CME Group Fee Schedule

CME Fee Schedule, January 1, 2015
OPEN OUTCRY & CME GLOBEX® CLEARING FEES
Futures & Options
FX Products
Agricultural & Alternative Investment Products
Individual Equity Members/Clearing Members/Rule 106.J Equity Member
Firms/Rule 106.I Members/Rule 106.S Member Approved Funds
Rule 106.D Lessees / Rule 106.F Employees
Rule 106.R Electronic Corporate Member - Holding Member
Rule 106.H and 106.N Firms
International Incentive Program (IIP) Participants
International Volume Incentive Program (IVIP) Participants
Asian Incentive Program (AIP) Participants
Central Bank Incentive Program (CBIP) Participants
Emerging Markets Bank Incentive Program (EMBIP) Participants
Latin American Fund Manager Incentive Program (FMIP) Participants
Latin American Proprietary Trading Incentive Program (LAPTIP) Participants
CME Electronic Incentive Program (CEIP) Participants
Latin American Commercial Incentive Program (LACIP) Participants
CTA/Hedge Fund Incentive Program Participants
CBOE Members (reduced rates for S&P Index & E-mini/E-micro S&P only)
Customers of Member Firms (Non-Members)
(Note 21)
(Note 16)
(Note 18)
(Note 16)
(Note 30)
(Note 16)
(Note 16)
(Note 24)
(Note 19)
Equity Products
Interest Rate Products
Agricultural
Products
Weather
Products
S&P-GSCI
Swap
Products
(Note 29)
OTC Ag
Swap
Products
(Note 32)
Foreign
Exchange
Products
E-mini
Foreign
Exchange
Products
E-micro
Foreign
Exchange
Products
FX
Variance
Futures
Equity
Futures
(Note 26)
(Note 27)
Equity
Options
E-mini &
E-micro
Equity
Futures
E-mini
Equity
Options
USD
Ibovespa
Futures
Interest
Rate
Products
(Note 11)
(Note 20)
$0.15
$0.31
$0.49
$0.49
$0.02
$0.07
$0.34
$0.12
$1.20
$1.20
$1.20
$1.20
$2.00
$2.25
$2.50
$2.50
$0.07
$0.27
$0.34
$0.34/$0.45
$0.035
$0.15
$0.34
$0.25
$0.015
$0.02
$0.04
$0.04
$0.05
$0.05
$0.05
$0.05
$0.245
$0.475
$0.825
$0.625
$0.22
$0.45
$0.80
$0.60
$0.095
$0.21
$0.39
$0.39
$0.095
$0.21
$0.39
$0.39
$0.095
$0.21
$0.39
$0.39
$0.09
$0.27/$0.30
$0.34
$0.34/$0.49
$0.09
$0.09
$0.34
$0.09
$0.20
$0.30
$0.34
$0.34
$0.49
$0.12
$1.20
$2.50
$0.44
$0.44
$0.05
$0.07
$0.85
$0.80
$0.41
$0.39
$0.40
$0.36
$0.36
$0.34
$0.49
$0.64
$0.49
$0.69
$0.69
$0.69
$0.12
$0.39
$0.16
$0.16
$0.16
$0.16
$1.20
$1.20
$1.20
$1.20
$1.20
$1.20
$2.50
$2.50
$2.50
$2.50
$2.50
$2.50
$0.44
$0.54
$0.44
$0.60
$0.60
$0.60
$0.44
$0.54
$0.44
$0.60
$0.35
$0.35
$0.05
$0.05
$0.05
$0.06
$0.06
$0.06
$0.07
$0.05
$0.07
$0.07
$0.10
$0.10
$0.85
$0.825
$0.85
$0.85
$0.75/$0.85
$0.85
$0.40
$0.49
$0.40
$0.40
$0.40
$0.40
$0.34
$0.49
$0.64
$0.64
$0.64
$0.64
$0.34
$0.34
$0.64
$0.64
$0.64
$0.64
$0.34
$0.49
$0.64
$0.64
$0.64
$0.64
E-mini
Equity
Options
(Note 9)
E-Micro
Equity
Futures
USD
Ibovespa
Futures
Interest
Rate
Products
(Note 22)
(Note 23)
Eurodollar
& Euroyen
Options
Euribor
Futures
$0.80
$0.40
$0.39
$0.80
$0.49
$0.49
$0.81
$0.40
$0.39
$0.81
$0.40
$0.39
$0.71/$0.81 $0.35/$0.40 $0.34/$0.39
$0.81
$0.40
$0.39
Euribor
Futures
Fixed
Income Eurodollar
Index
Bundle
Products Products
CME GLOBEX FEES
Futures & Options
Agricultural & Alternative Investment
Products
Individual Equity Members/Clearing Members/Rule 106.J Equity Member
Firms/Rule 106.I Members/Rule 106.S Member Approved Funds
Rule 106.D Lessees / Rule 106.F Employees
Rule 106.R Electronic Corporate Member - Holding Member
Rule 106.H and 106.N Firms
International Incentive Program (IIP) Participants and International Volume
Incentive Program (IVIP) Participants
Asian Incentive Program (AIP) Participants
Central Bank Incentive Program (CBIP) Participants
Emerging Markets Bank Incentive Program (EMBIP) Participants
Latin American Fund Manager Incentive Program (FMIP) Participants
Latin American Proprietary Trading Incentive Program (LAPTIP) Participants
CME Electronic Incentive Program (CEIP) Participants
Latin American Commercial Incentive Program (LACIP) Participants
CTA/Hedge Fund Incentive Program Participants
CBOE Members
Customers of Member Firms (Non-Members)
Equity Products
FX Products
Interest Rate Products
Weather
