Latin American Fund Manager Incentive Program (FMIP)
Questions & Answers
February 2024
1. What is the Latin American Fund Manager Incentive Program?
The Latin American Fund Manager Incentive Program (“FMIP”) is a program that allows FundManagement Firms (“Fund Managers”) in Latin America to receive discounted fees for the tradingof certain CME Group products for Approved Fund accounts which are managed by the FundManager. Approved Fund accounts of program participants receive discounted fees on CME,
CBOT, NYMEX and COMEX products listed below. Approved Fund accounts of FMIP participants
will receive discounted fees through January 31, 2026, provided they satisfy minimum quarterly
volume requirements.
New in 2024:••

Provided minimum quarterly volume requirements are met, participation in the program will
be limited to a maximum continuous period of 24 months. After 24 months participants will
be removed from the program and will not be eligible for program discounted rates.
Provided minimum quarterly volume requirements are met, participants registered in theprogram as of February 1, 2024, will continue to be eligible for program rates up to andincluding January 31, 2026.

2. What products can be traded under this program?
Certain CME, CBOT, NYMEX and COMEX products available for trading on the Globex Platform,and all CME Interest Rate Options traded via Open Outcry (collectively, the “Products”).
3. How does a Fund Manager qualify for the program?
There is no limit to the number of participants that may be selected in the Program. All approved
CME, CBOT, NYMEX, and COMEX non-members may participate. Participation in the Program
will be limited to a maximum continuous period of 24 months. After 24 months, participants will beremoved from the Program. Participants registered in the Program as of February 1, 2024 willcontinue to be eligible for the Program through January 31, 2026.
To qualify for FMIP, a Fund Manager must:• Be located in a Latin American country and meet any additional regulatory limitations
applicable to the country in which it is incorporated. (Refer to Questions #19-22 at end of
document for additional information.)• Have assets under management of at least US $5 million.
• Be registered and licensed by the government regulator in their respective country in Latin
America and submit to CME Group all related documentation of such registrations andlicenses.
• Have all traders physically located in Latin America.
• Complete an FMIP application and be approved by CME Group.
• Register Approved Funds with CME Group. Approved Fund accounts will receive
discounted fees only on fund accounts that are solely managed by the FMIP participating
Fund Manager. The FMIP participant must submit documentation showing they are theauthorized manager of the fund account applying for discounted fees.

CME Group FMIP Q&A – Last Updated February 2024

Page 1 of 7•••Trade the account of a hedge fund, certain specialized government-sponsored pension
funds or commodity pools. Individual managed accounts, private pension funds and mutual
funds do not qualify for the program.
Execute all trades in the name of the Approved Fund account managed by the qualified
FMIP participant.
Register all participating traders who must be owners, bona fide employees or independent
contractors of the FMIP participant.

Please note CME Group may be unable to accept participants located in certain countries
and limits on qualification may apply for applicants located in certain countries. Pleasecontact the CME Group Membership Concierge Team for further information regarding anylocation restrictions.
4. What are the minimum volume requirements to stay in the program?
For continued eligibility and incentive qualification, the Approved Fund must maintain an average
daily volume (“ADV”) in the Products of 100 contracts (sides) measured over a given calendar
quarter. Eligibility will be re-evaluated on a calendar quarter basis (March, June, September andDecember). All Micro contracts will be excluded from this ADV requirement.
5. How is an FMIP participant’s average daily volume calculated for the purposes of theminimum volume requirement?
For each quarter, CME Group sums the qualified product sides traded through the Approved Fund
account held by the FMIP firm and registered in CME Group’s Exchange Fee System (“EFS”) as
such. To be included in the sum, the contract side must trade and clear on a day within the quarter.
CME Group calculates the average daily volume by dividing that sum by the number of businessdays in the quarter. Exchange holidays are excluded from the business day count for the quarter.
6. How is an FMIP participant’s average daily volume calculated if the FMIP participant wasapproved midway through the quarter?
The average daily volume will be based on the sides traded and the number of business days thefirm was in the FMIP during the quarter. For example, a firm who was an FMIP participant for 10
business days during the quarter would be required to maintain minimum volume of 1,000 sides(10 business days * 100) during the quarter to meet the volume requirement.
FMIP firms that do not satisfy the minimum quarterly volume requirement will no longer be eligiblefor the FMIP; however, CME Group may grant a one-time waiver to participants who do not meetthe volume requirement. Firms may reapply; however the standard non-refundable application fee
will be required.
7. For an FMIP participant failing to meet the minimum quarterly volume requirement, whenwill the firm be dismissed from the program?
On the 15th of the applicable review month (or first business day thereafter).
For instance, if an FMIP Approved Fund averages below 100 contracts (sides) ADV for the firstquarter, the FMIP status will change effective April 15 (or first business day thereafter). For theperiod April 1st through April 15th, the firm will receive FMIP rates. On and after April 16th, the firm
will no longer be eligible for the program and will receive non-member/customer rates on all trades.

