Fee Summary Guide Proprietary Trading Firms Fees effective as of February 1, 2015
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 Introduction 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 IMPORTANT NOTES: All pricing shown in this brochure is per-side CME and CBOT product fees listed in this brochure include the CME Globex electronic platform trading fees and CME Clearing fees each called out separately All NYMEX and COMEX product 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 CME Electronic Incentive Program (CEIP) International Incentive Program (IIP) 3
Fee Summary Guide Memberships A special class of memberships is available for proprietary trading firms that enable you to trade our products directly from the trading floor, trade electronically on CME Globex, and clear OTC trades through CME ClearPort, at significantly lower rates compared to non-member customers. Members are also shareholders who hold specially designated shares that convey specific privileges. For maximum cost efficiency, you can apply for and hold memberships on one or more, or all of our four exchanges CME, CBOT, NYMEX and COMEX depending on the products that you trade most often and the fee discounts that are most valuable to you. The formation of CME Group did not result in any change of trading privileges for CME, CBOT, NYMEX or COMEX members, and members continue to trade on the same terms as before the merger transaction. MEMBERSHIP LEVELS AVAILABLE:» Trading Member (CME, CBOT)» Corporate Equity Member (CME, CBOT, NYMEX)» Electronic Corporate Member (ECMs) (CME, CBOT)» Clearing Member (CME, CBOT, NYMEX) CME, CBOT, NYMEX and COMEX membership types, fees and requirements vary, as do terms for purchasing and leasing memberships. Clearing Membership Options: cmegroup.com/company/membership/files/clearing_membership_options-summary_sheets.pdf Non Clearing Membership Options: cmegroup.com/company/membership/files/non_clearing_membership_options-summary_sheets.pdf For more on membership options available to proprietary trading firms, visit cmegroup.com/membership, or contact Audit Department at +1 312 930 3230. 4
cmegroup.com/fees Incentive Programs CME Group offers a number of fee incentive programs to help proprietary trading firm customers realize significant cost savings and increase your rate of return on every trade. Before taking part in these reduced rates, you must (1) have a program application approved by CME Group, and (2) be a clearing member of the exchange in which you want to receive the discounted rates or have a relationship with an existing clearing firm. CME ELECTRONIC CORPORATE INCENTIVE PROGRAM The CME Electronic Corporate Incentive Program (CEIP) allows proprietary trading firms to receive discounted fees for their electronic proprietary trading of CME products. INTERNATIONAL INCENTIVE PROGRAM The International Incentive Program (IIP) enables proprietary trading firms and trading arcades located outside of North America to receive discounted fees for electronic trading of CME, CBOT, NYMEX and COMEX (futures only) products. For details about international incentive programs, please visit cmegroup.com/incentives. Certain incentive program fees must be approved on an annual basis. Incentive program fees in this brochure have been approved through December 31, 2015. 5
