To begin the arbitration claim process, the customer (“claimant”) must complete the Consent to Arbitration form (PDF). All sections of the form must be complete and contain sufficient information so that the person or firm that the claim is filed against (“respondents”) can understand the claim and respond accordingly.
In identifying the respondent(s), full names should be provided whenever possible. 

Sometimes it is difficult or impossible for a claimant to determine the name of a respondent; for example, a floor broker who executed a disputed trade for a customer. In such cases, the claimant should provide as much information as possible to identify the respondent. This may include, for example, the respondent’s title or function, such as “unknown floor broker who executed the order in dispute.” A claimant should always provide the name of the respondent’s employer when available.

When describing the dispute, it is best to use a thorough chronological description of the relevant events. The description should:

1. Explain what happened first, second, third, etc.
2. Specify the time and date of each event
3. Name the persons involved in each event or action
4. State with specific detail what was said or done
5. Describe what, if any, record was made of the events in question.

All documents that relate to the dispute should be attached to the form.

The form asks for the dollar loss claimed from each respondent. At the time of filing, you must provide a specific amount for each respondent and show how you calculated each amount. Claimants may include the filing fee paid in their calculation of damages. In some limited circumstances, attorney’s fees may be claimed against a respondent.

The completed Consent to Arbitration form and the appropriate fees should be sent to Market Regulation at the address on the form. Failure to provide either the requested information or the appropriate fees will delay processing of the claim.

CME Group charges an arbitration filing fee and a hearing fee based on the dollar amount claimed. The appropriate fees must be submitted along with the Arbitration Consent form at the time of filing. Filing fees are non-refundable, but Hearing fees will be refunded if the case is settled or withdrawn at least 10 days before the first scheduled hearing date. 

Amount of claim	Filing fee	Hearing fee	Total due at time of filing
$0.00 - $5,000.00	$ 75.00	$ 50.00	$ 125.00
$5,000.01 - $10,000.00	$ 150.00	$ 150.00	$ 300.00
$10,000.01 - $25,000.00	$ 200.00	$ 250.00	$ 450.00
$25,000.01 - $100,000.00	$ 250.00	$ 500.00	$ 750.00
More than $100,000.00	$ 500.00	$ 1000.00	$ 1,500.00

Once a properly executed Consent to Arbitration form is filed and the filing fee is paid, Market Regulation will send a Notice of Claim to each respondent, along with the written claim and any attachments. The respondent(s) will have 21 days from the date the Notice of Claim is received to file a written response. A copy of the filed response will be sent to the claimant once it is received and processed by Market Regulation.

Soon after an answer to an arbitration claim is filed, Market Regulation will send a letter to the named parties setting deadlines for them to request and produce documents from one another. The letter will also set a deadline for requesting an order from the assigned Arbitration Panel chairman directing a party to produce requested documents that have not been produced voluntarily. All requests for documents must be answered even though the answer may be that no such documents exist or are no longer in the possession of the answering party. Parties are strongly encouraged to cooperate with one another during this document exchange phase. 

At least 10 business days before the hearing, the parties must exchange those documents and disclose those witnesses they intend to present before the Arbitration Panel. Parties do not need to exchange documents or disclose witnesses intended to be used solely for rebuttal or impeachment purposes. A copy of the documents and list of witnesses must also be sent to Market Regulation’s arbitration administrator.

The arbitration administrator will prepare a document packet containing a brief summary of the dispute, the parties’ written submissions and the records submitted by the parties for use at the hearing. These materials will be forwarded to the parties and panelists in advance of the hearing. If a party believes that the arbitrators should consider records not contained in the packet, it is the party’s responsibility to obtain and present such evidence at the hearing.

Customer claims less than $5,000 will be resolved without a hearing attended by the parties. Instead, an Arbitration Panel will decide the claim based only on the written submissions of the parties. For customer claims greater than $5,000, the parties will be notified of the arbitration hearing date as soon as it has been scheduled. 

All hearings take place at CME Group in Chicago, Illinois. In certain circumstances, the Arbitration Panel chairman may allow out-of-town parties and witnesses to participate in the hearing via teleconference call. Parties requesting to participate remotely in a hearing should submit requests to the chairman as soon as possible after the written response to the arbitration claim is filed.

At the hearing, parties are responsible for presenting all relevant facts in support of their claim or defense, including witness testimony and documents. The parties are also responsible for ensuring that their witnesses are available at the proper time and place for the hearing. Market Regulation is not responsible for contacting witnesses or arranging for them to appear at the hearing.

At the beginning of the hearing, each party is given the opportunity to make a brief opening statement. The claimant then presents relevant evidence in support of his claim, after which the respondent can provide evidence in support of his defense. Each party may give direct testimony, question witnesses, examine documents introduced at the hearing or present rebuttal evidence. Parties may sum up their claim or defense in a short closing argument at the end of the hearing. Afterward, they will be excused from the room so the Arbitration Panel can deliberate. The Arbitration Panel’s decision is usually available by the following morning.

The Arbitration Panel will deliberate and decide the claim and any counterclaims, cross-claims, and/or third-party claims once the hearing ends. Once a decision is made, members of the Arbitration Panel sign a written summary of their decision, which is provided to the parties usually a day or two after the hearing. The decision will not describe the rationale behind the Arbitration Panel’s findings, or the deliberation discussions. Pursuant to the rules of CME and CBOT, the decision is final and cannot be appealed at either Exchange. The parties’ only right of appeal is under applicable law. 

If the arbitrators have directed one party to pay an award to another, payment is due within three business days of receiving the notice of decision.

If a settlement is reached or a claimant decides to abandon a claim, the arbitration proceeding will be terminated. If the parties settle their dispute, the claimant is responsible for promptly notifying the Arbitration Panel chairman. The chairman will then enter an order dismissing the claim and setting forth agreed upon terms of the settlement. The chairman may also set forth any additional terms that are deemed necessary under the circumstances and available under the respective rules of CME or CBOT. 

Occasionally, a party making a claim, counterclaim or cross-claim may wish to drop the claim, perhaps because he or she learns new facts that make the matter not worth pursuing. In such a case, the party making the claim should immediately notify Market Regulation’s arbitration administrator. If no answer has been filed in the case, the claimant will be allowed to withdraw the claim without prejudice. If an answer has been filed, only the chairman may dismiss the claim. The chairman may dismiss the claim with or without prejudice. A claim dismissed with prejudice means that the claimant may not refile the same claim at CME or CBOT in the future.