International Incentive Program (IIP)
Questions & Answers
April 2024
1. What is the International Incentive Program?
The International Incentive Program (IIP) enables proprietary trading firms located andincorporated outside of North America to receive discounted fees for qualified products. These
incentives apply only certain proprietary trades that are made by qualified registered traders
located outside of North America in accordance with CME Group fee policies. IIP participants will
receive discounted fees through January 31, 2025, provided that they satisfy minimum quarterly
volume requirements.
2. What products can be traded under this program?
Certain CME, CBOT, NYMEX and COMEX products available for trading on the CME Globex Platform,and all Open Outcry transactions for Interest Rate options (collectively, the “Products”).
3. Are give-up trades eligible?
Yes, give-ups are eligible for the reduced all-in fee.
4. Is the program restricted to specific trading hours?
No. Firms in the program may take advantage of the discounted fees at any time. For a complete
list of CME, CBOT, NYMEX and COMEX products available on Globex and trading hours, please refer
to http://www.cmegroup.com/trading-hours.html.
5. Is an IIP firm subject to fees charged per contract by the National Futures Association (NFA)?
CMEGroupcharges
fees
pursuant
tothefeeschedules
athttps://www.cmegroup.com/company/clearing-fees.html. CME Group does not assess incentive
program participants NFA fees. For information regarding NFA fees, please contact the NFA at (312)781-1300.
FEE SCHEDULE & TIER DISCOUNTS
6. What is the CME Group fee schedule for IIP firms?
Please refer to the most updated fee schedule at http://www.cmegroup.com/company/clearingfees.html which provides more detail on fees for this program as well as fees for products not listed
below. This is a summary table that should be used as a reference guide only:

Product Category
Globex Only
CME Products
Agricultural - Futures & Options (Excluding TAS)
Lumber Futures
Full Size Foreign Exchange – Futures* (excludingFX Link)
Full Size Foreign Exchange –Futures (via FX Link)
Foreign Exchange – Options*

IIP Q&A – Last Updated April 2024

IIP Allin fees(Perside)
$0.89
$0.82
$0.54
$0.60
$0.54

Page 1 of 8Product Category
Globex Only
E-mini Foreign Exchange Contracts*
E-micro Foreign Exchange Contracts
Full Size Equity Index – Futures
E-mini Equity Index – Futures* (Outrights andSpreads excluding Dividend Index Futures)
E-mini Equity Index – Options*
Case Schiller Housing Index – Futures * (Outrightsand Spreads)
Micro E-mini Equity Index Futures
Micro E-mini Equity Index – Options
Nikkei/TOPIX Futures (Outrights and Spreads)
Interest Rate – Futures* (Front + Back Months +Bundles)
Interest Rate – Options*
CBOT Products
Full Size Agricultural Contracts (Excluding TAS)
Mini Agricultural Contracts
ICS & CS Agricultural Options
E-Mini Dow/DJ U.S. Real Estate
Micro e-Mini Dow Futures
Eris Swap Futures
Micro Treasury Yield Futures
U.S. Treasury Futures
U.S. Treasury Options
TBA Futures
Fed Fund Products
MAC Swap Futures

IIP Allin fees
(Perside)
$0.54
$0.15
$1.10
$0.75
$0.50
$0.75
$0.18
$0.10
$1.10
$0.50
$0.50
$1.11
$0.90
$2.06
$0.75
$0.18
$0.50
$0.21
$0.54
$0.54
$0.50
$0.49
$0.49

International Incentive Program (IIP) - CME Globex OnlyNYMEX Products
IIP All-in Fees
(Per side)
Henry Hub Natural Gas Look-Alike Last Day Fincl
Futures (HH) (Excluding TAS)

$0.90

Henry Hub Natural Gas Look-Alike Options (LN)

$0.90

Henry Hub Natural Gas Futures (NG) (Excluding TAS)

$0.90

Henry Hub Natural Gas Options (ON)$0.90

Light Sweet Crude Oil (WTI) Futures (CL) (ExcludingTAS)$0.90

Light Sweet Crude Oil Options (LO)$0.90

NY Harbor ULSD Futures (HO) (Excluding TAS)

