Special Executive Report

Transcription

1 Special Executive Report DATE: November 7, 017 SER#: 805 SUBJECT: CME/CBOT/NYMEX/COMEX Transaction Fee Amendments Effective February 1, 018 Effective Thursday, February 1, 018, and pending all relevant CFTC regulatory review periods, Chicago Mercantile Inc. ( CME ), The Board of Trade of the City of Chicago, Inc. ( CBOT ), New York Mercantile, Inc. ( NYMEX ), and Commodity, Inc. ( COMEX ) (collectively, the s ) will implement amendments to their transaction fee schedules as specifically described in the tables below. CBOT TREASURY FUTURES AND OPTIONS fees shall be amended as follows: For Individual and Equity s,,, and EFP EFR Block Fees for CBOT TREASURY FUTURES shall be amended as follows: 1 Individual s Individual Delegates Trading Rights of Individual Executing Trade Delegate Venue/ Transaction YR 3YR 5YR Treasury 10YR Ultra 10YR 30YR Ultra Bond Treasury 10YR Ultra 10YR 30YR Ultra Bond YR 3YR 5YR EFP EFR Block $0.1 $0.87 $0.1 $0.87 $0.13 $0.88 EFP EFR Block $0.6 $1.01 $0.6 $1.01 EQUITY MEMBERS (Individual Equity s, Clearing Equity Firms and Equity Firms) Rule 106.J Equity Firms or $0.1 $0.1 $0.13 Rule 106.I Affiliate Equity Delegate Firms EFP EFR Block $0.87 $0.87 $0.88 Individual Equity s $0.1 $0. Non- (Other /Delegate EFP EFR Block $0.87 $0.87 $0.88 Rule 106.S Family of Funds Equity Firms, Delegate or Non- EFP EFR Block $0.17 $0.17 $0.1 $0. $0.87 $0.88 1

2 To reflect the fee changes shown above, the CBOT TREASURY FUTURES volume discount rates shall be amended as follows: U.S Treasury (Non- Execution) Trading Platform Rights of Individual Executing Trade Monthly Average Daily Threshold (sides) Fee Rate Fee Discount Monthly Average Daily Threshold (sides) Fee Rate Fee Discount Equity s/firms Electronic Non- 0-15,000 $0.1 none 0-15,000 $0. none Family of Funds Electronic, Delegate or Non- 15,001-30,000 $0.18 $ ,001-30,000 $0.19 $ ,001-45,000 $0.16 $ ,001-45,000 $0.17 $0.05 > 45,000 $0.14 $0.07 > 45,000 $0.15 $0.07 For Trading s and Nonmembers, fees for CBOT TREASURY FUTURES shall be amended to equal the fee as follows:

3 For Individual and Equity s,,, and EFP EFR Block Fees for CBOT TREASURY OPTIONS shall be amended as follows: 1 Individual s Individual Delegates Trading Rights of Individual Executing Trade Delegate Venue/ Transaction Treasury Treasury $0.1 $0.13 EFP EFR Block $0.87 $0.88 $0.6 $0.6 EFP EFR Block $1.01 $1.01 EQUITY MEMBERS (Individual Equity s, Clearing Equity Firms and Equity Firms) Rule 106.J Equity Firms Rule 106.I Affiliate Equity $0.1 $0.13 or Delegate Firms Individual Equity s EFP EFR Block $0.87 $0.88 (Other /Delegate $0.1 $0. Non- executing trade) EFP EFR Block $0.87 $0.88 Rule 106.S Family of Funds Equity Firms, Delegate or Non- $0.17 $0.17 $0.1 $0. EFP EFR Block $0.87 $0.88 To reflect the fee changes shown above, the CBOT TREASURY OPTIONS volume discount rates shall be amended as follows: U.S Treasury (Non- Execution) Platform Trading Rights Monthly Monthly of Individual Average Daily Average Daily Executing Fee Threshold Fee Rate Threshold Fee Rate Trade Discount (sides) (sides) Fee Discount Equity s/firms Electronic Non- 0-3,000 $0.1 none 0-3,000 $0. none Family of Funds Electronic, Delegate or Non- 3,001-6,000 $0.18 $0.03 3,001-6,000 $0.19 $0.03 6,001-9,000 $0.16 $0.05 6,001-9,000 $0.17 $0.05 > 9,000 $0.14 $0.07 > 9,000 $0.15 $0.07 3

