106 H/N Firm Fees as of March 1, 2008 

Fees for 106 H/N Firms trading products within division of B-shares held.

• When trading outside of division, Non-Member Fees for clearing and execution apply. The non-member CME Globex fee is charged for transactions by members trading products outside of their division if the trades are executed during RTH. If such trades are executed before or after RTH, the member CME Globex fee is charged except for the following: Foreign Exchange Futures - a $0.50 per side CME Globex Fee is charged; Interest Rate Products - a $0.25 per side CME Globex Fee is charged; Foreign Exchange Options - a $0.25 per side CME Globex Fee is charged for outright trades and a $0.50 per side CME Globex Fee is charged for spread transactions.
• Clearing fees for all deliveries, exercises and assignments are charged at Non-Member Fee rates. If these transactions are eligible for special rates, an adjustment may be made using the online transaction browser in the Exchange Fee System. There are no fees charged for expired options.
• Clearing and CME Globex fees for CME Globex transactions are based on the combined memberships of the operator and the account owner.

*The CME Globex fee for CME Eurodollar futures contracts with longer than 4-year expirations is reduced from $0.10 to $0.05 per side for members.

** Index product trading fees do not include fees for trading TRAKRS®. See  TRAKRS Fees.

***The schedule of CME Globex fees for Volatility-Quoted Options (VQO) is listed below.  The Clearing and CME Globex fees will be waived with the auto-hedge Futures leg associated with the Volatility-Quoted option.

See  fee waivers information.

+The Block Surcharge for Weather Options is reduced from $0.44 to $0.22 for individual accounts whose monthly average daily volume > 1,000 sides (total block trade weather options volume divided by the number of trading days in the month).  The discount is applied only to contracts in excess of the 1,000 daily volume threshold.

Definitions
Clearing and CME Globex fees for CME Globex transactions are based on the combined memberships of the operator and the account owner. For example:

• Equity member rates will apply to CME Globex executed transactions only when an equity member has executed an order for his/her own account or another equity member's account.
• Non-member rates will apply to CME Globex executed transactions whenever a non-member has executed an order on CME Globex.

• Individuals entering trades for member firm accounts who are bona-fide W-2 employees, Independent Contractors receiving a 1099-MISC, registered Commodity Trading Advisors (CTAs) or owners with at least $500,000 invested in the firm will receive the appropriate member rates according to the account owner's status, for products authorized within the division of the B-share(s) held.
• Rule 106.H and 106.N proprietary accounts will receive 106.H/N rates for CME Globex executed transactions by W-2 employees for products authorized within the division of the B shares held.
• Give-up transactions are charged based solely on the carrying account owner's membership status.
• A member's account will receive member rates for CME Globex orders entered by his or her registered clerk, for products authorized within the member's division (clerk must be registered with the CME Membership department to qualify).

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Interest Rate Tiered Clearing Fees
On a tiered basis, clearing fees for Interest Rate Products will be reduced for trading volumes exceeding designated monthly average daily volume thresholds.  Open outcry and CME Globex volume is combined, but futures and options are treated separately.  Eurodollar and Mid-Curve options are treated as one commodity.

The following clearing fee discounts apply based on volume traded:

* Applies to open outcry transactions only. See below for information re: clearing fee tiers for CME Globex transactions.

Registered Market Makers' volume may be accumulated per commodity by account or across accounts within a single clearing/billing firm, at the market maker's selection.  The same volume thresholds and dicount schedule apply as for individual accounts above.

Eurodollar Futures Tiered Clearing Fees for CME Globex Transactions

On a tiered basis, for corporate members and incentive program participants, the clearing fee for Eurodollar Futures, Euroyen Futures & Euroyen Options traded electronically is reduced for trading volumes in excess of 15,000 contracts per month.  Volume is aggregated per product by Operator ID within a single Bill Firm, for a particular corporate member entity or incentive program participant.  Trades marked for give-up and give-up transactions are excluded from this program, unless they are trades that have been marked for give-up as a result of positions being transferred to SGX via the mutual offset process. The following clearing fee discounts apply based on volume traded:

Eurodollar Options  

CME GLOBEX fees are waived for registered Eurodollar Options Lead Market Makers (LMMs). The CME GLOBEX fee rate for a registered Eurodollar Options Responding Market Maker (RMM) is $0.10 per side.

EFP
An Exchange For Physical (EFP) trade is charged a $1.75 per contract surcharge in addition to the appropriate clearing fee.  Special exceptions are:

• $2.50 per contract surcharge in addition to the clearing fee for GSCI Excess Return Index Futures.

• $10.00 per contract surcharge in addition to the clearing fee for Milk.

• $15.00 per contract surcharge in addition to the clearing fee for Butter and Cheddar Cheese.
• $1.00 per contract surcharge in addition to the clearing fee for Eurodollars and Eurodollar to the Day Futures, except that the EFP surcharge rate for Interest Rate Substitutions (SUBS) and Exchange Basis Facility (EBF) transactions is based on the term (or length) of the strip of Eurodollar contracts in the transaction. The term is calculated based on the start and end months indicated by the user, and the per contract rates are as follows:

 Block Trade
A Block  Trade is charged at $1.75 per contract surcharge in addition to the appropriate clearing fee.  Special exceptions are:

• $0.44 per contract surcharge in addition to the clearing fee for Weather Products.
• $1.00 per contract surcharge in addition to the clearing fee for Eurodollars and Eurodollar to the Day Futures.
• $2.50 per contract surcharge in addition to the clearing fee for GSCI Excess Return Index Futures.

For more information, please see the Block Trading FAQ (PDF) .

  Give-up Surcharge
$0.05 fee per contract is charged to the executing firm for all give-up transactions. This fee is not charged if the executing firm and the claiming firm are the same (i.e., the clearing firm number is exactly the same on both sides of the transaction). This fee is also not charged for all Ex-Pit (e.g., Blocks, EFPs, SUBs) transactions submitted electronically. On a tiered basis, the give-up surcharge will be reduced for monthly volumes in excess of 4 million contracts as follows:

Exercise & Assignment Surcharge
A $0.05 per contract fee is charged for the exercise and assignment of options, in addition to the clearing fee charged on the resulting futures contract.