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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.
| Products |
Round-Turn Open
Outcry |
Round-Turn Using
CME Globex |
Breakdown of fee components |
| Clearing Fees (per side) |
CME Globex Fees (per
side) |
CME Globex Daily Fee Cap |
Commodity Products (Futures)
|
$0.22 |
$1.22 |
$0.11 |
$0.50 |
--- |
| Commodity Products (Options) |
$0.22 |
$0.72 |
$0.11 |
$0.25 |
--- |
| FX Products (Futures)
Tiered |
$0.14 |
$0.64 |
$0.07 |
$0.25 |
--- |
| FX Products (Options) |
$0.14 |
$0.64 |
$0.07 |
$0.25*** |
--- |
| Interest Rate Products Tiered |
$0.18 |
$0.38 |
$0.09 |
$0.10* |
--- |
|
Eurodollar & Euroyen Options
|
$0.18 |
$0.48 |
$0.09 |
$0.15 |
--- |
| Index Products** |
$0.40 |
$1.40 |
$0.20 |
$0.50 |
--- |
| Weather Products |
$0.04 |
$0.29 |
$0.02 |
$0.125 |
--- |
| ETF Futures |
N/A |
$0.35 |
$0.075 |
$0.10 |
--- |
| E-mini Commodity Products |
N/A |
$0.59 |
$0.045 |
$0.25 |
$50.00 |
| E-mini FX Products |
N/A |
$0.57 |
$0.035 |
$0.25 |
$50.00 |
| E-mini Equity Futures |
N/A |
$0.69 |
$0.095 |
$0.25 |
$50.00 |
| E-mini Equity Options |
N/A |
$0.69 |
$0.095 |
$0.25 |
$200.00 |
| Eurodollar 5-Year E-mini Bundle Futures |
N/A |
$0.50 |
$0.09 |
$0.16 |
--- |
| E-mini Eurodollar Futures |
N/A |
$0.10 |
$0.02 |
$0.03 |
--- |
*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.
| |
Rate |
| Equity Members/Clearing Members/Inactive
Clearing Members/Rule 106.I Members/Rule 106.S Member Approved Funds |
|
$0.33 |
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:
| Eligible Participants |
FUTURES |
OPTIONS |
| Average Daily Volume Threshold (Sides) |
Clearing Fee Discount |
Average Daily Volume Threshold (Sides) |
Clearing Fee Discount |
| Clearing Members/Inactive Clearing Members/Rule 106.I
Members/Rule 106.S Member Approved Funds |
0 - 30,000 |
none |
0 - 15,000 |
none |
| 30,001 -60,000 |
$0.02 |
15,001 - 30,000 |
$0.02 |
| 60,001 -90,000 |
$0.04 |
30,001 -60,000 |
$0.04 |
| > 90,000 |
$0.06 |
> 60,000 |
$0.06 |
For all other transactions, volume is aggregated per account per commodity. The following
clearing fee discounts apply based on volume traded:
| Eligible Participants |
FUTURES & OPTIONS
|
EUROYEN FUTURES &
OPTIONS
|
| Average Daily Volume Threshold
(Sides) |
Clearing Fee Discount |
Average Daily Volume Threshold
(Sides) |
Clearing Fee Discount |
Equity Members, Rule 106.D Lessees / Rule
106.F Employees,
Rule 106.H and 106.N Firms (Open Outcry Transactions Only), CBOE Members and Customers of
Member Firms |
0 - 15,000 |
none |
0 - 1,000 |
none |
| 15,001 -30,000 |
$0.03 |
1,001 -3,000 |
$0.03 |
| > 30,000 |
$0.06 |
> 3,000 |
$0.06 |
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).
Eurodollar Options
CME Globex fees are waived or discounted for registered Eurodollar Options Market Makers.
CME Globex Daily Fee Cap
CME Globex fees are capped at $50 per day per E-mini™ product per Operator ID for:
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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FX Fees
On a tiered basis, CME Globex fees for Foreign Exchange Futures will be reduced for
trading volumes exceeding designated monthly average daily volume thresholds. This volume
discount applies only for the following:
- 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:
| Eligible Participants |
Average Daily Volume Threshold (Sides) |
CME Globex Fee Discount |
Total Clearing & Globex Fees per side |
| Equity Members/Clearing Members/Inactive Clearing
Members/Rule 106.I Members/Rule 106.S Member Approved Funds |
0 - 2,500 |
none |
$0.32 |
| 2,501 - 7,500 |
$0.12 |
$0.20 |
| 7,501 - 25,000 |
$0.17 |
$0.15 |
| 25,001 - 50,000 |
$0.19 |
$0.13 |
| > 50,000 |
$0.21 |
$0.11 |
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:
| Eligible Participants |
Average Daily Volume Threshold (Sides) |
CME Globex Fee Discount |
Total Clearing & Globex Fees per side |
| Equity Members/Clearing Members/Inactive Clearing
Members/Rule 106.I Members/Rule 106.S Member Approved Funds |
0 - 7,500 |
$0.12 |
$0.20 |
| > 7,500 |
$0.20 |
$0.12 |
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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:
| Term/Color |
Rate |
Term/Color |
Rate |
|
Less than 2 Year/White
|
$1.00
|
6 Year/Purple
|
$0.30
|
|
2 Year/Red
|
$0.90
|
7 Year/Orange
|
$0.20
|
|
3 Year/Green
|
$0.70
|
8 Year/Pink
|
$0.20
|
|
4 Year/Blue
|
$0.50
|
9 Year/Silver
|
$0.10
|
|
5 Year/Gold
|
$0.40
|
10 Year/Copper
|
$0.10
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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.
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$1.00 per contract surcharge in addition to the clearing fee for Eurodollars and Eurodollar to
the Day Futures.
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$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:
| Monthly Volume Thresholds |
Rate |
| 0 to 4,000,000 sides |
$0.05 |
| 4,000,000 to 6,000,000 sides |
$0.04 |
| 6,000,001 + sides |
$0.03 |
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.
Floor Brokerage Fee
$0.025 for interest rate products and $0.04 for all other products is charged per contract to
equity brokers for the execution of orders where these brokers are not listed as discretionary
controllers for the account they are trading in CME's Exchange Fee System (EFS). EFS is maintained
by back-office personnel of the applicable clearing firm that carries that account. The Floor
Brokerage fee for the equity brokers is charged directly to those brokers.
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