The XYZ investment house rates are perhaps the most appropriate for us. It is unlikely that we have accounts large enough to warrant the exchange minimum margin.
XYZ RATES
I M SI SM
CORN 486 360 100 100
WHEAT 810 600 300 200
BEANS 1296 1000 400 300
OATS 486 360 200 150
MEAL 648 480 250 200
OIL 648 480 200 150
KC WHT 648 480 300 200
HEDGE EX MIN COMMISSIONS
I M I MS 0/N DAY SPD
CORN 300 300 405 300 80 70 100
WHEAT 500 500 675 500 80 70 100
BEANS 800 800 1080 800 80 70 100
OATS 300 300 405 300 80 70 100
MEAL 400 400 540 400 80 70 100
OIL 400 400 540 400 80 70 100
KC WHT 400 400 540 400 80 70 100
XYZ RATES
I M SI SM
*CATTLE 972 720 406 300
FEEDER 1054 780 203 150
*BELLY 1296 960 200 150
*HOGS 972 720 324 240
*LUMBER 2880 1920 990 660
BROILER 486 360 200 150
HEDGE EX MIN COMMISSIONS
I M I M O/N DAY SPD
*CATTLE 600 600 810 600 80 70 100
FEEDER 650 650 878 650 80 70 100
*BELLY 800 800 1080 800 80 70 100
*HOGS 600 600 810 600 80 70 100
*LUMBER 1600 1600 2400 1600 85 70 110
BROILER 300 300 405 300
XYZ RATES
I M SI SM
*COFFEE 3360 2400 450 338
*SUGAR 840 600 400 300
*COCOA 672 480 260 195
OJ 1500 1125 500 375
*COTTON 6300 4725 2100 1575
*SUGAR 11 HAS 2 SPOT MONTHS
*COCOA HAS 2 SPOT MONTHS
HEDGE EX MIN COMMISSIONS
I M I M O/N DAY SPD
*COFFEE 2000 2000 2800 2000 2000 100 90 120
*SUGAR 500 500 700 500 100 90 120
*COCOA 400 400 560 400 100 90 120
OJ 500 375 1000 750 85 75 120
*COTTON 2250 2250 4500 3375 100 90 120
XYZ RATES
I M SI SM
PLAT 1485 1022 400 300
PALL 972 681 400 300
SILV 3078 2280 100 75
COLD 1864 1380 100 75
*COPPER 2300 1704 672 504
1M SIL 324 240 150 100
ALUM 1596 1200 500 375
HEDGE EX MIN COMMISSIONS
I M I M O/N DAY SPD
PLAT 1215 851 1215 851 110 80 130
PALL 810 567 810 567 110 80 130
SILV 1900 1900 2565 1900 110 95 130
COLD 1150 1150 1553 1150 110 95 130
*COPPER 1420 1420 1917 1420 90 80 110
1M SIL 200 200 270 200 65 55 85
ALUM 1000 1000 1330 1000 90 80 100
XYZ RATES
I M SI SM
TBONDS 2836 2100 400 300
5 YR NOTE 1134 840 500 375
10 YR NOTE 1782 1320 500 375
2 YR NOTE 972 720 200 150
MUNIS 2430 1800 400 300
EUROS 810 600 360 270
TBILLS 810 600 406 300
HEDGE EX MIN COMMISSIONS
I M I M O/N DAY SPD
TBONDS 1750 1750 2363 1750 95 80 110
5 YR NOTE 700 700 945 700
10 YR NOTE 1100 1100 1485 1100
2 YR NOTE 600 600 810 600
MUNIS 1500 1500 2025 1500 95 80 110
EUROS 500 500 675 500 95 80 110
TBILLS 500 500 675 500 95 80 110
XYZ RATES
I M SI SM
AUST 1134 840 200 200
B PD 3888 2880 150 150
CAN 730 540 150 150
D MK 3240 2400 100 100
J YEN 7290 5400 100 100
S F 5508 4080 100 100
PESO 22500 18375 6920 5625
HEDGE EX MIN COMMISSIONS
I M I M O/N DAY SPD
AUST 700 700 945 700 95 80 110
B PD 2400 2400 3240 2400 95 80 110
CAN 450 450 608 450 95 80 110