Products
Foreign
Exchange
Products
(Note 13)
(Note 14)
E-mini
Foreign
Exchange
Products
(Note 14)
E-micro
Foreign
Exchange
Products
Equity
Products
(Note 17)
E-mini
Equity
Futures
(Note 9)
(Note 15)
(Note 26)
$0.25
$0.25
$0.125
$0.125
$0.25
$0.25
$0.25
$0.25
$0.02
$0.03
$0.50
$0.50
$0.255
$0.255
$0.255
$0.255
$0.25
$0.25
$0.32
$0.65
$0.10
$0.10
$0.15
$0.15
$0.10
$0.10
$0.10
$0.10
$0.32
$0.32
$0.32
$0.32
$0.10
$0.125
$0.10
$0.10
$0.10
$0.25
$0.04
$0.04
$0.20
$0.40
$0.105
$0.105
$0.055
$0.055
$0.10
$0.10
$0.72
$0.72
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.25
$0.25
$0.32
$0.32
$0.125
$0.10
$0.10
$0.05
$0.20
$0.10
$0.055
$0.10
$0.86
$0.10
$0.10
$0.10
$0.25
$1.01
$0.32
$1.01
$1.34
$1.34
$1.34
$0.32
$0.32
$0.32
$0.70
$0.70
$0.70
$0.125
$0.100
$0.375
$0.375
$0.375
$0.375
$0.56
$0.10
$0.56
$0.20
$1.00
$1.00
$0.10
$0.10
$0.10
$0.20
$0.50
$0.50
$0.05
$0.05
$0.05
$0.10
$0.10
$0.10
$0.70
$0.50
$1.50
$1.50
$1.50
$1.50
$0.36
$0.155
$0.75
$0.75
$0.75
$0.75
$0.055
$0.055
$0.16
$0.16
$0.16
$0.16
$0.10
$0.11
$0.21
$0.21
$0.26
$0.21
$0.86
$0.76
$0.86
$0.86
$0.86
$0.86
$0.10
$0.10
$0.55
$0.55
$0.55
$0.55
$0.10
$0.10
$0.25
$0.25
$0.25
$0.25
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.25
$0.25
$0.55
$0.55
$0.55
$0.55
Agricultural
Futures
(Note 25)
Agricultural
Options
(Note 10)
(Note 10)
(Note 10)
(Note 16)
(Note 10)
(Note 16)
(Note 30)
$0.36
$0.36
(Note 16)
(Note 16)
(Note 24)
(Note 19)
Fixed
Income Eurodollar
Index
Bundle
Products Products
Refer to
separate
Bundle
Products
Fee
Schedule
page
OTHER FEES
Futures & Options
Agricultural & Alternative Investment
Products
EFP Surcharge
Block Trade Surcharge
106.D Lessee/106.H Brokerage
106.F Employee Brokerage
Floor / "New" Brokerage
Position Transfers
Position Adjustments
Give-up Surcharge
Exercise & Assignment Surcharge
Facilitation Fee
(Note 1)
(Note 2)
(Note 3)
(Note 4)
(Note 5)
(Note 6)
(Note 7)
(Note 8)
(Note 12)
(Note 31)
Agricultural
Products
$1.75
$1.75
$0.13
$0.13
$0.04
$0.10
$0.10
$0.05
$0.05
$0.20
Weather
Products
$0.44
$0.44
$0.13
$0.13
$0.04
$0.10
$0.10
$0.05
$0.05
$0.20
OTC Ag
Swap
Products
N/A
N/A
N/A
N/A
N/A
$0.10
$0.10
$0.05
N/A
$0.20
FX Products
Foreign
Exchange
Products
(Note 28)
$1.00
$1.00
$0.13
$0.13
$0.04
$0.10
$0.10
$0.05
$0.05
$0.20
E-mini
Foreign
Exchange
Products
$1.00
N/A
N/A
N/A
N/A
$0.10
$0.10
$0.05
$0.05
$0.20
E-Micro
Foreign
Exchange
Products
$0.17
N/A
N/A
N/A
N/A
$0.10
$0.10
$0.05
$0.05
$0.20
Equity Products
E-micro
Indian
Rupee/
US Dollar
Futures
$0.20
$0.20
N/A
N/A
N/A
$0.10
$0.10
$0.05
$0.05
$0.20
FX
Variance
Futures
waived
waived
N/A
N/A
N/A
waived
waived
waived
N/A
$0.05
Equity
Products
$1.75
$1.75
$0.13
$0.13
$0.04
$0.10
$0.10
$0.05
$0.05
$0.20
E-mini &
E-micro
Equity
Products
$1.75
$1.75
N/A
N/A
N/A
$0.10
$0.10
$0.05
$0.05
$0.20
Interest Rate Products
Interest
Rate
Products
Note 1
Note 2
$0.13
$0.13
$0.04
$0.10
$0.10
$0.05
$0.05
$0.20
Fixed
Income
Index
Products
$1.75
$1.00
$0.13
$0.13
$0.04
$0.10
$0.10
$0.05
$0.05
$0.20
Eurodollar
Bundle
Products
Note 1
Note 2
$0.13
$0.13
$0.04
$0.10
$0.10
$0.05
$0.05
$0.20
Page 1 of 5
Refer to
separate
Bundle
Products
Fee
Schedule
page
GENERAL NOTES
* Fees are charged per side (both the buy and sell side) per contract.
* CME charges fees according to the schedule above. CME has no separate Exchange fee, nor does it assess member firms an NFA fee. For information regarding NFA fees, please contact the NFA at 312.781.1300.
* Clearing (and CME Globex fees when applicable) are charged to the clearing (carrying) firm on all give-up trades.
* Mutual Offset (CME-SGX) trades are charged the transaction fees at the Executing Exchange only.
* Deliveries, exercises, assignments and Futures from exercises/assignments are charged a Clearing Fee at Customer rates. If these transactions are eligible for member rates, an adjustment must be made by allocating the transactions to the associated account(s) in the Exchange Fee System.
* There are no fees charged for expired options or fungible offsets.
