1. When will I receive my first invoice for CME Direct charges?

CME Group issues invoices and statements once a month with expected delivery on approximately the fourth or fifth business day.

2. When will my first payment be due?

Payment is due 30 days from the Invoice Date.

3. What are the standard monthly fees for market data?

For information regarding the latest market data fees, please see the most recent market data fee list accessible via the CME Information License Agreement Guide.

4. What will my invoice include?

CME Group is invoicing market data fees in arrears. In the below example, real-time data access for the month of June 2024 will be invoiced with the July 2024 invoice date, based on ADV achieved in Q2 2024.  The invoice will show total number of units/CME Direct subscribers per firm for the service period/month of access. Where subscribers are not billed (due to meeting the ADV threshold or the subscriber being in the trial period), the Quantity column will show the number of subscribers against a unit cost of $0.00.

Fees will apply based on whether Average Daily Volume (ADV) thresholds are met. For more information on the fee waiver qualifications, see questions below.

5. Does CME Group offer fee waivers for market data on the CME Direct Platform?

Users can qualify for a market data fee waiver by meeting a volume threshold on the CME Direct platform. The average daily volume (ADV) will be set to ten. The waiver applies only to the four CME Group exchanges, CME, CBOT, NYMEX and COMEX. Standard fees apply for Dubai Mercantile Exchange market data (DME).

6. Do I have to meet the volume threshold on each exchange?

Yes, ADV is calculated on each exchange independently and waivers are applied per exchange. Dubai Mercantile Exchange (DME) is not part of the waiver program and standard fees will apply regardless of volume.

7. How are the fees and waivers calculated?

Fees and waivers will be applied monthly based on the previous quarter’s usage evaluation. The first granted exchange(s) automatically qualifies for a waiver in the first calendar quarter it is enabled and the following two quarters. In the third quarter, after access to market data on the first exchange is permissioned, quarterly evaluation begins.

As shown below, during an evaluation quarter, trading activity is assessed on each exchange independently. Users who achieve the ADV threshold will qualify for the waiver. The qualification applies to the bill for each month in the next calendar quarter.

8. Will market data fees for a newly permissioned exchange be billed immediately?

No, the newly added market data will qualify as waived for the balance of the quarter it is granted and then be billed from the following quarter, unless the ADV threshold qualifying subscribers for a fee waiver is met during the initial waived quarter.

9. If I am already licensed with CME Group for other market data products, will my CME Direct market data charges be comingled with my other CME Group market data charges?

Yes, unless your firm has requested a separate billing account for CME Direct charges, you may see both CME Direct and other market data charges on the same invoice. To request a separate billing account please, see the contact information listed below.

10. A user at my firm was charged for market data this month but they did not log into CME Direct. Why?

If you are an enabled CME Direct user and permissioned for market data at any point during the month, you will be charged for market data.

11. Will there be tax assessed on my CME Direct charges?

Taxes will be assessed on Arizona, Connecticut, Denver (CO), New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, and Washington.

12. A user at my firm was charged sales tax, but he/she is not located in the mentioned states. Why?

Sales tax is charged based on the location listed on a user’s CME Group Login ID. If you need to update your location, you can do this by updating the address associated with your CME Group Login ID.

13. Where can I find additional detail regarding subscribers on my invoice?

Information on the makeup of your invoice including user name, service month, address and fees can be located via your Invoice Addendum.

14. How do I keep track of my firm’s CME direct subscribers’ ADV?

CME offers CME Direct Firm Admins access to two CME Direct ADV reports via CME’s Enterprise Reporting Portal (EREP): a weekly report published on Mondays, showing subscribers’ ADV by DCM for the calendar quarter to date; a monthly report published on the first Monday of a new calendar quarter, showing subscribers’ ADV by DCM for the previous calendar quarter. Firm Admins who want to gain access to these reports should contact marketdata@cmegroup.com.

15. How do I pull an Invoice Addendum?

Visit the Data Services Platform and click on View Invoices, as shown below:

16. How should I build a Purchase Order?

You may generate your Purchase Order based on number of users per exchange, but due to the nature of the variable amounts per invoice it may be difficult to determine the exact fees per month.

17. How does my firm adjust market data permissions for the exchange data we do not use?

Firm Administrators can adjust market data permissions from the User Admin view in CME Direct. Additionally, users can be disabled from the User Admin view.

18. Where do I remit payment?

Lock Box:

Chicago Mercantile Exchange Inc.
Attn: Accounts Receivable
P.O. Box 73672
Chicago, IL 60673-7672

Wire Transfer:

JP Morgan Chase Bank
ABA: 021000021
Account #: 887294601
A/C Name: Chicago Mercantile Exchange Inc.
Swift Code: CHASUS33

ACH Transfer:

JP Morgan Chase Bank
ACH Routing: 071000013
Account# 887294601
A/C Name: Chicago Mercantile Exchange

19. Who do I call with questions on my invoice?

Contact your Global Account Manager or email the following appropriate group:

Americas Market Data Team: marketdata@cmegroup.com | +1 312 634 8395

EMEA Market Data Team: marketdataEMEA@cmegroup.com

APAC Market Data Team: marketdataAPAC@cmegroup.com

All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

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