Fee Summary Guide Agricultural Products CME Group offers the widest range of agricultural commodity futures and options available on any U.S. exchange. Our agricultural contracts include grains, oilseeds, livestock, dairy products, lumber, coffee, sugar, cocoa and other products. These products are the staples of everyday life and represent the origins of the earliest forward and futures markets. These products serve commodity producers and users seeking risk management and hedging tools, alongside funds and other traders looking to capitalize on the extraordinary opportunities these markets offer. CME Agricultural Products Futures fees Options fees Membership Type CME Globex Clearing TOTAL CME Globex Clearing TOTAL Clearing Members and Equity Member Firms (1) 0.36 0.15 0.51 0.25 0.15 0.40 Trading Member Firms (106.H) 0.32 0.49 0.81 0.32 0.49 0.81 Electronic Corporate Members (ECMs): ECM H/Holding Member 0.32 0.49 0.81 0.32 0.49 0.81 CME Electronic Corporate Incentive Program (CEIP) 0.32 0.64 0.96 0.32 0.64 0.96 International Incentive Program (IIP) 0.32 0.49 0.81 0.32 0.49 0.81 Non-Members 1.34 0.69 2.03 0.70 0.69 1.39 CBOT Agricultural Products Ag Futures & Options fees Mini-sized Ag Futures fees Membership Type Exchange Clearing TOTAL Exchange Clearing TOTAL Clearing Members and Equity Member Firms (2,3) Open Auction 0.09 0.06 0.15 0.06 0.06 0.12 Electronic: Member/Delegate executed 0.14 0.06 0.20 0.14 0.06 0.20 Electronic: non-member executed 0.45 0.06 0.51 0.40 0.06 0.46 Trading Member Firms (106.H) Open Auction 0.20 0.06 0.26 0.20 0.06 0.26 Electronic 0.75 0.06 0.81 0.60 0.06 0.66 Electronic Corporate Members (ECMs) Electronic 0.90 0.06 0.96 0.75 0.06 0.81 International Incentive Program (IIP) Electronic 1.00 0.06 1.06 0.84 0.06 0.90 Non-Members Open Auction 0.65 0.06 0.71 0.43 0.06 0.49 Electronic 1.89 0.06 1.95 0.97 0.06 1.03 CBOT Agricultural Products ICSO & Calendar Spreads fees Membership Type Exchange Clearing TOTAL Clearing Members and Equity Member Firms Open Auction 0.18 0.06 0.24 Electronic: Member/Delegate executed 0.28 0.06 0.34 Electronic: non-member executed 0.90 0.06 0.96 Trading Member Firms (106.H) Open Auction 0.40 0.06 0.46 Electronic 1.50 0.06 1.56 Electronic Corporate Members (ECMs) Electronic 1.80 0.06 1.86 International Incentive Program (IIP) Electronic 2.00 0.06 2.06 Non-Members Open Auction 1.30 0.06 1.36 Electronic 3.78 0.06 3.84 6
cmegroup.com/fees (1) Volume discount program CME Agricultural Futures A tiered volume discount on CME Globex fees for eligible Agricultural 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) CME Globex Fee CME Globex Fee 0 800 None 0.36 Clearing Members and Equity Member Firms* 801 1,500 0.11 0.25 1,501 2,500 0.21 0.15 > 2,500 0.31 0.05 (2) Volume discount program CBOT Agricultural Futures A tiered volume discount program is available to qualified Equity Member firms * with reduced rates applied as follows (note these are exchange rates regular clearing rates still apply): Monthly Avg. Daily Threshold (in sides) Open Auction Futures Exchange Fee Volume discount program CBOT Agricultural Futures Exchange Fee Rate 0 10,000 None 0.09 Monthly Avg. Daily Threshold (in sides) Electronically Traded Futures Exchange Fee Exchange Fee Rate 0 10,000 None 0.14 /0.45 10,001 25,000 0.02 0.07 10,001 25,000 0.02 0.12 /0.43 > 25,000 0.04 0.05 > 25,000 0.04 0.10 /0.41 * Equity Member Firm trader must meet eligibility criteria established by the Exchange and will need to register with the CME Group Product & Services team to qualify. (3) Back month Incentive program CBOT Agricultural Futures A back month discount program is available to qualified Equity Member firms for individuals executing trades as members or delegates, with reduced rates applied as follows (note these are exchange rates regular clearing rates still apply): Contract Months Open Auction Futures Exchange Fee 1,2,3 None 0.09 Back month Incentive program CBOT Agricultural Futures Electronically Traded Futures Exchange Fee Rate Contract Months Exchange Fee Exchange Fee Rate 1,2,3 None 0.14 4,5,6 0.04 0.05 4,5,6 0.04 0.10 7 and beyond 0.08 0.01 7 and beyond 0.08 0.06 Available for standard agricultural full size futures products; exchange fee discount based on future dated contract months. CBOT Agricultural Products OTC Products Calendar Swap Futures fees Membership Type Exchange Clearing TOTAL Clearing and Equity Member Firms 2.00 waived 2.00 Trading Member Firms (106.H) 2.25 waived 2.25 Electronic Corporate Members (ECMs) 2.50 waived 2.50 International Incentive Program (IIP) 2.50 waived 2.50 7