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8. Will CME Group notify the FMIP participant or the clearing firm of its failure to meet theminimum quarterly volume requirement?
Yes, the CME Group will notify an FMIP firm failing the average minimum quarterly volumerequirement. Additionally, CME Group will do its best to notify an FMIP firm’s clearing member
firms through e-mail on file with CME Group that the FMIP participant has been withdrawn from theprogram. However, the FMIP firm is responsible for communicating this change in status to its
clearing member firms.
9. What trading fees are charged by CME Group to Approved Funds of FMIP participants?
The following summary table should be used as a reference guide only. Please refer to the most
updated fee schedule at www.cmegroup.com/fees for more details on this program or for fees notlisted below.
Product Category(For executed trades on Globex only)
CME Products
Full Size Foreign Exchange Futures (excluding FXLink) and Options
E-Mini Equity Index Futures – Outrights (excludingDividend Index Futures)
E-mini Equity Index - Options

FMIP Fees(per side)

$1.09
$1.16
$0.51

Case Schiller Housing Index Futures – Outrights$1.16

Micro E-Mini Equity Index Futures – Outrights$0.24

Micro E-Mini Equity Index Futures – Spreads$0.24

Micro E-mini Equity Index Options – Outrights$0.15

Micro E-mini Equity Index Options – Spreads$0.12

Bitcoin Futures – Outrights and Spreads$6.10

Bitcoin Options$4.87

Interest Rates Futures – Front Months$0.83

Interest Rate Futures – Back Months$0.78

Interest Rates - Options$0.64

CBOT Products
Full Size Agricultural Contracts (Excluding TAS)

$1.78

E-mini Dow/DJ U.S. Real Estate$1.16

Micro E-Mini Dow Futures$0.24

Micro Treasury Yield Futures$0.28

2-Yr | 3-Yr U.S. Treasury Futures$0.62

5-Yr U.S. Treasury Futures$0.62

10-Yr & Ultra 10-Yr U.S. Treasury Futures$0.72

All Other U.S. Treasury Bond Futures$0.79

Ultra U.S. Treasury Bond Futures$0.82

TBA Futures$0.57

U.S. Treasury Options$0.58

Fed Funds Products$0.65

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NYMEX Products
Henry Hub Natural Gas Look-Alike Options (LN)
Henry Hub Natural Gas Futures (NG)
(Excluding TAS)Henry Hub Natural Gas Options (ON)Light Sweet Crude Oil (WTI) Futures (CL)
(Excluding TAS)Light Sweet Crude Oil Options (LO)
NY Harbor ULSD Futures (HO)(Excluding TAS)RBOB Gasoline Futures (RB) (Excluding TAS)

$1.27

NYMEX Metals (PL, PA) (Excluding TAS)

$1.27

$1.27
$1.27
$1.27
$1.27
$1.27
$1.27

COMEX ProductsCore Metals (GC, SI, HG) (Excluding TAS)

$1.27

Gold (Enhanced Delivery) Futures$1.27

Product Category (For executed trades via
Open Outcry Only)
CME ProductsInterest Rate Options

