Direct Funding Participant

Direct Funding Participant (DFP) is a proposed new type of membership designed to provide individual segregation in the U.S. by allowing you to directly face CME Clearing. DFP is anticipated to launch in summer 2017.

To become a member using DFP, you must:

  • Obtain a guarantee from an existing clearing Futures Commission Merchant (FCM) at CME Clearing
  • Establish an account at a CME Clearing-approved settlement bank
  • Meet settlement obligations within the same timeframe as traditional clearing members
  • Purchase memberships for any CME exchanges (CME, CBOT, NYMEX, COMEX) on which you wish to trade
  • Subject to operational and liquidity review by CME Clearing

Key Benefits

  • Elimination of fellow customer risk
  • Direct pass-through of returns on posted collateral (including Fed account interest)
  • Receive mark-to-market gains at the intraday and end-of-day settlement cycles from CME as a result of direct settlement
  • May provide capital benefits for certain DFPs and DFP guarantors (potentially including where such DFPs and DFP Guarantors are affiliated)

Contact Us

For more information: 
DFP Team

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