Equity/Clearing Member Fees as of March 9, 2008

Fees for the accounts of Equity/Clearing Members, 106.I. Members and their 100% owned subsidiaries and 106.S Member Approved Funds trading products within division of B-shares held.

• When trading outside of division, Non-Member Fee 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.
• Mutual Offset (CME®-SGX) trades are charged the clearing fee at the executing Exchange only.
• Clearing fees for all deliveries, exercises and assignments are charged at Non-Member Fee rates. If these transactions are eligible for member 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.
• In order to obtain member clearing and CME Globex fees, CME rules require that trading of member firms (including Clearing Members, Inactive Clearing Members, Rule 106.I Members, Rule 106.H Members, Rule 106.R Members and Rule 106.S Member Approved Funds) be conducted by bona-fide W-2 employees, independent contractors receiving a 1099-MISC, individual equity members, traders on Rule 106.F. memberships, bona-fide owners of the firm (for clearing members and inactive clearing members, owners must have at least $500,000 invested in the firm), or registered Commodity Trading Advisors (CTAs).  Electronic trading of member firms conducted by independent contractors receiving a 1099-B and other self-employed individuals will receive rates based on the lowest division of membership held by the trader and 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 Globex.

Exceptions to this policy are as follows:

• 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.
• Individual Members' accounts will receive member rates for orders executed on CME Globex entered by a bona-fide clearing firm W-2 employee for products authorized within the member's division.
• 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.

For member clearing firm transactions, monthly volume is aggregated across accounts, within a single clearing/billing firm per commodity.  Clearing Members and their related 106.I. Member(s) accounts will be treated as one firm for purposes of the volume aggregation.  For Rule 106.S Member Approved Funds, their associated volume will be aggregated with their related Inactive Clearing Firm.  The following clearing fee discounts apply based on volume traded:

For all other transactions, volume is aggregated per account per commodity.  The following clearing fee discounts apply based on volume traded:

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
CME Globex Fees for Eurodollar Futures are reduced to $0.03 per side for trades executed on handheld terminals for local traders' accounts whose monthly average daily volume is greater than 2,500 sides (total volume divided by the number of trading days in the month).

CME Globex Daily Fee Cap
CME Globex fees are capped at $50 per day per E-mini™ product per Operator ID for:

• Equity and Lessee members trading within their division for their own account.  Trades entered by somone other than the member account owner for the account are not eligible for the cap.
• Trades executed for the Clearing Member, Inactive Clearing Member, Rule 106.I Member or Rule 106.S Member Approved Funds account.

Trades marked for give-up and give-up transactions do not apply under this cap. This exclusion applies to both transactions passed through the Allocate and Claim System (ACS) and the Average Price System (APS).  Transactions are not subject to the $50 daily fee cap if they are executed as part of spread trades. Only outright transactions are eligible for the fee cap.

CME GLOBEX fees for E-mini Options are capped at $200 per day per product per Operator ID, pursuant to the same rules and eligibility requirements noted above.

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• Equity members trading within their division of membership
• Clearing Member/Inactive Clearing Member/Rule 106.I Member and Rule 106.S Member Approved Fund accounts

Volume will be aggregated across all Foreign Exchange products and contract months by account owner (spread transactions are not included).  Clearing Members and their related 106.I. Member(s) accounts will be treated as one firm for purposes of the volume aggregation.  For Rule 106.S Member Approved Funds, their associated volume will be aggregated with their related Inactive Clearing Firm.  The following CME Globex fee discounts will apply based on volume traded:

For pre-designated non-automated activity of Equity Members, Clearing Members, Inactive Clearing Members, Rule 106.I Members and Rule 106.S Member Approved funds, the following CME Globex fee discounts will apply instead:

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• $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).

Transfer fees
Transfer fees are $0.10 per contract and are charged to both sides of the transfer. Transfer fees are capped at $5,000 per customer transfer ($ 2,500 to the transferring firm and $2,500 to the receiving firm). These fees are not capped automatically; rebate requests for excess position transfer fees must be submitted to the CME Accounting Department.

Position Adjustments
Will be charged the higher of $1.00 per adjustment or $0.10 per contract adjusted. Position adjustment fees are capped at 50,000 positions for a maximum charge of $5,000 per firm per day. 

Give-up Surcharge
$0.05 per contract fee 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.

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