Interesting. I thought the CME only cared that the trader could place trades to give the waiver. I had no idea it was more complicated, imagine that
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Jumping onto this thread, as I have a couple of related questions which are still not super clear to me.
Background: I'm using IB + NinjaTrader, and am working on an ATS (which is not yet ready for prime time). I have had my IB account for years and it is funded (and had been trading there manually, just not for several months).
1. For the CME waiver, would I have that already, and have been automatically grandfathered in?
2. If 'no' to '1 above', what specific procedure do I follow to get the waiver? (call IB, or CME, or send a form somewhere? IB's knowledge base did not answer my question, or at least I did not find the answer)
3. Once my ATS is ready, will I have an extra $370/mo (or some other large/ridiculous fee), to trade via ATS vs manually?
4. If it's all as bad as expected, do we have any more reasonable trading venues? (I've seen Forex mentioned on another thread, but I have gotten used to the 'feel' of futures now.)
From the first block of text seems to say someone (not clear to me whether that's IB, or me) would be paying $375/mo/exchange. I would assume if it were IB paying, they would just pass that through to us. On the other hand, the 2nd block seems to say that (using IB TWS or Ninja, or any trade-capable software) the Subscriber only pays the 'regular' fees (slightly increased from what they formerly were, but not in the hundreds per month.
So you (everyone trading via an ATS) is assured that:
- They are already grandfathered in, without needing to explicitly request a fee waiver? (and)
- The above quotes from CME do not indicate we'll be paying extra hundreds of dollars per month?
I normally assume when dealing with either the government, or a for profit entity, things will usually be as bad (or worse) than I can envision them.
The ATS you are developing runs in NinjaTrader , correct ?
The block quote from CME does not apply to anyone running a Ninja 'strategy' inside the Ninja Trader platform, but applies to an entirely different class of subscriber. The 'non-display automated trading' subscribers they are referring to are custom API trading programs that typically run native proprietary code on servers inside the Aurora Data Center. These are custom solutions that do not use any trading platform (such as Tradestation or NinjaTrader).
Be Patient and Trade Smart
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