* Clearing and CME Globex fees for CME Globex transactions are based on the combined memberships of the operator and the account owner. Refer to the respective Fee Policy Bulletins for details.
http://www.cmegroup.com/tools-information/fee-policy-bulletins.html
* In order to obtain member clearing and CME Globex fees, CME rules require that trading of member firms be conducted by certain qualified individuals. Refer to the respective Fee Policy Bulletins for details.
* Non-customer fees quoted above assume that the products traded are within the account owner's division of the B-share(s) held. If the product is outside the division of the account owner's B-share(s), the transaction will receive Customer clearing fee rates.
Please see Note 10 regarding the CME Globex fees for these transactions.
NOTES
1. An Exchange For Physical (EFP), Exchange for Risk (EFR) or Exchange of Option for Option (EOO) trade is charged a per contract surcharge in addition to the appropriate clearing fee according to the rates shown above. Special exceptions are:
$0.50 per contract surcharge in addition to the clearing fee for S&P GSCI Excess Return Index Futures (GA).
$10.00 per contract surcharge in addition to the clearing fee for Milk.
The Surcharge rate for Interest Rate Futures and Options is equal to the corresponding membership based Globex Fee rate. This includes the discount detailed in Note 22.
The Surcharge rate for Eurodollar Bundle Futures and Options is equal to the corresponding membership based Globex Fee rate.
$0.875 per contract surcharge in addition to the clearing fee for Nikkei 225 Yen Denominated Options through March 31, 2015.
2. A Block Trade is charged a per contract surcharge in addition to the appropriate clearing fee according to the rates shown above (noted in the Exchange Fee System as an 'EFP Surcharge'). Special exceptions are:
$0.50 per contract surcharge in addition to the clearing fee for S&P GSCI Excess Return Index Futures (GA).
The Surcharge rate for Interest Rate Futures and Options is equal to the corresponding membership based Globex Fee rate. This includes the discount detailed in Note 22.
The Surcharge rate for Eurodollar Bundle Futures and Options is equal to the corresponding membership based Globex Fee rate.
$0.875 per contract surcharge in addition to the clearing fee for Nikkei 225 Yen Denominated Options through March 31, 2015.
3. A 106.D Lessee/106.H Brokerage fee is charged per contract to lessees and individuals on 106.H Trading Member seats for execution of orders in open outcry for accounts where the lessee/individual 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.
4. A Rule 106.F Employee Brokerage fee is charged per contract 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.
5. The Floor / "New" Brokerage fee is charged per contract to individual equity members, lessees and individuals on 106.H Trading Member seats 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 fee is billed 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.
6. Transfer fees are $0.10 per contract and are charged to both sides of the transfer. Transfer fees are capped at 25,000 positions for a maximum charge of $2,500 per clearing firm per transfer. Transfer fees are not capped automatically; rebate requests for excess
transfer fee charges must be submitted to the CME Group Exchange Fee Department (email address: [email protected]).
7. Position Adjustments are 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.
Position Adjustment fees are not charged if they are incurred the next business day as a result of an exercise/assignment.
8. A $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).
9. On a tiered basis, CME Globex fees for E-mini Equity Futures and Options will be reduced for trading volumes exceeding designated monthly average daily volume thresholds. E-mini Nikkei 225 Yen Denominated Futures and Nikkei 225 Yen Denominated Options are excluded from this program.
This volume discount applies only for the following:
*Individual Equity and Lessee (Rule 106.D) Members and Rule 106.F Employees: Accumulation is per trading account within a single clearing/billing firm. Joint accounts between Individual Equity Members, Lessee Members and/or Rule 106.F Employees are also eligible.
*Clearing Member/Rule 106.J Equity Member/Rule 106.I Member and Rule 106.S Member Approved Fund accounts
Volume will be aggregated across all E-mini Equity products and contract months by account owner (spread transactions are excluded for Futures, but included for Options). Futures and Options will be accumulated separately when determining threshold levels.
For Equity Member Firm transactions, monthly volume is aggregated across accounts, across clearing/billing 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. The following CME Globex fee discounts will apply based on volume traded:
FIRM THRESHOLDS
Eligible Participants
Clearing Members, Rule 106.J Equity Member Firms, Rule 106.I Members, Rule
106.S Member Approved Funds
Average Daily
Volume Threshold
(Sides)
CME Globex
Fee Discount
Average Daily
Volume
Threshold
(Sides)
0 -3,500
3,501 -35,000
35,001 -100,000
100,001 -110,000
> 110,000
none
$0.185
$0.225
$0.250
$0.255
0 -1,600
1,601 -15,000
15,001 -30,000
30,001 -45,000
> 45,000
Average Daily
Volume Threshold
(Sides)
CME Globex
Fee Discount
Average Daily
Volume
Threshold
(Sides)
CME Globex
Fee Discount
0 -150
151 -1,500
1,501 -15,000
15,001 -16,000
> 16,000
none
$0.185
$0.225
$0.250
$0.255
0 -750
751 -5,000
5,001 -12,000
12,001 -20,000
> 20,000
none
$0.180
$0.215
$0.230
$0.245
INDIVIDUAL THRESHOLDS
Eligible Participants
Individual Equity Members, Rule 106.D Lessees/Rule 106.F Employees
OPTIONS
FUTURES
CME Globex
Fee Discount
none
$0.180
$0.215
$0.230
$0.245
OPTIONS
FUTURES
For member firms designated as Liquidity Providers the following thresholds apply:
LIQUIDITY PROVIDER FIRM THRESHOLDS
Eligible Participants
Clearing Members, Rule 106.J Equity Member Firms, Rule 106.I Members, Rule
106.S Member Approved Funds
FUTURES
Average Daily
Volume Threshold
(Sides)
CME Globex
Fee Discount
0 -500
501 -7,500
7,501 -40,000
40,001 -50,000
> 50,000
none
$0.185
$0.225
$0.250
$0.255
10. 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 (during "ETH"), the member CME Globex fee is charged, with the
exception of the following: Foreign Exchange Futures - a $0.50 per side CME Globex Fee is charged during ETH; Interest Rate Products - a $0.25 per side CME Globex Fee is charged during ETH.
