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The Business of Clearing Trades
The Clearing function is at the heart of any futures exchange. The Minneapolis Grain Exchange Clearing Department performs many key functions for its members.
Key Functions
-
Computer match every trade
-
Pay and collect funds resulting from trade activity
-
Facilitate delivery or exercise
-
Manage security or guarantee deposits
-
Report relevant and appropriate trade data to Clearing Member firms, the Compliance Department, news services and the Commodity Futures Trading Commission
-
Maintain computer system equipped with full back-up capabilities
The
board of directors has approved the following schedule
of Exchange and Clearing Fees for each contract of
futures or options bought, sold, exchanged for physical,
transferred, delivered, accepted for delivery, cash
settled, exercised or assigned effective January 2,
2003: For
purposes of computing fees, a "member" is the
"person" (individual) whose name in which the
membership is registered, and such person trades in
Exchange contracts for such person's own account.
Further, member rates apply to a firm or corporation
that such person is registered with the Exchange and
trading is done on behalf of such firm or
corporation. Member does not include employees,
associated persons, affiliate companies, subsidiary
corporations or parent corporations of such member firm
unless they also own a membership.
| Exchange and Clearing Fees
(beginning Jan. 2, 2003): |
| OPEN
OUTCRY |
Futures
and Options
(Per side) |
Exchange Fee |
Clearing Fee |
Total Fee |
| Type 1 Trades |
.00 |
.05 |
.05* |
| Member Rate |
.30 |
.20 |
.50 |
| Non-Member
Rate |
.45 |
.20 |
.65 |
| MGEXpress
– ELECTRONIC TRADING |
Futures
and Options
(Per side) |
Exchange Fee |
Clearing Fee |
Total Fee |
|
First
15,000 Contracts per month |
| Member Rate |
1.05 |
.20 |
1.25 |
| Non-Member
Rate |
1.35 |
.20 |
1.55 |
|
Next 15,000 Contracts
per month |
| Member Rate |
.75 |
.20 |
.95 |
| Non-Member
Rate |
1.05 |
.20 |
1.25 |
|
Each Additional
Contract per month |
| Member Rate |
.55 |
.20 |
.75 |
| Non-Member
Rate |
.85 |
.20 |
1.05 |
*The Maximum combined Exchange fee and Clearing for Type 1 trades is five thousand dollars ($5,000) per year.
|
