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For a given product, CME Group calculates a benchmark Volume Ratio by comparing the total number of messages to executed contracts during RTH hours (i.e. 7:00 a.m.-- 4:00 p.m. Central Time), and adding a pre-determined variation. The variation will vary by product to allow for legitimate trading strategies in each product.

Product Volume Ratio benchmarks are published quarterly and include the most active roll periods in the calculation.
To view the current quarter's volume ratio benchmarks for each product, visit:

Clearing member firms must not exceed the product-specific Volume Ratio benchmarks (which include the variation amount). If a clearing member firm exceeds the Volume Ratio, CME Group issues two "notices" (one per session) within a rolling 30 business day period. Thereafter, CME Group charges the clearing member firm a surcharge per product, per session each time the Volume Ratio is exceeded.

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