Special Executive
Report
Date:
November 12, 2013
SER#:
6913
Subject: New 2014
CME Group Transaction Fee Changes
Today we are
announcing a series of transaction fee schedule changes which will become
effective January 1, 2014, pending all relevant CFTC regulatory approvals and
review periods.
·
Fee changes in
interest rate products are as follows:
–
The non-member
treasury futures exchange fee for CME Globex trades and non-member treasury
options exchange fees for open outcry trades increase from $0.50 to $0.54.
–
Addition of a
progressive tier to the open outcry and CME Globex fees for each of treasury
futures and treasury options for members where fees for the first 12,000 in
average daily volume will be increased by $0.01 to $0.06, and will revert to
$0.05 for any volume above 12,000 average daily volume.
·
Fee changes in equity
products are as follows:
–
Clearing fees for
equity standard futures products will increase by $0.025 across all member
categories; and non-member fees will increase $0.05.
–
In addition, equity
standard options clearing fees for non-members will increase $0.01.
–
Futures clearing fees
for E-mini, E-micro and IBovespa contracts will increase by $0.01 for
non-members.
–
CME Globex fees for
E-mini futures and options for members and certain non-member categories will
increase by $0.005. E-mini tier calculations have been adjusted to allow for
aggregation across clearing firms consistent with other CME financial products,
and spreads will be included in the E-mini options tiers. Thresholds and
discounts have been adjusted to account for those benefits. E-mini Dow product
will continue to be excluded from the tiers.
·
Fee changes in
foreign exchange (FX) products are as follows:
–
Tier thresholds will
be adjusted to reflect current liquidity levels, discounts and CME Globex fees
remain unchanged.
–
FX options non-member
CME Globex fee discount off of the $1.00 base rate will be extended at $0.40
rather than $0.50 resulting in a $0.60 CME Globex fee.
·
Fee changes in
agricultural products are as follows:
–
Increase rates for
non-members across CME and CBOT. Rates vary by product/exchange; for details
please see schedule posted on the website.
·
Fee changes in energy
products are as follows:
–
The day rate for core
energy products will be increased from $0.45 to $0.55. The overnight rate will
remain unchanged at $0.70.
–
Firm-to-firm give up
($0.05) and transfer fee and position adjustment ($0.10) surcharges will be
charged for NYMEX and COMEX products in line with existing service fees in place
at CME and CBOT.
·
Fee changes in metals
products are as follows:
–
The day rate for
metals products will be increased from $0.45 to $0.55. The overnight rate will
remain unchanged at $0.70.
–
The day rate for
E-mini Silver futures will be increased from $0.09 to
$0.11.
–
Block surcharge for
non-ferrous metals contracts will be increased from $0.10 to
$0.25.
–
Firm-to-firm give up
($0.05) and transfer fee and position adjustment ($0.10) surcharges will be
charged for NYMEX and COMEX products in line with existing service fees in place
at CME and CBOT.
·
CME exercise and
assignment policy will be adjusted such that the futures leg will be assessed
the same processing fee as the options leg consistent with current practice at
all other CME Group exchanges. Therefore, the Future from Exercise or
Assignment at CME will now incur the flat $0.05 E/A Surcharge, as well as the
clearing fee rate based upon product and membership status of the associated
account owner to which the exercise or assignment is
allocated.
