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CME Fee changes 2014, significant impact


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CME Fee changes 2014, significant impact

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  #21 (permalink)
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Big Mike View Post

After 2014, professional is expanded to be anyone trading out of Corp/LLC.


Sorry for my ignorance, but can you explain what that means - "trading out of Corp/LLC"?

It seems the waiver will continue to actual clients till the end of 2014?

I hope they set the new fees straight because it's way too confusing at the moment for retail traders to know what will be their costs in 2014.

Brokers will raise their commissions. Data fees, like IQFeed will raise their fees...

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  #22 (permalink)
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Thnx Mike.

Well hoping for the best. Will create too much fees where data starts becoming cost prohibitive.

Thnx
S

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  #23 (permalink)
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Big Mike View Post
Hoping one of the brokers can clarify, maybe @decarleytrading is around, or one of the others?

Mike

Sorry, I missed this earlier but it sounds like you have it correct in a later reply.

Be sure to send your opinions to marketdata@cmegroup.com and info@cmegroup.com. Hopefully the CME will come to their senses and look at the big picture.

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  #24 (permalink)
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Big Mike View Post
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

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

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  #25 (permalink)
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Big Mike View Post
Trading out of an LLC is going to cost me around $27,540 a year.

Mike

time to be a sole proprietor again I "was" going to LLC for 014, thx for posting info

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  #26 (permalink)
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decarleytrading View Post
Be sure to send your opinions to marketdata@cmegroup.com and info@cmegroup.com. Hopefully the CME will come to their senses and look at the big picture.

Looks like they are not willing to listen

CME Group digs in on fee increases as brokers protest | Reuters

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Robert Carrillo View Post
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

Post #6 from Rosenthal seems to indicate that trading out of a Corp/LLC would consider you a professional. I am still trying to get confirmation for CME's actual description and what changes were made in 2014 to this.

Mike

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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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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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josh View Post
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.

That does seem to be the result. Wonder if it was somehow the aim?

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