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 CME, 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 CME clearing member to be able to trade CME products. Additional requirements are imposed on the CME clearing member if it will clear OTC products.
CME clearing members with shares and their 100% wholly owned subsidiaries, receive preferential exchange fees on its proprietary trading of all CME products when such proprietary trading activity is conducted in accordance with CME Group’s Fee Policies. The trading activity of parent companies and affiliates of the CME clearing member may be eligible for preferential exchange fees if a CME Rule 106.I. Affiliate Corporate Membership is obtained. For hedge fund clearing members, the trading activity of up to five funds within the Family of Funds of the CME clearing member may be eligible for preferential exchange fees if a CME Rule 106.S. Family of Funds Corporate Membership is obtained.
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 CME:
The eligibility and requirements for CME clearing membership are contained in Chapter 9 of the CME rulebook.
CME 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 CME products, the clearing member must:
For complete listing of CME clearing member requirements:
Once you have decided CME 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.
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.