To be an individual member of CBOT, you must be an adult and must possess: 

• Good moral character
• A good reputation
• Business integrity
• Adequate financial resources to assume the responsibilities and privileges of membership

If you meet these requirements we welcome your application.

Your application must be typewritten.

Your application must be accompanied by a $2000 non refundable application fee.

Applications take a minimum of four to five days to process.

• This time period may be extended, depending upon your background.
• This time period may or may not include your completing necessary education requirements and registering with the National Futures Association (see below).
• You may be required to make a personal appearance before the Membership Committee. The staff in Member Services will advise you if an appearance before the Committee is necessary. 

We do not require that you have a sponsor, but we do reserve the right to request that you have one. If requested: 

• Your sponsor must be a B-1 or B-2 member who is a registered member, partner or officer of applicant’s Primary Clearing Member (PCM)
• If you won’t be trading, your sponsor may be a B-1 or B-2 member who has known you for at least 90 days

You will need a financial statement that includes personal assets, liabilities and net worth.

During the application process, we:

• List the name of each applicant in our Weekly Bulletin to Members 

If we approve your membership application, you have 30 days to acquire a membership.

You can acquire a membership via:

• Purchase
• Lease
• Family
• Firm transfer 

Before you begin trading as a CBOT member, you must: 

• Be qualified to trade by a clearing member
• Be registered with the National Futures Association (NFA) as either a floor trader or floor broker before you start trading on the floor

If you apply for full membership, you have the option of exercising trading privileges on the Chicago Board Options Exchange (CBOE) rather than or in addition to the Chicago Board of Trade (CBOT) trading floor. There are application requirements to satisfy at each Exchange. 

If you plan to execute trades on the Exchange Floor or on the CBOT’s e-cbot electronic trading system, you must designate a primary clearing member that will accept and clear the trades. If you do not have an affiliation with a clearing member firm, Member Services can provide a list for assistance in contacting different firms. 

You must file with the National Futures Association (NFA) either as a Floor Trader or Floor Broker if you intend to access the trading floor. If you will use your membership for the purpose of filling orders for other members or customers you must apply to the NFA for a floor broker's license. 

All applicants must satisfy Exchange educational requirements. If you will access the CBOT’s trading floor and if you are a CBOE Exerciser, you will be required to pass a Qualifying Examination covering the basics of the commodity industry, trading strategies and calculations, based on trading scenarios and contract specifications. There is also an exam for Rules and Regulations.

You will receive study materials when you submit your application.

You may attend a review session that covers material on the Qualifying Exam and the Rules and Regulations on a voluntary basis.

You must satisfy these requirements once you have submitted an application for membership to the Member Services Department. 

Purchase or Lease of a Membership
Following the approval of a membership application, you have 30 days to procure a membership privilege.

You may submit a bid to purchase a membership at any time, i.e., before you have submitted your application for membership while your application is being processed or after your application is approved.

You may also submit a lease agreement or transfer forms once you have secured your membership approval.

You may lease a membership by paying a monthly 'rent’ to an owner of any particular membership.

You can find a member to lease from through clearing firms or through a list of firms seeking lessees and lessors posted in the Memberships for Lease section of this Web site.