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Selling Options on Futures?
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Selling Options on Futures?

  #3211 (permalink)
Trading for Fun
Brisbane, Queensland, Australia
 
Futures Experience: Intermediate
Platform: OX, Z360, Excel
Broker/Data: DeCarley
Favorite Futures: Futures and Future Options
 
Posts: 121 since Aug 2013
Thanks: 75 given, 96 received

OX and ICE Future Quotes


Zero85 View Post
Hey, is anyone else having problems with OptionsXpress in regards to viewing ICE future quotes?

I want to view the coffee futures, but I can't. Here's what I was told:

"If you wish to continue to receive these quotes, please send an email to futuresteam@optionsxress.com. Please provide the last 4 digits of the account number, the account title, and that you authorize optionsxpress to provide ICE exchange quotes and that you agree to the $85 per month fee for ICE exchange quotes."



So basically, we will have to pay an additional $85 a month to be able to trade these options, wtf!

Hi Zero, I had a call from OX Australia to tell me the same. Apparently the charge is from ICE and being passed through OX now. They told me that I would have to pay the charge to get streaming quotes for ICE commodities eg. Sugar. They will still provide EOD prices. But without a streaming option chain prices it is difficult to trade these commodities now with OX unless you pay the fee. Crazy times! Cheers, BlueRoo

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  #3212 (permalink)
Trading Apprentice
NYC +NY/ United States
 
Futures Experience: Advanced
Platform: OptionsXpress
Favorite Futures: Future Option Selling
 
Posts: 26 since Mar 2014
Thanks: 13 given, 7 received


BlueRoo View Post
Hi Zero, I had a call from OX Australia to tell me the same. Apparently the charge is from ICE and being passed through OX now. They told me that I would have to pay the charge to get streaming quotes for ICE commodities eg. Sugar. They will still provide EOD prices. But without a streaming option chain prices it is difficult to trade these commodities now with OX unless you pay the fee. Crazy times! Cheers, BlueRoo

Yes, I can't even see the option chain. There goes trading coffee, ugh!

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  #3213 (permalink)
Market Wizard
Cleveland, OH
 
Futures Experience: Advanced
Platform: QST
Broker/Data: QST, DeCarley Trading, Gain
Favorite Futures: Options on Futures
 
Posts: 2,648 since Jul 2011
Thanks: 769 given, 4,572 received
Forum Reputation: Legendary


I have spent the past week moving all of my OX accounts and closing them. And that was before I found out about this ICE fee. No other FCM has mentioned this.

Ever since Charles Schwab bought OX their quality of service has turned from great to horrible. I will no longer suggest anybody trade at OX.

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The following user says Thank You to ron99 for this post:
 
  #3214 (permalink)
Trading Apprentice
NYC +NY/ United States
 
Futures Experience: Advanced
Platform: OptionsXpress
Favorite Futures: Future Option Selling
 
Posts: 26 since Mar 2014
Thanks: 13 given, 7 received


ron99 View Post
I have spent the past week moving all of my OX accounts and closing them. And that was before I found out about this ICE fee. No other FCM has mentioned this.

Ever since Charles Schwab bought OX their quality of service has turned from great to horrible. I will no longer suggest anybody trade at OX.

Ron, I hear you. I'm so upset at OX for doing this. I'm strongly thinking of moving my account as well. Where to you recommend going instead?

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  #3215 (permalink)
Market Wizard
Cleveland, OH
 
Futures Experience: Advanced
Platform: QST
Broker/Data: QST, DeCarley Trading, Gain
Favorite Futures: Options on Futures
 
Posts: 2,648 since Jul 2011
Thanks: 769 given, 4,572 received
Forum Reputation: Legendary


Zero85 View Post
Ron, I hear you. I'm so upset at OX for doing this. I'm strongly thinking of moving my account as well. Where to you recommend going instead?

I have moved to DeCarley Trading/Zaner. So far so good, but I haven't been there very long.

Exchange minimum margins and reasonable commissions.

