10 business days prior to the intended effective date.

SYSTEMS

29. CME must provide at least 30 days prior written notice to the Commission before finalizing the scope of the review required under subsection 21(6) of OSC Rule 91-507 or a similar provision of a rule of the Commission, and after consultation with the Commission, CME must make any reasonable amendments to the scope as requested by the Commission.

COMMERCIALIZATION OF DATA

30. CME must provide the Commission with 30 days prior written notice of any intended changes to the terms of access or use of its website or other publicly accessible technology or medium as they pertain to data reported to it under OSC Rule 91-507 that is required to be disseminated to the public pursuant to section 39 of OSC Rule 91-507, which will include a detailed description of any such changes.

31. CME must not, as a term or condition of becoming a participant or as a term or condition of reporting data reported to it under OSC Rule 91-507 by a participant, require the consent of the participant to the release of any or all reported data for commercial or business purposes.

32. For greater clarity with respect to paragraph 22(2)(a) of OSC Rule 91-507, CME must not release data reported to it under OSC Rule 91-507 that is required to be disseminated to the public pursuant to section 39 of OSC Rule 91-507 for commercial or business purposes until after its public dissemination.

33. CME must be responsible for securing any and all necessary consents from any third parties whose proprietary information is contained in the data reported to it under OSC Rule 91-507 before using it for commercial or business purposes.

34. In addition to the requirements set out in subsection 22(2) of OSC Rule 91-507, CME must not release data that is required to be reported pursuant to OSC Rule 91-507 for commercial or business purposes without the Commission's prior written approval of the type and nature of the commercial or business product or service line in the following manner:

(a) CME must provide the Commission with written notification of the type and nature of the commercial or business product or service line offered by CME at least 10 business days prior to the intended launch date of the product or service line;

(b) If Commission staff within 10 business days of receipt of the notification do not object to such product or service line, then the product or service line shall be deemed to be approved by the Commission;

(c) If Commission staff within 10 business days of receipt of the notification object to such product or service line, then the Commission will review and make a decision regarding approval of such product or service line within 30 days of CME providing notification to the Commission pursuant to paragraph (a) above.

REPORTING REQUIREMENTS

35. CME must provide prompt written notice to the Commission of any event, circumstance, or situation that could materially prevent CME's ability to continue to comply with the terms and conditions of the order.

36. CME must, as soon as reasonably possible, provide written notice to the Commission of any intended use of its emergency powers to modify, limit, suspend or interrupt its Canadian Trade Repository Services.

37. CME must provide prompt written notice to the Commission information regarding any material known investigations or legal proceedings instituted against it, to the extent that it is not prohibited from doing so under applicable law.

38. CME must provide prompt written notice to the Commission the details of any appointment of a receiver or the making of any voluntary arrangement with its creditors.

INFORMATION SHARING AND REGULATORY COOPERATION

39. CME must provide to the Commission any information related to its business as a designated trade repository as may be requested from time to time, and otherwise cooperate with the Commission or its staff, subject to any applicable privacy or other laws (including solicitor-client privilege) governing the sharing of information and the protection of personal information.

40. CME must provide regulators other than the Commission with access to data that is required to be reported pursuant to Ontario securities law in compliance with the relevant laws and regulations governing such access.

APPENDIX "A"

CANADIAN PUBLIC AGGREGATE DATA REPORTING TEMPLATE

CME is required to publicly disseminate the range and type of aggregate metrics set out in this Appendix "A" to satisfy its obligations under subsections 39(1) and (2) of OSC Rule 91-507.

Part I. Current Notional and Number of Outstanding Derivatives

1. On each Report Date, CME must publish:

(a) the gross absolute notional amount of all Outstanding Derivatives; and

(b) the total number of Outstanding Derivatives.

2. CME must publish the data required under section 1 in respect of the Reporting Period immediately preceding a Report Date and, at a minimum, the previous 52 Reporting Periods.

3. CME must publish the data required under section 1 according to the following categories:

(a) asset class: Commodity, Interest Rate, Credit, Foreign Exchange and Equity;

(b) asset classes described in paragraph (a) by Tenor: 0-3 months, 3-6 months, 6-12 months, 12-24 months, 24-60 months, and greater than 60 months; and

(c) asset classes described in paragraph (a) by cleared and uncleared.

4. CME must publish the data required under section 1 according to the following product categories for each asset class:

5. Despite section 4, CME must publish the data required under section 1 for a product category specified in section 4 under the category of "Other" where there are fewer than 30 Outstanding Derivatives in a product category for a Reporting Period.

Part II. Turnover Notional and Number of Transactions

1. On each Report Date, CME must publish:

(a) the gross absolute notional turnover (i.e. the gross absolute notional amount of all new UTIs entered and submitted to CME for a Reporting Period); and

(b) the total Number of Transactions.

