There are five levels of individual CBOT memberships. Each type determines eligibility for trading certain products at reduced rates and provides access to trading on the CME Group trading floor. A different color trading badge (for wearing on the trading floor) is associated with each level of membership:
(B-1) Full Members
Trades: all financial and agricultural futures and options contracts
(B-2) Associate Members
Trades: all financial futures and options and agricultural options only
(B-3) GIM (Government, Instruments Market) Members
Trades: financial instrument futures
(B-4) IDEM (Index, Debt and Energy Market) Members
Trades: Fed Funds, and index futures
(B-5) COM (Commodity Options Market) Members
Eligibility and Requirements:
To be an individual member of CBOT, you must be an adult and possess good moral character, a good reputation and business integrity. In addition, you must have adequate financial resources to assume the responsibilities and privileges of membership.
Process for CBOT Individual Membership:
Each of the five types of individual CBOT memberships involve the same membership process.
To apply for CBOT membership you must submit:
- A typewritten application for membership, which includes
- Answers to questions on education, employment, residential and disciplinary history; and
- Completion of a financial statement of assets, liabilities and net worth;
- A $2,000 non-refundable fee made payable to CME Group;
- Two 2″ x 2″ passport-quality color photographs; and
- A certified birth certificate or passport
During the application process, CME Group will:
- List the name of each applicant in our Weekly Special Executive Report
- Post your photo on the CME Group trading floor
If your membership application is approved, you have 30 days to acquire a membership.
You can acquire a membership via:
- Firm transfer
Primary Clearing Member Authorizations:
If you plan to execute trades on the Exchange Floor or on the CME Globex electronic trading system, you must designate a primary clearing member that will accept and clear the trades.
NFA Floor Broker/Trader Registration/Authorization of Error Accounts:
You must file with the National Futures Association (NFA) either as a Floor Trader or Floor Broker if you intend to access the trading floor. If you will use your membership for the purpose of filling orders for other members or customers you must apply to the NFA for a floor broker’s license.
Purchase or Lease of a Membership –
Following the approval of a membership application, you have 30 days to procure a membership privilege.
You may submit a bid to purchase a membership at any time, i.e., before you submit your application for membership, while your application is being processed or after your application is approved.
You may also submit a lease agreement or transfer forms once you are approved for membership.
You may lease a membership by paying a monthly ‘rent’ to an owner of any division of membership.
You can find a member to lease from through clearing firms or through a list of lessors posted in the Membership for Lease section of the CME Group website Membership Pricing section.