Fee Summary Guide
Proprietary Trading Firms
Fees effective as of January 1, 2017
Fee Summary Guide
As the world’s leading and most diverse derivatives marketplace, CME Group is where the
world comes to manage risk. CME Group exchanges offer the widest range of global benchmark
products across all major asset classes, including futures and options based on interest rates,
equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real
estate. CME Group brings buyers and sellers together through its CME Globex electronic trading
platform and its trading facilities in New York and Chicago. CME Group also operates CME
Clearing, one of the largest central counterparty clearing services in the world, which provides
clearing and settlement services for exchange-traded contracts, as well as over-the-counter
derivatives transactions through CME ClearPort. These products and services ensure that
businesses everywhere can substantially mitigate counterparty credit risk in both listed and
over-the-counter derivatives markets.
2
cmegroup.com/fees
Leading Opportunities, Competitively Priced
IMPORTANT NOTES:
At CME Group, we offer proprietary trading customers like you a fully disclosed,
•
All pricing shown in this brochure
is per-side
•
All fees listed in this brochure
represent the all-in fee from the
exchanges
•
All fees were current as of this
publication — however, for the
most up-to-date information, visit
cmegroup.com/fees
competitive fee structure for trading global benchmark products available at four exchanges
— CME, CBOT, NYMEX and COMEX. In addition, a special class of memberships and incentive
programs, designed specifically for proprietary trading firms, can further reduce your trading
and clearing fees.
Fees for clearing and trading CME Group contracts vary by product, volume traded,
membership(s) in the designated contract market, and trading venue (electronically
or on the floors).
To help you determine which program(s) best suit your firm’s needs and objectives,
we’ve developed this guide to compare the options available. We provide fee summaries
organized by:
» Asset class
» Membership options available to proprietary trading firms
» Available incentive programs
• International Incentive Program (IIP)
3
Fee Summary Guide
Agricultural Products
CME Agricultural Products
Futures and Options fees
Membership Type
Clearing Members and Equity Member Firms (1)
Trading Member Firms (106.H)
Electronic Corporate Members (ECMs)
International Incentive Program (IIP)
Non-Members
EXCHANGE FEE
0.15
Open Auction
Electronic
0.51
Open Auction
0.49
Electronic
0.81
Open Auction
0.69
Electronic
0.81
Open Auction
0.69
Electronic
0.81
Open Auction
0.69
Electronic
2.03
CBOT Agricultural Products
Ag Futures &
Options fees
Mini-sized
Ag Futures fees
0.20
0.20
Membership Type
0.51
0.53
0.26
0.81
0.66
0.81
1.06
0.97
1.95
1.03
CBOT Agricultural Products
ICSO & Calendar Spreads fees
Membership Type
0.24
0.34
1.56
1.86
2.06
1.36
3.84
4
cmegroup.com/fees
(1) Volume discount program – CME Agricultural Futures
A tiered volume discount on CME electronic Exchange fees for eligible Livestock Futures is available to Clearing and Equity Member firms for individuals executing trades under the
following parameters (discounted fees are outlined below). Volume will be aggregated across all products and contract months by account owner within a single clearing firm.
Clearing Members and related 106.1 member accounts will be treated as one for purposes of volume aggregation.
