Fee Summary Guide - cmegroup.com

1 Fee Summary Guide Proprietary Trading Firms Fees effective as of February 1, 2018 Fee Summary Guide As the world s leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as over-the-counter derivatives transactions through CME ClearPort. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.

2 2 3 Leading Opportunities, Competitively Priced At CME Group, we offer proprietary trading customers like you a fully disclosed, competitive fee structure for trading global benchmark products available at four exchanges CME, CBOT, NYMEX and COMEX. In addition, a special class of memberships and incentive programs, designed specifically for proprietary trading firms, can further reduce your trading and clearing fees. Fees for clearing and trading CME Group contracts vary by product, volume traded, membership(s) in the designated contract market, and trading venue (electronically or on the floors). To help you determine which program(s) best suit your firm s needs and objectives, we ve developed this Guide to compare the options available. We provide fee summaries organized by: Asset class Membership options available to proprietary trading firms Available incentive programs International Incentive Program (IIP) IMPORTANT NOTES.

3 All pricing shown in this brochure is per-side All fees listed in this brochure represent the all-in fee from the exchanges All fees were current as of this publication however, for the most up-to-date information, visit 4 Fee Summary Guide Agricultural Products CME Agricultural Products Futures and Options fees Membership Type EXCHANGE FEE Clearing Members and Equity Member Firms (1) Open Auction Electronic Trading Member Firms ( ) Open Auction Electronic Electronic Corporate Members (ECMs) Open Auction Electronic International Incentive Program (IIP) Open Auction Electronic Non-Members Open Auction Electronic CBOT Agricultural Products CBOT Agricultural Products Membership Type Ag Futures & Options fees Mini-sized Ag Futures fees Membership Type ICSO & Calendar Spreads fees 5 (1) Volume discount program CME Agricultural Futures A tiered volume discount on CME electronic Exchange fees for eligible Livestock Futures is available to Clearing and Equity Member firms for individuals executing trades under the following parameters (discounted fees are outlined below).

4 Volume will be aggregated across all products and contract months by account owner within a single clearing firm. Clearing Members and related member accounts will be treated as one for purposes of volume aggregation. Volume discount program CME Livestock Futures Membership Type Monthly Avg. Daily Threshold (in sides) Exchange Fee Discount Clearing Members and Equity Member Firms 0 1,000 None 1,001 2,000 2,001 3,000 > 3,000 CBOT Agricultural Products OTC Products Fertilizer Swap Futures fees Membership Type Clearing and Equity Member Firms EXCHANGE FEE Trading Member Firms ( ) Electronic Corporate Members (ECMs) International Incentive Program (IIP) 6 Fee Summary Guide Energy Products NYMEX Energy CME Globex Fee Schedule Clearing International Members, Equity Incentive Members & Program (IIP) Trading Member Firms ( ) Non-Members Futures Options (not eligible for From E/A E/A Notice day trade rates) Energy (Physicals) Crude Oil (CL) day trade overnight Member Non-Member Heating Oil (HO) NY Harbor RBOB (Blendstock) Gas (RB) Natural Gas (NG) Crude Oil Option (LO) House Acct Cust Acct Natural Gas Option (ON)

5 Heating Oil Option (OH) WTI Crude Oil 1 Month CSO (WA) Heating Oil Crack Spread Option (CH) Energy (Financial) Henry Hub Financial (HP) Henry Hub Financial Last Day (HH) Henry Hub Swap (NN) Member Non-Member Henry Hub Penultimate Swap (NP) E-mini Natural Gas Futures (QG) E-mini Heating Oil Futures (QH) E-mini Gasoline Futures (QU) E-mini Crude Oil Futures (QM) Brent Financial (BB) Member Non-Member Brent European Style Option (BZO) Exchange fee waiver through 1/31/2019 Brent Last Day Contract (BZ) day rate overnight Member Non-Member PJM Western Hub Peak Calendar-Month Real-Time LMP (L1) 7 NYMEX Energy CME ClearPort Fee Schedule Clearing Non-Members Members, Equity Members & Firms ( ) Futures Options From E/A E/A Notice Energy (Physicals) Crude Oil (CL) Block EFP Block EFP Member Non-Member Heating Oil (HO) NY Harbor RBOB (Blendstock) Gas (RB) Natural Gas (NG) Crude Oil Option (LO) Block EOO Block EOO House Acct Cust Acct Natural Gas Option (ON) Heating Oil Option (OH) WTI Crude Oil 1 Month CSO (WA) Heating Oil Crack Spread Option (CH) Energy (Financial) Henry Hub Financial (HP) Henry Hub Financial Last Day (HH) Henry Hub Swap (NN) Member Non-Member Henry Hub Penultimate Swap (NP) Brent Financial (BB) Member Non-Member Brent European Style Option (BZO) Exchange fee waiver through 1/31/2019 Brent Last Day Contract (BZ) Block EFP Block EFP Member Non-Member PJM Western Hub Peak Calendar-Month Real-Time LMP (L1)

6 Member Non-Member 8 Fee Summary Guide Equity Products CME Equity Products Equity Futures & Options fees E-mini Equity Futures fees (1) E-mini Equity Options fees (1) Membership Type EXCHANGE FEE EXCHANGE FEE EXCHANGE FEE Future Option Clearing Members and Equity Member Firms (1) Open Auction Electronic Trading Member Firm ( ) Open Auction Electronic Electronic Corporate Members (ECMs) Open Auction Electronic International Incentive Program (IIP) Open Auction Electronic Non-Members Open Auction ** Electronic * * The fee rates for Nikkei Futures products N1 and NK are $ for Globex outright trades and $ for Globex spreads. ** The fee rate for E-mini Equity Futures is $ for Globex spreads. CBOT Equity Products E-mini $5 Dow Futures & Options & DJ Real Estate Index Futures fees Membership Type EXCHANGE FEE Clearing Members and Equity Member Firms Electronic: Member/Delegate executed Electronic: Non-Member executed Trading Member Firms ( ) Electronic Electronic Corporate Members (ECMs) Electronic International Incentive Program (IIP) Electronic Non-Members Electronic 9 (1) Volume discount program CME E-mini Equity Futures and Options A tiered volume discount on CME electronic Exchange fees for CME E-mini Equity Futures and Options is available to Clearing and Equity Member firms for individuals executing trades under the following parameters (discounted fees are outlined below).