4 For Trading s, Fees for CBOT TREASURY OPTIONS shall be amended as follows: Trading Rights of Individual Executing Trade Venue/ Transaction Treasury Treasury TRADING MEMBERS (Individual Non-Equity s, Clearing Non-Equity Firms and Non-Equity Firms) 3 Individual Non-Equity s (Other /Delegate executing trade) Clearing Non-Equity Firms Rule 106.H Firms Rule 106.I Affiliate Trading Firms (w/ an owned seat), Delegate or Non- $0.9 $0.31 Individual Delegates (Other /Delegate executing trade) Rule 106.I Affiliate Trading Firms (w/ a leased seat), Delegate or Non- $0.43 $0.44 Rule 106.S Family of Funds Trading Firms, Delegate or Non- $0.9 $0.31 4

5 CBOT FED FUND FUTURES AND OPTIONS fees shall be amended as follows: For Non-s, Fees for FED FUND FUTURES shall be amended as follows: Trading Rights of Individual Executing Trade Venue/ Transaction Fed Fund Fed Fund 5 Non-s N/A $0.36 $0.56 CME EQUITY FUTURES AND OPTIONS fees shall be amended as follows: For Equity Firms, tier levels corresponding to volume discounts on Fees for CME E-MINI EQUITY OPTIONS shall be amended as follows: Firms Eligible Participants Clearing s Rule 106.J Equity Firms Rule 106.I s Rule 106.S Funds E-mini Equity Average Daily Volume Threshold Fee (Sides) Discount E-mini Equity Average Daily Volume Threshold Fee (Sides) Discount 0-3,000 none 0-5,000 none 3,001-5,000 $0.18 5,001-35,000 $0.18 5,001-40,000 $0.1 35,001-60,000 $0.1 40,001-80,000 $0.3 60,001-80,000 $0.3 > 80,000 $0.4 > 80,000 $0.4 For Participants of International Volume Incentive Program (IVIP) and International Incentive Program (IIP), the Fee for CME E-MINI EQUITY FUTURES shall be amended as follows: Fees are charged per side (both buy and sell side) per contract. International Incentive Program (IIP) Participants International Volume Incentive Program (IVIP) Participants (For other than - See Non- rates) Venue/Transaction E-mini Equity Index E-mini Equity Index $0.51 $0.60 5

6 For all market participants, EFP/EFR/Block/BTIC fees shall decrease for STANDARD SIZED CME EQUITY OPTIONS. fees shall also decrease for CBOE s as follows: Fees are charged per side (both buy and sell side) per contract. Individual s (1) Clearing Equity Firms Rule 106.J Equity Firms & Rule 106.J Qualified Subsidiaries Rule 106.I Firms & Rule 106.I Qualified Affiliates Rule 106.S Approved Funds Rule 106.D Lessees (1) Rule 106.H and 106.N Firms Clearing Non-Equity Firms CBOE s (For S&P Products Only; For All Other Products - See Non-s) Non-s (Including: CTA/Hedge Fund Incentive Program Participants) Venue/Transaction EFP EFR Block BTIC () EFP EFR Block BTIC () EFP EFR Block BTIC () - Outrights - Spreads EFP EFR Block BTIC () - Outrights - Spreads EFP EFR Block BTIC () Equity Index Equity Index $1.97 $0.97 $.0 $1.0 $.35 $1.35 $.1 $1.40 $.46 $1.46 $.31 $1.50 $.56 $1.56 CME FX FUTURES AND OPTIONS fees shall be decreased are as follows: For Equity Firms, tiered discounts on EFP and EFR transactions will be replaced by a decreased flat rate and For 106.H, 106.F, 106.N, and 106.D clients, the EFP/EFR will be decreased as follows. Fees are charged per side (both buy and sell side) per contract. Individual s Clearing Equity Firms Rule 106.J Equity Firms & Rule 106.J Qualified Subsidiaries Rule 106.I Firms & Rule 106.I Qualified Affiliates Rule 106.S Approved Funds Venue/Transaction FX & Block $1.07 EFP EFR $1.07 E-mini FX FX E-mini FX & $1.04 $1.07 $1.04 $1.04 $0.65 Rule 106.D Lessees Rule 106.F Employees Block $1.7 $1.15 $1.7 $1.15 EFP EFR $1.7 $1.15 $0.68 Rule 106.H and 106.N Firms Clearing Non-Equity Firms Block $1.45 EFP EFR $1.45 $1.5 $1.45 $1.5 $1.5 $0.70 6

