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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.
| Products |
Round-Turn Open
Outcry |
Round-Turn Using CME
Globex |
Breakdown of fee components |
| Clearing Fees (per side) - Open
Outcry |
Clearing Fees (per side) - CME
Globex |
CME Globex Fees (per side) |
Commodity Products (Futures)
|
$0.98 |
$1.98 |
$0.49 |
$0.49 |
$0.50 |
| Commodity Products (Options) |
$0.98 |
$1.48 |
$0.49 |
$0.49 |
$0.25 |
| FX Products (Futures) |
$0.90 |
$0.88 |
$0.45 |
$0.10 |
$0.34 |
| FX Products (Options) |
$0.90 |
$0.88 |
$0.45 |
$0.10 |
$0.34*** |
|
Interest Rate Products (Tiered)
|
$0.98 |
$0.88 |
$0.49 |
$0.34 |
$0.10* |
| Eurodollar & Euroyen Options |
$0.98 |
$0.88 |
$0.49 |
$0.34 |
$0.10 |
| Index Products** |
$1.16 |
$1.96 |
$0.58 |
$0.58 |
$0.40 |
| Weather |
$0.24 |
$0.49 |
$0.12 |
$0.12 |
$0.125 |
| ETF Futures |
N/A |
$0.56 |
N/A |
$0.18 |
$0.10 |
| E-mini Commodity Products |
N/A |
$0.99 |
N/A |
$0.245 |
$0.25 |
| E-mini FX Products |
N/A |
$1.00 |
N/A |
$0.25 |
$0.25 |
| E-mini Equity Index Futures |
N/A |
$0.98 |
N/A |
$0.39 |
$0.10 |
| E-mini Equity Index Options |
N/A |
$0.88 |
N/A |
$0.39 |
$0.05 |
| Eurodollar 5-Year E-mini Bundle Futures |
N/A |
$1.00 |
$0.34 |
$0.34 |
$0.16 |
| E-mini Eurodollar Futures |
N/A |
$0.20 |
$0.07 |
$0.07 |
$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 |
| Rule 106.H and 106.N
Firms |
$0.45 |
See
fee
waivers information.
| Other Fees |
|
EFP Surcharge
|
$1.75 ($1.00 for Eurodollars and Eurodollar to the Day
Futures; $0.44 for Weather; $2.50 for GSCI Excess Return Index Futures; $0.44 for Eurodollar 5-Year
E-mini Bundle Futures; $0.09 for E-mini Eurodollar Futures) |
|
Block Trading Surcharge
|
$1.75 ($1.00 for Eurodollars and Eurodollar to the Day
Futures; $0.44 for Weather+; $2.50 for GSCI Excess Return Index Futures; $1.00 for Eurodollar
5-Year E-mini Bundle Futures; $0.20 for E-mini Eurodollar Futures) |
|
Give-up Surcharge
|
$0.05 |
|
Exercise & Assignment Surcharge
|
$0.05 |
+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.
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.
- 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:
| 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 - 15,000 |
none |
| 15,001 -30,000 |
$0.03 |
15,001 -30,000 |
$0.03 |
| > 30,000 |
$0.06 |
> 30,000 |
$0.06 |
* 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:
| Account of: |
First 15,000 sides |
15,001 to 50,000 sides |
50,001 + sides
|
| Rule 106.H and 106.N Firms |
none |
$0.10 |
$0.20 |
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:
| 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
|
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:
| 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.
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