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I'm working on an automated ES trading algo bot with Tradovate API. With their monthly $349 plan, there are no commissions, but it costs about $2.8 for ES contract round trip.
IOM Membership lease seat sounds right to me.. Has anyone tried?
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
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My understanding is that IOM will give you member rate commissions for Index futures contracts, random length lumber contracts, all options contracts, and all GEM products. So yes it gives a discount to ES.
I do not have an IOM seat but I do have a NYMEX seat. (I also don't use Tradovate).
Having a CME membership gives you reduced member clearing rates AND reduced margin rates.
My understanding (as a non-client) is that Tradovate is A COMMISSION FREE trading broker. If thats the case how do you expect to reduce your commissions if they are already free?
I suspect having a seat will just save Tradovate money. Will they pass any of that on to you? My guess would be no, because I would guess that if your volume is high enough to justify a seat they are already losing money on you as a client.
The columns are product specific, the rows are trader/membership specific.
So the column you want for ES is 'Equity Index Futures' and 'I think' the row you want for member lease is Rule 106.D Lessees
There's normally an application fee to become a member, and then a much smaller fee to transfer a membership. So if you may pay the $2000 to become a member, and then you renew your lease (with the same lessee) there is NO additional fee. If on the other hand at the end of 6 months you renew the lease with a different lessee then you will have to pay the smaller transfer fee.
