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Lease or Buy a IDEM membership of CBOT to trade YM
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Lease or Buy a IDEM membership of CBOT to trade YM

  #1 (permalink)
Trading Apprentice
Toronto, Canada
 
Futures Experience: Beginner
Platform: CTS T4
Favorite Futures: TF,YM
 
Posts: 19 since Sep 2011
Thanks: 3 given, 5 received

Lease or Buy a IDEM membership of CBOT to trade YM

Hi,

I am about to scalp YM for around 200 sides daily. I am considering leasing or buying an IDEM membership to get discounted exchange rate.

IDEM membership is cheap. it is around $5000. Lease fee is about $60 per month.

Now, It looks like with leasing, you got $0.20 for exchange fee.
But, with IDEM (without equity, meaning without buying CME stock shares), you got $0.24 for exchange fee.

Am I correct? Can somebody who does own or lease IDEM help?

Here is the fee schedule of CBOT.

http://www.cmegroup.com/company/files/CBOT_Fee_Schedules.pdf

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  #2 (permalink)
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  #3 (permalink)
Elite Member
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Have you called the membership department? They should be able to answer your question.

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  #4 (permalink)
Trading Apprentice
Toronto, Canada
 
Futures Experience: Beginner
Platform: CTS T4
Favorite Futures: TF,YM
 
Posts: 19 since Sep 2011
Thanks: 3 given, 5 received

thanks. i will do that.

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  #5 (permalink)
Trading Apprentice
Toronto, Canada
 
Futures Experience: Beginner
Platform: CTS T4
Favorite Futures: TF,YM
 
Posts: 19 since Sep 2011
Thanks: 3 given, 5 received

Here is the answer I got from CME.

1) When you mention "owning a IDEM seat", do you mean paying the price of IDEM
($5000) + 985 shares of CME stocks($70k)?

- You can buy the IDEM seat without the stocks.


2)I would like to make sure that if I only pay for the IDEM seat ($5000), and execute the trade myself, my exchange fee and clearing fee will be $0.20 + $0.06. Is it right?

- No. if you buy the seat (trading rights only) and trade for your own account (executor is you) then the exchange fees would be
$0.05 and $0.06 clearing. The $0.20 exchange fee is when you lease a membership and trade for your own account.

Well, spend $5000, you will get $0.11 per side for exchange and clearing fee. vs $1.14 per side for non-member. If you are high volume YM trader, consider to buy or lease an IDEM seat.

Oh, there is an one time application fee $2000 if you want to purchase or lease a seat.

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  #6 (permalink)
Trading Apprentice
Toronto, Canada
 
Futures Experience: Beginner
Platform: CTS T4
Favorite Futures: TF,YM
 
Posts: 19 since Sep 2011
Thanks: 3 given, 5 received

3) another question.

To apply for the lease or purchase of membership, I need to pay $2000 one time application fee.

Let say I pay $2000 application fee to purchase the IDEM membership in February, 2014. Then, In May, 2014, I want to lease a CME's IOM membership to trade NQ, do I need to pay $2000 again?

- You will need to submit another application for the CME's IOM membership, but as a member of the CBT, you will only pay a $1,000 application fee.

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  #7 (permalink)
Elite Member
Chicago, IL
 
Futures Experience: Advanced
Platform: Ninja
Broker/Data: Ninja
Favorite Futures: ES, Ym, NQ, VTI, SPY, VXUS
 
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buy it

I think I pay the cme .11 cents aside for YM...I have an IDEM membership.

talk to your clearing firm....it is a no brainer....do the math.....if you lease the seat you always have the risk of the membership prices going up (not likely but always a chance). Instead of paying $5k for the seat today you could have to pay $20k in the future (you never know).

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