Ceres Commodity Incentive Programme

Euronext New Commodity Incentive Scheme

Ceres will cover all Paris Commodity Futures and Options contracts and works on a progressive model, by continuing to attract NEW proprietary business with an initial 12 month fee while also continuing to offer existing NMP users in the current programme a progressive incentive fee for a following 12 months.

Ceres is open to proprietary traders, both those that are new to Euronext Commodities markets as well as those that have already entered the NMP program. Participants in the Ceres programme will benefit from discounted trading and clearing fees, as agreed with LCH SA.

Details of incentive scheme

The details of the Ceres incentive programme on milling wheat, corn, rapeseed, rapeseed oil and rapeseed meal commodity derivatives contracts are as follows:

  • 36 month Ceres scheme from 2 January 2019 to 31 December 2019;
  • Open to all NEW proprietary traders;
  • Applicable to both Futures and Options commodity contracts;
    • All NEW traders (never previously registered in a NMP programme) to get combined trading & clearing fee of €0.35/lot;
    • Those already registered in the NMP programme will be offered a new trading and clearing €0.45/lot for products already traded in NMP but €0.35/lot for any new product they trade;
    • All registered NMPS in Year 2 of current programme ending 31 December 2018 to transfer into higher price bracket of €0.55/lot trading and clearing;

CERES PROGRAMME FEES[1]

Participant type

Fees year 1

Fees year 2

Fees year 3

New proprietary trader

€0.35/lot

€0.45/lot

€0.55/lot

Registered 2018 NMP (in y1 of current programme)

€0.45/lot
 

€0.55/lot

not eligible for Ceres

Registered 2018 NMP (in y2 of current programme)

€0.55/lot

not eligible for Ceres

not eligible for Ceres

 

[1] The trading and clearing ratio which make up the €0.35/lot and €0.45/lot and €0,55.lot fees is €0.09/ €0.26 and €0.11/ €0.34 and €0.14 / €0.41 respectively.

The registration and monitoring of commodity users is at the individual trader level. The process has been automated and can be found below. All new Ceres traders need a registered authorised representative of their Euronext member to fill out the registration form online and ensure that the Clearing Member Authorisation Form is completed and uploaded with the application.

Register here

Important information

  • Traders will be considered as registered in the scheme and will start to benefit from the described rebates only following written confirmation from Euronext (e.g. if the trader is registered on 10 February, any prior trades in February will not be rebated);
  • Any incomplete registration form will be systematically rejected;
  • The yearly discounted rates will end on December 31 of the year regardless of the date of entry into the programme;
  • Trades benefitting from the commodity option strategy fee rebates will not benefit from the Ceres flat discounted rates;
  • In order to benefit from the Ceres scheme, registered traders must inform Euronext of any change in their executing and clearing arrangements;
  • The Clearing Member Authorisation Form and the Member registration must both be up to date at all times or the registration will not be valid and the trader will not benefit from the rebates;
    • Euronext will send a dedicated daily report to the email addresses recorded for the trader in the Ceres Programme Application Form and for the Responsible Person in the Euronext Responsible Person Application form, respectively;
  • More details on the report and notification of Ceres trades discrepancies are provided in the Info-flash published on 21 December 2019;

For further information in relation to this scheme, customers should contact

Commodities :  commodities@euronext.com

EMS Market Services: EMSderivatives@euronext.com

[1] The trading and clearing ratio which make up the €0.35/lot and €0.45/lot fees is €0.09/ €0.26 and €0.11/ €0.34 respectively,