International Cross Asset Volume Incentive Program (IVIP)
Questions & Answers
February 2024
1. What is the International Cross Asset Volume Incentive Program (IVIP)?
The International Cross Asset Volume Incentive Program (IVIP) enables trading arcades located andincorporated outside North America to obtain discounted fees on qualified products. These incentives
apply to trades made by qualified traders located outside of North America in accordance with IVIP
requirements. The program will run through January 31, 2025 and IVIP participants will receive
discounted fees provided they are in compliance with all IVIP program requirements and satisfyminimum quarterly volume requirements.
2. What products can be traded under this program?
Certain CME, CBOT, NYMEX and COMEX products that are available for trading on the Globex
Platform; all CME Interest Rate options available for trading via Open Outcry (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 listof CME, CBOT, NYMEX and COMEX products available on Globex and trading hours, please refer tohttp://www.cmegroup.com/trading-hours.html.
5. Is an IVIP firm subject to fees charged per contract by the National Futures Association (NFA)?
CME charges fees pursuant to the fee schedules at https://www.cmegroup.com/company/clearingfees.html. CME does not assess any accounts, including incentive program participants, NFA fees. For
information regarding NFA fees, please contact the NFA at (312) 781-1300.
FEE SCHEDULE
6. What is the CME Group fee schedule for IVIP 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 listedbelow. This is just a summary table that should be used as a reference guide only:
Product Category
Globex Only
CME Products
Agricultural – Futures & Options 1
Lumber Futures (LBR)
Full Size Foreign Exchange – Futures (excluding FX Link)

IVIP All-in fees(per side)
$0.89
$0.82
$0.54

For the products denoted with a 1 above, Globex TAS transactions will be excluded from theProgram1

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Product Category
Globex Only
Full Size Foreign Exchange – Futures (via FX Link)
Foreign Exchange – Options
E-mini Foreign Exchange Contracts
E-micro Foreign Exchange Contracts
Full Size Equity Index – Futures
E-mini Equity Index – Futures (Outrights and Spreads
excluding Dividend Index Futures)
E-mini Equity Index – Options
Case Schiller Housing Index – Futures(Outrights & Spreads)
Micro E-mini Equity Index Futures
Micro E-mini Equity Index – Options (Outrights & Spreads)
Nikkei/TOPIX Futures (Outrights and Spreads)
Interest Rate – Futures (Front and Back Months + Bundles)
Interest Rate – Options
CBOT Products
Full Size Agricultural 2
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

NYMEX Products on CME Globex Only
Henry Hub Natural Gas Look-Alike Last Day Fincl Futures (HH)
Henry Hub Natural Gas Look-Alike Options (LN)
Henry Hub Natural Gas Futures (NG)Henry Hub Natural Gas Options (ON)2Light Sweet Crude Oil (WTI) Futures (CL)Light Sweet Crude Oil Options (LO)
NY Harbor ULSD Futures (HO)

$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

$0.90
$0.90
$0.90

2$0.90$0.90$0.90

2$0.90222

IVIP All-in fees(per side)
$0.60
$0.54
$0.54
$0.15
$1.10

RBOB Gasoline Futures (RB)Natural Gas Weekly Financial Options (LN1-LN5)$0.90

Crude Oil Friday Weekly Option (LO1-LO5)
Crude Oil Monday Weekly Options (ML1-ML5)

$0.95
$0.95

Crude Oil Wednesday Weekly Option (WL1-WL5)
E-mini Crude Oil Futures (QM)

$0.95
$0.88

$0.95

For the products denoted with a 2 above, Globex TAS transactions will be excluded from the Program

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E-mini Natural Gas Futures (QG)
NYMEX Metals (PL, PA)

$0.45
$1.00

2

COMEX Products - Futures OnlyCore Metal (GC, SI, HG)

2$1.002$0.20E-micro Gold (MGC)
1,000 oz. Silver (SIL)
Shanghai Gold (SGC, SGU)
Gold (Enhanced Delivery) Futures (4GC)

$0.40
$1.00
$1.00

Product Category
Pit Trading
CME Products

IVIP All-in fees(per side)

Interest Rate Options
2$0.50For the products denoted with a 2 above, Globex TAS transactions will be excluded from the Program

ELIGIBILTY
7. Who Qualifies for IVIP?
• Proprietary Trading Arcades that are separate Ltd/LLC firms located and incorporated outside ofNorth America traded by traders located outside of North America may be eligible for the IVIP.
• Both Point-and-Click and Automated Trading Systems may qualify.
• Traders under a participating arcade may receive discounted rates in accordance with theincentives outlined below if and only if these traders:



•

Are owners, employees or contractors;
Have primary income coming from trading;
Pay a desk fee;Primarily trade from the physical office owned, leased, or rented and operated
by the IVIP firm;
Share risk with the IVIP Firm; andAre available to receive product notices and education.

The requirements listed above must be met on an ongoing basis. If a participating firm at any
point no longer qualifies, they will be removed from the IVIP.

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. Please contact the CME Group
Membership Concierge Team for further information regarding any location restrictions.
8. Who does not qualify for IVIP?
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 do not qualify. Please note

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Page 3 of 7that firms that are wholly or partially owned by, or affiliated with, any of these firm types will also beineligible for the IVIP.
9. Who qualifies as a trading arcade?
As defined by CME Group, a trading arcade is a legal entity that provides a legal, risk management
and/or physical structure and trading facilities to traders in return for a share of trading profits.
Transactions are executed in the name of accounts owned by the trading arcade and originate fromthe trading arcade facility or from a remote site connected to the trading arcade facility. The funds
used for trading may be corporate pools of funds or commingled individual/corporate funds.
Additionally,•••

All trading must be owned by and held in the name of the trading arcade;All trading must be conducted in accounts of the trading arcade which are owned by and heldin the name of the trading arcade; andAll funds contributed must be at risk of and subject to loss from any and all trading activity ofthe trading arcade in accordance with CMEG policies. Thus, funds contributed by an individual
trader are not only at risk and subject to loss from the individual’s trading activity of thetrading arcade account but are at risk and subject to loss from any and all the trading activityof the trading arcade.

