CME Seat Lease
Many traders aren't aware of the benefits of leasing a seat at the CME. In addition to the information included below regarding membership options, Mirus Futures can provide assistance through the application process. Please fill out the form below to request further information:
ECMP (Electronic Corporate Membership Program)
The CME's Electronic Corporate Membership Program (ECMP) offers a flexible, cost-effective alternative for electronic proprietary trading groups and trading arcades 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 interest rate, commodity, foreign exchange and E-mini™ stock index products.
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 RT's per day on average for the previous 3 months) receive reduced rates of $1.28 RT for E-mini Equity Index Products and $1.18 RT for Foreign Exchange products.
Corporate members that lease seats receive additional discounts for products traded in their division. Visit the CME site through the link below for more information.
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). You can log on to www.nfa.futures.org for registration, you will also need fingerprints. Fingerprinting can be done at the NFA office,
200 W. Madison, 14th floor, Chicago IL, 60606.
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. Seat lease prices are variable
Membership Application Process and Forms
Individual CME Membership
ECMP Membership
Cost Analysis
The following tables indicate the amount that would be saved each month compared to non-member fees based on the Average Daily Round Turns (ADR's) in the left column. The savings is net of the required lease costs at the rate of $900 per month.
Monthly Savings compared to Non-Member
| Avg Daily RT's | ECM-W | Lessee | Owner |
|---|---|---|---|
| 25 | $ 520 | $ (450) | $ 565 |
| 50 | $ 1,040 | $ - | $ 1,130 |
| 75 | $ 1,560 | $ 950 | $ 2,195 |
| 100 | $ 2,080 | $ 1,900 | $ 3,260 |
| 125 | $ 2,600 | $ 2,850 | $ 4,325 |
| 150 | $ 3,120 | $ 3,800 | $ 5,390 |
| 175 | $ 3,640 | $ 4,750 | $ 6,455 |
| 200 | $ 4,160 | $ 5,700 | $ 7,520 |
| 225 | $ 4,680 | $ 6,650 | $ 8,585 |
| 250 | $ 5,200 | $ 7,600 | $ 9,650 |
| 275 | $ 5,720 | $ 8,550 | $ 10,715 |
| 300 | $ 6,240 | $ 9,500 | $ 11,780 |
| 325 | $ 6,760 | $ 10,450 | $ 12,845 |
| 350 | $ 7,280 | $ 11,400 | $ 13,910 |
| 375 | $ 7,800 | $ 12,350 | $ 14,975 |
| 400 | $ 8,320 | $ 13,300 | $ 16,040 |
| 425 | $ 8,840 | $ 14,250 | $ 17,105 |
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: Foreign exchange, interest rate and equity index futures, and all IMM and IOM (see below) 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: Index futures contracts, random length lumber contracts, all 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
Current Price for IOM Division (Index futures) as of 5/19/07
Recent Purchase: $254,000
Recent Individual IOM Lease: $900 per month