Are there any restrictions on who may trade an ECMs trading accounts?
Yes. To receive discounted transaction fees, trades must be done by registered traders. In general, trades done by any owner of, employee of, or contractor to the trading firm may receive discounted fees. However, traders, including owners of the trading firm, who currently own, hold, or have owned or held trading privileges in any CME division during the two years immediately preceding their registration as a trader of the firm’s accounts cannot trade the accounts electronically. While there are no restrictions prohibiting equity members who own such ECMs from subsequently selling their memberships or giving up their leases, they will, however, continue to be prohibited from trading the ECM account electronically for two years following the disposition of their memberships or leases. CME will conduct periodic reviews of ECM traders to ensure no current or previous (within the past two years) individual members are trading the accounts electronically. Any violations of this policy may