Volume discount program – CME Livestock Futures
Membership Type
Clearing Members and
Equity Member Firms
Monthly Avg. Daily Threshold (in sides)
Exchange Fee
Discount
0 – 1,000
None
1,001 – 2,000
0.11
2,001 – 3,000
0.21
> 3,000
0.31
CBOT Agricultural Products – OTC Products
Fertilizer Swap Futures fees
Membership Type
EXCHANGE FEE
Clearing and Equity Member Firms
4.00
Trading Member Firms (106.H)
4.50
Electronic Corporate Members (ECMs)
5.00
International Incentive Program (IIP)
5.00
5
Fee Summary Guide
Energy Products
NYMEX Energy – CME Globex Fee Schedule
Clearing
Members, Equity
Members &
Trading Member
Firms (106.J)
International
Incentive
Program (IIP)
Non-Members
(not eligible for
day trade rates)
Futures
From E/A
Options
E/A Notice
Energy (Physicals)
Crude Oil (CL)
0.55 day trade
0.70 overnight
0.70 Member
1.50 Non-Member
0.77
Heating Oil (HO)
NY Harbor RBOB (Blendstock) Gas (RB)
Natural Gas (NG)
Crude Oil Option (LO)
1.50
0.45 day trade
0.70 overnight
0.40 House Acct
0.85 Cust Acct
Natural Gas Option (ON)
Heating Oil Option (OH)
0.70
0.95
1.45
1.45
0.95
1.45
0.21
0.28
0.34
E-mini Natural Gas Futures (QG)
0.40
0.45
0.50
E-mini Heating Oil Futures (QH)
0.55
0.88
1.20
0.85
1.05
1.25
WTI Crude Oil 1 Month CSO (WA)
0.40 House Acct
0.85 Cust Acct
Heating Oil Crack Spread Option (CH)
Energy (Financial)
Henry Hub Financial (HP)
0.70
Henry Hub Financial Last Day (HH)
Henry Hub Swap (NN)
0.21 Member
0.34 Non-Member
Henry Hub Penultimate Swap (NP)
E-mini Gasoline Futures (QU)
E-mini Crude Oil Futures (QM)
Brent Financial (BB)
Brent European Style Option (BE)
Brent Last Day Contract (BZ)
PJM Western Hub Peak Calendar-Month Real-Time LMP (L1)
6
0.70
0.95
0.25 discounted till
December 31, 2017
0.35
1.45
0.30 discounted till
December 31, 2017
0.385
0.70 Member
1.45 Non-Member
0.40
0.70 Member
1.50 Non-Member
cmegroup.com/fees
NYMEX Energy – CME ClearPort Fee Schedule
Futures
From E/A
Clearing
Members, Equity
Members &
Trading Member
Firms (106.J)
Non-Members
(not eligible for
day trade rates)
0.80 Block
0.70 EFP
1.60 Block
1.50 EFP
1.85 Block
1.75 EOO
2.65 Block
2.55 EOO
1.75
2.50
0.70
1.45
0.70
1.45
0.21
0.34
0.21 Member
0.34 Non-Member
0.85
1.25
0.70 Member
1.45 Non-Member
1.75
2.50
0.80 Block
0.70 EFP
1.60 Block
1.50 EFP
0.35
0.40
Options
E/A Notice
Energy (Physicals)
Crude Oil (CL)
0.70 Member
1.50 Non-Member
Heating Oil (HO)
NY Harbor RBOB (Blendstock) Gas (RB)
Natural Gas (NG)
Crude Oil Option (LO)
0.40 House Acct
0.85 Cust Acct
Natural Gas Option (ON)
Heating Oil Option (OH)
WTI Crude Oil 1 Month CSO (WA)
Heating Oil Crack Spread Option (CH)
Energy (Financial)
Henry Hub Financial (HP)
Henry Hub Financial Last Day (HH)
Henry Hub Swap (NN)
Henry Hub Penultimate Swap (NP)
Brent Financial (BB)
Brent European Style Option (BE)
Brent Last Day Contract (BZ)
PJM Western Hub Peak Calendar-Month Real-Time LMP (L1)
0.70 Member
1.50 Non-Member
0.105 Member
0.12 Non-Member
7
cmegroup.com/fees
Fee Summary Guide
Equity Products
CME Equity Products
Membership Type
Clearing Members and
Equity Member Firms (1)
Trading Member Firm (106.H)
Electronic Corporate Members (ECMs)
International Incentive Program (IIP)
Non-Members
Equity Futures
& Options fees
E-mini Equity
Futures
fees (1)
E-mini Equity
Options
fees (1)
EXCHANGE FEE
EXCHANGE FEE
EXCHANGE FEE
0.35
0.35
0.60
0.45
0.50
0.45
0.51
0.45
1.18**
0.55
Future
Option
Open Auction
0.30
0.22
Electronic
0.80
0.72
Open Auction
0.68
0.60
Electronic
1.08
1.00
Open Auction
0.90
0.81
Electronic
1.08
1.00
Open Auction
0.90
0.81
Electronic
1.10
1.00
Open Auction
0.90
0.81
Electronic
2.40*
2.31
* The fee rates for Nikkei Futures products N1 and NK are $2.15 for Globex outright trades and $1.90 for Globex spreads.
