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CME data fee waiver program + NT + IB
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CME data fee waiver program + NT + IB

  #1 (permalink)
Trading Apprentice
kuala lumpur malaysia
 
Futures Experience: Intermediate
Platform: metastock, NT
Favorite Futures: stocks,futures
 
Posts: 30 since Jun 2013
Thanks: 16 given, 0 received

CME data fee waiver program + NT + IB

hi there,

need help to understand the above:
(1) can I opt for the CME data fee waiver program? ( I am not a US resident)
(2) I ve initiated IB account opening..is it true that initial deposit is USD25k?
(3) my primary objective is to get the free real time data on CME (with min USD50/mth)..is the waiver programme sort of permanent?
(4) anyone using IB from Malaysia? I would like to know which bank do you use to deposit/withdraw $$$ ...and any particular issues to take note of...what about processing fee and turnaround time?
(5) is it safe putting $$$ into IB? will there be any disputes etc and the money gets stuck?

Many thanks in advance

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Stavanger, Norway
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Ninjabroker, Continuum
Favorite Futures: ES, CL, Bonds
 
Posts: 671 since Nov 2012
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dimpledbrain View Post
hi there,

need help to understand the above:
(1) can I opt for the CME data fee waiver program? ( I am not a US resident)
(2) I ve initiated IB account opening..is it true that initial deposit is USD25k?
(3) my primary objective is to get the free real time data on CME (with min USD50/mth)..is the waiver programme sort of permanent?
(4) anyone using IB from Malaysia? I would like to know which bank do you use to deposit/withdraw $$$ ...and any particular issues to take note of...what about processing fee and turnaround time?
(5) is it safe putting $$$ into IB? will there be any disputes etc and the money gets stuck?

Many thanks in advance

To the best of my knowledge (this should be confirmed or doublechecked)

1. Yes, the waiver program is available to anyone to my knowledge.

2 No, its 10k. If you want to INTRADAY trade, then it's a regulatory minimum that you have 25k- an exception to this is if you intraday trade Futures (then 10k is enough to open at IB).

3. No idea if the waiver program is permanent, it has been offered for a long time but nobody can really know when CME decides to pull it. For now you should be able to get the CME package (CME, CBOT, COMEX, NYMEX) for $55 ish. Make sure your datafeed is supported in your setup however. I use Kinetick + NT + IB- and the datafeed will not include L2 depth which is another $22. They dont support any ICE data either, so no TF via Kinetick.

4. Im using IB from Norway. My deposit was made to ENSKILDA bank (very reputable/trustworthy bank here in Scandinavia) in Sweden. Transfer took about 2 days to complete.

5. Nothing is 100% safe- you never know when the next disaster will hit a broker or clearing firm. IB however is generally considered as one of the sturdiest brokers around afaik. They also do their own clearing so its a FCM, not an Introducing Broker. Meaning they are responsible for your money all the way. Its the FCM that "holds" your actual positions and money in segregated funds.

Like i said, the above is my understanding, but im by far a veteran so make sure you get confirmation.

Best of luck!

Edit: You may want to read up on:
http://www.futuresmag.com/2013/11/12/cme-ends-trading-waiver-on-wata-fees
and
https://futures.io/brokers-data-feeds/29748-cme-fee-changes-2014-significant-impact.html


Last edited by danielk; January 22nd, 2014 at 10:29 AM.
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  #4 (permalink)
Elite Member
Luxembourg
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: IB / Kinetick
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Hello There
I reside and trade from outside the USA; and use exactly the same setup that you are mentioning.
I am paying $55 per month for Kinetick basic package, and do benefit from the CME Waiver program that is still active for now.

Initial deposit with IB is $10k or its equivalent in other currencies.

The 25k limit you are talking about is not broker related, and is a requirement by US exchanges shall you need to day trade stocks on NYSE, NASDAQ, AMEX, etc...
For futures, you do not have such a limit regardless of your brokers choice.

IB offers you one free withdrawal per month, so there are no processing fees, and I usual get my money latest after three working days; sometimes in the same day too.