Page 2 of 5
11. 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 product.
For Member Firm transactions, monthly volume is aggregated per product across accounts, across clearing/billing 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, monthly volume is aggregated with their related Rule 106.J Equity Member Firm. For all other transactions, volume is aggregated per account per product. The following clearing fee discounts apply based on volume traded:
FUTURES
Eligible Participants
OPTIONS
Average Daily Volume Threshold
(Sides)
Clearing Fee
Discount
0 - 30,000
none
none
30,001 - 60,000
$0.02
$0.16
Individual Equity Members, Clearing Members, Rule 106.J Equity Member Firms,
Rule 106.I Members, Rule 106.S Member Approved Funds, Rule 106.D
Lessees/Rule 106.F Employees, Rule 106.H and 106.N Firms (Open Outcry Only Refer to Note 20), CBOE Members and Customers of Member Firms (NonMembers)
2-Year Bundle 3-Year Bundle
Discount*
Discount*
5-Year Bundle
Discount*
Average Daily Volume
Threshold (Sides)
Clearing Fee
Discount
2-Year Bundle
Discount*
none
none
0 - 15,000
none
none
3-Year Bundle 5-Year Bundle
Discount*
Discount*
none
none
$0.24
$0.40
15,001 - 30,000
$0.02
$0.16
$0.24
$0.40
60,001 -90,000
$0.04
$0.32
$0.48
$0.80
30,001 -60,000
$0.04
$0.32
$0.48
$0.80
> 90,000
$0.06
$0.48
$0.72
$1.20
> 60,000
$0.06
$0.48
$0.72
$1.20
* These products are included in the Interest Rate Products volume discounts with the following mulitpliers, for both the volume accumulation as well as the clearing fee discount rate:
2-year Bundle = 8 Eurodollar contracts
3-year Bundle = 12 Eurodollar contracts
5-year Bundle = 20 Eurodollar contracts
12. A $0.05 per contract fee is charged for the exercise and assignment of options, in addition to the clearing fee charged on the options contract. This fee is also charged for Futures from Exercise and Assignment, in addition to the clearing fee charged on the futures contract.
13. The non-member CME Globex fee for Foreign Exchange Futures executed as part of a spread transaction is $0.75.
14. On a tiered basis, CME Globex fees for Foreign Exchange Futures and E-mini Foreign Exchange Futures will be reduced for trading volumes exceeding designated monthly average daily volume thresholds. This volume discount applies only for the following:
*Individual Equity members trading within their division of membership
*Clearing Member/Rule 106.J Equity Member/Rule 106.I Member and Rule 106.S Member Approved Fund accounts
Volume will be aggregated across all Foreign Exchange and E-mini Foreign Exchange Futures 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 Rule 106.J Equity Member Firm. The following CME Globex fee discounts will apply based on volume traded:
Eligible Participants
Average Daily Volume Threshold
(Sides)
CME Globex Fee Discount
0 - 6,500
6,501 - 15,000
15,001 - 32,000
32,001 - 65,000
> 65,000
none
$0.12
$0.17
$0.19
$0.21
Individual Equity Members/Clearing Members/Rule 106.J Equity Member Firms/Rule 106.I
Members/Rule 106.S Member Approved Funds
15. The non-member CME Globex fee for E-mini Equity Futures (excluding E-mini Nikkei 225 Yen denominated Futures [ENY]) executed as part of a spread transaction is $0.35.
16. The rates listed for registered Rule 106.R Electronic Corporate Members, Asian Incentive Program (AIP) Participants, Central Bank Incentive Program (CBIP) Participants Emerging Markets Bank Incentive Program (EMBIP), Latin American Fund Manager Incentive Program (FMIP),
Latin American Proprietary Trading Incentive Program (LAPTIP) and CME Electronic Incentive Program (CEIP) Participants apply only to CME Globex transactions. Open outcry transactions by these entities will be charged at non-member rates. The rates listed for registered
International Incentive Program (IIP) Participants and International Volume Incentive Program (IVIP) Participants apply to CME Globex transactions and to open outcry transactions for Interest Rate products only (applied as an all-in clearing fee rate equal to the total all-in electronic fees).
Open outcry transactions in all other products by these entities will be charged at non-member rates.
17. The schedule of non-member CME Globex fees for Nikkei 225 Dollar-based Futures and Options and Nikkei 225 Yen-based Futures is as follows:
Eligible Participants
Customers of Member Firms (Non-Members)
Outright Trades
Spreads
$1.25
$1.00
18. For Rule 106.H and 106.N Firms, different clearing fee rates apply for CME Globex trades of certain products than for Open Outcry trades of these products. When there are two rates listed in the clearing fee table, the first rate applies to CME Globex trades and the
second rate listed applies to Open Outcry trades.
19. Registered participants in the CTA/Hedge Fund Incentive Program are eligible for a reduced all-in rate of $0.80 per side for CME Globex transactions of Foreign Exchange (Standard and E-mini) products only. Open outcry transactions and CME Globex transactions in all other
products by these entities will be charged at non-member rates. This all-in fee for FX products will be reduced to $0.60 per side for volume above a monthly Average Daily Volume threshold of 2,500 sides. Volume is aggregated by account owner, across trading accounts across clearing firms.
20. On a tiered basis, for Rule 106.R Electronic Corporate Members and Rule 106.H/N Member Firms, the clearing fee for Eurodollar Futures, Euribor Futures, Euroyen Futures and Euroyen Options 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 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:
Clearing Fee Discount
First
15,001
15,000
to 50,000
Eligible Participants
sides
sides
sides
Rule 106.R Electronic Corporate Member - Holding Member
Rule 106.H and 106.N Firms
none
$0.10
$0.20
50,001 +
21. 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.