$0.90

RBOB Gasoline Futures (RB) (Excluding TAS)

$0.90

IIP Q&A – Last Updated April 2024

Page 2 of 8Natural Gas Weeklky Financial Options (LN1-LN5)$0.95

Crude Oil Friday Weekly Option (LO1-LO5)$0.95

Crude Oil Monday Weekly Options (ML1-ML5)$0.95

Crude Oil Wednesday Weekly Options (WL1-WL5)$0.95

E-mini Crude Oil Futures (QM)

$0.88

E-mini Natural Gas Futures (QG)

$0.45

NYMEX Metals (PL, PA) (Excluding TAS)

$1.00

COMEX Products - Futures Only
Core Metal (GC, SI, HG) (Excluding TAS)
E-micro Gold (MGC) (Excluding TAS)
1,000 oz. Silver (SIL)
Shanghai Gold (SGC, SGU)
Gold (Enhanced Delivery) Futures (4GC)

$1.00
$0.20
$0.40
$1.00
$1.00

Product Category
Pit Trading
CME ProductsInterest Rate Options*

IIP All-in fees(Per side)$0.50*These products are eligible for volume discounts. Please see volume tiers below.

Progressive Volume Discount - for CME Product Exchange Only
• 0-5,000 sides Average Daily Volume (ADV) - fixed fee discount•5,001+ ADV – progressive fee discount, depending on the asset classTiers - CME Products for IIP
Tier Structure

CME InterestRates

FX

e-MiniEquityFutures

e-MiniEquityOptions

0 - 5000

$0.00

$0.00

$0.00

$0.00

5001+$0.25

$0.17

$0.25

$0.13

ELIGIBILTY
7. What types of firms are eligible for the International Incentive Program? What types of firms
are not eligible?
Eligible Firms: Proprietary trading firms located and incorporated outside of North America tradedby traders located outside of North America are eligible for the IIP. They will receive discounted
fees for qualified products and accounts of the proprietary trading firm conducted in accordancewith CME Group policies.

