Membership

Membership Transfers & Recording of Ownership | Historical Membership Prices | Clearing Member List

Clearing Member Requirements | Trading & Clearing Fees

What is Required to be a Clearing Member? 

• Security Deposit of $500,000 (See Memo)
• Must be able to meet CFTC minimum financial requirements
• Fill out application forms. See checklist of requested documents here.
  

Applications/Agreements

• Application for Clearing Privileges

• Guarantee Agreement from Parent (Rule 2100.02.E.)

• Clearing Member Agreement

• Segregation of Funds Agreement (FCMs only)

• Clearing Member Contact Information

• Clearing Member Agreement for Clearing Bitnomial Contracts

Supporting Documents

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

• 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

• Letter granting authorization to MGEX to provide the DSRO with the end-of-day account balance information (FCMs only)

Financial

• Audited financial statement (if not previously submitted)

• Most recent quarterly financial statement

• $2,000 Clearing Application Fee

Deposit

• Security Deposit of $500,000 (See Memo)

Please contact Lindsay Hopkins at (612) 321-7143 or lhopkins@mgex.com with any questions.

MGEX has over $50 million in dedicated financial resources to address a potential default to the Clearing House. This amount includes a dedicated and segregated cash reserve, clearing member security deposits, surplus funds and a line of credit. In all instances, the available financial resources of the defaulting clearing member, including but not limited to any guarantees and pledges, will be applied before any MGEX funds are utilized. (Updated as of April 2022)