CBOT Clearing Membership

Clearing members assume full financial and performance responsibility for all transactions executed through them and cleared by CME Clearing. They are responsible and accountable for every position they carry, whether it is for the account of a member, member firm, non-member customer, or their own account.

CME Clearing is a division of CME Group, through which all trades are confirmed, matched and, settled on a daily basis until either offset or delivered and through which all financial settlement is made. In every matched transaction executed through CBOT, CME Clearing is substituted as the buyer to the seller and the seller to the buyer, with a clearing member assuming the opposite side of each transaction. 

CME Clearing conducts business only with its clearing members, not with their customers, individual members, or corporate member firms of the Exchange. Customers, members, and member firms must have a relationship with a CBOT clearing member to be able to trade CBOT products. Additional requirements are imposed on the CBOT clearing member if it will clear OTC products.

Fee Discounts

CBOT clearing members with shares receive preferential exchange fee and performance bond rates on its proprietary trading of all CBOT products when such proprietary trading activity is conducted in accordance with CME Group’s Fee Policies. The trading activity of parent companies, affiliates, subsidiaries, or customers of the CBOT clearing member are not eligible for preferential exchange fee rates. The trading activity of parent companies, affiliates and subsidiaries of the CBOT clearing member may be eligible for preferential exchange fee and performance bond rates as CBOT Rule 106.I. Affiliate Member Firms.

Exchange Memberships

CME, CBOT, NYMEX, and COMEX memberships are entirely separate from one another and offer access to clear different products.  To clear specific products, you must be a clearing member of the Exchange on which they trade. 

To find out which products trade on CBOT:

Visit the Product Slate

Eligibility and Requirements

The eligibility and requirements for CBOT clearing membership are contained in Chapter 9 of the CBOT rulebook. 

View CBOT Rulebook.

CBOT Clearing members are required to demonstrate fiscal and moral integrity and have sufficient financial capitalization to justify the risks assumed in clearing trades. To become a clearing member for CBOT products, the clearing member must:

  • Maintain CBOT membership requirements
  • Maintain minimum capital requirements
  • Meet certain minimum periodic financial statement reporting requirements
  • Meet certain notification requirements
  • Deposit a guaranty fund deposit with CME Clearing
  • Provide a parent guarantee (if clearing non-customer trading activity only)
  • Maintain approved settlement and performance bond banks
  • Maintain Futures Commissions Merchant (“FCM”) registration for customer clearing

For complete listing of CBOT clearing member requirements, refer to:

Refer to the CME Group Clearing Membership Handbook.    

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Applying for a CBOT Clearing Membership

Once you have decided CBOT clearing membership is right for you, you may apply for clearing membership by completing and submitting the application for clearing membership and all required documents to CME Group’s Financial and Regulatory Surveillance Department.

Application for Clearing Membership

All clearing membership applicants must be posted to the CBOT membership community for a period of 20 days prior to any clearing membership approval being effective. The CBOT clearing membership application is presented to the Clearing House Risk Committee for final approval.

Return a copy of the application and all applicable supporting documentation to:

Carlos Rodriguez

Or by mail to:

CME Group Inc.
c/o Financial and Regulatory Surveillance Department
20 S. Wacker Drive
Chicago, IL 60606

Forms

Listed here are forms and various other resources applicants may need to apply or to obtain additional information on membership requirements.

Contact Us

For CME Clearing (U.S.) membership inquiries:

Paul Zubulake
+1 212 299 2136

For CME Clearing Europe membership inquiries:

Anthony Zangrilli
+44 28 9089 6820