22. The CME Globex fee for CME Eurodollar futures contracts with longer than 3-year expirations (Blue through Copper) is reduced from $0.10 to $0.05 per side for members and from $0.55 to $0.25 per side for non-members.
23. The CME Globex fee for CME Eurodollar futures contracts transacted as 2-year through 10-year Bundles is reduced from $0.55 to $0.10 per side for non-members.
24. Registered participants in the Latin American Commercial Incentive Program (LACIP) are eligible for reduced rates for CME Globex trades and spreads of Agricultural and FX products only. Open outcry transactions, and CME Globex transactions in all other products
will be charged at non-member rates.
25. On a tiered basis, CME Globex fees for eligible Agricultural Futures will be reduced for trading volumes exceeding designated monthly average daily volume thresholds. This volume discount applies only for the following:
*Equity and Lessee (Rule 106.D) Members: Accumulation is per trading account within a single clearing/billing firm. Joint accounts between Equity and/or Lessee Members are also eligible.
*Clearing Member/Rule 106.J Equity Member/Rule 106.I Member and Rule 106.S Member Approved Fund accounts: Accumulation will be aggregated by account owner(s) across accounts within a single clearing/billing firm.
Volume will be aggregated across eligible Agricultural Futures products and contract months.
For Equity Member Firm transactions, monthly volume is aggregated across accounts, within a single clearing/billing firm. 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. The following CME Globex fee discounts will apply based on volume traded:
FIRM THRESHOLDS
Eligible Participants
Clearing Members
Rule 106.J Equity Member Firms
Rule 106.I Members
Rule 106.S Member Approved Funds
FUTURES
INDIVIDUAL THRESHOLDS
Average Daily
Volume Threshold
(Sides)
CME Globex
Fee Discount
0 - 800
801 - 1,500
1,501 -2,500
> 2,500
none
$0.11
$0.21
$0.31
Eligible Participants
Individual Equity Members
Rule 106.D Lessees
FUTURES
Average Daily
Volume
Threshold
(Sides)
CME Globex
Fee Discount
0 - 350
351 - 600
601 - 800
> 800
none
$0.11
$0.21
$0.31
26. Effective through 12/31/2015, individual equity and lessee members will receive a credit of $0.02 for every Equity E-mini traded that can be applied against their fees on their Equity maxi outright trades. The total amount of the credit applied per month will not exceed the total clearing fees
charged for Equity maxi outright trades in that month. E-mini Nikkei 225 Yen denominated Futures are excluded from this program. Eligible trading accounts must trade at least 50 average daily sides in Equity Maxi (Standard) outrights via open outcry over a given month.
Accumulation is per trading account within a single billing firm.
Page 3 of 5
27. S&P-GSCI ER Index Futures (GA) are charged an all-in fee of $1.00 per side (denoted as a Clearing Fee in EFS).
28. On a tiered basis, EFP Surcharge fees for Foreign Exchange Products will be reduced for trading volumes exceeding designated monthly average daily volume thresholds (excluding Blocks). This volume discount applies only for the following:
*Member Firm Accounts Only: Clearing Members, Rule 106.J Equity Members, Rule 106.I Members, Rule 106.S Member Approved Funds, Rule 106.R Electronic Corporate Members - Holding Member and Rule 106.H and 106.N Members
Volume will be aggregated across all standard size Foreign Exchange Futures and Options products and contract months by account owner.
For Member Firm transactions, monthly volume is aggregated across accounts, within a single clearing/billing firm. 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. The following EFP Surcharge fee discounts will apply based on volume traded:
FUTURES & OPTIONS
Eligible Participants
Clearing Members, Rule 106.J Equity Members, Rule 106.I Members, Rule 106.S
Member Approved Funds, Rule 106.R Electronic Corporate Members - Holding
Member and Rule 106.H and 106.N Members
Average Daily
Volume Threshold
(Sides)
EFP/Block
Surcharge Fee
Discount
0 - 2,500
2,501 - 5,000
5,001 -8,000
> 8,001
none
$0.25
$0.50
$0.75
For qualified member firms accounting for 2% or more of FX Futures Globex volume on a quarterly basis, the EFP Surcharge will be reduced as follows (excluding Blocks):
FUTURES & OPTIONS
EFP Surcharge Rate
Eligible Participants
Clearing Members, Rule 106.J Equity Members, Rule 106.I Members, Rule 106.S
Member Approved Funds, Rule 106.R Electronic Corporate Members and Rule
106.H and 106.N Members
$0.50
29. S&P GSCI Swap Products are charged an all-in fee of $1.20 per side (denoted as a Clearing Fee in EFS).
30. On a tiered basis, for qualifying International Incentive Program (IIP) and International Volume Incentive Program (IVIP) Participants, the clearing fee for designated products traded electronically is reduced for trading volumes exceeding designated monthly average daily volume thresholds.
Accumulation is by account owner, across trading accounts, across clearing/billing firms by product line. The following CME Clearing fee discounts will apply based on volume traded:
Average Daily Volume Thresholds (Sides)
0 - 1,000
1,001 - 5,000
5,001 +
1 - Excludes Weather Products and S&P-GSCI Swap Products
2 - Excludes E-micro FX Products and FX Variance Futures
3 - Excludes Full-Size Equity Products, E-mini Equity Options and USD Ibovespa Futures
4 - Excludes Fixed Income Index Products and Eurodollar Bundle Products
Agricultural
Products1
$0.00
$0.26
Clearing Fee Discount
Foreign
Exchange
Equity
Products2
Products3
$0.00
$0.13
$0.18
$0.00
$0.10
$0.15
Interest
Rate
Products4
$0.00
$0.11
$0.21
31. There is a Facilitation Fee of $0.20 per contract applied when a trade is executed using the CME Group facilitation services of the Global Command Center (GCC).
