Fee Summary Guide - CME Group - Futures & Options · PDF fileFee Summary Guide Proprietary...

Fee Summary Guide Proprietary Trading Firms

Fees effective as of February 1, 2018

http://www.cmegroup.com

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.

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Leading Opportunities, Competitively Priced At CME Group, we offer proprietary trading customers like you a fully disclosed,

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)

IMPORTANT NOTES:

• 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

http://www.cmegroup.com/company/clearing-fees/index.html

http://www.cmegroup.com/fees

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Fee Summary Guide

Agricultural Products

CME Agricultural Products

Futures and Options fees

Membership Type EXCHANGE FEE

Clearing Members and Equity Member Firms (1) Open Auction 0.15

Electronic 0.51

Trading Member Firms (106.H) Open Auction 0.49

Electronic 0.81

Electronic Corporate Members (ECMs) Open Auction 0.69

Electronic 0.81

International Incentive Program (IIP) Open Auction 0.69

Electronic 0.81

Non-Members Open Auction 0.69

Electronic 2.03

CBOT Agricultural Products

CBOT Agricultural Products

0.20 0.20

0.51

0.53 0.26

0.81 0.66

0.81

1.06

0.97

1.95 1.03

Membership Type

Ag Futures & Options fees

Mini-sized Ag Futures fees

0.34

1.56

1.86

2.06

1.36

3.84

Membership Type

ICSO & Calendar Spreads fees

0.24

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(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 Monthly Avg. Daily Threshold (in sides) Exchange Fee Discount

Clearing Members and Equity Member Firms

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

Clearing and Equity Member Firms

EXCHANGE FEE

4.00

Trading Member Firms (106.H) 4.50

Electronic Corporate Members (ECMs) 5.00

International Incentive Program (IIP) 5.00


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Fee Summary Guide

Energy Products

NYMEX Energy – CME Globex Fee Schedule

Clearing International

Members, Equity Incentive Members & Program (IIP)

Trading Member Firms (106.J)

Non-Members Futures Options

(not eligible for From E/A E/A Notice day trade rates)

Energy (Physicals)

Crude Oil (CL)

0.55 day trade 0.70 overnight

0.77

1.50

1.45

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)

0.70

0.95

Heating Oil Crack Spread Option (CH)

Energy (Financial)

Henry Hub Financial (HP)

0.70

0.95

1.45

Henry Hub Financial Last Day (HH)

Henry Hub Swap (NN) 0.21

0.28

0.34

0.21 Member

0.34 Non-Member

Henry Hub Penultimate Swap (NP) E-mini Natural Gas Futures (QG) 0.40 0.45 0.50 E-mini Heating Oil Futures (QH)

0.55

0.88

1.20

E-mini Gasoline Futures (QU)

E-mini Crude Oil Futures (QM)

Brent Financial (BB) 0.85 1.05 1.25


Brent European Style Option (BZO) Exchange fee waiver through 1/31/2019

1.45

Brent Last Day Contract (BZ) 0.55 day rate 0.70 overnight

0.77

0.77 0.70 Member 1.50 Non-Member

PJM Western Hub Peak Calendar-Month Real-Time LMP (L1) 0.35 0.385 0.40

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NYMEX Energy – CME ClearPort Fee Schedule

Clearing Non-Members Members, Equity

Members & Firms (106.J)

Futures Options From E/A E/A Notice

Energy (Physicals)

Crude Oil (CL)

0.80 Block 0.70 EFP

1.60 Block 1.50 EFP


Heating Oil (HO)

NY Harbor RBOB (Blendstock) Gas (RB)

Natural Gas (NG)

Crude Oil Option (LO)

1.85 Block 1.75 EOO

2.65 Block

2.55 EOO


Natural Gas Option (ON)

Heating Oil Option (OH)

WTI Crude Oil 1 Month CSO (WA) 1.75 2.50

Heating Oil Crack Spread Option (CH)

0.70

1.45

Energy (Financial)

Henry Hub Financial (HP) 0.70

1.45

Henry Hub Financial Last Day (HH)

