Individual memberships at NYMEX and COMEX enable the member to trade all NYMEX and COMEX products at member’s rates and to trade directly from the NYMEX trading floor. There is one level of NYMEX individual membership and one level of COMEX individual membership.
Eligibility and Requirements:
To be an individual member of NYMEX or COMEX, you must be at an adult and must possess:
- Good moral character
- A good reputation
- Business integrity
- Adequate financial resources to assume the responsibilities and privileges of membership
Before you begin trading as a member of NYMEX or COMEX, you must:
- Be qualified to trade by a clearing member
- Be registered with the National Futures Association (NFA) as either a floor trader or floor broker before you start trading on the floor
All applicants must satisfy Exchange educational requirements. If you will be accessing the NYMEX trading floor you will be required to attend a new member orientation and pass a Qualifying Examination covering the basics of the commodity industry, and the Rules and Regulations. You will receive study materials when you submit your application.
Process for NYMEX Individual Membership:
To apply for NYMEX 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 NYMEX trading floor
If your membership application is approved, you have 30 days to acquire a membership.
You can acquire a membership via:
- Family transfer
- 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.
Forms for NYMEX Individual Membership:
Process for COMEX Individual Membership:
To be an individual member of COMEX, 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.
Please note that an application will not be deemed “filed” unless all required materials are submitted correctly and completely. Therefore, the following information is provided to assist you in completing your application.
- Application Fee – Check in the amount of $2000
- Application Form – Must be typewritten with ALL questions answered completely and fully.
- Photos – Two 2” x 2” passport-quality color photographs
Primary Clearing Member Guarantee – If the applicant intends to execute transactions on the trading floor of the Exchange, this form must be completed by an Exchange Clearing Member Firm.