IB lets you manage your account with multiple currencies, so you need to check with them if your local currency is supported; and if so, you will no have to do any FX conversions with your bank which usually charges very high commissions. All additional wire transfer costs will be specific to your bank, and IB has nothing to do with it. You'd better check with your bank for these charges.

Moreover, worth noting that when you wish to deposit cash in your account, you have to first initiate the request from within your account with IB on their webpage; and then depending on the currency of choice for that particular transfer, they will give you the correct bank account number and instructions to execute the transfer.
In my case, and being in Europe and wishing to transfer money in EUR; they give me a bank account based in Germany to which I do the transfer, and with my particular bank I get 10 free wire transfers per month. But again, that is non-related to IB itself, so check with your bank.

Finally, is it safe to deposit cash with IB?
Only you can judge... was it safe to open a trading account with MF Global? or possess an account with Lehman Brothers at that time?

Please apply correct risk management to all your accounts, in banks or with brokers.
Don't keep more cash than you need in your trading account, and make it a habit to regularly withdraw some cash out of your account.

Successful people will do what unsuccessful people won't or can't do!
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  #5 (permalink)
 Vendor: www.iqfeed.net 
Omaha NE
 
Futures Experience: Intermediate
Platform: IQFeed compatible
Favorite Futures: ES
 
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Posts: 271 since Jun 2012
Thanks: 234 given, 374 received

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dimpledbrain View Post
hi there,

need help to understand the above:
(1) can I opt for the CME data fee waiver program? ( I am not a US resident)
(2) I ve initiated IB account opening..is it true that initial deposit is USD25k?
(3) my primary objective is to get the free real time data on CME (with min USD50/mth)..is the waiver programme sort of permanent?
(4) anyone using IB from Malaysia? I would like to know which bank do you use to deposit/withdraw $$$ ...and any particular issues to take note of...what about processing fee and turnaround time?
(5) is it safe putting $$$ into IB? will there be any disputes etc and the money gets stuck?

Many thanks in advance

Globex exchange fee waivers for CBOT, CME, COMEX and NYMEX are available to any trader (Pro or Non-Pro) whose market data is feeding a trade-capable software and who has a minimally funded trading account with a participating broker that supports that software.

CME has announced that the waivers program will end effective Jan 1, 2015, and that the deadline for obtaining waivers is Mar 1, 2014. Traders who don't have waivers by Mar 1 won't be able to get them. Those with waivers prior to Mar 1 will retain them through 2014, assuming you keep the same setup regarding qualifying data/software/broker.

Effective Jan 1, 2015, those who had waivers will start paying exchange fees for Globex data. Every recipient of CME Globex market data will be required to complete a CME Group Pro/Non-Pro form. Pros who had waivers will pay 50% of the published Pro exchange fees and Non-Pros who had waivers will pay much lower exchange fees. Qualification for lower Non-Pro fees and the 50% discount for Pros will be authorized by brokers each month, just as brokers now authorize waivers qualification each month, so if a change is made in the data/software/broker setup that qualified you for waivers, you may then be considered a Pro and pay 100% of published Pro exchange fees.

This is the best information I have from CME.

Robert

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  #6 (permalink)
Trading Apprentice
kuala lumpur malaysia
 
Futures Experience: Intermediate
Platform: metastock, NT
Favorite Futures: stocks,futures
 
Posts: 30 since Jun 2013
Thanks: 16 given, 0 received

thanks for the reply everyone...much appreciated.

i ve got 2 more questions:

(1) the new fee for non pro is quite minimal right..like USD3-15 per month or sth? after 2015 that is...

(2) if i wish to trade USD denominated instruments, is it better to deposit USD or my preferred currency? think need to do some conversion to balance the account or something right? say e.g. if my equity is SGD10k and i have a trading loss USD500...