Fee Summary Guide Energy Products In 2008, NYMEX became part of CME Group. Together, we offer the most extensive and liquid energy complex in the world, including Light Sweet Crude Oil (WTI), Natural Gas (Henry Hub), petroleum and electricity products. Many of our contracts are benchmarks that set the price for these resources worldwide. From the world s largest industrial companies to financial institutions, our diverse universe of participants clear an average daily volume of 1.5 million energy contracts every day on CME Globex, through CME ClearPort or on our trading floor. And now that NYMEX is part of CME Group, the world s leading energy marketplace is growing even stronger. 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) 0.77 Crude Oil Option (LO) 0.45 day trade 0.77 WTI Crude Oil 1 Month CSO (WA) 0.45 day trade 0.95 Natural Gas (NG) 0.77 Natural Gas Option (ON) 0.45 day trade 0.77 1.45 Heating Oil (HO) 0.77 Heating Oil Option (OH) 0.45 day trade 0.77 Heating Oil Crack Spread Option (CH) 0.45 day trade 0.95 NY Harbor RBOB (Blendstock) Gas (RB) 0.77 Energy (Financial) Henry Hub Financial (HP) 0.45 day trade 0.95 1.45 Henry Hub Financial Last Day (HH) 0.23 day trade 0.35 overnight 0.48 0.73 Henry Hub Swap (NN) Fee Waiver until December 31, 2015 Henry Hub Penultimate Swap (NP) 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 E-mini Gasoline Futures (QU) 0.55 0.88 1.20 E-mini Crude Oil Futures (QM) 0.55 0.88 1.20 Crude Oil Volatility Index Futures (CVF) 0.50 day trade 1.00 overnight 1.25 2.00 Brent Financial (BB) 0.85 1.05 1.25 Brent European Style Option (BE) 0.45 day trade 0.95 1.45 Brent Last Day Contract (BZ) 0.00 day trade 0.00 overnight 0.00 0.00 PJM Western Hub Peak Calendar-Month Real-Time LMP 50 MW (4S) 3.50 3.85 4.00 PJM Western Hub Peak Calendar-Month Real-Time LMP (L1) 0.35 0.385 0.40 8
cmegroup.com/fees NYMEX Energy 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 Energy (Physicals) Crude Oil (CL) 0.70 1.45 Crude Oil Option (LO) 1.75 2.50 WTI Crude Oil 1 Month CSO (WA) 1.75 2.50 Natural Gas (NG) 0.70 1.45 Natural Gas Option (ON) 1.75 2.50 Heating Oil (HO) 0.70 1.45 Heating Oil Option (OH) 1.75 2.50 Heating Oil Crack Spread Option (CH) NY Harbor RBOB (Blendstock) Gas (RB) Energy (Financial) 0.70 1.45 0.70 1.45 Henry Hub Financial (HP) 0.70 1.45 Henry Hub Financial Last Day (HH) 0.70 1.45 Henry Hub Swap (NN) 0.21 0.34 Henry Hub Penultimate Swap (NP) 0.21 0.34 Crude Oil Volatility Index Futures (CVF) 1.00 2.00 Brent Financial (BB) 0.85 1.25 Brent European Style Option (BE) 1.75 2.50 Brent Last Day Contract (BZ) 0.60 0.75 PJM Western Hub Peak Calendar-Month Real-Time LMP 50 MW (4S) 3.50 4.00 PJM Western Hub Peak Calendar-Month Real-Time LMP (L1) 0.35 0.40 9