32. The OTC Ag Swap Products are charged an all-in fee per side (denoted as a Clearing Fee in EFS) according to the rates listed.
Page 4 of 5
FEE WAIVERS
Fee waivers do not apply to position transfer and adjustment fees. Fees are currently waived for the following:
Effective Date
Expiration
Date
05/01/2011
3/31/2015
04/22/2013
06/01/2014
N/A
12/31/2015
PRODUCT
New Trader Incentive Program (NTIP)
FX Variance Futures
Interest Rate Options
WAIVER
Clearing and CME Globex Fees for electronic trading up to a limit of 50,000 sides per new trader for registered Rule 106.J Equity Member Firm NTIP participants only. Participants are subject to a
minimum volume requirement of 3,000 sides per calendar quarter.
CME Globex, EFP Surcharge, Position Transfer, Position Adjustment, Give-Up Surcharge Fees
Give-Up Surcharge Fees for all CME Interest Rate Options executed on CME Globex during Extended Trading Hours (ETH) Only
MARKET MAKER PROGRAMS
Listed fee waivers/discounts apply only to registered market makers or participants as follows:
Effective Date
Expiration
Date
05/13/2002
05/01/2006
05/22/2006
10/01/2006
12/04/2006
12/18/2006
09/17/2007
06/30/2015
12/31/2015
04/30/2015
12/31/2015
12/31/2015
12/31/2015
12/31/2015
Clearing, CME Globex and EFP Surcharge Fees waived
CME Globex Fees discounted based on participant's pack and bundle volume levels
Clearing and CME Globex Fees waived
CME Globex Fees waived or discounted to $0.10 per side
CME Globex Fees discounted based on market maker rankings in each product
CME Globex Fees discounted by $0.20
CME Globex Fees discounted based on market maker rankings in each product
09/01/2008
12/01/2008
01/01/2010
03/14/2011
01/01/2012
12/31/2015
12/31/2015
12/31/2015
06/30/2015
12/31/2015
Clearing and CME Globex Fees waived (for specified cross currency and low liquidity futures)
Clearing and CME Globex Fees waived
Clearing and CME Globex Fees waived
Clearing and CME Globex Fees waived; may also be eligible for additional fee credits if eligibility requirements are met
Clearing and CME Globex Fees waived
06/18/2012
10/22/2012
01/01/2013
12/31/2015
12/31/2015
12/31/2015
05/01/2013
04/14/2014
09/22/2014
01/01/2015
04/30/2016
03/31/2015
12/31/2015
12/31/2015
Clearing and CME Globex Fees waived; may also be eligible for additional fee credits if eligibility requirements are met
Clearing and CME Globex Fees waived; may also be eligible for additional fee credits if eligibility requirements are met
10% discount on Clearing and Globex Fees for participants who exceed their baseline monthly ADV threshold by 10% or more; additional Overnight Hours (ONH) flat rate
discount per contract traded during ONH if minimum ONH ADV threshold is met
Clearing, CME Globex, EFP Surcharge, Give-up Surcharge and Exercise & Assignment Surcharge Fees waived; may also be eligible for additional fee credits if eligibility requirements are met
Clearing, CME Globex and EFP Surcharge Fees waived
Clearing and CME Globex Fees waived; may also be eligible for additional fee credits if eligibility requirements are met
Clearing and CME Globex Fees waived
PRODUCT
Weather Derivatives
Eurodollar Futures
S&P/Case-Shiller Home Price Index Futures
Eurodollar Options and Eurodollar Bundle Options
Livestock Options (Feeder Cattle, Lean Hog, Live Cattle)
Foreign Exchange Options
Dairy Options (Class III Milk, Class IV Milk, Cash Settled Butter, Cash Settled
Cheese, Dry Whey, Nonfat Dry Milk)
FX Futures Cross Currency
Forestry (Random Length Lumber) Futures
E-Micro Foreign Exchange Futures
E-mini S&P Select Sector Index Futures
Dairy Futures (Class III Milk, Class IV Milk, Cash Settled Butter, Cash Settled
Cheese, Dry Whey, Nonfat Dry Milk)
E-mini Nikkei 225 Yen Denominated Futures
USD Denominated Ibovespa Futures
Nikkei 225 Yen Denominated Futures, E-mini Yen Denominated Futures and USD
Denominated Futures
Brazilian Real FX Futures and Options
Nikkei 225 Yen Denominated Options
Eurodollar Bundle Futures
Indian Rupee (INR/USD) FX Futures
MARKET MAKER WAIVER/DISCOUNT
EXPANDED ACCESS PROGRAM - REDUCED FEES FOR CBOT MEMBERS
Effective Date
Expiration
Date
Crude Palm Oil Futures
05/24/2010
N/A
USD Denominated Ibovespa Futures
10/22/2012
N/A
USD Malaysian Crude Palm Oil (CPO) Calendar Swaps
06/03/2013
N/A
S&P MLP Index Futures
09/23/2013
N/A
USD Malaysian Palm Olein Calendar Swaps
11/03/2014
N/A
PRODUCT
WAIVER/DISCOUNT
CBOT Individual/Firm Members (Full) - CME Equity Member rates
CBOT Lessees (Full) - CME Lessee rates
CBOT Individual/Firm Members (Full, AM & IDEM) - CME Equity Member rates
CBOT Lessees (Full, AM & IDEM) - CME Lessee rates
CBOT Individual/Firm Members (Full) - CME Equity Member rates
CBOT Lessees (Full) - CME Lessee rates
CBOT Individual/Firm Members (Full, AM & IDEM) - CME Equity Member rates
CBOT Lessees (Full, AM & IDEM) - CME Lessee rates
CBOT Individual/Firm Members (Full) - CME Equity Member rates
CBOT Lessees (Full) - CME Lessee rates
NEW PRODUCT ACCESS PROGRAM
Members trading products in the New Product Access Program will pay lessee clearing fee rates if the product traded is outside of their division of membership. Following is a list of products currently in this program:
Members trading the futures products identified by ** outside of their division of membership will also pay lessee CME Globex fee rates.
