What is the difference between an ECM-H and an ECM-W?
For the purposes of this FAQ document: • An “ECM-H” is an Electronic Corporate Member holding the required membership(s). • An “ECM-W” is an Electronic Corporate Member that does not hold the required membership(s) under the volume incentive program membership waiver. The membership waiver of ECM-Ws expires December 31, 2007. • An “ECM” is an Electronic Corporate Member and includes both ECM-Hs and ECM-Ws. All ECMs will pay the same fees through December 31, 2006. However, beginning January 1, 2007, ECM-Hs will pay less than ECM-Ws for trades made within division during Regular Trading Hours (See questions 35-37).