Fee Summary Guide Equity Products CME Group is the world s leading marketplace for equity index futures and options, with deep and liquid markets where you can efficiently manage your global equity exposure and respond to rising opportunities. Our product suite has one of the strongest representations of global index providers, and features key benchmarks such as the S&P 500, Dow Jones Industrial Average, NASDAQ-100, Nikkei 225, Ibovespa, CNX Nifty and more all accessible nearly 24 hours a day via the CME Globex platform or open outcry on the trading floor. CME Equity Products Equity Futures & Options fees E-mini Equity Futures fees (1) E-mini Equity Options fees (1) Membership Type CME Globex Clearing * TOTAL CME Globex Clearing TOTAL CME Globex Clearing TOTAL Clearing Members and Equity Member Firms (1) 0.50 0.295 Fut 0.22 Opt 0.795 Fut 0.722 Opt 0.26 0.09 0.35 0.26 0.09 0.35 Trading Member Firm (106.H) 0.40 0.675 Fut 0.60 Opt 1.075 Fut 1.00 Opt 0.11 0.39 0.50 0.06 0.39 0.45 Electronic Corporate Members (ECMs) 0.20 0.875 Fut 0.80 Opt 1.075 Fut 1.00 Opt 0.11 0.39 0.50 0.06 0.39 0.45 CME Electronic Corporate Incentive Program (CEIP) 0.50 0.875 Fut 0.80 Opt 1.375 Fut 1.30 Opt 0.16 0.49 0.65 0.06 0.49 0.55 International Incentive Program (IIP) 0.20 0.90 Fut 0.80 Opt 1.10 Fut 1.00 Opt 0.10 0.41 0.51* 0.06 0.39 0.45 Non-Members 1.50 0.90 Fut 0.81 Opt 2.40 Fut 2.31 Opt 0.76 0.40 1.16 0.16 0.39 0.55 * The clearing fee rates for Nikkei Futures products N1 and NK are $0.05 lower than the Futures clearing fee rates stated in this table. CBOT Equity Products E-mini $5 Dow Futures & Options fees Membership Type Exchange Clearing TOTAL Clearing Members and Equity Member Firms Electronic: Member/Delegate executed 0.05 0.06 0.11 Electronic: Non-Member executed 0.20 0.06 0.26 Trading Member Firms (106.H) Electronic 0.24 0.06 0.30 Electronic Corporate Members (ECMs) Electronic 0.24 0.06 0.30 International Incentive Program (IIP) Electronic 0.48 0.06 0.54 Non-Members Electronic 1.10 0.06 1.16 Reduction of E-mini $5 Dow fees through December 31, 2015 Reduced rates of $0.49 per contract for Electronic Exchange Fees and $0.06 per contract for Clearing Fees are available to qualified CME Equity Firms, 106.H Firms, and Electronic Corporate Member Firms. 10
cmegroup.com/fees $10 Dow DJIA Futures fees $10 Dow DJIA Options fees Membership Type Exchange Clearing TOTAL Exchange Clearing TOTAL Clearing Members and Equity Member Firms Open Auction 0.10 0.06 0.16 0.05 0.06 0.11 Electronic: Member/Delegate executed 0.15 0.06 0.21 0.10 0.06 0.16 Electronic: Non-Member executed 0.35 0.06 0.41 0.30 0.06 0.36 Trading Member Firms (106.H) Open Auction 0.30 0.06 0.36 0.25 0.06 0.31 Electronic 0.45 0.06 0.51 0.40 0.06 0.46 Electronic Corporate Members (ECMs) Electronic 0.50 0.06 0.56 0.45 0.06 0.51 International Incentive Program (IIP) Electronic 0.56 0.06 0.62 0.51 0.06 0.57 Non-Members Open Auction 0.35 0.06 0.41 0.50 0.06 0.56 Electronic 0.95 0.06 1.01 0.90 0.06 0.96 (1) Volume discount program CME E-mini Equity Futures and Options A tiered volume discount on CME Globex 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) CME Globex Fee CME Globex Fee 0 3,500 sides None 0.26 Monthly Avg. Daily Thresholds (in sides) CME Globex Fee CME Globex Fee 0-2,500 None 0.26 3,501 35,000 0.185 0.075 2,501-25,000 0.180 0.08 35,001 100,000 0.225 0.035 25,001-40,000 0.21 0.05 100,001 110,000 0.25 0.01 40,001-70,000 0.23 0.03 > 110,000 0.255 0.005 > 70,000 0.24 0.02 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: Membership Type Clearing Members and Equity Member Firms CME E-mini Equity Index Futures (Futures Only) Monthly Avg. Daily Threshold (in sides) CME Globex Fee CME Globex Fee 0 500 None 0.26 501 7,500 0.185 0.075 7,501 40,000 0.225 0.035 40,001 50,000 0.25 0.01 > 50,000 0.255 0.005 Liquidity Pro vider 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 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 Note that CME Group will review eligibility for this program on a quarterly basis. 11