IIP Q&A – Last Updated April 2024

Page 3 of 8Please note CME Group may be unable to accept participants located in certain countries andlimits on qualification may apply for applicants located in certain countries. Please contact theCME Group Membership Concierge Team for further information regarding any location
restrictions.
Ineligible Firms: Trading Arcades, Commercial Firms, Hedge Funds, Commodity Pools, Banks, FCMs,Brokers, Broker/Dealers*, Commodity Trading Advisors, Introducing Brokers, Spread Betting Firms,
Asset/Investment Managers, Pension Funds and other firms that hold and/or manage third party
funds are not eligible for the IIP. Please note that firms that are wholly or partially owned by, oraffiliated with any of these firm types will also be ineligible for the IIP.
*Although Broker/Dealers are ineligible, for applicants located in GIFT City, India, please contact
Concierge Team member at ConciergeTeam@cmegroup.com for additional information.
8. What firms qualify as proprietary trading firms for IIP?
As defined by CME Group, a proprietary trading firm is a legal entity that trades its own capital.
Trading funds must be exclusively firm funds and all trading must be done in the firm’s accounts. A
proprietary trading firm is a legal entity in which:• All trading must be done in proprietary trading accounts held in the name of the firm.
• All trading must be done electronically by owners, employees or contractors of the firm.
• Only the firm’s capital can be at risk of loss; that is, no traders may make any trading capital
contributions or payments to the firm nor have any capital at risk in connection with theirtrading of the firm’s proprietary accounts.
• All trading must be solely for the benefit of the firm. No other individuals or entities canhave any ownership interest in these accounts.
• All funds contributed to and traded under the firm are subject to loss from any and all
trading activity of the firm.
• All profits and losses of the firm account are booked to income of the firm.
• Net profits of the firm account after the distribution of trader incentives and deduction ofexpenses are taxed to the firm.
Please refer to Fee Policy Bulletin #09-01 dated June 16, 2009, for complete details of fee policies.
9. Can an existing CME, CBOT, NYMEX, or COMEX Clearing Member Firm; CME, CBOT, NYMEX or
COMEX Rule 106.J. Equity Member Firm or Member Firm; CME or CBOT Rule 106.H. Trading
Member Firm; or CME or CBOT Rule 106.R. Electronic Corporate Member Firm outside of North
America convert or step down to IIP?
No. However, the firm can keep its current membership(s) and concurrently apply to participate in
IIP and benefit from IIP rates for the products within IIP that are not covered under the firm’s current
membership(s). For example, a CME Rule 106.H. trading member firm in the IMM division could
apply for IIP for the CME division and for CBOT, NYMEX and COMEX products.
WHO CAN TRADE?
10. Are there any restrictions on who may trade an IIP Firm’s trading accounts?
Yes. To receive discounted transaction fees, trades must be conducted by registered traders whoare physically located outside of North America. In general, trades done by any owner of, employee
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of, or contractor to the trading firm may receive discounted fees. Please refer to Fee Policy Bulletin#09-01 dated June 16, 2009, for complete details of fee policies.
11. If I am an individual trading my own proprietary account, can I qualify for the program?
No. The program is specifically designed to provide discounts to proprietary trading firms.
MINIMUM VOLUME
12. What are the minimum volume requirements to stay in the program?
For continued eligibility and incentive qualification, participants must maintain a combined average
daily volume (“ADV”) in the Products of 250 contracts (sides) measured over a given calendar
quarter. Eligibility will be re-evaluated on a calendar quarter basis (March, June, September andDecember). Micro E-mini Equity Index products will be excluded from this ADV requirement.
Please note that volume traded under corporate membership will not qualify for the IIP volumerequirement. For example, if a CME Rule 106.H. trading member holds an IOM membership, thefirm’s trades under IOM and GEM will not be eligible towards the IIP volume requirement.
IIP firms that do not satisfy the minimum quarterly volume requirement will no longer be eligible
for the IIP; however, CME Group may grant a one-time waiver to participants who do not meet thevolume requirement. Firms can reapply; however, the standard non-refundable application fee willapply.
13. How is an IIP firm’s average daily volume calculated for the purposes of the minimum
quarterly volume requirement?
For each quarter, CME Group sums the qualified product sides traded through accounts held by theIIP firm and registered in CME Group’s Exchange Fee System (“EFS”) as such. To be included in thesum, the contract side must trade and clear on a day within the quarter. CME Group calculates theaverage daily volume by dividing that sum by the number of business days in the quarter. Exchange
holidays are excluded from the business day count for the quarter.
14. How is an IIP firm’s average daily volume calculated if the IIP firm was approved 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 IIP during the quarter. For example, a firm who was an IIP participant for 10 businessdays during the quarter would be required to maintain minimum volume of 2,500 sides (10 businessdays * 250) during the quarter to meet the volume requirement.
15. For an IIP firm failing to meet the minimum quarterly volume requirement, when will the firm
be dismissed from the program?
On the 15th of the applicable review month (or first business day thereafter).
For instance, if an IIP firm averages below 250 contracts (sides) ADV for the first quarter, the IIP
status will change effective April 15 (or first business day thereafter). For the period April 1st
through April 15th , the firm will receive IIP rates. On and after April 16th, the firm will no longer beeligible for the program and will receive non-member/customer rates on all trades.

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16. Will CME Group notify the IIP firm or the clearing firm of its failure to meet the minimum
quarterly volume requirement?
Yes. CME Group will notify an IIP firm failing to meet the average minimum quarterly volume
requirement. Additionally, CME Group will do its best to notify an IIP firm’s clearing member firms
through e-mail(s) on file with CME Group that the IIP participant has been withdrawn from theprogram. However, the IIP firm is responsible for communicating this change in status to its clearing
member firms.
REGISTRATION – APPLICATION/APPROVAL PROCESS
17. How do firms apply for the International Incentive Program?
Firms wishing to apply for IIP should contact the CME Group Membership Concierge Team at (312)435-3555 or conciergeteam@cmegroup.com. The application form can be found on CME Group’s
website at www.cmegroup.com/company/membership/international-incentives.html. Firms
should also contact their clearing firms as their support will be helpful during the application andreview process. For region-specific questions, please contact the Client Development & Sales teamwithin our respective offices:
Europe, Middle East & Africa (EMEA)David BuckleyDavid.Buckley@cmegroup.com+44 (0) 20 7818 9064

