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Requirements for CME membership


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Requirements for CME membership

  #11 (permalink)
 
SMCJB's Avatar
 SMCJB 
Houston TX
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I got (leased!) my IDEM membership not for it's trading privileges but because it made me an Eligible Contract Participant ("ECP") under the commodity exchange act. Having ECP status enabled me to trade a lot of Over-The-Counter energy products, and trade on ICE and IDEM was (probably still is) the cheapest seat I could get. Since Dodd-Frank though, nearly everything is now a regulated future and as such the ECP designation is no longer valuable.

I now have (lease) the NYMEX seat for the reduced fees. 1000 lots a month and it's paid for.

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  #12 (permalink)
Kalisto
Geneva, Switzerland
 
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tflanner View Post
I have had cbot seats for 20 years. AM and IDEM. sold my AM because i was not trading treasury's anymore. Held the IDEM because i started trading YM. Sold the IDEM in Dec of 2014 because of the b.s. CME data fees and also was not really trading YM anymore.

When you sell a seat you own, does the CME charge any fees for the transaction ?

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  #13 (permalink)
Kalisto
Geneva, Switzerland
 
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Other question, after the initial application of $2000 is paid, if you interrupt leasing a seat in order to resume it later, are you charged again a new application fee if you let too much time go (I was talked about a reduced application fee of $1000 for all secondary exchange applications unspaced in time, otherwise $2000 again) or not ?

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  #14 (permalink)
 
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 SMCJB 
Houston TX
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https://www.cmegroup.com/company/membership.html
[email protected]

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  #15 (permalink)
Kalisto
Geneva, Switzerland
 
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I think I wrote like 3 times to this email, from 2 different emails, and never got any reply.
I’ll try the phone number next. Thx anyway

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  #16 (permalink)
 
SMCJB's Avatar
 SMCJB 
Houston TX
Legendary Market Wizard
 
Experience: Advanced
Platform: TT and Stellar
Broker: Advantage Futures
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NapoleonDynamite View Post
I think I wrote like 3 times to this email, from 2 different emails, and never got any reply.
I’ll try the phone number next. Thx anyway

You could always ask your broker. Everything to do with the seats I lease is done through my broker. I have no contact with the exchange* or the people I lease from.

* If you use the seat to get data netting, then that (the data netting) is all done directly with the exchange.

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  #17 (permalink)
Kalisto
Geneva, Switzerland
 
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Unfortunately, AMP doesn’t help with these matters. That’s the stance I received from the customer service.

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  #18 (permalink)
 
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 SMCJB 
Houston TX
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AMP are pretty small

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  #19 (permalink)
 artemiso 
New York, NY
 
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NapoleonDynamite View Post
When you sell a seat you own, does the CME charge any fees for the transaction ?

Yes.

Edit: On second thoughts, I recall paying application fees each time I bought a seat but not when I sell them, so maybe you're only charged on the entry leg.

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  #20 (permalink)
 artemiso 
New York, NY
 
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artemiso View Post
Yes.

Edit: On second thoughts, I recall paying application fees each time I bought a seat but not when I sell them, so maybe you're only charged on the entry leg.

$1,000 for the first membership within each exchange, and a $300 transfer fee for purchasing each additional seat on the exchange. I don't think you pay anything for selling.

I have several vacant seats lying around by the way, let me know if you are looking for a lease.

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