CME Term SOFR
Effective October 1, 2023
For further detail please refer to the CME Term SOFR Reference Rate FAQ or contact CME Group Data Sales to discuss the licenses thatbest fit your needs

Unit of Count

Description

AnnuallyMonthly

Distribution
Real Time

Licensee Group$0

DelayedLicensee Group$0

DelayedWebsite$0

Real Time

Device$0

DelayedDevice$0Data Feed

Data Feed$0

Non-Display

Licensee Group$0

Category 1 - Use in Cash Market Financial Products

Licensee Group$01

Licensee Group$8,000Licensee Group$4,000Financial Institution or Non-Financial Institution(total assets between $1.5 - $10 billion)

Licensee Group$2,000Financial Institution2 or Non-Financial Institution3(total assets less than $1.5 billion)

Licensee Group$0

Licensee Group$0Real Time

Licensee Group$30,000

Delayed7

Licensee Group$15,000

WebsiteDevice

Category 2 – Use in OTC Derivative Products5
Financial Institution2(total assets over $10 billion)
Non-Financial Institution3(total assets over $10 billion)
234

Public Policy Financial Institution

Category 3 – Treasury, Risk & Transaction Admin
Services6

Benchmark Fee Schedule 2023Description

Unit of Count

Annually

Licensee Group$25,000

1Index$12,000

2 - 10Indices$30,000

11 – 20

Indices$50,000

21+

Indices$70,000

Monthly

Category 4 – Clearing & Trading Services

4b Trading Services Base Fee
4b Transaction Fee – Per USD Million Notional
Transaction Maturity|Variable Fee

0 up to 3 years

0.01

3 up to 6 years

0.02

6 up to 9 years

0.03

9 up to 12 years

0.05

12+ years

0.08

Category 5 – Index Products

1.
2.

Fees are waived through 2026
Financial Institution: Any Licensee Group entity (other than a Public Policy Financial Institution) engaged in the business of(other than in an ancillary capacity), dealing with, engaging in, or otherwise facilitating, financial and/or monetary transactions,
including, without limitation, retail or corporate banking and lending activities, securities brokerage activities, insurance orreinsurance services, investment or portfolio management activities, dealing in money markets, FX trading, issuing or trading

6.
7.
8.

futures, options or other derivatives, serving as an advisor with respect to any of the foregoing, and any other financial services,in each case as determined by CME in its sole discretion.
Non-Financial Institution: Any entity that is neither a Financial Institution nor a Public Policy Financial Institution.
Public Policy Financial Institution: Any entity that is (i) a central bank, government treasury, ministry of finance or other such
public or quasi-public financial institution established for the primary purpose of serving public policy goals but (ii) excludes, forthe avoidance of doubt, any government pension schemes, sovereign wealth funds or other public asset owners acting
principally as a market participant, in each case (i) and (ii) as determined by CME in its sole discretion.
Total assets based on assets under management, the value of assets on Licensee Group’s balance sheet or any other objective
measure CME may reasonably employ, for the most recent fiscal year end.
Fees will be prorated in the first year.
Fees for Delayed Use in Category 3 are waived if Licensee pays for Real Time Use in Category 3.
Fees are billed annually in advance and are prorated in the first calendar year.

9.

Fees are tiered, based on the total number of licensed Index Products.

3.
4.

5.

Benchmark Fee Schedule 2023

CME Term SOFR Daily Return Benchmarks
Effective September 30, 2023
Annual Fee

Description
Performance Benchmarking

1

Size of Firm
0 – 1.5bn in Assets$5,0001.5bn – 10bn in Assets$10,000

10bn + in Assets$15,000$5,000Index Blending2
Service Provider

1.
2.

Up to maximum 10 clients$5,000Up to 100 clients$25,000

Unlimited number of clients$50,000

Fees are assessed annually in advance and are prorated in the first year.
To obtain an Index Blending License, it is a prerequisite to hold a Performance Benchmarking License.

