CME Direct Market Data Fees

In Q2 2018, CME Group will begin charging fees for market data distributed through CME Direct.  Customers using CME Direct for trading will be eligible for fee waivers based on their trading activity. CME Group will communicate final details on the availability of fee waiver programs by the end of Q1 2018.

CME Direct Market Data Fees FAQ

What are the fees for the real-time market data charges?

  CME CBOT NYMEX COMEX
Monthly Fees
CME Direct/per user/per month $105 $105 $105 $105

Why is CME Group announcing the CME Direct market data fees now, if you are not planning to bill until Q2 2018?

Since this is the first time CME Group has put forward any charges onto CME Direct, we wanted to ensure we gave customers ample notice on the policy and pricing change. 

Why is CME Group now charging for real-time market data on CME Direct when they have not previously?

We do not take fee changes lightly. This is part of a review of our policies and fees, in which we ensure our fees are aligned with the cost and value of services we provide as we continue to invest in the market through new products, services and technology. As a result, we are evolving our CME Direct model to charge customers for market data who do not contribute to trading activity and will continue to work through a market data program on CME Direct for customers who trade our markets.  

When will real-time market data fees be charged on CME Direct?

We plan to charge CME Direct customers for market data in Q2 2018, but do not have a specific start date as of yet. 

Who will be charged market data fees?

All CME Direct customers who are not actively trading, but use the system to view real-time market data, will be charged.

What are the market data fees for actively trading users on CME Direct?

There will be a program to give fee waivers based upon trading activity, however market data charges may still apply based upon volume thresholds or inactivity. 

If customers trade CME Group markets through other applications, do they qualify for the potential trading fee waivers applied to CME Direct?

No, customers have to trade through CME Direct in order to be considered for potential fee waivers applied to CME Direct. 

If customers are a part of your netting program, does usage on CME Direct get incorporated?

Yes, if customers are a part of our netting program, they need to contact their Global Account Manager and update their agreement to report CME Direct as an application they use to receive market data. 

Is there any information on fee waivers based upon trading activity?

We will not have any additional information on this until early 2018. 

Will customers have a chance to review market data subscriptions before any charges are applied?

Yes, we will send a customer report to each firm that has CME Direct so they can perform an audit of users and the number of DCMs permissioned for each. We will provide a grace period to review and make changes before charges begin.

Will customers have to sign new contracts?

We are in the process of determining if there are any contract changes and will have more information available in Q1 2018.  

If customers only use the system to book blocks, will they be charged for real-time market data?

Customers will be charged for data if you are permissioned for real-time market data. You can use CME Direct or CME ClearPort to enter block trades without real-time market data being permissioned. 

Do firms get credit for trading blocks to count toward a real-time market data fee waiver?

CME Group will evaluate blocks trading for real-time market data fee waivers and will provide more information at the end of Q1 2018. 

Is the plan to bill customer firms directly?

Yes, CME Group will bill customer firms directly for real-time market data usage on CME Direct. 

How does my firm adjust market data permissions for the exchange data that we do not use?

Verification Officers at your firm can adjust market data entitlements. 

How does a Verification Officer adjust market data permissions for a firm?

Verification Officers may adjust market data permission from the User Administration section of CME Direct by right clicking on a user and selecting Manage User Login. Select or unselect market permissions based on the visibility and charges you wish for the user. 

If a user with access to CME Direct is no longer with our firm, how do we disable their entitlement and access?

Verification Officers may disable users from the User Administration section of CME Direct by right clicking on a user and selecting Disable User Login.

Where can I find a list of all users on CME Direct for my firm?

CME Direct Verification Officers can see all entitled users for their firm in the User Administration section of CME Direct. This list includes enabled and disabled users. Only enabled users, not actively trading will result in market data charges. Admins can make changes to users from this screen.

Who should I contact if I have questions?