DEFINITION of 'Changer'
The name given to a clearing member that is willing to assume the opposite position of a futures contract within a larger alternative exchange, of which it also is a clearing member.
BREAKING DOWN 'Changer'
A changer commonly refers to clearing members of the CME who provide liquidity by taking the opposite futures positions on larger alternative exchanges. As changers must bear the risks associated with entering into the opposite futures transaction, they charge a fee for their services.