CME Group requires member firms to limit transaction message rates to CME Group-defined benchmarks or pay a surcharge for exceeding these limits. CME Group evaluates compliance with these benchmarks daily.
CME Group measures the trading activity of each clearing member firm (active or inactive clearing member firms which maintain relationships with the CME Group Clearing House). The measurement, called the Volume Ratio, evaluates a clearing member firm's message count to traded volume.
Authorized CME Group Mass Quote activity is excluded from product benchmark calculations (registered Mass Quoting firms are subject to program-specific product benchmarks).