D MK 2000 2000 2700 2000 95 80 110
J YEN 4500 4500 6075 4500 95 80 110
S F 3400 3400 4590 3400 95 80 110
PESO 12250 12250 15000 12250
XYZ RATES
I M SI SM
*CRUDE 2100 1575 1000 750
*HEAT 2100 1575 1000 750
*UNLEAD 2100 1575 1000 750
*PROPAN 2100 1575 1000 750
*NA GAS 2100 1575 700 525
HEDGE EX MIN COMMISSIONS
I M I M O/N DAY SPD
*CRUDE 1500 1125 1500 1125 95 80 100
*HEAT 1500 1125 1500 1125 95 80 100
*UNLEAD 1500 1125 1500 1125 95 80 100
*PROPAN 1500 1125 1500 1125 95 80 100
*NA GAS 1500 1125 1500 1125 95 80 100
XYZ RATES
I M SI SM
S&P 18000 13500 240 180
NY IND 4000 3000 400 300
KC VAL 12000 9000 1000 1000
MX IND 5994 4440 400 300
NIKKEI 8100 6000 400 300
$ IND 2500 1875 400 300
S&P 400 2916 2160 244 180
HEDGE EX MIN COMMISSIONS
I M I MS O/N DAY SPD
S&P 10000 10000 11250 10000 95 80 110
NY IND 2500 2500 3500 2500 80 70 220
KC VAL 5000 5000 10000 5000 95 80 110
MX IND 3700 3700 4995 3700 95 80 110
NIKEI 5000 5000 6750 5000 100 100 180
$ IND 1000 750 2000 1500
S&P 400 1800 1800 2430 1800
HEDGE EX MIN XYZ RATE
I M I M I M
*ENERGIES VS EACH OTHER 1250 875 1250 875 2200 1650
(DOES NOT INCLUDE NATURAL GAS)
2 GOLD VS 3 SILVER 2800 2800 3724 2800 4700 3525
S&P VS VAL LINE 5000 5000 5500 5000 6600 6000
TED SPREAD 300 300 405 300 486 360
TBOND VS MUNI BOND 840 840 1134 840 1500 1125
TNOTE VS MUNI BOND 690 690 932 690 1200 900
TBOND VS 10 YR NOTE 570 570 770 570 924 684
TBOND VS TBILL 400 400 450 400 550 413
2 S&P 400 VS 1/500 1800 1800 2430 1800 3000 2250
3 S&P 400 VS 1/500 3000 3000 4050 3000 5000 3750
1 S&P 400 VS 1 NIKEI 3400 3400 4590 3400 5500 4125
1 S&P 400 VS 1/500 2300 2300 3105 2300 4000 3000
HEDGE EX MIN XYZ RATES
I M I M I M
BEANS VS CORN OR OATS 720 720 720 720 1000 750
CORN OR OATS VS WHEAT 459 450 450 450 490 400
CHI WHT VS KC WHT 450 450 450 450 700 525
KC WHT VS NPLS WHT 400 400 400 400 600 500
CRUSH 2400 2400 2400 2400 4000 3000
MEAL VS BEANS 600 600 600 600 1000 750
MEAL VS CORN 600 600 600 600 1000 750
MEAL VS WHEAT 800 800 800 800 1200 900
MEAL VS OATS 700 790 700 709 1000 750
HEDGE EX MIN XYZ RATES
I M I M I M
BELLIES VS CATTLE 600 600 810 600 972 720
CATTLE VS FEEDERS 300 300 405 300 600 450
CATTLE VS HOGS 550 550 143 550 900 675
FEEDERS VS HOGS 400 400 540 400 640 400
BELLIES VS HOGS 550 550 743 550 892 660
EXCHANGE MEMBER NON-MEMBER
NY FUTURES $0.08 $0.08
COFFEE,SUGAR,COCOA $0.20 $0.20
NY COTTON $0.25 $0.25
COMEX $0.12 $0.12
NY MERCANTILE $0.40 $0.85
CBOT $0.05 $0.05
CHICAGO MERCANTILE OPTIONS* FUTURES OPTIONS* FUTURES
$0.07 $0.07 $0.35 $0.70
CLEARING FEES FOR CME PRODUCTS ARE DIFFERENT FOR OPTIONS AND FUTURES AS NOTED
ABOVE. ALL OTHER EXCHANGES CHARGE THE SAME RATE FOR FUTURES AND OPTIONS.
