I am being charged $15 fee from the CME every month? | Reviews of Brokers and Data Feeds


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I am being charged $15 fee from the CME every month?

  #27 (permalink)

Market Wizard
Boca Raton
 
Trading Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 2,410 since Sep 2010
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Big Mike View Post
To make money on their data, and eliminate the freeloaders would be my guess.

Too many people view trading like a video game. And the professionals that trade for a living frankly don't care too much about a few dollars per month.

If your profession involved driving a lot, and your gas expenses were 1% and are going to double to 2%, it sucks, but in the grand scheme of things it means close to nothing.

And you want the gas company to do well, not go out of business -- after all, if there was no gas then your entire business would collapse.


Sent from my phone

I would approach it from a different angle. I am not going to call anyone a freeloader, because the system has been set up in such a way where anyone with a brokerage account can get market data. So if someone wants to waste his time, stare at the screen all day, and in essence do nothing, it's their right.

However, its the exchange who fails to realize that they are taxing those who trade and/or promote the industry in one way or another. If someone trades just a small amount of 10 ES RTs a month, they already pay the CME 23 dollars, so why tax them another $15 which is the same as a perpetual paper trader who does no trades? So the policy of applying the same amount to traders and non traders is idiotic. The cost of technology should be $1 to traders and $14 to non traders. If there is trend of rising technology costs, dissemination of data, and/or other costs it should be distributed in a fair manner among the players. Again, its brokers and FCM who get hurt the most from this, because pro fees are just insane.

By the way, Brokers do care about the rising costs and the impact it has on traders .
Your truly, got on an airplane, set with the market data billing department of the CME, and addressed this discrimination. It was in the hope that someone at the top will get it. At least I can say I did something besides complaining on a forum.

Matt
Optimus Futures

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