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Membership
The Business of Clearing Trades
The Clearing function is at the heart of any futures exchange. The
Minneapolis Grain Exchange Clearing Department performs many key
functions for its members.
Key Functions
- Computer match every trade
- Pay and collect funds resulting from trade activity
- Facilitate delivery or exercise
- Manage security or guarantee deposits
- Report relevant and appropriate trade data to Clearing Member
firms, the Compliance Department, news services and the Commodity
Futures Trading Commission
- Maintain computer system equipped with full back-up capabilities
The board of directors has approved the following schedule of
Exchange and Clearing Fees for each contract of futures or options
bought, sold, exchanged for physical, transferred, delivered, accepted
for delivery, cash settled, exercised or assigned effective April
1, 2008:
For purposes of computing fees, a “member” is the individual listed as the record holder of a membership and trades Exchange contracts for their own account. Further, member rates apply to a firm or corporation which is a record owner of a membership. Member rates do not apply to employees, associated persons, affiliate companies, subsidiary corporations or parent corporations of a member firm or corporation unless they also are a record owner of a membership.
A "delegate" is the individual listed as the record holder of a leased membership and trades Exchange contracts for their own account.
| Exchange and Clearing Fees: |
| OPEN OUTCRY |
|
|
|
Futures and Options
(Per side) |
Exchange Fee |
Clearing Fee |
Total Fee |
| Type 1 Trades |
.00 |
.05 |
.05* |
| Member Rate |
.30 |
.20 |
.50 |
| Delegate Rate |
.45 |
.20 |
.65 |
| Non-Member Rate |
.60 |
.20 |
.80 |
| *The Maximum combined Exchange fee and Clearing for Type 1 trades is five thousand dollars ($5,000) per year. |
| MGEXpress – ELECTRONIC TRADING |
Futures and Options
(Per side) |
Exchange Fee |
Clearing Fee |
Total Fee |
| First 15,000 Contracts per month |
| Member Rate |
.80 |
.20 |
1.00 |
| Delegate Rate |
1.20 |
.20 |
1.40 |
| Non-Member Rate |
1.60 |
.20 |
1.80 |
| Next 15,000 Contracts per month |
| Member Rate |
.60 |
.20 |
.80 |
| Delegate Rate |
1.00 |
.20 |
1.20 |
| Non-Member Rate |
1.40 |
.20 |
1.60 |
| Each Additional Contract per month |
| Member Rate |
.45 |
.20 |
.65 |
| Delegate Rate |
.85 |
.20 |
1.05 |
| Non-Member Rate |
1.25 |
.20 |
1.45 |
Record holders granted an electronic trading permit for use on the MGEX trading floor pay the following rate for contracts executed for their own account: |
| First 5,000 Contracts per month |
| Member Rate |
.50 |
.20 |
.70 |
| Delegate Rate |
.60 |
.20 |
.80 |
| Each Additional Contract per month |
| Member Rate |
.35 |
.20 |
.55 |
| Delegate Rate |
.45 |
.20 |
.65 |
|
Exchange service fees for MGEXpress will be charged per account. |
