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.
CBOT clearing members with shares receive preferential exchange fees 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 fees as CBOT Rule 106.I. Affiliate Member Firms.
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:
The eligibility and requirements for CBOT clearing membership are contained in Chapter 9 of the 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
- Open approved settlement and performance bond banks
- Obtain Futures Commissions Merchant (FCM) registration from National Futures Association for customer clearing
For complete listing of CBOT clearing member requirements, refer to:
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 CME membership community for a period of 20 days prior to any clearing membership approval being effective. The CME clearing membership application is presented to the Clearing House Oversight Committee for final approval.
Return a copy of the application and all applicable supporting documentation to:
Or by mail to:
CME Group Inc.
c/o Financial and Regulatory Surveillance Department
20 S. Wacker Drive
Chicago, IL 60606
Listed here are forms and various other resources applicants may need to apply or to obtain additional information on membership requirements.
Please complete the clearing membership application form:
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