FMIP Fees$0.62

Application Process

10. How do firms apply for the FMIP?
Firms wishing to apply should complete the appropriate sections of the Combined International
Incentive Programs Application and submit it to the CME Group Membership Concierge Team,
along with supporting documentation. For questions on the application, please send an email toconciergeteam@cmegroup.com or call +1.312.435.3555. You may also contact the InternationalManagement Department in Chicago at intl-latam@cmegroup.com or +1.312.930.2319 (includingfor assistance in Spanish or Portuguese). Staff at these offices can provide you with additional
information and assist you through the application process.
11. How long is the approval process?
Once it has been confirmed in writing by the CME Group Membership Concierge Team that theapplication and all supporting documents are received, the due diligence review process starts andgenerally takes 6-8 weeks, however review times may vary based on many factors including, but
not limited to: complex regulatory requirements, completeness of applications and supporting
documentation, complex firm and organizational structures, applicant response times and numberof applications under review. CME staff will consider the applicant’s reputation and businessintegrity, adequacy of its financial resources and credit, and any applicable regulatory restrictions
in reviewing the applicant. CME Staff have sole discretion to determine whether an applicant isadmitted to or continues participation in the program.
12. Do Fund Managers applying for the FMIP incentive program have to submit financial,registration and regulatory licensing documents?
Yes. As part of the supporting documents required with the FMIP application, Fund Managers are
required to submit their certified financial statements. If a certified financial statement is notavailable, FMIP applicants may submit any published financial statement with its application
including those published on its Web site. All financial statements submitted must be in English.
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FMIP applicants must also submit regulatory registration and licensing documents for theirapplicable country of domicile in Latin America, as well as their most recent statements of assets
under management.
Additionally, the Fund Manager must submit documentation for the funds that will be participatingin the FMIP. For each fund, these documents include a certified financial statement, investment
manager agreement and recent daily or monthly account statements from the fund’s clearing
member firm(s). Additional submission requirements may apply for firms registered in certain
countries.
13. How are Fund Accounts added to the program?
Once a Fund Manager has been approved as an FMIP participant, the Fund Manager may submit
additional funds for approval by submitting Section 13, pages 19-22 of the Combined International
Incentive Programs Application, including all supporting documents.
14. Do Approved Fund Accounts managed by an FMIP Fund Manager need to beincorporated in Latin America?
The FMIP Fund Manager needs to be incorporated in Latin America. See item 19 of this document
for a list of qualifying countries for FMIP participants. Approved Fund accounts need to beincorporated in a qualified Latin American country or certain Caribbean countries. See item 22 of
this document for a list of permitted Caribbean countries.
15. Are there any application fees?
Yes. A $2,500 non-refundable initial application fee for each fund manager and the first applicant
fund, as well as a $500 non-refundable fee for each additional applicant fund will be required, prior
to any entity being reviewed.
16. If my firm is approved as an FMIP participant, do the Fund Accounts that it manages stillneed a clearing firm?
Yes. All trades at CME Group are done through CME Group clearing member firms. All FMIP
Approved Funds must maintain their own separate account on the books of a CME Group clearing
member firm. FMIP Approved Fund accounts may not be maintained in a non-disclosed omnibus
account.
17. How will my clearing firm be notified that my fund account has been approved in FMIP?
While we will do our best to notify the Fund Manager and Approved Funds as well as theappropriate staff at any clearing firms you have included in your FMIP application, the responsibility
to inform your clearing firm remains with you. Because the FMIP discounted rates will be applicableat any clearing firm that is utilized by the Approved Fund account which you manage, we may notknow about all of your clearing relationships. As a result, you must notify your clearing firms when
you receive your approval notification. We encourage customers to notify their clearing firms about
their intention to apply for this program as early as possible.
18. How does a clearing firm register a FMIP Approved Fund account in order to receive thediscounted fees?
In order to receive the incentives, both the Globex operator ID (also known as a Tag 50 ID) and theaccount must be registered within the Exchange Fee System (EFS). The Tag 50 ID represents theperson(s) entering orders into CME Globex. The FMIP’s clearing firm is responsible for registering
the Tag 50 ID and account into EFS. Once an entity is approved, their clearing firm will be informed
CME Group FMIP Q&A – Last Updated February 2024

Page 5 of 7and will register the participant’s accounts in EFS. FMIP firms should contact their clearing firms toensure that the correct Tag 50 ID and account information is registered in EFS to receive thereduced rate. Inaccurate information registered in EFS will result in non-member rates.

Eligible Countries
19. The following countries may be eligible for the FMIP:
Argentina
BrazilChile
Colombia
MexicoPeru
Paraguay
Uruguay

Please note CME Group may be unable to accept participants located in certain countries listed
above and limits on qualification may apply for applicants located in certain countries.
Additional countries located in Latin America have not yet been reviewed for qualifications.
Please contact the CME Group Membership Concierge Team for further information regarding
any location acceptability and restrictions.
20. Can the Latin American branch offices of fund management firms incorporated outsideof the Latin America participate?
No.
21. Can the non-Latin America branch offices of fund management firms incorporated inLatin America participate?
No.
22. Can funds located in Caribbean countries managed by fund managers incorporated inapproved Latin American countries participate in the FMIP?
Yes. If the hedge fund manager is located in a qualified country, their funds registered in Bahamas,
British Virgin Islands, Cayman Islands, Nassau and United States Virgin Islands may participate.
23. How can I make the application fee payment?
Please contact the CME Group Membership Concierge Team at conciergeteam@cmegroup.com
for wire instructions.
The information contained in this FAQ is provided for informational, discussion and educational
purposes only and is not an offer or solicitation of any nature whatsoever, of products or interest insuch products. No representation or warranties are made under this FAQ and nothing herein shallbe construed to amount to an opinion or be binding on any of the persons referred to herein.
Futures and options trading is not suitable for all investors and involves the risk of loss. Thiscommunication does not constitute and shall under no circumstances be deemed to constitute

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investment advice. This communication is not intended to constitute a public offering of securities
within the meaning of any applicable legislation.

CME GROUP DOES NOT REPRESENT THAT ANY MATERIAL OR INFORMATION CONTAINED IN THISCOMMUNICATION IS APPROPRIATE FOR USE OR PERMITTED IN ANY JURISDICTION OR COUNTRYWHERE SUCH USE OR DISTRIBUTION WOULD BE CONTRARY TO ANY APPLICABLE LAW ORREGULATION.

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