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Non-Member Fees as of March 9, 2008
Individual non-member accounts are assessed at different rates from institutional and member
accounts. Non-member fees apply to the following groups: Customers, Chicago Board Options Exchange®
(CBOE) members (trading commodities other than the S&P® and E-mini
TM
S&P 500) and CME® members trading outside of their division of
membership.
| Products |
Round-Turn Open
Outcry |
Round-Turn Using CME
Globex |
Breakdown of fee components |
| Clearing Fees (per side) |
CME Globex Fees (per
side) |
Commodity Products (Futures)
|
$1.28 |
$3.78 |
$0.64 |
$1.25 |
| Commodity Options (Futures) |
$1.28 |
$2.58 |
$0.64 |
$0.65 |
| FX Products (Futures) †† |
$1.20 |
$3.20 |
$0.60 |
$1.00* |
| FX Products (Options) †† |
$1.20 |
$1.70 |
$0.60 |
$0.25**††† |
| Interest Rate Products |
$1.28 |
$2.38 |
$0.64 |
$0.55*** |
| Eurodollar & Euroyen Options |
$1.28 |
$1.78 |
$0.64 |
$0.25 |
| Index Products**** |
$1.56 |
$4.56 |
$0.78 |
$1.50† |
| Weather Products |
$0.32 |
$1.07 |
$0.16 |
$0.375 |
| ETF Futures |
N/A |
$0.70 |
$0.15 |
$0.20 |
| E-mini Commodity Products |
N/A |
$2.14 |
$0.32 |
$0.75 |
| E-mini FX Products |
N/A |
$1.70 |
$0.35 |
$0.50 |
| E-mini Equity Futures |
N/A |
$2.28 |
$0.39 |
$0.75***** |
| E-mini Equity Options |
N/A |
$1.10 |
$0.39 |
$0.16 |
| Eurodollar 5-Year E-mini Bundle Futures |
N/A |
$1.78 |
$0.64 |
$0.25 |
| E-mini Eurodollar Futures |
N/A |
$0.36 |
$0.13 |
$0.05 |
* The non-member CME Globex fee for Foreign Exchange Futures and Options executed as part of
spread transactions is $0.75.
**The non-member CME Globex fee rate of $0.25 for Foreign Exchange Option contracts, applies
only to outright trades, until 12/31/2008.
***The CME Globex fee for CME Eurodollar futures contracts with longer than 4-year expirations
is reduced from $0.55 to $0.25 per side for non-members. 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.
**** Index product trading fees do not include fees for trading TRAKRS®. See
TRAKRS Fee.
*****The CME Globex Fee for E-mini Equity spreads is $0.35 per side.
† The CME Globex Fee for Nikkei® 225 Dollar-based futures and options on futures contracts
and Nikkei 225 Yen-based futures contracts is $1.25 per side for outright trades and $1.00 per side
for spreads.
†† Registered participants in the Hedge Fund/CTA Incentive Program are eligible for a
reduced all-in rate of $0.60 per side for CME Globex trades of Foreign Exchange products
only. Open outcry transactions and CME Globex transactions in all other products by these
entities will be charged at non-member rates. Registered participants in the High Velocity
CTA/Hedge Fund Incentive Program are eligible for a reduced all-in rate of $0.60 for CME Globex
trades of Foreign Exchange products if their monthly volume across all of the participant's
registered accounts exceeds 125,000 sides. Open outcry transactions and CME Globex
transactions in all other products by these entities will be charged at non-member rates, as well
as CME Globex trades of Foreign Exchange products if the participant does not reach the required
volume threshold.
†††The schedule of CME Globex fees for Volatility-Quoted Options (VQO) is listed below.
