CME Exchange Membership is a flexible, cost-effective alternative for electronic proprietary trading groups and high volume traders that are not eligible for CME’s existing membership categories and fee incentives. Program participants will be eligible for special GLOBEX transaction and clearing fee incentives for all CME Equity Futures, Currency Futures, Financial Futures, and Meat Futures. CME members who have held trading privileges during the last two years are not eligible for the new program. Corporate Members that do not lease seats (ECM-W’s) but meet the minimum volume requirements (25 r/t per day on average for the previous 3 months) receive reduced rates of $1.28 r/t for Equity Futures and $1.18 r/t for Currency Futures. Corporate members that lease seats receive additional discounts for products traded in their division.
Individual Member Application for the CME:
- 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 $1,750 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).
CME Membership 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 ($1,750 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. A $500 one-time lease application fee is charged when initially leasing a seat.
Membership Application Process and Forms:
The following table indicate the amount that would be saved each month compared to non-member fees based on the Average Daily Round Turns (ADRT’s) in the left column. The savings is net of the required lease costs at the rate of $900 per month.
|Avg. Daily R/T||ECM-W||Lease||Own|
Qualifications for 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.
Chicago Mercantile Exchange (CME) Membership:
Can execute trades in: Any contract listed at CME
Trading floor badge: Gold (indicates who they are and which products they can trade)
Number of memberships: 625
International Monetary Market (IMM) Membership:
Can execute trades in: Equity Futures, Currency Futures, and Financial Futures and all IMM and IOM futures and all options on futures contracts.
Trading floor badge: Green Number of memberships: 813
Index and Option Market (IOM) Membership:
Can execute trades in: Equity Futures, Random Length Lumber Futures, options on futures contracts, and all GEM products.
Trading floor badge: Blue
Number of memberships: 1,287
Growth and Emerging Markets (GEM) Membership:
Can execute trades in: Various products, including those related to emerging market countries
Trading floor badge: Gray
Number of memberships: 413