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CME Fee changes 2014, significant impact
Updated April 13th 2015
mattz
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CME Fee changes 2014, significant impact
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#21 (permalink
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Can you help answer these questions
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#22 (permalink
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Thnx Mike.
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#23 (permalink
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Hoping one of the brokers can clarify, maybe @
decarleytrading is around, or one of the others?
Mike
marketdata@cmegroup.com and info@cmegroup.com . Hopefully the CME will come to their senses and look at the big picture.
*There is substantial risk of loss in trading futures and options.Ask Me Anything " thread.
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#24 (permalink
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See post 6 and 10. My understanding is the classification has been expanded to anyone trading out of a Corp/LLC. I am waiting to get more details on this.
Prior to 2014:
NONPROFESSIONAL SUBSCRIBER - "A Non-professional Subscriber" is any natural person* whom a market data vendor has determined qualifies as a "Nonprofessional Subscriber" and who is not:
(a) registered or qualified with: the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or
futures contract market or association, nor
(b) engaged as an "investment advisor" as that term is defined in Section 201(11) of the Investment Advisor's Act of 1940 (whether or not registered or qualified under that Act), nor
(c) employed by a bank or another organization that is exempt from registration under Federal and/or state securities laws to perform functions that would require him or her to be so registered or qualified if he or she were to perform such functions for an organization not so exempt.
Any person who does meet the above criteria (a,b, & c) is considered a Professional Subscriber.
After 2014, professional is expanded to be anyone trading out of Corp/LLC.
Mike
CME that anyone trading out of a Corp/LLC, or even just using a business name, will be considered a Pro. That doesn't mean it's not true, just that we are waiting for clarification from CME on the Pro/Non-Pro rules. BMT ).
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#25 (permalink
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Trading out of an LLC is going to cost me around $27,540 a year.
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#26 (permalink
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#27 (permalink
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Robert Carrillo
Mike,
We haven't been told by
CME that anyone trading out of a Corp/LLC, or even just using a business name, will be considered a Pro. That doesn't mean it's not true, just that we are waiting for clarification from CME on the Pro/Non-Pro rules.
Suggest any interested parties contact CME and/or CFTC directly with comments, as they may not be following futures.io (formerly
BMT ).
Robert
Thread Starter
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#28 (permalink
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I remember Milton Freidman once stating that monopolies don't last long in free market societies. Alternatives will sprout up. I guess we'll see if free our market is...
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#29 (permalink
Legendary Market Wizard
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My guess is that while this will hit a lot of people, those who do serious volume will largely be unaffected (what's $50K a year extra when you are turning over $100K a day?), and hence will happily pay the new fees.
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#30 (permalink
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josh
My guess is that while this will hit a lot of people, those who do serious volume will largely be unaffected (what's $50K a year extra when you are turning over $100K a day?), and hence will happily pay the new fees.
Thread Starter
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April 13, 2015
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