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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
Can you help answer these questions from other members on NexusFi?
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.
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.
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.
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.
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.
