Clearing Application Procedures
Below is a list of documents and forms required to become a clearing member at the MGEX. Click each document to download the PDF form. Click here for a checklist of all items needed.

Applications/Agreements

• Membership Application (if not currently a member)

• Application for Clearing Privileges

• Application for Registration of a Firm or Corporation

• Membership Pledge (Rule 358.00.D.)

• Guarantee Agreement from Parent (Rule 358.00.E.)

• Clearing Member Agreement

• Segregation of Funds Agreement (FCMs only)

• Broker Association Form

• Clearing Member Contact Information

Supporting Documents

• List of officers or partners, including titles, addresses, direct phone numbers, fax numbers and email addresses

• Resolution stating a Record Holder is authorized to act on behalf of the applicant

• Articles of Incorporation, Operating Agreement or Partnership Agreement

• Provide proof of doing business in Minnesota (Certificate of Good Standing)

  • Contact the Secretary of State’s Office at (651) 296-2803

• Ownership chart (detailing percentages of ownership and business form) of all entities, including affiliates, in the corporate structure

• List of branch offices

• List of Guaranteed Introducing Brokers

Financial

• Audited financial statement (if not previously submitted)

• Most recent quarterly financial statement

• $1,500 Clearing Application Fee
• $1,200 Membership Application Fee (if not currently a member)

Deposit

• Security Deposit of $500,000 (at least $100,000 must be cash)

Please contact Jesse Bartz at (612) 321-7122 or jbartz@mgex.com or Elizabeth Garvey at (612) 321-7158 or egarvey@mgex.com with any questions.