CME Term SOFR Constituent Information, 3November 20, 2023

Display Device

Unit ofCountDevice

Non-Display Benchmark Use

Licensee Group

Description

Annual Fee$0$0

Reconciliation Use 1
Size of Firm

1.
2.
3.

Financial Institution – Under $1.5 billion

Licensee Group$2,500Financial Institution - $1.5 - $10 billion

Licensee Group$5,000Financial Institution – Over $10 billion

Licensee Group

$7,500Non-Financial Institution – Under $1.5 billion

Licensee Group$2,500

Non-Financial Institution - $1.5 - $10 billion

Licensee Group$2,500Non-Financial Institution – Over $10 billion

Licensee Group$5,000Fees are assessed annually in advance and are pro-rated in the first year.
Licensee must maintain a CME Term SOFR Category 1, 2 or 4a license while subscribed to Constituent File.
Constituent Information access and use must be licensed directly with CME and is available for Internal Use only.

Benchmark Fee Schedule 2023

CME Group Volatility Index (CVOL™)
Effective – September 30, 2023
All fees listed below are charged per CVOL asset class.

Monthly

Unit of Count

Annually

Real Time Intraday Values1
End of Day Index

Licensee Group$280

Licensee Group$100

Delayed Intraday Values

Licensee Group$0

Delayed End of Day Index

Licensee Group$0

Delayed Intraday Values

Website$40

Delayed End of Day Index

Website$20

Real Time Intraday Values

Device$2

End of Day Index

Device$1

Delayed Intraday Values

Device$0

Delayed End of Day Index

Device$0

Description
Distribution

WebsiteDeviceNon-Display
Real Time Intraday Values

Licensee Group$250

End of Day Index

Licensee Group$100

Delayed Intraday Values

Licensee Group$0

Delayed End of Day Index

Licensee Group$0

Data Feed$0

Data Feed

1.
2.
3.
4.

All Fees listed above are waived until January 1, 2025.
Historical Feed Distribution is not permitted.
Intraday Values and End of Day Index are licensed independently. Each carries its own fee.
Commodity Volatility Index is included with the CVOL Agriculture, CVOL Energy or CVOL Metals Fee.

Benchmark Fee Schedule 2023

RepoFunds Rate Family – RFR Euro, RFR Sterling & RFR JBOND
Effective – April 1, 2024
Description

Unit of Count

AnnuallyMonthly

Distribution
Real Time1Licensee Group$2,200

DelayedLicensee Group$0

RFR Euro Real Time

Licensee Group$1,100

RFR Sterling Real Time

Licensee Group$770

RFR JBOND Real Time

Licensee Group$0

RFR Euro Delayed

Licensee Group$0

RFR Sterling Delayed

Licensee Group$0

RFR JBOND Delayed

Licensee Group$0

RFR Euro Real Time

Licensee Group$2,200

RFR Sterling Real Time

Licensee Group

$1,650RFR JBOND Real Time

Licensee Group

$1,925

Level 1 - Device Only

Level 1 Internal Use – (Device & Non-Display)2

RFR Euro Delayed$0

RFR Sterling Delayed$0

RFR JBOND Delayed$0

Level 2 Internal Use – (Device & Non-Display)2
RFR Euro

Licensee Group$2,200

RFR Sterling

Licensee Group

$1,650RFR JBOND

Licensee Group

$1,925RFR Euro

Licensee Group$5,500

RFR Sterling

Licensee Group

$3,850RFR JBOND3

Licensee Group

$3,850Licensee Group

$1,650

Data Feed$0

Level 3 Internal Use – (Device & Non-Display)2

Level 4 Internal Use – (Device & Non-Display)2
RFR JBOND3
Data Feed

Benchmark Fee Schedule 2023

1.

The Distribution License Fee is for rights to distribute RepoFunds Rate Euro and RepoFunds Rate Sterling Level 1 & 2, andRepoFunds Rate JBOND Level 1 only.

2.

License fees include unlimited Internal Display Devices and unlimited Internal Non-Display Benchmark Use.

Benchmark Fee Schedule 2023