AsiaMark Cheung
Mark.Cheung@cmegroup.com+852 2582 2210

Joanna Young
Joanna.Young@cmegroup.com+44 (0) 20 3379 3741

Christele Knights
Christele.Knights@cmegroup.com+65 6593 5561

18. How long is the approval process?
Once it has been confirmed in writing by the CME Group Membership Concierge Team that theapplication, all supporting documents, and the application fee are received, the due diligence
review process starts and generally takes 8-10 weeks; however, review times may vary significantly
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 number of applications under review. CME staff willconsider the applicant’s reputation and business integrity, adequacy of its financial resources andcredit, and any applicable regulatory restrictions in reviewing the applicant. CME staff have sole
discretion to determine whether an applicant is admitted to or continues participation in theprogram.
19. Are there any application fees?
Yes. A $2,000 non-refundable application fee will be required prior to any entity being reviewed
and approved to receive the discounted rates.
20. If my firm is approved as an IIP firm does it still need a CME Group clearing member firm?
Yes. All trades at CME Group are cleared through CME Group (CME, CBOT, NYMEX and COMEX)
clearing member firms. All IIP firms must maintain their own separate account on the books of aIIP Q&A – Last Updated April 2024

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CME Group clearing member firm for their proprietary trades unless otherwise approved by CMEGroup.
21. How will my clearing member firm be notified that my firm has been approved as an IIP firm?
CME Group will do its best to notify the appropriate staff at any clearing firms included in an
applicant firm’s application, however, the responsibility to inform clearing firm(s) remains with theIIP participant firm. Because the IIP discounted rates are applicable at any clearing firm utilized by
an IIP participant firm, clearing firms must be notified so accounts and trader IDs can be properly
registered within EFS. CME Group may not be aware of all clearing relationships of an IIP participant
firm. As such, IIP participant firms must notify all applicable clearing firms upon receipt of final
approval notification.
22. If our firm uses multiple clearing firms or changes clearing firms once approved, do we needto submit an additional application?
No, but if an approved IIP firm changes or adds clearers, it is the responsibility of the IIP firm toinform their clearing member firm that the firm is approved for IIP. This is necessary so that theclearer can register trader and account details in EFS, as applicable.
REGISTRATION – EXCHANGE FEE SYSTEM (EFS) PROCESS
23. How does a clearing firm register an IIP firm in order to receive the discounted fees?
The trading account must be registered to the respective IIP entity within the Exchange Fee System(EFS) in order to receive the all-in reduced rates, including any volume discounts. If accountregistration does not occur, non-member rates will apply.
NOTE: Identification and registration of Globex Operator IDs (Tag 50 IDs) to ensure that such Tag 50
IDs are properly registered and kept updated within the Fee System is still the responsibility of theclearing member (or other entity approved by CME Group).
OTHER INFORMATION
24. When does this program expire?
The program will expire on January 31, 2025. Therefore, any firm that is approved and continues
to meet the program requirements will receive discounted rates through January 31, 2025, as longas the IIP firm and its traders are properly registered within the Exchange Fee System.
25. What will happen when the program expires?
Participants will be charged non-member customer fees according to CME Group’s then-current feeschedule.
26. Who can I contact if I have additional questions?
For any fee related questions, please call the Fee Hotline at (312) 648-5470. For general questions
and how to apply for IIP, please contact CME Group Membership Concierge Team at (312) 435-3555
or conciergeteam@cmegroup.com, or the CME Group contacts indicated in Q17.
27. How can I make the application fee payment?
Please contact the CME Group Membership Concierge Team at conciergeteam@cmegroup.com forwire instructions.
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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 in such products. No representation or warranties
are made under this FAQ and nothing herein shall be 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. This communication does notconstitute and shall under no circumstances be deemed to constitute investment advice. This communication is notintended 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 COUNTRY
WHERE SUCH USE OR DISTRIBUTION WOULD BE CONTRARY TO ANY APPLICABLE LAW ORREGULATION.

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