Direct Funding Participant

Direct Funding Participant (DFP) is a proposed new type of membership designed to provide individual segregation in the U.S. by allowing you to directly face CME Clearing. The DFP program will launch pending regulatory review.

What are the requirements of becoming a DFP?

To attain DFP status, you must:

  • Obtain a FCM guarantee
  • For exchange traded derivatives, be approved for the exchange membership(s) that is relevant to those exchanges
  • Establish a relationship with a CME approved settlement bank
  • Meet CME DFP requirements

Key Benefits*

  • Elimination of fellow customer risk
  • Direct pass-through of returns on posted collateral (including Fed account interest)
  • Receive mark-to-market gains at the intraday and end-of-day settlement cycles from CME as a result of direct settlement
  • May provide capital benefits for certain DFPs and DFP guarantors (potentially including where such DFPs and DFP Guarantors are affiliated)

Contact Us

For more information: 
DFP Team

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*Pending regulatory review