CME Individual Membership Application and Checklist
Dear New CME Membership Applicant,
Thank you for your interest having Velocity Futures assist you with your membership in the Chicago Mercantile Exchange Inc. (CME) to receive reduced fees for trading. The process you are about to begin will take you approximately 2 hrs to complete. Please be patient, there are several intricate steps you will need to take to complete the process. Velocity will assist you with making the process as painless as possible, but please set aside the time to read everything completely to avoid confusion and frustration.
Once Velocity Futures has received your application we will begin to proofread and prepare the application for submission to the CME Shareholder Relations and Membership Services Department ("Department"). To avoid delay in getting approved, your application will not be submitted until all of the items listed below are furnished and complete. In order to have your application expedited, please be sure that you do the following:
- A completed, signed and notarized original version of your application. The CME application, (long form required) is an electronic pdf document downloadable electronically. You must have Adobe Acrobat Reader on your machine. This can be downloaded by going to the Adobe webite at http://www.adobe.com. When you open the document you can click the checkboxes and click the blanks to fill in the information electronically. When you are finished, please print the document out on your printer, sign it and take it to a notary to have notarized.
- Answer all question on the application. You may answer "N/A" (not applicable) where appropriate. Please provided a typewritten explanation for any questions answered "yes" and any supporting documentation. You may do this by attaching a separate word document and emailing it to email@example.com.
- Provide a complete business history from the past 5 years. If necessary, you may attach an additional page. This may also be in a Microsoft Word document attachment.
- For financial information, you may either have a letter from your CPA indicating your net worth or provide the information yourself with backup. If you choose to provide financial information directly without a CPA, please provide account numbers and/or statements for all bank and/or brokerage accounts. Copies of statements may be sent with the completed application to Velocity Futures inside the FedEx or UPS package. Please provide the most recent account statements for all bank and brokerage accounts. Also, please provide documentation to verify the value of any real estate owned such as tax statements or appraisals.
- Include the appropriate application fee (Your fee may be deducted directly from your Velocity Account or you may provide a check in the package made to Velocity Futures, LLC. if you wish to keep it separate).
- Provide two 2" X 2" passport quality color photographs.
- Provide either (a.) the original or a certified copy of your birth certificate or (b.) a photocopy of the first page of your valid passport.
- If you will be leasing a membership, provide a letter explaining how you intend to finance your trading, if from a source other then your own personal funds. For example, if you are receiving a loan, who is loaning you the money? What is your relationship? What are the terms of the loan? Is it a standard or a non-recourse loan? If you are receiving an unconditional guarantee by an equity member, who is the guarantor and what is your relationship? Please be aware that both you and the guarantor must be qualified to trade by the same clearing member and that you must file an Unconditional Guarantee form with the Department.
Standard Timing with Floor Access (6 Weeks)
You can expect the entire membership application process to take approximately six weeks to complete. You will be contacted by letter or telephone with details regarding your scheduled attendance at a one week New Member Orientation program which is required of all new members who want access to the trading floor. Approximately three weeks after your application has been received, a staff person from the CME Membership Department will contact you by letter or telephone to schedule an interview to review your application and prepare your final documents for consideration by the Director of the Department and/or the Membership Committee ("Committee").
It is mandatory that all floor access applicants to register with the NFA as either a floor broker or floor trader. An NFA application may be obtained from the NFA website located by clicking here. You will not be permitted to trade on the CME trading floor until you have obtained registration as either a floor broker or a floor trader (which can take approximately six) or until you have obtained a temporary license to act as such from the NFA. If you have specific questions regarding your NFA application, you may contact the NFA directly at (312) 781-1410.
Expedited Timing for Screen Based Traders Only (72 Hours)
You can expect the entire membership application process for electronic screen based traders only to take approximately 72 hours to complete (from the time Velocity receives your completed application) if all things are in order. It is not required for you to register with the NFA or attend the CME training in Chicago if you are trading electronically only through Velocity Futures. Fee discounts for membership leases or purchases will be the same if you are trading from the floor or from the screen at your home or office.
You must waive your one week orientation class for trading on the CME floor to be considered an electronic screen only based trader.
If you have any questions in regard to the membership application process, please feel free to call Velocity Directly and speak with Jay Earnest at (713) 490-7665 or email him at firstname.lastname@example.org.
**** A Reminder, please be thorough. If documentation is not provided, the processing of your application may be delayed.