Qualifying participants may be eligible for significantly reduced fees on FX exchange-for-physical (EFP) transactions on standard-size FX futures and options contracts. An Exchange for Physical (EFP) is a privately negotiated futures trade transacted apart from the trading floor or open outcry and CME Globex, our electronic trading platform, but is submitted for clearing through a futures clearing house. An EFP can be executed for any CME Group FX contract. EFP trades involve a futures contract and a cash FX position. The parties involved agree privately upon a price for a simultaneous exchange or transfer of a "cash FX for futures".
Two Ways to Save
1. Member firms accounting for 2% or greater of FX futures volume on CME Globex in a given quarter (excluding blocks):
2. Progressive tiers of fee reductions for trading volumes exceeding designated monthly average daily volume (ADV) threshholds (excluding blocks):
|Monthly EFP ADV (in sides)||CME FX EFP Surcharge Rate|
|0 – 2,500||$1.00/Side|
|2,501 – 5,000||$0.75/Side|
|5,001 – 8,000||$0.50 Side|
|8,001 – above||$0.25/Side|
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