Clearing fees are generally charged on contracts traded through Globex® based on the membership status of both the operator entering the trade and the account owner.    While there are exceptions to this policy, this is the general rule.

Therefore, when an equity member’s trading activity is executed by a non-member through Globex, those trades will be assessed clearing fee rates based on the membership status of the account owner and the non-member operator, i.e., customer clearing fee rates.

All operator IDs must be properly registered in the Exchange’s electronic fee system.  In addition, several programs also require the registration of certain individuals in the Exchange’s membership database.  Responsibility for proper registration remains with the account owner.  Failure to properly register such parties or IDs for any reason will result in the account paying higher fees.   Fee rebate requests will not be considered as a result of failing to properly register the account or trader.

These policies are applicable for any trading accounts eligible to receive discounted clearing fee rates.  The use of the Give-Up System to avoid paying the appropriate fees pursuant to these policies is strictly prohibited and will be reviewed during the Exchange’s clearing fee audits.

Penalties:

These policies will be strictly enforced by the Exchange. A member or clearing member found to have engaged in fraudulent or dishonest conduct or to have acted in bad faith will be subject to a charge of a major rule violation. Major rule violations are punishable by a fine up to $1,000,000 plus the monetary value of any benefit received as a result of the violative activity.

If you have any questions, please contact the Audit Department at (312) 930-3230.