Fee Summary Guide FX Products CME Group offers the world s largest regulated FX marketplace and one of the top two FX platforms with over $120 billion in daily liquidity. Benefit from transparent pricing in a regulated centralized marketplace that provides all participants equal access to 58 futures contracts and 31 options contracts based on 20 major world and emerging market currencies. Trading FX at CME gives you effective and efficient investment and risk management opportunities and unprecedented access to a global array of market participants including banks, hedge funds, proprietary trading firms and active individual traders. We continue to roll out comprehensive and flexible clearing services for OTC FX trades through CME ClearPort an open-access, platform agnostic, post-execution clearing solution. CME FX Products FX Futures & Options fees E-mini FX fees E-micro FX fees Membership Type CME Globex Clearing TOTAL CME Globex Clearing TOTAL CME Globex Clearing TOTAL Clearing Members and Equity Member Firms (1) 0.25 0.07 0.32 0.25 0.035 0.285 0.02 0.015 0.035 Trading Member Firm (106.H) 0.10 0.34 elect 0.44 elect 0.45 outcry 0.55 outcry 0.25 0.25 0.50 0.04 0.04 0.08 Electronic Corporate Members (ECMs) 0.10 0.34 0.44 0.10 0.34 0.44 0.04 0.04 0.08 CME Electronic Corporate Incentive Program (CEIP) 0.10 0.54 0.64 0.10 0.54 0.64 0.05 0.05 0.10 International Incentive Program (IIP) 0.10 0.44 0.54 0.10 0.44 0.54 0.05 0.05 0.10 Non-Members 1.00 0.60 1.60 0.50 0.35 0.85 0.10 0.06 0.16 (1) Volume discount program CME Standard and E-mini FX Futures A tiered volume discount on CME Globex 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 (spread transactions are not included). 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 Exchange Fee Rate 0 6,500 sides None 0.25 Clearing Members/ Equity Member Firms 6,501 15,000 0.12 0.13 15,001 32,000 0.17 0.08 32,001 65,000 0.19 0.06 > 65,000 0.21 0.04 12
cmegroup.com/fees Interest Rate Products CME Group is the world s leading marketplace for trading short-, medium- and long-term interest rate derivative products. Spanning the entire U.S. dollar-denominated yield curve, our products include futures and options on the most widely followed U.S. interest rate benchmarks: Eurodollars, U.S. Treasury securities, 30-Day Fed Funds and Interest Rate Swaps. The liquidity, transparency and security of CME Group interest rate markets provide customers around the world with safe, efficient means for managing interest rate risk. Backed by our central counterparty clearing model, we offer powerful solutions to address a wide range of risk management needs. CME Interest Rate Products Interest Rate Futures and Options fees Eurodollar and Euroyen LIBOR Options fees Membership Type CME Globex Clearing TOTAL CME Globex Clearing TOTAL Clearing Members and Equity Member Firms (1) 0.10 0.09 0.19 0.15 0.09 0.24 Trading Member Firm (106.H) (1) (2) 0.10 0.34 elect 0.44 elect 0.34 elect 0.44 elect 0.10 0.49 outcry 0.59 outcry 0.49 outcry 0.59 outcry Electronic Corporate Members (ECMs) (2) CME Electronic Corporate Incentive Program (CEIP) 0.10 0.34 0.44 0.10 0.34 0.44 0.10 0.49 0.59 0.10 0.49 0.59 International Incentive Program (IIP) 0.10 0.36 0.46 0.10 0.36 0.46 Non-Members (1) 0.55 0.70 fut 0.64 opt 1.25 Fut 1.19 Opt 0.25 0.64 0.89 Interest Rate Futures and Options (1) 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 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 clearing fee discounts apply based on volume traded: Eligibile Participants Average Daily Volume Threshold (Sides) Futures Clearing Fee Average Daily Volume Threshold (Sides) Options Clearing Fee 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, Euribor and Euroyen (2) On a tiered basis, for corporate members 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, 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 clearing fee discounts apply based on volume traded: Clearing Fee Eligibile Participants First 15,000 sides 15,001 50,000 sides > 50,000 sides Rule 106.R Electronic Corporate Member Rule 106.H and 106.N Firms none 0.10 0.20 13
