Fee Summary Guide. Proprietary Trading Firms
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- Nickolas Eustace Mathews
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1 Fee Summary Guide Proprietary Trading Firms Fees effective as of February 1, 2018
2 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
3 cmegroup.com/fees 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). 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 To help you determine which program(s) best suit your firm s needs and objectives, we ve developed this guide to compare the options available. We provide fee summaries organized by:» Asset class» Membership options available to proprietary trading firms» Available incentive programs International Incentive Program (IIP) 3
4 Fee Summary Guide Agricultural Products CME Agricultural Products Futures and Options fees 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 Ag Futures & Options fees Mini-sized Ag Futures fees CBOT Agricultural Products ICSO & Calendar Spreads fees
5 cmegroup.com/fees (1) Volume discount program CME Agricultural Futures A tiered volume discount on CME electronic Exchange fees for eligible Livestock Futures is available to Clearing and Equity Member firms for individuals executing trades under the following parameters (discounted fees are outlined below). Volume will be aggregated across all products and contract months by account owner within a single clearing firm. Clearing Members and related member accounts will be treated as one for purposes of volume aggregation. Volume discount program CME Livestock Futures Monthly Avg. Daily Threshold (in sides) Exchange Fee Discount 0 1,000 None Clearing Members and Equity Member Firms 1,001 2, ,001 3, > 3, CBOT Agricultural Products OTC Products Clearing and Equity Member Firms Fertilizer Swap Futures fees EXCHANGE FEE Trading Member Firms (106.H) 4.50 Electronic Corporate Members (ECMs) 5.00 International Incentive Program (IIP)
6 Fee Summary Guide Energy Products NYMEX Energy CME Globex Fee Schedule Clearing Members, Equity Members & Trading Member Firms (106.J) International Incentive Program (IIP) Non-Members Futures Options (not eligible for From E/A E/A Notice day trade rates) Energy (Physicals) Crude Oil (CL) Heating Oil (HO) NY Harbor RBOB (Blendstock) Gas (RB) 0.70 Member 1.50 Non-Member Natural Gas (NG) 0.55 day trade 0.70 overnight Crude Oil Option (LO) Natural Gas Option (ON) Heating Oil Option (OH) 0.40 House Acct 0.85 Cust Acct WTI Crude Oil 1 Month CSO (WA) Heating Oil Crack Spread Option (CH) Energy (Financial) Henry Hub Financial (HP) Henry Hub Financial Last Day (HH) Henry Hub Swap (NN) Henry Hub Penultimate Swap (NP) Member 0.34 Non-Member E-mini Natural Gas Futures (QG) E-mini Heating Oil Futures (QH) E-mini Gasoline Futures (QU) E-mini Crude Oil Futures (QM) Brent Financial (BB) Brent European Style Option (BZO) Exchange fee waiver through 1/31/ Member 1.45 Non-Member Brent Last Day Contract (BZ) 0.55 day rate 0.70 overnight Member 1.50 Non-Member PJM Western Hub Peak Calendar-Month Real-Time LMP (L1)
7 cmegroup.com/fees NYMEX Energy CME ClearPort Fee Schedule Clearing Members, Equity Members & Firms (106.J) Non-Members Futures From E/A Options E/A Notice Energy (Physicals) Crude Oil (CL) Heating Oil (HO) NY Harbor RBOB (Blendstock) Gas (RB) 0.80 Block 0.70 EFP 1.60 Block 1.50 EFP 0.70 Member 1.50 Non-Member Natural Gas (NG) Crude Oil Option (LO) Natural Gas Option (ON) 1.85 Block 1.75 EOO 2.65 Block 2.55 EOO Heating Oil Option (OH) 0.40 House Acct 0.85 Cust Acct WTI Crude Oil 1 Month CSO (WA) Heating Oil Crack Spread Option (CH) Energy (Financial) Henry Hub Financial (HP) Henry Hub Financial Last Day (HH) Henry Hub Swap (NN) Henry Hub Penultimate Swap (NP) Member 0.34 Non-Member Brent Financial (BB) Brent European Style Option (BZO) Exchange fee waiver through 1/31/ Member 1.45 Non-Member Brent Last Day Contract (BZ) 0.80 Block 0.70 EFP 1.60 Block 1.50 EFP 0.70 Member 1.50 Non-Member PJM Western Hub Peak Calendar-Month Real-Time LMP (L1) Member 0.12 Non-Member 7
8 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) EXCHANGE FEE EXCHANGE FEE EXCHANGE FEE Clearing Members and Equity Member Firms (1) Future Option Open Auction Electronic Trading Member Firm (106.H) Open Auction Electronic Electronic Corporate Members (ECMs) Open Auction Electronic International Incentive Program (IIP) Open Auction Electronic Non-Members Open Auction Electronic 2.40* ** 0.55 * 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 EXCHANGE FEE 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
9 cmegroup.com/fees (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 Monthly Avg. Daily Threshold (in sides) Exchange Fee Discount Monthly Avg. Daily Thresholds (in sides) Exchange Fee Discount 0 8,500 None 0 5,000 None Clearing Members/ Equity Member Firms 8,501 45, ,001 35, , , ,001 60, , , ,001 80, > 135, > 80, 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 Monthly Avg. Daily Threshold (in sides) Exchange Fee Discount Clearing Members and Equity Member Firms 0 3,000 None 3,001 25, ,001 75, , , 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 > 100, Note that CME Group will review eligibility for this program on a quarterly basis. 9
