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CME Fee changes 2014, significant impact
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CME Fee changes 2014, significant impact

  #201 (permalink)
Market Wizard
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Pro Vs Non-Pro fee

FYI

I was recently notified that the CME is trying to charge the Pro fee to my group account.
The reason is because I trade more than 2 accounts.

It appears that the CME considers trading 'friends and family' accounts as a professional if there are more than 2 accounts in the group. I'm not sure how this affects other futures.io (formerly BMT) traders but you may want to watch this to see if you fall under the same restrictions.

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  #202 (permalink)
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So I have read through this and am left wondering, I have been using the exchange fee waiver for 4 years, will my data fee jump up in 2015 or am I grandfathered into the lower price?

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  #203 (permalink)
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DavidHP View Post
FYI

I was recently notified that the CME is trying to charge the Pro fee to my group account.
The reason is because I trade more than 2 accounts.

It appears that the CME considers trading 'friends and family' accounts as a professional if there are more than 2 accounts in the group. I'm not sure how this affects other futures.io (formerly BMT) traders but you may want to watch this to see if you fall under the same restrictions.

So, I wonder if CME will find a way to make a "pro" of anyone who partitions his capital into >1 account, even if it's at multiple FCM's. Thus, anyone attempting to limit risk in the event of broker/FCM bankruptcy is a pro?

dwt51

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  #204 (permalink)
Market Wizard
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dwt51 View Post
So, I wonder if CME will find a way to make a "pro" of anyone who partitions his capital into >1 account, even if it's at multiple FCM's. Thus, anyone attempting to limit risk in the event of broker/FCM bankruptcy is a pro?

dwt51

CME is making a lot of changes and doing things that most traders are not aware of.
The following link sent to me by the CME support site is one example.
The link is 'on' their website but is deeply hidden and until you ask about it you seldom will see it.

On page 5 you can see a question about professional account and POA. Anyone with more than one POA will be considered a professional by the CME even though the CFTC rules say you can trade up to 15 accounts and not be a pro.

http://www.cmegroup.com/market-data/distributor/files/market-data-policy-changes-faq-2014.pdf

Not much can be done about it afaik.

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  #205 (permalink)
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DavidHP View Post
CME is making a lot of changes and doing things that most traders are not aware of.
The following link sent to me by the CME support site is one example.
The link is 'on' their website but is deeply hidden and until you ask about it you seldom will see it.

On page 5 you can see a question about professional account and POA. Anyone with more than one POA will be considered a professional by the CME even though the CFTC rules say you can trade up to 15 accounts and not be a pro.

http://www.cmegroup.com/market-data/distributor/files/market-data-policy-changes-faq-2014.pdf

Not much can be done about it afaik.

yet again another abuse of the small guys, but these emboldend MBA's thinking this is another revenue stream they are missing,

well step on the toe and watch the elephant tumble!

it happened to the CBOE and then a tsunami hit them with both the CME Emini trading being easier than Option trading (Index, Equity and Esoterics), then the SEC raised Reg-T to minimum accounts of $25,000. They just about disappeared from the modern vernacular.

Seems the party punch bowl is being poisoned and the gang will be moving to another platform from here. Well, not sure whether Nadex and Intercontinental Exchange have had their effect upon the CME, what with they own the Nymex, and the NYSE and have direct links to the LIFFE. Wow, seems old hat, these ancient exchanges, like the CBOT, CME and CBOE.

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  #206 (permalink)
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DavidHP View Post
CME is making a lot of changes and doing things that most traders are not aware of.
The following link sent to me by the CME support site is one example.
The link is 'on' their website but is deeply hidden and until you ask about it you seldom will see it.

On page 5 you can see a question about professional account and POA. Anyone with more than one POA will be considered a professional by the CME even though the CFTC rules say you can trade up to 15 accounts and not be a pro.

http://www.cmegroup.com/market-data/distributor/files/market-data-policy-changes-faq-2014.pdf

Not much can be done about it afaik.

Excellent link with lots of information that will answer a lot of questions I have seen asked.

To reiterate what @DavidHP said
POA on 2+ account = professional (page 5)
LLC with two trading terminals or less per Distributor per Subscriber entity will qualify for non-professional pricing (page 4)

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  #207 (permalink)
Market Wizard
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So far most of the conversation regarding the new data fees seems to have been focused around Professional/Non-Professional prices.

Has anybody looked into the ATS ("Automated Trading System") pricing though which is significantly higher still at $670 per exchange per the 12 November 2013, Market Data Notice to Distributors. After rereading the FAQs @DavidHP posted I decided to find a definition of what they define as an ATS. This is very dated but the September 10, 2009, MARKET REGULATION ADVISORY NOTICE regarding Identification and Registration of Globex Operator IDs (Tag 50 IDs) has some definitions on (page 4). One interpretation of this is that any system that automates order execution (as opposed to manual click execution) is classified as an ATS. As such wouldn't almost everybody be subject to the $670/exchange pricing rather than the $85/exchange professional pricing?

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  #208 (permalink)
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SMCJB View Post
So far most of the conversation regarding the new data fees seems to have been focused around Professional/Non-Professional prices.

Has anybody looked into the ATS ("Automated Trading System") pricing though which is significantly higher still at $670 per exchange per the 12 November 2013, Market Data Notice to Distributors. After rereading the FAQs @DavidHP posted I decided to find a definition of what they define as an ATS. This is very dated but the September 10, 2009, MARKET REGULATION ADVISORY NOTICE regarding Identification and Registration of Globex Operator IDs (Tag 50 IDs) has some definitions on (page 4). One interpretation of this is that any system that automates order execution (as opposed to manual click execution) is classified as an ATS. As such wouldn't almost everybody be subject to the $670/exchange pricing rather than the $85/exchange professional pricing?

Perhaps @NinjaTrader and @NT Brokerage can offer clarity. My understanding in 2009 was platforms were required to report auto trading by a flag.

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  #209 (permalink)
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answer

Hi,
I put this question to Ninja Support as being a client of Ninja Brokerage.
This is the answer I got:

Hello,

Thank you for your inquiry.


No, the Market Data Non-Dispaly fees do not apply to you. Your account has data provided by Continuum/CQG. Automated Trading Systems are then developed within NinjaTrader, not through another API or you requesting live market data directly from the CME.

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  #210 (permalink)
Trading for Fun
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Non-Professional Self-Certification Form:

"The Non-Professional Subscriber’s Access to Information must only
h) be via a maximum of two trading terminals per Distributor, permissioned for Real-Time Information and capable of routing orders to the CME Globex Platform (an “Order Routing Device”)."


What does "two trading terminals per distributor" mean? For example, if I am trading through AMP, have several subaccounts and have market data access through more than 2 platforms (NT/CQG, SC/TTnet, SC/Rithmic), does that make me a professional subsciber?

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