CME PRODUCTS:
Class IV Milk **
Nonfat Dry Milk **
Cash Settled Butter Futures **
Dry Whey Futures
Crude Palm Oil Futures
Cash Settled Cheese Futures
IMM PRODUCTS:
Russian Ruble
10-year Agency Notes
5-year Agency Notes
Australian Dollar/Japanese Yen
Australian Dollar/New Zealand Dollar
British Pound/Japanese Yen
Euro FX/Swedish Krona
British Pound/Swiss Franc
Euro FX/Norwegian Krone
Euro FX/Australian Dollar
Euro FX/Canadian Dollar
HICP Futures
DJ CME FX$INDEX Futures
Euro FX/Turkish Lira Futures
USD/Turkish Lira Futures
USD/South African Rand FX Futures
IMM PRODUCTS (cont):
Canadian Dollar/Japanese Yen
U.S. Dollar/Swedish Krona
Swiss Franc/Japanese Yen
U.S. Dollar/Norwegian Krone
Australian Dollar/Canadian Dollar
Consumer Price Index Futures
Czech Koruna
Czech Koruna/Euro FX
Hungarian Forint
Hungarian Forint/Euro FX
Polish Zloty
Polish Zloty/Euro FX
Chinese Renminbi Futures
Korean Won Futures
INR/USD FX and E-micro FX Futures
USD/CNH FX and E-micro FX Futures
IOM PRODUCTS:
IOM PRODUCTS (cont):
Mid-size Options on Milk Futures
S&P Growth Index
S&P Value Index
European Style Euro FX & Japanese Yen Options
Seasonal Weather Strip Fut. and Opt.
E-mini Nasdaq Biotech Futures
Hardwood Pulp Futures & Options**
Dry Whey Options
Barclays U.S. Aggregate Index Futures
Cash Settled Cheese Options
E-micro & E-mini S&P CNX Nifty Futures
E-mini S&P Select Sector Index Futures
Cash Settled Butter Options **
USD Denominated Ibovespa Futures
S&P 500 End-of-Month (EOM) Options
E-mini S&P 500 End-of-Month (EOM) Options
European Style BP, CD and SF Options
Chinese Renminbi Options
Korean Won Options
Canadian Monthly and Seasonal Strip Fut.& Opt.
Weekly Weather Futures & Options
Canadian CAT Monthly and Seasonal Fut.& Opt.
S&P MLP Index Futures
The preceding fee schedule is provided by CME Group as a quick reference guide for general information purposes. Fees may be changed at any time without notice. This schedule in no way shall be construed as being an official rule of CME or any other CME Group subsidiary. Questions regarding this schedule
may be directed to the EFS Hotline at 312.648.5470.
Page 5 of 5
CME Eurodollar Bundle Products Fee Schedule
Eurodollar Bundle Futures - Outright Trades Only
2-Year Bundle Futures
Open Outcry
Individual Equity Members/Clearing Members/Rule 106.J Equity Member
Firms/Rule 106.I Members/Rule 106.S Member Approved Funds
Rule 106.D Lessees / Rule 106.F Employees
Rule 106.R Electronic Corporate Member - Holding Member
Rule 106.H and 106.N Firms
International Incentive Program (IIP) Participants
International Volume Incentive Program (IVIP) Participants
Asian Incentive Program (AIP) Participants
Central Bank Incentive Program (CBIP) Participants
Emerging Markets Bank Incentive Program (EMBIP) Participants
Latin American Fund Manager Incentive Program (FMIP) Participants
Latin American Proprietary Trading Incentive Program (LAPTIP) Participants
CME Electronic Incentive Program (CEIP) Participants
Latin American Commercial Incentive Program (LACIP) Participants
CTA/Hedge Fund Incentive Program Participants
CBOE Members (reduced for S&P Index & E-mini/E-micro S&P only)
Customers of Member Firms (Non-Members)
2-Year Bundle Futures
Globex
3-Year Bundle Futures
Open Outcry
3-Year Bundle Futures
Globex
5-Year Bundle Futures
Open Outcry
5-Year Bundle Futures
Globex
Clearing
Fee
Clearing
Fee
Globex
Fee
All-In
Fee
Clearing
Fee
Clearing
Fee
Globex
Fee
All-In
Fee
Clearing
Fee
Clearing
Fee
Globex
Fee
All-In
Fee
$0.72
$2.40
$5.12
$3.92
$0.72
$2.16
$2.72
$2.72
$0.80
$0.80
$0.80
$0.80
$1.52
$2.96
$3.52
$3.52
$1.08
$3.60
$7.68
$5.88
$1.08
$3.24
$4.08
$4.08
$1.20
$1.20
$1.20
$1.20
$2.28
$4.44
$5.28
$5.28
$1.80
$6.00
$12.80
$9.80
$1.80
$5.40
$6.80
$6.80
$2.00
$2.00
$2.00
$2.00
$3.80
$7.40
$8.80
$8.80
$3.68
$2.88
$0.80
$3.68
$5.52
$4.32
$1.20
$5.52
$9.20
$7.20
$2.00
$9.20
$5.12
$5.12
$5.12
$5.12
$5.12
$5.12
$2.72
$3.92
$5.12
$5.12
$5.12
$5.12
$0.80
$0.80
$0.80
$0.80
$0.80
$0.80
$3.52
$4.72
$5.92
$5.92
$5.92
$5.92
$7.68
$7.68
$7.68
$7.68
$7.68
$7.68
$4.08
$5.88
$7.68
$7.68
$7.68
$7.68
$1.20
$1.20
$1.20
$1.20
$1.20
$1.20
$5.28
$7.08
$8.88