Henry Hub Swap (NN)

0.21

0.34


Henry Hub Penultimate Swap (NP) Brent Financial (BB)

0.85


Brent European Style Option (BZO) Exchange fee waiver through 1/31/2019 Brent Last Day Contract (BZ) 0.80 Block

0.70 EFP

1.60 Block

1.50 EFP


PJM Western Hub Peak Calendar-Month Real-Time LMP (L1)

0.35


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Fee Summary Guide cmegroup.com/fees

Equity Products

CME Equity Products

Equity Futures & Options fees

E-mini Equity Futures fees (1)

E-mini Equity Options fees (1)

Membership Type EXCHANGE FEE EXCHANGE FEE EXCHANGE FEE

Future Option

Clearing Members and Equity Member Firms (1)

Open Auction 0.30 0.22

0.35

0.35 Electronic 0.80 0.72

Trading Member Firm (106.H) Open Auction 0.68 0.60

0.60


Electronic Corporate Members (ECMs) Open Auction 0.90 0.81

0.50


International Incentive Program (IIP) Open Auction 0.90 0.81

0.60


Non-Members Open Auction 0.90 0.81

1.18**

0.55 Electronic 2.40* 1.50

* 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


Clearing Members and Equity Member Firms 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


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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 E-mini Options

Membership Type

Clearing Members/

Equity Member Firms

Monthly Avg. Daily Threshold (in sides)

0 – 8,500

Exchange Fee Discount

None

Monthly Avg. Daily Thresholds (in sides)

0 – 5,000


None

8,501 – 45,000 0.16 5,001 – 35,000 0.18

45,001 – 100,000 0.22 35,001 – 60,000 0.21

100,001 – 135,000 0.23 60,001 – 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)

Liquidity Provider Program Criterion

Membership Type Monthly Avg. Daily Threshold

(in sides)


Clearing Members and Equity Member Firms 0 – 3,000

None

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

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 market- making or resting side of a trade

3,001 – 25,000

0.16

25,001 – 75,000

0.22

75,001 – 100,000

0.23

> 100,000

0.25

Note that CME Group will review eligibility for this program on a quarterly basis.


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FX Products

CME FX Products

FX Futures & Options fees

E-mini FX fees E-micro FX fees

Membership Type EXCHANGE FEE EXCHANGE FEE EXCHANGE FEE


Open Auction 0.07

0.29

0.04 Electronic 0.32

Trading Member Firm (106.H) Open Auction 0.45

0.50



0.44



0.54



0.85


Effective through January 31, 2020, exchange fees for Globex Spread transaction in FX Futures will be discounted 50% (after any applicable volume discounts), excluding the front quarterly spread during the quarterly roll months of March, June, September, or December.

(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 Monthly Avg. Daily Threshold (in sides) Exchange Fee Discount

0 – 6,500 None

Clearing Members/ Equity Member Firms

6,501 – 15,000 0.12

15,001 – 32,000 0.17

32,001 – 65,000 0.19

> 65,000 0.21



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Interest Rate Products

CME Interest Rate Products

Interest Rate Futures fees

Interest Rate Options fees

Membership Type EXCHANGE FEE EXCHANGE FEE


Open Auction 0.09 0.15

Electronic 0.19 0.22

Trading Member Firm (106.H) (1) (2) Open Auction 0.49 0.49


Electronic Corporate Members (ECMs) (2) Open Auction 0.70 0.70


International Incentive Program (IIP) Open Auction 0.50 0.50


Non-Members (1) Open Auction 0.70 0.70


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 Options

Eligible Participants Average Daily Volume Threshold (Sides)


Average Daily Volume Threshold (Sides)


Clearing Members Equity Member Firms Trading Member Firms (for open outcry only)

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

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

Eligible Participants First 15,000 sides 15,001 – 50,000 sides > 50,000 sides

Rule 106.R Electronic Corporate Member none

0.10

0.20

Rule 106.H and 106.N Firms


cmegroup.com/fees

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CBOT Interest Rate Products

U.S. Treasury Fees

Membership Type

2YR/3YR FUTURES

5YR FUTURES

10YR/

ULTRA 10 YR FUTURES

30YR FUTURES

ULTRA

BOND FUTURES

U.S.