2. CME must publish the data required under section 1 in respect of the Reporting Period immediately preceding a Report Date and, at a minimum, the previous 52 Reporting Periods.

3. CME must publish the data required under section 1 according to the following categories:

(a) asset class: Commodity, Interest Rate, Credit, Foreign Exchange and Equity;

(b) asset classes described in paragraph (a) by Tenor: 0-3 months, 3-6 months, 6-12 months, 12-24 months, 24-60 months, greater than 60 months; and

(c) asset classes described in paragraph (a) by cleared and uncleared.

4. CME must publish the data required under section 1 according to the following product categories for each asset class:

5. Despite section 4, CME must publish the data required under section 1 for a product category specified in section 4 under the category of "Other" where there are fewer than five new transactions in a product category for a Reporting Period.

Explanatory Notes

APPENDIX "B"

RULE REVIEW and APPROVAL PROTOCOL

1. PURPOSE

The Commission issued a designation order with terms and conditions governing the designation of CME pursuant to subsection 21.2.2 of the Securities Act (Ontario). To comply with OSC Rule 91-507 and the terms and conditions of the designation order, CME must submit to the Commission documents outlining any Rule Subject to Approval. This protocol sets out the process for the submission, review and approval by the Commission of a Rule Subject to Approval.

2. DEFINITIONS

For the purposes of this Appendix:

"Canada Participant" means a participant that is (a) a local counterparty under the derivatives data reporting rules of any jurisdiction of Canada in which CME is designated or recognized as a trade repository or (b) a derivatives trading facility that is required to report derivatives data under the derivatives data reporting rules of any jurisdiction of Canada in which CME is designated or recognized as a trade repository;

"Rule Subject to Approval" means a Rule that applies exclusively to Canada Participants, excluding any amendments that are intended to effect:

(i) changes to the routine internal processes, practice or administration of CME;

(ii) changes to correct spelling, punctuation, typographical or grammatical mistakes, or inaccurate cross-referencing; or

(iii) stylistic or formatting changes, including changes to headings or paragraph numbers.

Unless the context otherwise requires, other terms used in this Appendix "B" have the meanings ascribed to them in Ontario securities law (including terms defined elsewhere in this designation order).

3. PROCEDURES FOR REVIEW AND APPROVAL OF RULES

(a) Documents

For a Rule Subject to Approval, CME will provide to the Commission, where applicable, the following documents in electronic format, or by other means as agreed to by Commission staff and CME, from time to time:

(i) a cover letter that describes the Rule Subject to Approval and its nature and purpose; and

(ii) the existing Rule Subject to Approval, if applicable, and a blacklined version of the Rule Subject to Approval indicating its proposed changes.

(b) Confirmation of Receipt

Commission staff will promptly send to CME confirmation of receipt of documents submitted by CME under subsection (a).

(c) Deemed Approval of Rules Subject to Approval

If Commission staff do not object to a Rule Subject to Approval in writing within 10 business days of receipt, the Rule shall be deemed approved. Otherwise, the Rule Subject to Approval will be reviewed and approved by the Commission in accordance with the procedures set out in paragraphs (d) to (g) of section 3 of this protocol.

(d) Publication of a Rule by the Commission

If Commission staff objects to a Rule Subject to Approval in writing within 10 business days of receipt and it has an impact on current and possible future participants or the capital markets in general, Commission staff may require that a notice of change to a Rule Subject to Approval and, where applicable, a blacklined version of the Rule Subject to Approval, be published in the OSC Bulletin or the OSC website for a comment period of 30 days. The notice and accompanying Rule Subject to Approval will be published as soon as reasonably practicable.

(e) Review by Commission Staff

Commission staff will use their best efforts to conduct their review of the Rule Subject to Approval and provide comments to CME within 30 days of CME filing materials with the Commission. However, there will be no restriction on the amount of time necessary to complete the review of the Rule Subject to Approval in such instances.

(f) CME's Responses to Commission Staff's Comments

CME will respond to any comments received to Commission staff in writing.

(g) Approval of Rules by the Commission

Commission staff will use their best efforts to prepare the Rule Subject to Approval for approval by the Commission by the later of:

(i) 45 days from receipt of the filing of the Rule Subject to Approval by CME, including the filing of all relevant documents in subsection (a) above; or

(ii) 30 days after receipt of written responses from CME to Commission staff comments or requests for additional information, and a summary of participant comments and CME's response to those comments (and upon the request of Commission staff, copies of the original comments), or confirmation from CME that there were no comments received.

