Exchange charges sit beside a commission, on someone else’s schedule

platformPublished 20 October 20261 min readmulti asset

Key points

• Exchange and clearing fees are not the broker’s commission.
• Market data for depth and some quotes is often a separate subscription.
• This note does not reprint a current exchange fee.

What is going on

CME Group and other venues publish fee schedules for contracts they list. A futures commission merchant or introducing broker may add its own commission and may pass venue fees through. The CFTC and the National Futures Association describe the roles of those firms. They do not freeze a broker’s commission.

Why it matters

Two brokers can show the same contract and different all-in costs because one includes exchange fees in a bundled figure and the other itemises them. Market-data entitlements can add a monthly charge that does not appear on the trade confirm.

What to watch

Read the broker’s commission, then the venue schedule for the contract, then the market-data price list. Note the currency of each. Do not add a fee you cannot find.

Risks

Venue schedules are revised. A fee quoted for one contract month or one membership type is not the fee for every contract. Nothing on this page is a current exchange tariff.