• IMPORTANT REMINDER – NYMEX BROKERAGE PAYMENTS VIA CME GROUP BROKER PAYMENT SYSTEM (BPS)

      • To
      • Clearing Member Firms; Floor Brokers; Floor Clerks
      • From
      • CME Clearing
      • #
      • 12-150
      • Notice Date
      • 05 April 2012
      • Effective Date
      • 05 April 2012
    • In response to members’ concerns regarding the difficulty in collecting brokerage for electronically executed customer orders, clearing firms are reminded that NYMEX Rule 984.A.4.  specifically requires that all brokerage payments be made through the Brokerage Payment System (“BPS”) provided that brokerage fees are agreed upon in advance among the clearing member, the customer, and the executing broker.
       
      The agreed upon brokerage fees must be submitted into BPS prior to the end of each month’s billing cycle as well as any adjustments for prior months’ unpaid brokerage.    CME Clearing staff can advise firms on the data and processes available to assist in validating the accuracy of brokerage payments particularly for electronically executed trades.         
       
      If you have questions, please contact Tony Di Benedetto at 212-299-2152 or anthony.dibenedetto@cmegroup.com.

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