** The fee rate for E-mini Equity Futures is $0.80 for Globex spreads.
CBOT Equity Products
E-mini $5 Dow Futures & Options &
DJ U.S Real Estate Index Futures fees
Membership Type
EXCHANGE FEE
Electronic: Member/Delegate executed
0.11
Electronic: Non-Member executed
0.26
Trading Member Firms (106.H)
Electronic
0.30
Electronic Corporate Members (ECMs)
Electronic
0.30
International Incentive Program (IIP)
Electronic
0.54
Non-Members
Electronic
1.16
Clearing Members and Equity Member Firms
8
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(1) Volume discount program – CME E-mini Equity Futures and Options
A tiered volume discount on CME electronic Exchange fees for CME E-mini Equity Futures and Options is available to Clearing and Equity Member firms for individuals executing
trades under the following parameters (discounted fees are outlined below). Volume will be aggregated across all CME E-mini Equity Index products and contract months by
account owner (spread transactions are included for options but not for futures; futures and options will be accumulated separately for determining threshold levels). Clearing
Members and related 106.I members will be treated as one for purposes of volume aggregation.
Volume discount program – CME E-mini Equity Futures and Options
E-mini Futures
Membership Type
Clearing Members/
Equity Member Firms
E-mini Options
Monthly Avg. Daily
Threshold (in sides)
Exchange
Fee Discount
Monthly Avg. Daily
Thresholds (in sides)
Exchange
Fee Discount
0 – 8,500
None
0 – 3,000
None
8,501 – 45,000
0.16
3,001 – 25,000
0.18
45,001 – 100,000
0.22
25,001 – 40,000
0.21
100,001 – 135,000
0.23
40,001 – 80,000
0.23
> 135,000
0.25
> 80,000
0.24
Liquidity Provider Incentive Program
Prop firms that are Clearing Members or Equity Member Firms may be eligible to be designated as a Liquidity Provider by CME Group and, in turn, receive volume discounts for CME
E-mini Equity Futures based upon the discounted fee schedule outlined below. For member firms designated as Liquidity Providers, accumulation will be aggregated by account
owner(s). The following thresholds apply:
CME E-mini Equity Index Futures
(Futures Only)
Membership Type
Clearing Members and Equity Member Firms
Monthly Avg.
Daily Threshold
(in sides)
Exchange
Fee Discount
0 – 3,000
None
Liquidity Provider Program Criterion
Participants must satisfy the following criteria to qualify
for the liquidity provider incentives. Trade:
1. A minimum total Average Daily Volume of 5,000
contract sides; AND
3,001 – 25,000
0.16
25,001 – 75,000
0.22
75,001 – 100,000
0.23
> 100,000
2. One of the following:
·
>
_ 60 percent of firm’s total futures contract
volume identified as the market-making or resting
side of a trade;
·
OR >
_ 40,000 Average Daily Volume of firm’s total
futures contract sides identifiable as marketmaking or resting side of a trade
0.25
Note that CME Group will review eligibility for this program on a quarterly basis.
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Fee Summary Guide
FX Products
CME FX Products
FX Futures
& Options fees
E-mini FX fees
E-micro FX fees
EXCHANGE FEE
EXCHANGE FEE
EXCHANGE FEE
0.29
0.04
0.50
0.08
0.44
0.08
0.54
0.10
0.85
0.16
Membership Type
Clearing Members and
Equity Member Firms (1)
Trading Member Firm (106.H)
Electronic Corporate Members (ECMs)
International Incentive Program (IIP)
Non-Members
Open Auction
0.07
Electronic
0.32
Open Auction
0.45
Electronic
0.44
Open Auction
0.60
Electronic
0.44
Open Auction
0.60
Electronic
0.54
Open Auction
0.60
Electronic
1.60
(1) Volume discount program – CME Standard and E-mini FX Futures
A tiered volume discount on CME electronic Exchange fees for standard and E-mini FX futures is available to Clearing and Equity Member firms for individuals executing trades
under the following parameters (discounted fees are outlined below). Volume will be aggregated across all products and contract months by account owner. Clearing Members
and related 106.I member accounts will be treated as one for purposes of volume aggregation.
Volume discount program – CME Standard and E-mini FX Futures
Membership Type
Clearing Members/
Equity Member Firms
10
Monthly Avg. Daily Threshold (in sides)
Exchange Fee
Discount
0 – 6,500
None
6,501 – 15,000
0.12
15,001 – 32,000
0.17
32,001 – 65,000
0.19
> 65,000
0.21
cmegroup.com/fees
Fee Summary Guide
Interest Rate Products
CME Interest Rate Products
Membership Type
Clearing Members and
Equity Member Firms (1)
Trading Member Firm (106.H) (1) (2)
Electronic Corporate Members (ECMs) (2)
International Incentive Program (IIP)
Non-Members (1)
Interest Rate
Futures fees
Interest Rate
Options fees
EXCHANGE FEE
EXCHANGE FEE
Open Auction
0.09
0.09
Electronic
0.19
0.24
Open Auction
0.49
0.49
Electronic
0.44
0.44
Open Auction
0.70
0.64
Electronic
0.44
0.44
Open Auction
0.46
0.46
Electronic
0.46
0.46
Open Auction
0.70
0.64
Electronic
1.25
0.89
Interest Rate Futures and Options
(1) On a tiered basis, 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 product.