(h) Effective Date of a Rule

A Rule Subject to Approval will be effective as of the date 10 business days after receipt of such Rule by the Commission absent object thereto or on a date determined by CME, if such date is later.

4. IMMEDIATE IMPLEMENTATION OF A RULE

(a) Criteria for Immediate Implementation

CME may make a Rule Subject to Approval effective immediately where CME determines that there is an urgent need to implement the Rule Subject to Approval because of a substantial and imminent risk of significant harm to CME, participants, other market participants, or the capital markets.

(b) Prior Notification

Where CME determines that immediate implementation is appropriate, CME will advise Commission staff in writing as soon as possible. Such written notice will include an analysis to support the need for immediate implementation.

(c) Disagreement on Need for Immediate Implementation

If Commission staff do not agree that immediate implementation is necessary, the process for resolving the disagreement will be as follows:

(i) Commission staff will notify CME of the disagreement in writing, or request more time to consider the immediate implementation within 3 business days of being advised by CME under subsection (b); and

(ii) Commission staff and CME will discuss and resolve any concerns raised by Commission staff in order to proceed with the immediate implementation.

(d) Review of Rule Implemented Immediately

A Rule Subject to Approval that has been implemented immediately will be reviewed and approved by the Commission in accordance with the procedures set out in section 3, with the necessary modifications. If the Commission subsequently disapproves the Rule Subject to Approval, CME will immediately repeal the Rule Subject to Approval and inform its participants of the disapproval.

5. MISCELLANEOUS

(a) Waiving Provisions of the Protocol

Commission staff may exercise its discretion to waive any part of this protocol upon request from CME, or at any time it deems it appropriate. A waiver granted upon request by CME must be granted in writing by Commission staff.

(b) Amendments

This protocol and any provision hereof may, at any time, be amended by mutual agreement of the Commission and CME.

SCHEDULE "B"

IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, CHAPTER S.5, AS AMENDED (THE ACT) AND IN THE MATTER OF CHICAGO MERCANTILE EXCHANGE INC.

DECISION (Section 42 of OSC Rule 91-507 Derivatives: Trade Reporting)

WHEREAS the Ontario Securities Commission issued an order designating Chicago Mercantile Exchange Inc. (CME) as a trade repository under section 21.2.2 of the Act, as varied and restated (Designation Order);

AND WHEREAS CME is subject to OSC Rule 91-507 Derivatives: Trade Reporting (OSC Rule 91-507) and the terms and conditions of its Designation Order;

AND WHEREAS the Director may, pursuant to section 42 of OSC Rule 91-507, exempt CME, in whole or in part, from a requirement in OSC Rule 91-507;

AND WHEREAS the Director granted an exemption to CME dated September 12, 2014 exempting CME from the requirement under subsection 17(5) of OSC Rule 91-507 (Exemption Decision);

AND WHEREAS the Exemption Decision is to be varied and restated to update the Exemption Decision;

AND WHEREAS subsection 17(5) of OSC Rule 91-507 requires CME to file its proposed new or amended rules, policies and procedures for approval;

AND WHEREAS CME is provisionally registered as a Swap Data Repository (SDR) with the Commodity Futures Trading Commission (CFTC) in the United States and is subject to regulatory requirements that include submission to and/or prior approval of proposed new or amended rules, policies and procedures;

AND WHEREAS application of subsection 17(5) of OSC Rule 91-507 to CME may result in regulatory duplication, to the extent that proposed new or amended rules, policies and procedures are subject to submission to and/or prior approval by the CFTC;

AND WHEREAS "Canada Participant" has the meaning ascribed to it in the Designation Order;

AND WHEREAS the Director has determined that it is not prejudicial to the public interest to grant a decision to vary and restate the Exemption Decision to update the Exemption Decision;

AND WHEREAS the Director has determined that the continuation of an exemption in part from subsection 17(5) of OSC Rule 91-507 for proposed new or amended rules, policies and procedures that are not applied exclusively to Canada Participants would not be prejudicial to the public interest;

IT IS THE DECISION of the Director pursuant to section 42 of OSC Rule 91-507 that the Exemption Decision be varied and restated;

IT IS THE DECISION of the Director that pursuant to section 42 of Rule 91-507, that CME continues to be exempt from subsection 17(5) of OSC Rule 91-507 for proposed new or amended rules, policies and procedures that are not applied exclusively to Canada Participants;

PROVIDED THAT:

(a) CME remains provisionally registered or becomes registered as a SDR and subject to the regulatory oversight of the CFTC; and

(b) CME's proposed new or amended rules, policies and procedures are subject to submission to and/or prior approval by the CFTC.

DATED July 23, 2025 and to take effect July 25th, 2025.

"Aaron Ferguson" 
AVP, Trading and Markets Division 
Ontario Securities Commission