KANSAS CITY BOT $0.20 $0.20
MID-AMERICA N/A N/A
MINN GRAIN N/A N/A
WINNEPEG GRAIN N/A N/A
IPE 0.075 STERLING 0.075 STERLIN0
LIFFE N/A N/A
FOX 0.075 STERLING 0.075 STERLING
MATIF N/A N/A
LME 0.11 STERLING 0.11 STERLING
N.B.FOR THOSE CONTRACTS NOT DENOMINATED IN STERLING, THE FEES WILL BE CONVERTED AT
THE APPROPRIATE MONTHEND STERLING CONVERS10N RATE(S).
EXCHGE FLOOR ---- CLEARING FEES ----- --- EXCHG FEES ---
BRKG MEMBER NON-MEM MEMBER NON-MEM
NYFE $2.25 $0.08 $0.08 $0.25 $1.00
CSCE
COFFEE & COCOA $2.00 $0.10 $0.20 $0.55 $1.10
SUGAR $1.75 $0.10 $0.20 $0.55 $1.10
COFFEE+BRAZ.DIFF $2.00 N/A N/A N/A N/A
NY COTTON EXCH $2.00 $0.25 $0.25 $1.00 $1.00
EXCEPT: 0 JUICE $2.50 $0.25 $0.25 $1.00 $1.00
2+5 YR TNOTES $1.75 $0.25 $0.25 $0.50 $0.50
US $ INDEX $1.75 $0.25 $0.25 $1.00 $1.00
BRKG MEMBER NON-MEM MEMBER NON-MEM
COMEX $2.00 $0.00 $0.00 $0.40 $1.35
COPPER $2.00 $0.00 $0.00 $0.40 $1.35
PLAT & PALL $2.00 $0.00 $0.00 N/A N/A
EUROTP 100 IND $2.00 N/A N/A N/A N/A
NY MERCANTILE $1.50 $0.40 $0.85 N/A $.50
EXCEPT:PLAT $2.00 N/A N/A N/A N/A
& PALL ACCESS
SURCHARGE - $1.00
CHICAGO BD OF TRADE
FINANCIAL $0.85 $0.05 $0.05 $0.02 $0.50
SPREADS $0.75
AGRICULTURAL $1.25 $0.05 $0.05 $0.02 $0.50
OPTNS* FUTRS. OPTNS* FUTRS.
CHIC MERC EXCH $2.00 $0.07 $0.07 $0.35 $0.70 N/A N/A
EXCEPT: CATTLE $1.75 $0.07 $0.07 $0.35 $0.70 N/A N/A
LUMBER $3.00 $0.07 $0.07 $0.35 $0.70 N/A N/A
IMM $1.25 $0.07 $0.07 $0.35 $0.70 N/A N/A
EXCEPT: MMI/BP $1.50 $0.07 $0.07 $0.35 $0.70 N/A N/A
EURO $1.00 $0.07 $0.07 $0.35 $0.70 N/A N/A
S&P $1.75 $0.07 $0.07 $0.35 $0.70 N/A N/A
YEN $1.00 $0.07 $0.07 $0.35 $0.70 N/A N/A
ED,DM,SF OPT $1.00 $0.07 $0.07 $0.35 $0.70 N/A N/A
BP OPT $1.25 $0.07 $0.07 $0.35 $0.70 N/A N/A
*CLEARING FEES FOR THE CME ARE DIFFERENT FOR OPTIONS AND FUTURES AS NOTED ABOVE.
ALL OTHER EXCHANGES CHARGE THE SAME RATE FOR BOTH FUTURES AND OPTIONS.
KC BD OF TRADE
WHEAT $1.50 $0.10 $0.10 $0.35 $0.35
VALUE LINE $2.00 $0.10 $0.10 $0.35 $0.35
MID-AM EXCHGE $2.25 N/A N/A $0.25 $0.25
MINN.GRAIN EXCHGE $1.50 $0.10 $0.10 $0.35 $0.35
WINPEG GRAIN EXCHG$2.50 $0.15 $0.15 N/A N/A
MONTREAL BOND $12.50 $0.38 $0.38 N/A N/A
TORONTO EXCH $3.00 $0.75 $0.75 N/A N/A