Fee Summary Guide CBOT Interest Rate Products U.S. Treasury Futures fees U.S. Treasury Options fees Membership Type Exchange Clearing TOTAL Exchange Clearing TOTAL Clearing Members and Equity Member Firms (1) Open Auction 0.06 0.06 0.12 0.06 0.06 0.12 Electronic: Member/Delegate executed 0.06 0.06 0.12 0.06 0.06 0.12 Electronic: Non-Member executed 0.15 0.06 0.21 0.15 0.06 0.21 Trading Member Firms (106.H) Open Auction 0.20 0.06 0.26 0.20 0.06 0.26 Electronic 0.25 0.06 0.31 0.25 0.06 0.31 Electronic Corporate Members (ECMs) Electronic 0.38 0.06 0.44 0.38 0.06 0.44 International Incentive Program (IIP) Electronic 0.43 0.06 0.49 0.43 0.06 0.49 Non-Members Open Auction 0.40 0.06 0.46 0.59 -------- 0.54 2YR only 0.06 0.65 Electronic 0.59 ------- 0.54 2 YR only CBOT Interest Rate Products 0.06 0.65 0.75 0.06 0.81 Other Financial Futures fees Other Financial Options fees Membership Type Exchange Clearing TOTAL Exchange Clearing TOTAL Clearing Members and Equity Member Firms (2) Open Auction 0.05 0.06 0.11 0.05 0.06 0.11 Electronic: Member/Delegate executed 0.10 0.06 0.16 0.10 0.06 0.16 Electronic: non-member executed 0.30 0.06 0.36 0.30 0.06 0.36 Trading Member Firms (106.H) Open Auction 0.25 0.06 0.31 0.25 0.06 0.31 Electronic 0.35 0.06 0.41 0.35 0.06 0.41 Electronic Corporate Members (ECMs) Electronic 0.38 0.06 0.44 0.38 0.06 0.44 International Incentive Program (IIP) Electronic 0.43 0.06 0.49 0.43 0.06 0.49 Non-Members Open Auction 0.30 0.06 0.36 0.50 0.06 0.56 Electronic 0.90 0.06 0.96 0.90 0.06 0.96 CBOT Interest Rate Products Deliverable Interest Rate Swap Futures Fees Membership Type Exchange Clearing TOTAL Clearing Members and Equity Member Firms (1) Open Auction 0.10 0.06 0.16 Electronic: Member/Delegate executed 0.10 0.06 0.16 Electronic: Non-Member Executed 0.10 0.06 0.16 Trading Member Firms (106.H) Open Auction 0.25 0.06 0.31 Electronic 0.25 0.06 0.31 Electronic Corporate Members (ECMs) Electronic 0.38 0.06 0.44 International Incentive Program (IIP) Electronic 0.43 0.06 0.49 Non-Members Open Auction 0.50 0.06 0.56 Electronic 0.50 0.06 0.56 14
cmegroup.com/fees (1) Volume discount program CBOT U.S. Treasury Products (Electronic) A special volume discount program is available to Equity Member firms for individuals executing trades as non-members, with reduced rates applied as follows (note these are exchange rates regular clearing rates still apply). Monthly Avg. Daily Threshold (in sides) Volume discount program CBOT U.S. Treasury Products (Electronic) Futures Options Exchange Fee Exchange Fee Rate 0 15,000 None 0.15 Monthly Avg. Daily Threshold (in sides) Exchange Fee Exchange Fee Rate 0 3,000 None 0.15 15,001 30,000 0.03 0.12 3,001 6,000 0.03 0.12 30,001 45,000 0.05 0.10 6,001 9,000 0.05 0.10 > 45,000 0.07 0.08 > 9,000 0.07 0.08 (2) Volume discount program CBOT Other Financial Futures A special volume discount program is available to Equity Member firms for individuals executing trades as non-members, with reduced rates applied as follows (note these are exchange rates regular clearing rates still apply). Monthly Avg. Daily Threshold (in sides) Volume discount program CBOT Other Financial Futures Futures Options Exchange Fee Exchange Fee Rate 0 3,000 None 0.30 Monthly Avg. Daily Threshold (in sides) Exchange Fee Exchange Fee Rate 0 3,000 None 0.30 3,001 6,000 0.05 0.25 3,001 6,000 0.05 0.25 6,001 9,000 0.10 0.20 6,001 9,000 0.10 0.20 > 9,000 0.15 0.15 > 9,000 0.15 0.15 15