7 Volume will be aggregated across all CME E-mini Equity Index products and contract months by account owner (spread transactions are included for options but not for futures; futures and options will be accumulated separately for determining threshold levels). Clearing Members and related members will be treated as one for purposes of volume aggregation. Volume discount program CME E-mini Equity Futures and Options E-mini Futures E-mini Options Membership Type Clearing Members/ Equity Member Firms Monthly Avg. Daily Threshold (in sides) 0 8,500 Exchange Fee Discount None Monthly Avg. Daily Thresholds (in sides) 0 5,000 Exchange Fee Discount None 8,501 45,000 5,001 35,000 45,001 100,000 35,001 60,000 100,001 135,000 60,001 80,000 > 135,000 > 80,000 Liquidity Provider Incentive Program Prop firms that are Clearing Members or Equity Member Firms may be eligible to be designated as a Liquidity Provider by CME Group and, in turn, receive volume discounts for CME E-mini Equity Futures based upon the discounted fee schedule outlined below.

8 For member firms designated as Liquidity Providers, accumulation will be aggregated by account owner(s). The following thresholds apply: CME E-mini Equity Index Futures (Futures Only) Liquidity Provider Program Criterion Membership Type Monthly Avg. Daily Threshold (in sides) Exchange Fee Discount Clearing Members and Equity Member Firms 0 3,000 None Participants must satisfy the following criteria to qualify for the liquidity provider incentives. Trade: 1. A minimum total Average Daily Volume of 5,000 contract sides; AND 2. One of the following: >_ 60 percent of firm s total futures contract volume identified as the market-making or resting side of a trade; OR >_ 40,000 Average Daily Volume of firm s total futures contract sides identifiable as market- making or resting side of a trade 3,001 25,000 25,001 75,000 75,001 100,000 > 100,000 Note that CME Group will review eligibility for this program on a quarterly basis. Fee Summary Guide 10 FX Products CME FX Products FX Futures & Options fees E-mini FX fees E-micro FX fees Membership Type EXCHANGE FEE EXCHANGE FEE EXCHANGE FEE Clearing Members and Equity Member Firms (1) Open Auction Electronic Trading Member Firm ( ) Open Auction Electronic Electronic Corporate Members (ECMs) Open Auction Electronic International Incentive Program (IIP) Open Auction Electronic Non-Members Open Auction Electronic Effective through January 31, 2020, exchange fees for Globex Spread transaction in FX Futures will be discounted 50% (after any applicable volume discounts), excluding the front quarterly spread during the quarterly roll months of March, June, September, or December.

9 (1) Volume discount program CME Standard and E-mini FX Futures A tiered volume discount on CME electronic Exchange fees for standard and E-mini FX futures is available to Clearing and Equity Member firms for individuals executing trades under the following parameters (discounted fees are outlined below). Volume will be aggregated across all products and contract months by account owner. Clearing Members and related member accounts will be treated as one for purposes of volume aggregation. Volume discount program CME Standard and E-mini FX Futures Membership Type Monthly Avg. Daily Threshold (in sides) Exchange Fee Discount 0 6,500 None Clearing Members/ Equity Member Firms 6,501 15,000 15,001 32,000 32,001 65,000 > 65,000 Fee Summary Guide 12 Interest Rate Products CME Interest Rate Products Interest Rate Futures fees Interest Rate Options fees Membership Type EXCHANGE FEE EXCHANGE FEE Clearing Members and Equity Member Firms (1) Open Auction Electronic Trading Member Firm ( ) (1) (2) Open Auction Electronic Electronic Corporate Members (ECMs) (2) Open Auction Electronic International Incentive Program (IIP) Open Auction Electronic Non-Members (1) Open Auction Electronic Interest Rate Futures and Options (1) On a tiered basis, fees for Interest Rate Products will be reduced for trading volumes exceeding designated monthly average daily volume thresholds.

10 Open outcry and CME Globex volume is combined, but futures and options are treated separately. Eurodollar and Mid-Curve options are treated as one product. For Member Firm transactions, monthly volume is aggregated across accounts, across clearing firms. Clearing Members and their related Member(s) accounts will be treated as one firm for purposes of the volume aggregation. For Rule Member Approved Funds, their associated volume will be aggregated with their related Rule Equity Member Firm. For all other transactions, volume is aggregated per account per product. The following fee discounts apply based on volume traded: Futures Options Eligible Participants Average Daily Volume Threshold (Sides) Exchange Fee Discount Average Daily Volume Threshold (Sides) Exchange Fee Discount Clearing Members Equity Member Firms Trading Member Firms (for open outcry only) 0 30,000 none 0 15,000 none 30,001 60,000 15,001 30,000 60,001 90,000 30,001 60,000 > 90,000 > 60,000 Eurodollar and Euribor (2) On a tiered basis, for corporate members the fee for Eurodollar Futures and Euribor Futures traded electronically is reduced for trading volumes in excess of 15,000 contracts per month.