For Member Firm transactions, monthly volume is aggregated across accounts, across clearing firms. 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
Rule 106.J Equity Member Firm. For all other transactions, volume is aggregated per account per product. The following fee discounts apply based on volume traded:
Futures
Eligible Participants
Clearing Members
Equity Member Firms
Trading Member Firms (for open outcry only)
Options
Average Daily Volume
Threshold (Sides)
Exchange
Fee Discount
Average Daily Volume
Threshold (Sides)
Exchange
Fee Discount
none
0 – 30,000
none
0 – 15,000
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
Eurodollar and Euribor
(2) On a tiered basis, for corporate members the fee for Eurodollar Futures and Euribor Futures traded electronically is reduced for trading volumes in excess of 15,000 contracts
per month. Volume is aggregated per product, per Operator ID within a single Bill Firm, for a particular corporate member firm. Trades marked for give-up and give-up
transactions are excluded, unless they are trades that have been marked or give-up as a result of positions being transferred to SGX via the mutual offset process. The following
fee discounts apply based on volume traded:
Fee Discount
Eligibile Participants
Rule 106.R Electronic Corporate Member
Rule 106.H and 106.N Firms
12
First 15,000 sides
15,001 – 50,000 sides
> 50,000 sides
none
0.10
0.20
cmegroup.com/fees
CBOT Interest Rate Products
U.S. Treasury
Futures fees
U.S. Treasury
Options fees
Membership Type
0.12
0.12
0.12
0.21
0.21
0.29
0.29
0.31
0.31
,
,
0.81
CBOT Interest Rate Products
Other Financial
Futures fees
Other Financial
Options fees
0.16
0.16
0.36
0.36
0.31
0.31
0.41
0.41
0.36
0.56
Membership Type
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Fee Summary Guide
CBOT Interest Rate Products
Swap Futures Fees
Membership Type
0.16
0.16
0.31
0.31
0.56
0.56
(1) Volume discount program – CBOT U.S. Treasury Products (Electronic)
A volume discount program is available to Equity Member firms for individuals executing trades as non-members, with reduced rates applied as follows:
Volume discount program – CBOT U.S. Treasury Products (Electronic)
Futures
Options
Monthly Avg. Daily Threshold (in sides)
Exchange Fee
Discount
Monthly Avg. Daily Threshold (in sides)
Exchange Fee
Discount
0 – 15,000
None
0 – 3,000
None
15,001 – 30,000
0.03
3,001 – 6,000
0.03
30,001 – 45,000
0.05
6,001 – 9,000
0.05
> 45,000
0.07
> 9,000
0.07
(2) Volume discount program – CBOT Other Financial Futures
A volume discount program is available to Equity Member firms for individuals executing trades as non-members, with reduced rates applied as follows:
Volume discount program – CBOT Other Financial Futures
Futures
Options
Monthly Avg. Daily Threshold (in sides)
Exchange Fee
Discount
14
Monthly Avg. Daily Threshold (in sides)
Exchange Fee
Discount
0 – 3,000
None
0 – 3,000
None
3,001 – 6,000
0.05
3,001 – 6,000
0.05
6,001 – 9,000
0.10
6,001 – 9,000
0.10
> 9,000
0.15
> 9,000
0.15
cmegroup.com/fees
Metals Products
COMEX Metals – CME Globex Fee Schedule
Clearing
Members, Equity
Members &
Trading Member
Firms (106.J)
International
Incentive
Program (IIP)
Non-Members
(not eligible for
day trade rates)
0.88
1.50
Futures
From E/A
Options
E/A Notice
Metals (Physicals)
0.55 day trade
0.70 overnight
Gold (GC)
0.70 Member
1.50 Non-Member
Silver (SI)
Copper (HG)
0.77
Palladium (PA)
Platinum (PL)
Gold Option (OG)
1.45
0.40 House Acct
0.85 Cust Acct
Silver Option (SO)
Copper Option (HX)
E-micro Gold Futures (MGC)
0.10
0.15
0.20
0.38
0.56
0.75
2.00 day trade
3.00 overnight
4.00
5.00
Metals (Financial)
COMEX miNY Gold (QO)
COMEX miNY Silver (QI)
E-mini Copper Futures (QC)
U.S. Midwest Domestic Hot-Rolled Coil Steel (HR)
COMEX Metals – CME ClearPort Fee Schedule
Clearing Members,
Equity Members & Trading
Member Firms (106.J)
Non-Members
(not eligible for day trade
rates)
Futures
From E/A
Options