7 For all market participants, a 50% discount (after any applicable volume discounts) will be applied to FOREIGN EXCHANGE STANDARD SIZED FUTURES TRADED VIA CALENDAR SPREADS, excluding the front quarterly spread during the quarterly roll months of March, June, September, or December. The discount will be in the form of an incentive program taking effect February 1, 018 and expiring January 31, 00. NYMEX ENERGY OPTIONS fees shall be amended as follows: For Individual s and Firms, Day Rate fees for NYMEX ENERGY OPTIONS shall be amended as follows: Symbol Product Product Group Contract Size Settlement Division Day LO Light Sweet Crude Oil Am.Option Crude Oil 1,000 Barrels Physical NYMEX LN Henry Hub Natural Gas Look-Alike Eu.Option Natural Gas 10,000 MMBtu Financial NYMEX ON Henry Hub Natural Gas Am.Option Natural Gas 10,000 MMBtu Physical NYMEX OB RBOB Gasoline Am.Option Refined Products 4,000 Gallons Physical NYMEX OH NY Harbor ULSD Option Am.Option Refined Products 4,000 Gallons Physical NYMEX Day Central Bank Incentive Program (CBIP), Emerging Markets Bank Incentive Program (EMBIP), and the Latin American Fund Manager Incentive Program (FMIP) fees shall be amended follows: fee discounts on the following products shall be decreased for firm participants of regional programs including Central Bank Incentive Program (CBIP), Emerging Markets Bank Incentive Program (EMBIP), and Latin American Fund Manager Incentive Program (FMIP) as follows: Fee Fee CME Products E-mini Equity Index $0.76 $0.87 CBOT Products Full Size Agricultural Contracts $1.45 $1.67 Mini $5 Dow Products $0.75 $0.87 DJ U.S. Real Estate Index $0.75 $0.87 -year U.S. Treasury $0.49 $ year U.S. Treasury $0.49 $ year & Ultra 10-year Treasury $0.49 $0.59 U.S. Treasury Bond $0.49 $0.64 Ultra U.S. Treasury Bond $0.49 $0.64 Fed Fund and $0.49 $0.56 NYMEX Products Core Energy (CL,LO,HO,OH,RB,OB,NG,LN*,ON) $1.10 $1.7 NYMEX Metals (PL,PA) $1.10 $1.7 NYMEX Metals (PO,PAO) $1.10 $1.7 COMEX Products Core Metals (GC,SI,HG) $1.10 $1.7 7

8 fee discounts on the following products will not be applied to firm participants of regional programs including Central Bank Incentive Program (CBIP), Emerging Markets Bank Incentive Program (EMBIP), and Latin American Fund Manager Incentive Program (FMIP). Participants will receive the nonmember rates on the following products: CME Products Agricultural Contracts Weather Contracts E-mini Foreign Contracts E-micro Foreign Contracts Full Size Equity Index Nikkei Full Size Equity Index - E-mini Nifty 50 USD Ibovespa - Eurodollar Bundle & (Y,3Y,5Y) CBOT Products Mini Agricultural ICSO & Calendar Spread Please refer questions on this subject to: For media inquiries: news@cmegroup.com For customer fee inquiries: EFSAdmin@cmegroup.com