10 Fee Summary Guide cmegroup.com/fees FX Products CME FX Products FX Futures & Options fees E-mini FX fees E-micro FX fees EXCHANGE FEE EXCHANGE FEE EXCHANGE FEE Clearing Members and Equity Member Firms (1) Open Auction 0.07 Electronic Trading Member Firm (106.H) Open Auction 0.45 Electronic 0.44 Electronic Corporate Members (ECMs) Open Auction 0.60 Electronic 0.44 International Incentive Program (IIP) Open Auction 0.60 Electronic 0.54 Non-Members Open Auction 0.60 Electronic 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 Monthly Avg. Daily Threshold (in sides) Exchange Fee Discount 0 6,500 None 6,501 15, Clearing Members/ Equity Member Firms 15,001 32, ,001 65, > 65,
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12 Fee Summary Guide cmegroup.com/fees Interest Rate Products CME Interest Rate Products Interest Rate Futures fees Interest Rate Options fees EXCHANGE FEE EXCHANGE FEE Clearing Members and Equity Member Firms (1) Open Auction Electronic Trading Member Firm (106.H) (1) (2) Open Auction Electronic Electronic Corporate Members (ECMs) (2) Open Auction Electronic International Incentive Program (IIP) Open Auction Electronic Non-Members (1) Open Auction Electronic 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) Exchange Fee Discount Average Daily Volume Threshold (Sides) Exchange Fee Discount Clearing Members Equity Member Firms Trading Member Firms (for open outcry only) 0 30,000 none 0 15,000 none 30,001 60, ,001 30, ,001 90, ,001 60, > 90, > 60, 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 Rule 106.H and 106.N Firms none
13 cmegroup.com/fees CBOT Interest Rate Products Clearing Members and Equity Member Firms (1) 2YR/3YR FUTURES 5YR FUTURES U.S. Treasury Fees 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) International Incentive Program (IIP) Electronic $0.44 $0.44 $0.44 $0.44 $0.44 $0.44 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 CBOT Interest Rate Products Other Financial Futures fees Other Financial Options fees
14 Fee Summary Guide cmegroup.com/fees CBOT Interest Rate Products Fees (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: Monthly Avg. Daily Threshold (in sides) Volume discount program CBOT U.S. Treasury Products (Electronic) Futures Exchange Fee Discount Monthly Avg. Daily Threshold (in sides) Options Exchange Fee Discount 0 15,000 None 0 3,000 None 15,001 30, ,001 6, ,001 45, ,001 9, > 45, > 9, (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: Monthly Avg. Daily Threshold (in sides) Futures Volume discount program CBOT Other Financial Futures Exchange Fee Discount Monthly Avg. Daily Threshold (in sides) Options Exchange Fee Discount 0 3,000 None 0 3,000 None 3,001 6, ,001 6, ,001 9, ,001 9, > 9, > 9,
15 cmegroup.com/fees Metals Products COMEX Metals CME Globex Fee Schedule Clearing Members, Equity Members & Trading Member Firms (106.J) International Incentive Program (IIP) Non-Members Futures Options (not eligible for From E/A E/A Notice day trade rates) Metals (Physicals) Gold (GC) Silver (SI) Copper (HG) Palladium (PA) Platinum (PL) 0.55 day trade 0.70 overnight Member 1.50 Non-Member Gold Option (OG) Silver Option (SO) Copper Option (HX) House Acct 0.85 Cust Acct E-micro Gold Futures (MGC) Metals (Financial) COMEX miny Gold (QO) 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 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) Silver (SI) Copper (HG) Palladium (PA) Platinum (PL) 0.80 Block 0.85 EFP 0.80 Block 0.70 EFP 1.60 Block 1.50 EFP 0.70 Member 1.50 Non-Member Gold Option (OG) Silver Option (SO) Copper Option (HX) 0.80 Block 0.85 EOO 1.65 Block 1.55 EOO 0.40 House Acct 0.85 Cust Acct Metals (Financial) U.S. Midwest Domestic Hot-Rolled Coil Steel (HR) 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. 15
16 Fee Summary Guide cmegroup.com/fees Weather Products CME Weather Products Weather Futures & Options fees EXCHANGE FEE 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 Electronic Corporate Members (ECMs) Open Auction 0.16 Globex 0.44 International Incentive Program (IIP) Open Auction 0.16 Globex 0.25 Non-Members Open Auction 0.16 Globex
17 cmegroup.com/fees For more information on how you can trade our products at the most cost-efficient rates, visit cmegroup.com/fees or contact a member of the Proprietary Trading Firm Sales team. NORTH AMERICA Chris Gonzalez christopher.gonzalez@cmegroup.com EMEA Matthew Judge matthew.judge@cmegroup.com ASIA Aaron Gong aaron.gong@cmegroup.com Michael Hohman michael.hohman@cmegroup.com Richard Stoker richard.stoker@cmegroup.com Rajiv Shah rajiv.shah@cmegroup.com Suzanne Spain suzanne.spain@cmegroup.com Brett Vietmeier brett.vietmeier@cmegroup.com
18 CME GROUP HEADQUARTERS CME GROUP GLOBAL OFFICES 20 South Wacker Drive Chicago, Illinois cmegroup.com Chicago Singapore New York Calgary London Hong Kong Houston São Paulo Seoul Tokyo Washington D.C 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.
19 Copyright 2018 CME Group. All rights reserved. cmegroup.com/fees PM758/100/
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