Changer is the name given to a clearing member of a stock or commodities exchange who is willing to assume the opposite position of a futures or options contract within a larger alternative exchange, of which it also is a clearing member. As such, changers provide liquidity to a market.


A changer most commonly refers to a clearing member of the Chicago Mercantile Exchange (CME), who take the opposite commodities futures positions on larger alternative exchanges. Changers act as buyers to clearing member sellers and as sellers to clearing member buyers. As changers must bear the risks associated with entering into a contrary position on a transaction, they charge a clearing fee for their services.

Clearing members are highly capitalized, closely monitored, and carefully selected companies that stand behind all trades made through CME Group Exchanges. Clearing members assume full financial and performance responsibility for all transactions executed through them and cleared by CME Clearing.