CME Membership is a flexible, cost-effective alternative for high volume traders and electronic proprietary trading groups of CME futures products. Program participants will be eligible for reduced Globex clearing and exchange fees for all CME E-mini Index Futures, and FX Currency Futures. CME membership enables you to trade specific products at reduced rates and lower fees.
Whether you are trading E-mini Index Futures, or FX Currency Futures, the CME Exchange fees and Globex fees are likely to be the most expensive part of your transaction. At $1.17/side for an E-mini Index or $1.60/side for a FX Currency contract, the CME Exchange fees are probably greater than your commissions and platform charges. As a CME member, you do not pay any NFA fees and enjoy reduced exchange fees.
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Summary of CME Fees Per Side
Qualifications for CME Group Membership
Any adult of good moral character, reputation and business integrity, with adequate financial resources to assume the responsibilities and privileges of membership, is eligible for election to membership in the Exchange. Once approved for membership, an individual may purchase or lease a seat in the appropriate CME Division.
Individual Member Application
You must submit an application for CME Membership, which includes questions on your educational, employment, residential and disciplinary history. The application form must be typewritten, filed with a $2,000 non-refundable fee, and include two 2″ x 2″ passport-quality color photographs and either a certified birth certificate or passport.
Your name will be sent to all CME members, and your photograph will be posted on the trading floor. During this posting period, members are encouraged to notify the CME Membership Department if they have any pertinent information about you.
Additionally, the NFA must grant you a registration as either a floor broker or a floor trader, or a temporary license to act as such, before you can begin trading on the CME trading floor (does not apply to Globex traders).
Leasing a Seat
Individuals who own, hold, or have owned or held memberships in any division in the past two years cannot participate in the ECM Program.
Leasing a seat is a two step process. First, you must apply for and be approved for an Individual CME Membership ($2,000 application fee). After membership is approved, you must enter a lease agreement with a seat holder. The lease arrangement is normally coordinated with your clearing firm.
Divisions of Individual Membership
There are four divisions of individual CME memberships representing the four levels of access to CME products.
Chicago Mercantile Exchange (CME) (B1) Membership
Trades: Any CME Exchange listed contract
International Monetary Market (IMM) (B2) Membership
Trades: Foreign Exchange, Interest Rate, Equity Index Futures, and all IOM and GEM products
Index and Option Market (IOM) (B3) Membership
Trades: Equity Index Futures, Random Length Lumber, all Options contracts, and all GEM products
Growth and Emerging Market (GEM) (B4) Membership
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Trades: Various products including contracts related to emerging market countries; restricted financials