- What is the Information License Agreement (ILA)?
- Does my firm have to sign both the ILA and the Exchange User License Agreement (EULA)?
- Who at my firm should sign the ILA and EULA?
- Why does my firm need to sign an ILA if our users are not permissioned to view market data?
- My firm has a Market Data License Agreement (MDLA) with CME Group. Can we leverage that agreement in lieu of signing the ILA?
- When does this Agreement go into effect?
- What is the term of the Agreement?
- What is the standard monthly fee for market data on CME Direct?
- What is meant by “Device”?
- Will CME Direct Mobile be charged as an independent device for real-time market data?
- Are Non-Professional Data Fees or Delayed Market Data fees available on CME Direct?
- Does CME offer fee waivers for Market Data on the CME Direct Platform?
- Do I have to meet the volume threshold on each exchange?
- Will volume from both CME Globex and CME ClearPort venues count toward achieving the ADV threshold?
- Will all named parties on a CME Direct ClearPort deal be eligible for applied volume?
- If I trade my client’s Futures/Options account, who receives the volume credit?
- How are the fees and waivers calculated?
- Will market data fees for a newly permissioned Exchange be billed immediately?
- How will the waiver policy apply to CME Direct Administrator IDs?
- If I trade CME Group markets through other applications, will I qualify for the waiver?
- Will CME Group bill customer firms directly?
- Can my clearing firm deduct my data fees directly from my trading account?
- If I only use CME Direct for CME ClearPort deal entry, will I be charged for market data?
- Will I be charged market data fees if I am permissioned for market data in CME Direct but do not log in for a full calendar month?
- How does my firm adjust market data permissions?
The ILA encompasses the legal framework CME Group uses to license the consumption of market data and must be completed to gain access to CME Direct.
Yes, both agreements are required to gain access to CME Direct. The EULA is the software agreement, whereas the ILA is specific to the consumption of market data.
Any authorized representative within your organization can sign the Agreements.
As a matter of policy, all CME Direct firms are required to complete an ILA.
No, the license to use market data on CME Direct is only available by signing the ILA.
The Agreement goes into effect on the effective date stated on the Agreement after both parties have signed.
The term is the period from the effective date until the termination of the Agreement. Either party may terminate the agreement on 30 days’ notice.
CME Group defines Device as any display unit (fixed or portable), piece of software or method, which may access, receive, process or display the Information, whether in whole or part, through the Service. CME reserves the sole right to determine what constitutes a Device.
No, CME Direct Mobile devices qualify as a waived device.
No, only real-time professional data fees are available on CME Direct.
Users can qualify for a market data fee waiver by meeting a volume threshold on the CME Direct platform. In 2022, the volume threshold is set to an average daily volume (ADV) of one per calendar quarter. In 2023, the volume threshold will be set to an ADV of ten per calendar quarter. 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).
Yes, the ADV threshold must be met for each exchange permissioned.
Yes, volume from both CME Globex transactions and CME ClearPort deals entered via CME Direct will count towards ADV for the quarter.
Yes, any named party on a CME ClearPort deal entered via CME Direct will benefit. This includes named brokers and traders who are not the submitters of the transaction.
Only the user who enters the futures/options trade via CME Direct will benefit.
Fees and waivers will be applied monthly based on the previous quarter’s usage evaluation. The first granted Exchanges automatically qualify for a waiver in the first calendar quarter they are enabled and the following two quarters. In the third quarter after access to market data on the first Exchange is permissioned, quarterly evaluation begins.
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.
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.
Firm Administrators can complete all administrative tasks without the need for market data permissioned, including cancelling and holding company CME Globex orders. If an Administrator wants market data permissioned, the policy will waive fees for a single admin when at least one trading user at the firm has met the ADV threshold on a per Exchange basis.
No, only trades submitted through CME Direct are eligible.
Yes, CME Group will bill customer firms directly for real-time market data access on CME Direct.
No, firms will be invoiced by CME Group and are required to pay CME Group directly.
CME Direct can be used for deal entry to CME ClearPort without market data being permissioned. Market permission sets under the over-the-counter (OTC) venues are not billable.
Yes, if you are an enabled CME Direct user and permissioned for market data at any point during the month, you will be charged.
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.
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.