E/A Notice
Metals (Physicals)
Gold (GC)
0.80 Block
0.85 EFP
1.60 Block
1.50 EFP
0.70 Member
1.50 Non-Member
Silver (SI)
Copper (HG)
Palladium (PA)
0.80 Block
0.70 EFP
Platinum (PL)
Gold Option (OG)
0.80 Block
0.85 EOO
1.65 Block
1.55 EOO
4.00
5.00
0.40 House Acct
0.85 Cust Acct
Silver Option (SO)
Copper Option (HX)
Metals (Financial)
U.S. Midwest Domestic Hot-Rolled Coil Steel (HR)
15
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Fee Summary Guide
Weather Products
CME Weather Products
Weather Futures & Options fees
Membership Type
Clearing Members and Equity Member Firms
Trading Member Firm (106.H)
Electronic Corporate Members (ECMs)
International Incentive Program (IIP)
Non-Members
16
EXCHANGE FEE
Open Auction
0.02
Globex
0.15
Open Auction
0.12
Globex
0.25
Open Auction
0.16
Globex
0.44
Open Auction
0.16
Globex
0.25
Open Auction
0.16
Globex
0.54
cmegroup.com/fees
For more information on how you can trade our products at the most
cost-efficient rates, visit cmegroup.com/fees or contact a member of the
Proprietary Trading Firm Sales team.
NORTH AMERICA
Chris Gonzalez
[email protected]
+1 312 930 1865
Michael Hohman
[email protected]
+1 312 930 1773
EMEA
Matthew Judge
[email protected]
+44 20 3379 3730
Richard Stoker
[email protected]
+44 20 3379 3733
ASIA
Aaron Gong
[email protected]
+852 3180 9381
Rajiv Shah
[email protected]
+65 6593 5509
Suzanne Spain
[email protected]
+1 312 338 2651
Brett Vietmeier
[email protected]
+1 312 930 3394
17
CME GROUP HEADQUARTERS
CME GROUP GLOBAL OFFICES
20 South Wacker Drive
Chicago, Illinois 60606
cmegroup.com
Chicago
+1 312 930 1000
New York
+1 212 299 2000
London
+44 20 3379 3700
Singapore
+65 6593 5555
Calgary
+1 403 444 6876
Hong Kong
+852 2582 2200
Houston
+1 713 658 9292
São Paulo
+55 11 2787 6451
Seoul
+82 2 6336 672
Tokyo
+81 3 3242 6228
Washington D.C.
+1 202 638 3838
Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is possible to lose more
than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted
to any one trade because they cannot expect to profit on every trade. All examples in this brochure are hypothetical situations, used for explanation purposes only, and should not be considered investment advice
or the results of actual market experience.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Chicago Mercantile Exchange, Globex, and CME Direct are trademarks of Chicago Mercantile Exchange Inc. ClearPort, New York Mercantile
Exchange and NYMEX are registered trademarks of New York Mercantile Exchange, Inc.
The information within this fact card has been compiled by CME Group for general purposes only. Although every attempt has been made to ensure the accuracy of the information within this brochure, CME Group
assumes no responsibility for any errors or omissions. Additionally, all examples in this brochure are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or
the results of actual market experience.
All matters pertaining to rules and specific ations herein are made subject to and are superseded by official CME, CBOT and NYMEX rules. Current rules should be consulted in all cases concerning contract specific ations.
The content of this marketing collateral should not be taken as a recommendation or endorsement to buy sell or retain any specific product, security investment or other service nor does it constitute a Prospectus.
The content of this presentation is intended solely for the use of Eligible Counterparties and Professional (non-retail) Clients as defined under FSMA 2000 and circulation must be restricted accordingly. Potential
users of the services herein described are recommended to take independent advice. This communication is issued by CME Marketing Europe Limited. CME Marketing Europe is authorised and regulated by the
Financial Services Authority in the United Kingdom for the conduct of investment business.
Copyright © 2017 CME Group. All rights reserved.
PM758/100/0117