The CME ® Globex ® Messaging Policy creates fair business guidelines by which customers are billed a surcharge for overly high message rates. Under the CME Globex Messaging Policy, each clearing member firm (active or inactive clearing member firms which maintain relationships with the CME Clearing House) must not exceed product-specific benchmarks, tailored to the valid trading strategies of each market. CME Group calculates benchmarks based on a per-product Volume Ratio.

Volume Ratio: The number of messages submitted for each executed contract in a given product.

CME Group compares the total number of messages to traded volume during RTH hours and then applies a variation percentage.

If a clearing member firm exceeds a benchmark, they will be issued two notices within a rolling thirty (30) business day period. Subsequently, a $2,000 surcharge, per product, per session, per clearing member firm will be billed when a benchmark is exceeded. CME Group-designated Market Makers are assigned different benchmarks. Clearing member firms may request reconsideration of surcharges within ten (10) business days of the event.

Benchmarks
Benchmarks, based on per-product Volume Ratios, including the prior quarter's roll trading activity, are published quarterly.

Reporting
CME Group will provide each clearing member firm exceeding product benchmark(s) with reports T + 1, which contain trading activity information for the clearing member firm segregated by product, with a pass/fail status.

More Information
Please refer to the new CME Globex Messaging Policy for additional information. Information on ATS messaging and registration requirements is available online. Please contact CME Globex Account Management with any questions at 312.634.8700, or at +44.207.623.2550 in Europe.