Clearing membership entails responsibility and privilege. Although many different customers trade at CME, all trades are ultimately conducted between CME and a clearing member. All clearing members are also members of CME, but not all CME members are clearing members.

Clearing members are highly capitalized, closely monitored and carefully selected companies that stand behind all trades made through CME Group. They protect buyers and sellers from financial loss by assuring performance on each traded contract. CME Clearing, through its members, serves as the buyer to each seller of a futures contract, and the seller to each buyer. All CME and CBOT trades must go through a CME Clearing member.
In addition:

• Specifically, clearing members represent the trades made through all Futures Commission Merchants (FCMs) trading on the exchange
• All clearing members are FCMs, but not all FCMs are clearing members
• Traders who are not themselves clearing members must have a relationship with a clearing member to be able to trade at CME Group
• CME Clearing members must also have individual memberships at CME and/or CBOT

CME Requirements for Clearing Firms
Clearing Firm Members