The Privilege of Membership | Information | Sales Update
Price History | Clearing Members | Leasing Information

PRICES TO LEASE SEATS

The actual price to lease a seat is not determined by the KCBT, but is set by you and the KCBT member.

1. ARRANGE A LEASE AGREEMENT

To lease a membership, your first step is to contact the Department of Membership Services to arrange a lease agreement with a KCBT member. The exchange has a standard delegation agreement that must be used.

This agreement must be filed with the Department of Membership Services and is subject to standard procedures for processing and approval.

2. ESTABLISH A WORKING RELATIONSHIP WITH A CLEARING MEMBER

Next, you will have to establish a working relationship with a KCBT clearing member firm, including meeting the firm's minimum financial requirements. The terms of the agreement will be determined between you and the firm. (A list of clearing member firms is available upon request.)

3. FILE A MEMBERSHIP APPLICATION

To become a delegate, you also have to file an application for membership status. A $300 transfer fee and a $500 non-refundable investigation fee must accompany your application. An outside investigative agency will confirm information on your application and investigate your background.

You also must have two KCBT member-sponsors whom you have known for 12 months to become a leasing member, or you must provide two letters of reference attesting to your business character and indicating the length of your business relationship with each reference.

4. PROVIDE FINANCIAL INFORMATION AND POST DEPOSIT

Delegates are subject to the same financial requirements as members. For information on these requirements, please contact the exchange.

Required financial information will be reviewed by the exchange's Department of Audits and Investigations and also may be reviewed by the KCBT's Financial Committee.

5. YOUR APPLICATION IS REVIEWED

Your application will be sent to the KCBT's Membership Committee, which reviews applications and recommends applicants to the Board of Directiors for final approval.

6. ATTEND ORIENTATION

All applicants who will be trading in the pit are required to complete the exchange's orientation program. Please contact the exchange for details.

7. RECEIVE FLOOR BADGE

After these requirements have been met and your application has been approved, you will receive a floor trading badge.

However, floor traders and floor brokers must register with the National Futures Association. Registration approval may take several weeks, a fact prospective members should consider in determining when to apply for registration.