The Clearing and CME Globex fees will be waived with the auto-hedge Futures leg associated with the
Volatility-Quoted option.
| |
Rate |
| Customers of Member Firms |
$0.40 |
See
fee
waivers information.
| Other Fees |
|
Exchange for Physical (EFP) Surcharge
|
$1.75 ($1.00 for Eurodollars and Eurodollar to the Day Futures;
$0.44 for Weather; $2.50 for GSCI Excess Return Index Futures; $0.44 for Eurodollar 5-Year E-mini
Bundle Futures; $0.09 for E-mini Eurodollar Futures ) |
|
Block Trading Surcharge
|
$1.75 ($1.00 for Eurodollars and Eurodollar to the Day
Futures; $0.44 for Weather+; $2.50 for GSCI Excess Return Index Futures; $1.00 for Eurodollar
5-Year E-mini Bundle Futures; $0.20 for E-mini Eurodollar Futures) |
|
Give-up Surcharge
|
$0.05 |
|
Exercise & Assignment Surcharge
|
$0.05
|
+The Block Surcharge for Weather Options is reduced from $0.44 to $0.22 for individual accounts
whose monthly average daily volume > 1,000 sides (total block trade weather options volume
divided by the number of trading days in the month). The discount is applied only to
contracts in excess of the 1,000 daily volume threshold.
Definitions
EFP
An Exchange For Physical (EFP) trade is charged a $1.75 per contract surcharge in
addition to the appropriate clearing fee. Special exceptions are:
- $2.50 per contract surcharge in addition to the clearing fee for GSCI Excess Return Index
Futures.
-
$10.00 per contract surcharge in addition to the clearing fee for Milk.
-
$15.00 per contract surcharge in addition to the clearing fee for Butter and Cheddar
Cheese.
-
$1.00 per contract surcharge in addition to the clearing fee for Eurodollars and Eurodollar to
the Day Futures, except that the EFP surcharge rate for Interest Rate Substitutions (SUBS) and
Exchange Basis Facility (EBF) transactions is based on the term (or length) of the strip of
Eurodollar contracts in the transaction. The term is calculated based on the start and end months indicated by the user,
and the per contract rates are as follows:
| Term/Color |
Rate |
Term/Color |
Rate |
|
|
Less than 2 Year/White
|
$1.00
|
6 Year/Purple
|
$0.30
|
|
2 Year/Red
|
$0.90
|
7 Year/Orange
|
$0.20
|
|
3 Year/Green
|
$0.70
|
8 Year/Pink
|
$0.20
|
|
4 Year/Blue
|
$0.50
|
9 Year/Silver
|
$0.10
|
|
5 Year/Gold
|
$0.40
|
10 Year/Copper
|
$0.10
|
Block Trade
A Block Trade is charged a $1.75 per contract surcharge in addition to the appropriate clearing fee. Special exceptions
are:
- $0.44 per contract surcharge in addition to the clearing fee for Weather Products.
- $1.00 per contract surcharge in addition to the clearing fee for Eurodollars and Eurodollar to
the Day Futures.
- $2.50 per contract surcharge in addition to the clearing fee for GSCI Excess Return Index
Futures.
For more information, please see the
Block Trading
FAQ (PDF).
Interest Rate Tiered Clearing Fees
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 commodity. Volume is aggregated per account per
commodity. The following clearing fee discounts apply based on volume traded:
| Eligible Participants |
FUTURES & OPTIONS
|
EUROYEN FUTURES &
OPTIONS |
| Average Daily Volume Threshold
(Sides) |
Clearing Fee Discount |
Average Daily Volume Threshold
(Sides) |
Clearing Fee Rate |
Equity Members, Rule 106.D Lessees / Rule
106.F Employees,
Rule 106.H and 106.N Firms (Open Outcry Transactions Only - Refer to Note 26), CBOE Members
and Customers of Member Firms |
0 - 15,000 |
none |
0 - 1,000 |
none |
| 15,001 -30,000 |
$0.03 |
1,001 -3,000 |
$0.03 |
| > 30,000 |
$0.06 |
> 3,000 |
$0.06 |
Give-up Surcharge
$0.05 fee per contract 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). This fee is also not charged for all Ex-Pit (e.g., Blocks, EFPs, SUBs)
transactions submitted electronically. On a tiered basis, the give-up surcharge will be reduced for
monthly volumes in excess of 4 million contracts as follows:
| Monthly Volume Thresholds |
Rate |
| 0 to 4,000,000 sides |
$0.05 |
| 4,000,000 to 6,000,000 sides |
$0.04 |
| 6,000,001 + sides |
$0.03 |
Exercise & Assignment Surcharge
A $0.05 per contract fee is charged for the exercise and assignment of options, in
addition to the clearing fee charged on the resulting futures contract.
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