Clearing's Closing Fees Rattle Brokers, Traders in Chicago Markets.

Knight Ridder/Tribune Business News | January 6, 2004 | Copyright

By Mark Skertic, Chicago Tribune Knight Ridder/Tribune Business News

Jan. 6--Brokers and traders were promised that the new Chicago Board of Trade-Chicago Mercantile Exchange partnership would be a boon that would save them as much as $1.6 billion annually.

So some brokers and traders were surprised to learn that they must pay a charge of five cents per contract to close their positions at the Clearing Corp., the Chicago Board of Trade's former clearing partner.

The five-cent charge is a standard one to close out positions, said Dennis ...

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