$8.88
$8.88
$8.88
$12.80
$12.80
$12.80
$12.80
$12.80
$12.80
$6.80
$9.80
$12.80
$12.80
$12.80
$12.80
$2.00
$2.00
$2.00
$2.00
$2.00
$2.00
$8.80
$11.80
$14.80
$14.80
$14.80
$14.80
Eurodollar Bundle Futures - Spreads Only
2-Year, 3-Year and 5Year Bundle Futures
Open Outcry
Individual Equity Members/Clearing Members/Rule 106.J Equity Member
Firms/Rule 106.I Members/Rule 106.S Member Approved Funds
Rule 106.D Lessees / Rule 106.F Employees
Rule 106.R Electronic Corporate Member - Holding Member
Rule 106.H and 106.N Firms
International Incentive Program (IIP) Participants
International Volume Incentive Program (IVIP) Participants
Asian Incentive Program (AIP) Participants
Central Bank Incentive Program (CBIP) Participants
Emerging Markets Bank Incentive Program (EMBIP) Participants
Latin American Fund Manager Incentive Program (FMIP) Participants
Latin American Proprietary Trading Incentive Program (LAPTIP) Participants
CME Electronic Incentive Program (CEIP) Participants
Latin American Commercial Incentive Program (LACIP) Participants
CTA/Hedge Fund Incentive Program Participants
CBOE Members (reduced for S&P Index & E-mini/E-micro S&P only)
Customers of Member Firms (Non-Members)
2-Year, 3-Year and 5-Year
Bundle Futures
Globex
Clearing
Fee
Clearing
Fee
Globex
Fee
All-In
Fee
$0.18
$0.60
$1.28
$0.98
$0.18
$0.54
$0.68
$0.68
$0.20
$0.20
$0.20
$0.20
$0.38
$0.74
$0.88
$0.88
$0.92
$0.72
$0.20
$0.92
$1.28
$1.28
$1.28
$1.28
$1.28
$1.28
$0.68
$0.98
$1.28
$1.28
$1.28
$1.28
$0.20
$0.20
$0.20
$0.20
$0.20
$0.20
$0.88
$1.18
$1.48
$1.48
$1.48
$1.48
Eurodollar Bundle Options
2-Year Bundle
Options
Open Outcry
Individual Equity Members/Clearing Members/Rule 106.J Equity Member
Firms/Rule 106.I Members/Rule 106.S Member Approved Funds
Rule 106.D Lessees / Rule 106.F Employees
Rule 106.R Electronic Corporate Member - Holding Member
Rule 106.H and 106.N Firms
International Incentive Program (IIP) Participants
International Volume Incentive Program (IVIP) Participants
Asian Incentive Program (AIP) Participants
Central Bank Incentive Program (CBIP) Participants
Emerging Markets Bank Incentive Program (EMBIP) Participants
Latin American Fund Manager Incentive Program (FMIP) Participants
Latin American Proprietary Trading Incentive Program (LAPTIP) Participants
CME Electronic Incentive Program (CEIP) Participants
Latin American Commercial Incentive Program (LACIP) Participants
CTA/Hedge Fund Incentive Program Participants
CBOE Members (reduced for S&P Index & E-mini/E-micro S&P only)
Customers of Member Firms (Non-Members)
2-Year Bundle options
Globex
3-Year Bundle
Options
Open Outcry
3-Year Bundle Options
Globex
5-Year Bundle
Options
Open Outcry
5-Year Bundle Options
Globex
Clearing
Fee
Clearing
Fee
Globex
Fee
All-In
Fee
Clearing
Fee
Clearing
Fee
Globex
Fee
All-In
Fee
Clearing
Fee
Clearing
Fee
Globex
Fee
All-In
Fee
$0.75
$2.46
$5.25
$4.02
$0.75
$2.21
$2.79
$2.79
$0.15
$0.15
$0.10
$0.10
$0.90
$2.36
$2.89
$2.89
$1.10
$3.63
$7.75
$5.93
$1.10
$3.27
$4.12
$4.12
$0.15
$0.15
$0.10
$0.10
$1.25
$3.42
$4.22
$4.22
$1.75
$5.98
$12.75
$9.76
$1.75
$5.38
$6.77
$6.77
$0.15
$0.15
$0.10
$0.10
$1.90
$5.53
$6.87
$6.87
$3.02
$2.92
$0.10
$3.02
$4.41
$4.31
$0.10
$4.41
$7.18
$7.08
$0.10
$7.18
$5.25
$5.25
$5.25
$5.25
$5.25
$5.25
$2.79
$4.02
$5.25
$5.25
$5.25
$5.25
$0.10
$0.10
$0.25
$0.25
$0.25
$0.25
$2.89
$4.12
$5.50
$5.50
$5.50
$5.50
$7.75
$7.75
$7.75
$7.75
$7.75
$7.75
$4.12
$5.93
$7.75
$7.75
$7.75
$7.75
$0.10
$0.10
$0.25
$0.25
$0.25
$0.25
$4.22
$6.03
$8.00
$8.00
$8.00
$8.00
$12.75
$12.75
$12.75
$12.75
$12.75
$12.75
$6.77
$9.76
$12.75
$12.75
$12.75
$12.75
$0.10
$0.10
$0.25
$0.25
$0.25
$0.25
$6.87
$9.86
$13.00
$13.00
$13.00
$13.00
NOTE: These products are included in the Interest Rate Products volume discounts per Note 11 on the CME fee schedule with the following mulitpliers, for both the volume accumulation as well as the clearing fee discount rate:
2-year Bundle = 8 Eurodollar contracts
3-year Bundle = 12 Eurodollar contracts
5-year Bundle = 20 Eurodollar contracts
CME OTC FX Fee Schedule, Effective January 1, 2015
** All Fees are Waived through December 31, 2015 **

Download Report