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Lessee Member/Rule 106.F Employee Fees as of March 9, 2008
Fees for the accounts of Lessee Members and Rule 106.F. Employees 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) |
CME Globex Fees (per
side) |
CME Globex Daily Fee Cap |
Commodity Products (Futures)
|
$0.62 |
$1.62 |
$0.31 |
$0.50 |
--- |
| Commodity Products (Options) |
$0.62 |
$1.12 |
$0.31 |
$0.25 |
--- |
| FX Products (Futures) |
$0.54 |
$1.04 |
$0.27 |
$0.25 |
--- |
| FX Products (Options) |
$0.54 |
$1.04 |
$0.27 |
$0.25**** |
--- |
| Interest Rate Products (Tiered) |
$0.60 |
$0.74/$0.80* |
$0.27/30* |
$0.10** |
--- |
|
Eurodollar and Euroyen Options
|
$0.60 |
$0.90 |
$0.30 |
$0.15 |
--- |
| Index Products*** |
$0.86 |
$1.86 |
$0.43 |
$0.50 |
--- |
| Weather Products |
$0.14 |
$0.39 |
$0.07 |
$0.125 |
--- |
| ETF Futures |
N/A |
$0.46 |
$0.13 |
$0.10 |
--- |
| E-mini Commodity Products |
N/A |
$0.79 |
$0.145 |
$0.25 |
--- |
| E-mini
TM FX Products |
N/A |
$0.80 |
$0.15 |
$0.25 |
$50.00 |
| E-mini Equity Futures |
N/A |
$0.92 |
$0.21 |
$0.25 |
$50.00 |
| E-mini Equity Options |
N/A |
$0.92 |
$0.21 |
$0.25 |
$200.00 |
| Eurodollar 5-Year E-mini Bundle Futures |
N/A |
$0.86 |
$0.27 |
$0.16 |
--- |
| E-mini Eurodollar Futures |
N/A |
$0.16 |
$0.05 |
$0.03 |
--- |
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*For Rule 106.D Lessees and Rule 106.F Employees, different clearing fee rates apply for CME
Globex trades of Interest Rate Products than for open outcry trades of Interest Rate
products. The first rate listed in the Clearing Fee table applies to CME Globex trades of
Interest Rate Products and the second rate listed applies to open outcry trades in Interest Rate
products.
**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(SM).
**** 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.D Lessees / Rule
106.F Employees |
$0.28 |
See
TRAKRS® Fees.
See
fee
waivers information.
|
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+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. 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 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.
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CME Globex Daily Fee Cap
CME Globex fees are capped at $50 per day per E-mini
(TM)
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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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:
| 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 a $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 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.
106.D Lessee Brokerage
$0.11 ($0.10 for FX Futures) per contract is charged to a lessee broker for execution of
orders in open outcry for accounts where the lessee is not listed as a discretionary controller in
CME's Exchange Fee System (EFS). EFS is maintained by back office personnel of the applicable
clearing firm that carries that account.
106.F Employee Brokerage
$0.11 ($0.10 for FX Futures) per contract is charged for execution of orders in open outcry,
excluding orders executed for the firm owning the seat, an affiliate thereof, or for customer
accounts cleared by the clearing member or affiliate.
Floor Brokerage Fee
$0.025 for interest rate products and $0.04 for all other products is charged per
contract to lessee brokers for the execution of orders in open outcry 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 for the lessee brokers is charged directly to those
brokers.
The Floor Brokerage fee is charged per contract to 106.F employees for the execution of
orders in open outcry, excluding orders executed for the firm owning the seat, an affiliate
thereof, or for customer accounts cleared by the clearing member or affiliate. The Floor Brokerage
fee for 106.F employees is billed to that employee's clearing firm.
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