Fee Summary Guide Metals Products NYMEX and COMEX are a part of CME Group, the world s largest and most diverse derivatives marketplace. Together, our Metals futures markets include full-size contracts on gold, silver, platinum, palladium, copper and steel; and smaller size contracts for gold (miny 50 oz.) and (E-micro 10 oz.), silver (miny 2,500 oz.) and copper (E-mini 12,500 lbs.). With an average daily volume of more than 350,000 futures and options contracts traded, our Metals markets are the most liquid in the world for these 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) Futures From E/A Options E/A Notice Metals (Physicals) Gold (GC) 0.88 1.45 Gold Option (OG) 1.45 E-micro Gold Futures (MGC) 0.10 overnight 0.15 0.20 Silver (SI) 0.88 1.45 Silver Option (SO) 1.45 Copper (HG) 0.88 1.45 Copper Option (HX) 1.45 Palladium (PA) 0.77 1.45 Platinum (PL) 0.77 1.45 Metals (Financial) Gold Volatility Index Futures (GVF) 0.50 day trade 0.75 overnight 1.13 1.50 COMEX miny Gold (QO) 0.375 0.56 0.75 COMEX miny Silver (QI) 0.375 0.56 0.75 E-mini Copper Futures (QC) 0.375 0.56 0.75 U.S. Midwest Domestic Hot-Rolled Coil Steel (HR) 2.00 day trade 3.00 overnight 4.00 5.00 16
cmegroup.com/fees 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) 0.70 (EFS/EFP 0.85) 1.45 Gold Option (OG) 0.70 (EOO 0.85) 1.45 Silver (SI) 0.70 (EFS/EFP 0.85) 1.45 Silver Option (SO) 0.70 (EOO 0.85) 1.45 Copper (HG) 0.70 (EFS/EFP 0.85) 1.45 Copper Option (HX) 0.70 (EOO 0.85) 1.45 Palladium (PA) Platinum (PL) Metals (Financial) 0.70 1.45 0.70 1.45 Gold Volatility Index Futures (GVF) 0.75 1.50 U.S. Midwest Domestic Hot-Rolled Coil Steel (HR) 4.00 5.00 17
Fee Summary Guide Weather Products One-third of businesses worldwide are directly affected by weather conditions. These products enable you to manage weather-related risk while also offering opportunities to speculate absorbing that risk in exchange for possible profit on weather variations. Our weather product suite offers trading opportunities related to temperatures, snowfall, frost and hurricanes. The products are based on a range of weather conditions in more than 47 cities in the United States, Europe, Canada, Australia and Asia, with the hurricane products geared to nine U.S. regions. CME Weather Products Weather Futures & Options fees Membership Type CME Globex Clearing TOTAL Clearing Members and Equity Member Firms 0.125 0.02 0.145 Trading Member Firm (106.H) 0.125 0.12 0.245 Electronic Corporate Members (ECMs) 0.10 0.34 0.44 CME Electronic Incentive Program (CEIP) 0.10 0.39 0.49 International Incentive Program (IIP) 0.125 0.12 0.245 Non-Members 0.375 0.16 0.535 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 christopher.gonzalez@cmegroup.com +1 312 930 1865 Michael Hohman michael.hohman@cmegroup.com +1 312 930 1773 Suzanne Spain suzanne.spain@cmegroup.com +1 312 338 2651 Brett Vietmeier brett.vietmeier@cmegroup.com +1 312 930 3394 EMEA Matthew Judge matthew.judge@cmegroup.com +44 20 3379 3730 Richard Stoker richard.stoker@cmegroup.com +44 20 3379 3733 ASIA Aaron Gong aaron.gong@cmegroup.com +852 3180 9381 Jamie Yu jamie.yu@cmegroup.com +65 6593 5578 18
CME GROUP HEADQUARTERS 20 South Wacker Drive Chicago, Illinois 60606 cmegroup.com CME GROUP GLOBAL OFFICES Chicago New York London +1 312 930 1000 +1 212 299 2000 +44 20 3379 3700 Singapore Calgary Hong Kong +65 6593 5555 +1 403 444 6876 +852 2582 2200 Houston São Paulo Seoul +1 713 658 9292 +55 11 2565 5999 +82 2 6336 6722 Tokyo Washington D.C. +81 3242 6232 +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 specifications 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 specifications. 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 2015 CME Group. All rights reserved. PM758/100/0415