I ve initiated IB account opening..waiting for their confirmation... so next step is to buy NT trading license...hope everything will turn out well

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  #7 (permalink)
 Vendor: www.iqfeed.net 
Omaha NE
 
Futures Experience: Intermediate
Platform: IQFeed compatible
Favorite Futures: ES
 
Robert Carrillo's Avatar
 
Posts: 271 since Jun 2012
Thanks: 234 given, 374 received


dimpledbrain View Post
thanks for the reply everyone...much appreciated.

i ve got 2 more questions:

(1) the new fee for non pro is quite minimal right..like USD3-15 per month or sth? after 2015 that is...

The Non-Pro fees are anticipated to be $5/mo each or $15/mo for all 4 of them.

Robert

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  #8 (permalink)
Trading Apprentice
kuala lumpur malaysia
 
Futures Experience: Intermediate
Platform: metastock, NT
Favorite Futures: stocks,futures
 
Posts: 30 since Jun 2013
Thanks: 16 given, 0 received

Hi #Fadi, #danielk, and others who are using this combo,

I got a few more questions -
(1) say my base currency is in SGD and I want to day trade us denominated futures, is it better to convert sgd to usd? will I be charged interest if I don't do the conversion?

(2) I just got my IB account funded...I need to buy NT license @ USD995 right (I cant use the free license to participate in the cme waiver programme right?)

(3) do you just trade from NT with your IB connected? any tips/advice on what to use/do and what not to use/do?

thanks. db

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  #9 (permalink)
Elite Member
Luxembourg
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: IB / Kinetick
Favorite Futures: ZN
 
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Posts: 482 since Apr 2012
Thanks: 650 given, 625 received


dimpledbrain View Post
Hi #Fadi, #danielk, and others who are using this combo,

I got a few more questions -
(1) say my base currency is in SGD and I want to day trade us denominated futures, is it better to convert sgd to usd? will I be charged interest if I don't do the conversion?

(2) I just got my IB account funded...I need to buy NT license @ USD995 right (I cant use the free license to participate in the cme waiver programme right?)

(3) do you just trade from NT with your IB connected? any tips/advice on what to use/do and what not to use/do?

thanks. db

Hi again
You need not convert to USD, IB can use your available SGD capital to act as collateral for margin purposes.
But at the end of the day, you will have a Profit or Loss in USD or any other currency depending on the base currency of the futures instrument.
So if you trade ES or CL for example, the P&L will be in USD but if you trade the FDAX the P&L will be in EUR, and if you do a FOREX trade let's say on the pair CADJPY then the P&L will be in JPY.

Depending on what you trade, you can end up with lots of different currencies in your account on top of your SGD.

Let's assume you trade the ES and you do block some gains, then you will see some cash in USD appearing in your account by the end of your trade; but similarly if you lose on that trade then you will have a negative balance in USD (since ES trades in USD) and IB will charge you an interest on that until you bring back that balance in USD to positive territory...

You can obviously bring back that balance to USD by converting your current SGD to USD, or simply take another trade on a USD futures instrument, let's say YM and win some cash on it

You can't use the free license to participate to the CME Waiver Program, but you are not obliged to buy NT; you can also lease it on a monthly basis and check for yourself if you like this software before committing to it.

If you chose Kinetick as your data provider, you will have to pay full CME exchange charges until you are allowed to participate to the CME Waiver Program.

Finally, I do personally trade from NT, more specifically from the dynamic DOM and chart trader.
But I also have TWS open more often than not on the side, to check and be sure that all my orders are correctly entered, triggered, and so on...

Successful people will do what unsuccessful people won't or can't do!
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  #10 (permalink)
Trading Apprentice
kuala lumpur malaysia
 
Futures Experience: Intermediate
Platform: metastock, NT
Favorite Futures: stocks,futures
 
Posts: 30 since Jun 2013
Thanks: 16 given, 0 received


Hi Fadi,

hello. thanks for your prompt reply...so the interest will be charged on losses only, which I need to balance out daily...I just need to make sure I have sufficient usd to cover any margin/loss right

If you chose Kinetick as your data provider, you will have to pay full CME exchange charges until you are allowed to participate to the CME Waiver Program.

wow..this is something new...it's not instantaneous? how long will it take to be allowed? and who should I liaise with to get it done asap, NT or IB?

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