CME Direct Registration FAQ

Agreements

What is the Information License Agreement (ILA)?

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.

Does my firm have to sign both the ILA and the Exchange User License Agreement (EULA)?

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.

Who at my firm should sign the ILA and EULA?

Any authorized representative within your organization can sign the Agreements.

Why does my firm need to sign an ILA if our users are not permissioned to view market data?

As a matter of policy, all CME Direct firms are required to complete an ILA.

My firm has a Market Data License Agreement (MDLA) with CME Group. Can we leverage that agreement in lieu of signing the ILA?

No, the license to use market data on CME Direct is only available by signing the ILA.

When does this Agreement go into effect?

The Agreement goes into effect on the effective date stated on the Agreement after both parties have signed.

What is the term of the Agreement?

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.

Fees & Waivers

What is the standard monthly fee for market data on CME Direct?

Fees will be charged per standard market data policy, on a per Device, per Exchange basis.

  • $105 per month for CME
  • $105 per month for CBOT
  • $105 per month for COMEX
  • $105 per month for NYMEX
  • $79 per month for DME

*Fee schedule above is effective January 1, 2019. For more information regarding fees, visit our Real-Time Professional Fee page.

What is meant by “Device”?

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.

Will CME Direct Mobile be charged as an independent device for real-time market data?

No, CME Direct Mobile devices qualify as a waived device.

Are Non-Professional Data Fees or Delayed Market Data fees available on CME Direct?

No, only real-time professional data fees are available on CME Direct.

Does CME 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 volume threshold is set to an average daily volume (ADV) of one 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).

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

Yes, the ADV threshold must be met for each exchange permissioned.

Will volume from both CME Globex and CME ClearPort venues count toward achieving the ADV threshold?

Yes, volume from both CME Globex transactions and CME ClearPort deals entered via CME Direct will count towards ADV for the quarter.

Will all named parties on a CME Direct ClearPort deal be eligible for applied volume?

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.

If I trade my client’s Futures/Options account, who receives the volume credit?

Only the user who enters the futures/options trade via CME Direct will benefit.

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 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 an ADV greater than or equal to one qualify for the waiver. The qualification applies to the bill for each month in the next calendar quarter.

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 go into evaluation as referenced above.

For example, a user permissioned for CBOT market data in January will be charged for the first time in October based on their Q3 ADV.

How will the waiver policy apply to CME Direct Administrator IDs?

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.

If I trade CME Group markets through other applications, will I qualify for the waiver?

No, only trades submitted through CME Direct are eligible.

Billing

Will CME Group bill customer firms directly?

Yes, CME Group will bill customer firms directly for real-time market data access on CME Direct.

Can my clearing firm deduct my data fees directly from my trading account?

No, firms will be invoiced by CME Group and are required to pay CME Group directly.

If I only use CME Direct for CME ClearPort deal entry, will I be charged for market data?

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.

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?

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

How does my firm adjust market data permissions?

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.

Learn how to manage your users in CME Direct.

Contact Information

For general inquiries:

Market Technology Sales

For market data licensing:

Global Account Management

U.S.: +1 312 634 8395
Europe: +44 20 3379 3754
Asia: +65 6593 5505

For onboarding and entitlements:
Enterprise Application & System Entitlements (EASE)

U.S.: +1 312 456 1560
Europe: +44 203 379 3802
Asia: +65 6593 5536