WHO CAN TRADE?
10. Are there any restrictions on who may trade IVIP’s trading accounts?
Yes, to receive discounted transaction fees, trades must be conducted by registered traders locatedoutside of North America. In general, trades conducted in accordance with CMEG policies and thisQ&A by any owner of, employee of, or contractor to the trading firm may receive discounted fees.
Trades done by customers of the trading firm do not qualify for discounted fees and further, if thetrading firm maintains customer activity, it would be ineligible for IVIP in accordance with Question#8.
11. If I am an individual trading my own proprietary account, can I qualify for the program?
No, individuals trading their own proprietary account do not qualify for IVIP. The trading accounts are
required to be owned by and in the name of the IVIP firm to qualify.
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 5,000 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.
IVIP firms that do not satisfy the minimum quarterly volume requirement will no longer be eligible for
the IVIP; 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.

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13. How is an IVIP 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 theIVIP 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 applicable calendar quarter. CMEGroup calculates the average daily volume by dividing that sum by the number of business days in thecalendar quarter. Exchange holidays are excluded from the business day count for the quarter.
14. How will an IVIP firm’s average daily volume be calculated if the IVIP firm was approved midway
through the calendar quarter?
The average daily volume will be based on the sides traded and the number of business days the firm
was in the IVIP during the calendar quarter. For example, a firm who was an IVIP participant for 10
business days during the quarter would be required to maintain minimum volume of 25,000 sides (10business days * 2,500 during the quarter to meet the volume requirement.
15. For an IVIP 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 IVIP firm averages below 2,500 contracts (sides) ADV for the first quarter, the IVIP
status will change effective April 15 (or first business day thereafter). For the period April 1st throughApril 15th, the firm will receive IVIP rates. On and after April 16th, the firm will no longer be eligible forthe program and will receive non-member/customer rates on all future trades.
16. Will CME Group notify the IVIP firm or the clearing firm of its failure to meet the minimum
quarterly volume requirement?
Yes, CME Group will notify an IVIP firm failing the average minimum quarterly volume requirement.
Additionally, CME Group will do its best to notify an IVIP firm’s clearing member firms through e-mailon file with CME Group that the IVIP participant has been withdrawn from the program. However,the IVIP 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 Cross Asset Volume Incentive Program?
Firms wishing to apply for IVIP 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
Web site 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 and review
process. For region-specific questions, please contact the Client Development & Sales team within
our respective offices:
Europe, Middle East & Africa (EMEA)David BuckleyDavid Buckley@cmegroup.com+44 (0) 20 7818 9064
Richard Stoker
Richard.Stoker@cmegroup.com+44 (0) 20 3379 3733

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AsiaRajiv ShahRajiv.Shah@cmegroup.com+65 6593 5509

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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 ofapplications and supporting documentation, complex firm and organizational structures, applicant
response times, and number of applications under review. CME staff will consider the applicant’s
reputation and business integrity, adequacy of its financial resources and credit, and any applicableregulatory restrictions in reviewing the applicant. CME staff have sole discretion to determine
whether an applicant is admitted to or continues participation in the program.
19. Are there any application fees?
Yes. A $2,000 non-refundable application fee will be required prior to any entity being reviewed.
20. If my firm is approved as an IVIP 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 IVIP firms must maintain their own separate account on the books of aCME Group clearing member firm for their proprietary trades unless otherwise approved by CME
Group.
21. How will my clearing member firm be notified that my firm has been approved as an IVIP 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 the IVIP
participant firm. Because the IVIP discounted rates are applicable at any clearing firm utilized by an
IVIP 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 IVIP participant
firm. As such, IVIP 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 need tosubmit an additional application?
No, but if an approved IVIP firm changes or adds clearers, it is the responsibility of the IVIP firm toinform their clearing member firm that the firm is approved for IVIP. 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 IVIP firm in order to receive the discounted fees?
The trading account must be registered to the respective IVIP entity within EFS in order to receive thereduced rates. If account registration does not occur, non-member rates will apply.
NOTE: Identification and registration of Globex Operator IDs (Tag 50 IDs), is still the responsibility of
the clearing member (or other entity approved by CME Group) to ensure that such Tag 50 IDs areproperly registered and kept updated within the Fee System.

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OTHER INFORMATION
24. When does this program expire?
The program will expire on January 31, 2025. Therefore, any firm that is approved and continues tomeet the program requirements will receive discounted rates through January 31, 2025 as long as theIVIP firm and its traders are properly registered within EFS.
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 contact the Fee Hotline at (312) 648-5470. For general questions
and how to apply for IVIP, please contact CME Group Membership Concierge Team at (312) 435-3555
or conciergeteam@cmegroup.com.
27. How can I make the application fee payment?
Please contact the CME Group Membership Concierge Team at conciergeteam@cmegroup.com forwire 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 shall beconstrued 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 constituteinvestment 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 COUNTRY
WHERE SUCH USE OR DISTRIBUTION WOULD BE CONTRARY TO ANY APPLICABLE LAW OR
REGULATION.

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