TREASURY OPTIONS


Open Auction $0.12 $0.12 $0.13 $0.13 $0.13 $0.13

Electronic: Member/Delegate

executed $0.12 $0.12 $0.13 $0.13 $0.13 $0.13

Electronic: Non-Member executed $0.22 $0.22 $0.22 $0.22 $0.22 $0.22

Trading Member Firms (106.H) Open Auction $0.31 $0.31 $0.31 $0.31 $0.31 $0.31

Electronic $0.31 $0.31 $0.31 $0.31 $0.31 $0.31

Electronic Corporate Members

(ECMs) Electronic $0.44 $0.44 $0.44 $0.44 $0.44 $0.44

International Incentive Program (IIP)

Open Auction $0.49 $0.49 $0.49 $0.49 $0.49 $0.49

Electronic $0.49 $0.49 $0.49 $0.49 $0.49 $0.49

Non-Members Open Auction $0.60 $0.65 $0.75 $0.80 $0.85 $0.75

Electronic $0.60 $0.65 $0.75 $0.80 $0.85 $0.81


0.16 0.16

0.36 0.36

0.31 0.31

0.41 0.41

0.56 0.56

Membership Type

Other Financial Futures fees

Other Financial Options fees


14


(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


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


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

0.16

0.16

0.31

0.31

0.56

0.56

Membership Type

Fees


cmegroup.com/fees

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Metals Products

COMEX Metals – CME Globex Fee Schedule

Clearing International Members, Equity Incentive

Members & Program (IIP) Trading Member

Firms (106.J)

Non-Members Futures Options (not eligible for From E/A E/A Notice

day trade rates)

Metals (Physicals)

Gold (GC)

0.55 day trade 0.70 overnight

0.88


Silver (SI)

Copper (HG)

Palladium (PA)

0.77

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 Metals (Financial)

COMEX miNY Gold (QO)

0.38

0.56

0.75

COMEX miNY Silver (QI)

E-mini Copper Futures (QC)

U.S. Midwest Domestic Hot-Rolled Coil Steel (HR) 2.00 day trade 3.00 overnight

4.00

5.00

COMEX Metals – CME ClearPort Fee Schedule

Clearing Members, Non-Members Futures Options Equity Members & Trading From E/A E/A Notice

Member Firms (106.J)

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


Silver Option (SO)

Copper Option (HX)

Metals (Financial)

U.S. Midwest Domestic Hot-Rolled Coil Steel (HR) 4.00 5.00 COMEX Individual Members receive the NYMEX member rate for Platinum and Palladium Futures and Options (PA, PAO, PL, PO). This does not apply to COMEX Member Firms or Lessees.


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Weather Products

CME Weather Products

Weather Futures & Options fees


Clearing Members and Equity Member Firms Open Auction 0.02

Globex 0.15

Trading Member Firm (106.H) Open Auction 0.12

Globex 0.25


Globex 0.44


Globex 0.25


Globex 0.54


cmegroup.com/fees

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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

Suzanne Spain

[email protected]

+1 312 338 2651

Brett Vietmeier

[email protected]

+1 312 930 3394

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


mailto:[email protected]







CME GROUP HEADQUARTERS CME GROUP GLOBAL OFFICES

20 South Wacker Drive

Chicago, Illinois 60606

cmegroup.com

Chicago

+1 312 930 1000

Singapore

+65 6593 5555

Houston

+1 713 658 9292

Tokyo

+81 3 3242 6228

New York

+1 212 299 2000

Calgary

+1 403 444 6876

São Paulo

+55 11 2787 6451

Washington D.C.

+1 202 638 3838

London

+44 20 3379 3700

Hong Kong

+852 2582 2200

Seoul

+82 2 6336 6722

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 specifi ations herein are made subject to and are superseded by offi CME, CBOT and NYMEX rules. Current rules should be consulted in all cases concerning contract specifi 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.

cmegroup.com/fees

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