I will say her customer service is excellent. Best I have ever seen.

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  #3216 (permalink)
Market Wizard
Cleveland, OH
 
Futures Experience: Advanced
Platform: QST
Broker/Data: QST, DeCarley Trading, Gain
Favorite Futures: Options on Futures
 
Posts: 2,648 since Jul 2011
Thanks: 769 given, 4,572 received
Forum Reputation: Legendary


Zero85 View Post
Hey, is anyone else having problems with OptionsXpress in regards to viewing ICE future quotes?

I want to view the coffee futures, but I can't. Here's what I was told:

"If you wish to continue to receive these quotes, please send an email to futuresteam@optionsxress.com. Please provide the last 4 digits of the account number, the account title, and that you authorize optionsxpress to provide ICE exchange quotes and that you agree to the $85 per month fee for ICE exchange quotes."



So basically, we will have to pay an additional $85 a month to OX in order to be able to trade these options, wtf!

I got an email Tuesday evening from OX stating that effective May 1st I had to pay $85 per month for ICE data. But so far only for one account.

Poor customer relations to only give 24 hours notice about this major change.

But this is just one of many screw ups by OX since Schwab bought them.

I had the email address of a vice president at OX before Schwab bought OX. He would always get a problem fixed right away if I emailed him about it. He was let go when Schwab bought OX.

Do you have the feeling I am pissed at Schwab?

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  #3217 (permalink)
Trading for Fun
Riga Latvia
 
Futures Experience: Intermediate
Platform: Zaner 360
Favorite Futures: commodyties
 
Posts: 94 since Jan 2013
Thanks: 314 given, 69 received

I used Zaner for ~ 3 month (prior - OX). Very good service. A platform would be better...

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  #3218 (permalink)
Trading for Fun
St Paul, MN, USA
 
Futures Experience: Advanced
Platform: Abacus
Broker/Data: RJO, Interactive Brokers
Favorite Futures: Commodity Futures & Options
 
Posts: 195 since Jan 2014
Thanks: 116 given, 191 received

FWIW, those ICE fees of approximately $85/mo are not a new thing. For at least two years they were supposed to be charged to customers of FCMs for real time quotes.

I am guessing but it's not unreasonable to believe a number of FCMs either negotiated a (temporary) waiver or perhaps they absorbed some or all of the fee and their customers thought they were still free. Now that the CME is moving, or trying to move away from, free quotes for retail traders, ICE may no longer feel the need to cut FCMs and retail traders some slack.

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The following user says Thank You to CafeGrande for this post:
 
  #3219 (permalink)
Elite Member
London + Great Britain
 
Futures Experience: Master
Platform: Interactive Brokers, OptionsXpress, TradeMonster, RJO, AmiBroker, Wealthlab
Favorite Futures: Futures, Options, Equities
 
Physicsman's Avatar
 
Posts: 19 since May 2013
Thanks: 85 given, 23 received

Adding to CafeGrand's information. One of my FCMs did contact me about 2 years ago regarding the ICE fees. At the time, they stated that if you made at least 1 trade on any ICE contract, the the fee would be waived.

However, the deal appeared to fall through since they sent another communique shortly afterwards stating that the fee would be charged regardless of whether an ICE trade was made. Fortunately, to this day I've still not yet been charged the fee. I of course have kept quiet about it - no point rocking the boat!!

I get the feeling that inevitably ICE will rip their pound of flesh from us so it won't last. Sooner or later all retail clients will have to pay up to ICE no matter which FCM/broker we use.

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  #3220 (permalink)
Trading for Fun
Brisbane, Queensland, Australia
 
Futures Experience: Intermediate
Platform: OX, Z360, Excel
Broker/Data: DeCarley
Favorite Futures: Futures and Future Options
 
Posts: 121 since Aug 2013
Thanks: 75 given, 96 received

Alternatives


I contacted RJO Futures. They quoted me $6.00 round turn for future options and $3.00 a side for the underlying.
They seem to be a professional outfit. Their free platform seems equal to Z360. Another alternative.

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