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Requirements for CME membership
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Requirements for CME membership

  #1 (permalink)
Trading Apprentice
lakeland
 
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Requirements for CME membership

Hi, I'm in the process of becoming a member of the CME, reason for CBOT an IDEM seat to lower my comm's for the YM. There's a $2000 non refundable application fee.

Has anybody gone through that process and if don't might sharing, what did they look for to allow or disallow your membership ? I have no disciplinary issues etc, though am concerned on financial assets they may require - is there a net worth minimum line to cross ?

Thanks for any insight.

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  #2 (permalink)
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  #3 (permalink)
Site Administrator
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It is advisable to get your broker to handle all the paperwork for you, instead of going it alone. Your broker should do this for free, and should have a person that is very familiar with the process and has a direct contact at CME that can answer questions prior to you submitting the application and fee.

Be sure you are also aware of what happens after you become a member, such as being classified as a professional.

Mike

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  #4 (permalink)
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Big Mike View Post
Be sure you are also aware of what happens after you become a member, such as being classified as a professional. Mike

Very easy to rack up 200$ a month in fees once you flip the pro switch and have to pay 85$ to cme, 95$ to ice and another 50-150$ for stocks and options.

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  #5 (permalink)
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Big Mike View Post

Be sure you are also aware of what happens after you become a member, such as being classified as a professional.

Mike

Does anyone have a link to this sort of info?

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  #6 (permalink)
 Vendor: www.traderwerks.com 
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jdox View Post
Does anyone have a link to this sort of info?

Look at the services to which you subscribe and look at the pricing. They will have pro and non pro rates.

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  #7 (permalink)
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traderwerks View Post
Look at the services to which you subscribe and look at the pricing. They will have pro and non pro rates.

I've seen those but Mike seemed to imply that there may be some negatives to being classified as a pro.

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  #8 (permalink)
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jdox View Post
I've seen those but Mike seemed to imply that there may be some negatives to being classified as a pro.

Data and taxes, check with your broker and accountant.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #9 (permalink)
Market Wizard
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andy4 View Post
Hi, I'm in the process of becoming a member of the CME, reason for CBOT an IDEM seat to lower my comm's for the YM. There's a $2000 non refundable application fee.

Has anybody gone through that process and if don't might sharing, what did they look for to allow or disallow your membership ? I have no disciplinary issues etc, though am concerned on financial assets they may require - is there a net worth minimum line to cross ?

Thanks for any insight.

I got an IDEM membership many years ago. Back then I had to take all the exams to be a floor trader even though I was only going to trade remotely, not sure if that's still the case now though.

I think the exchanges are more concerned about you being of 'moral character' than they are your financial assets. Your clearing firm is the one who is going to be concerned about your assets.


Big Mike View Post
It is advisable to get your broker to handle all the paperwork for you, instead of going it alone. Your broker should do this for free, and should have a person that is very familiar with the process and has a direct contact at CME that can answer questions prior to you submitting the application and fee.

Be sure you are also aware of what happens after you become a member, such as being classified as a professional.

Agree with Mike, your broker should be able to walk you through this process. My broker (Advantage Futures) did everything for me except actually take the exam. I now also have a NYMEX seat. They do everything. Arrange the leases, payment, communication with the exchange.


Big Mike View Post
Data and taxes, check with your broker and accountant.

Data fees can be annoying but the tax implication can be huge. I believe having a seat means your trading gains are also subject to Self Employment tax. Not as big an issue today with the ACA investment tax but for some people it will be an additional $15k odd cost. Very surprised this doesn't get discussed more here or in most trading places. I suspect many people either don't know this or just conveniently forget to know. As mike says check with your accountant.

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  #10 (permalink)
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I have had cbot seats for 20 years. AM and IDEM. sold my AM because i was not trading treasury's anymore. Held the IDEM because i started trading YM. Sold the IDEM in Dec of 2014 because of the b.s. CME data fees and also was not really trading YM anymore. Presently, i almost exclusively trade TF and see no need for a membership.

Unless you are trading actively in YM, i don't see a reason to buy an IDEM. Trading has always been my primary source of income...so the self employment tax thing is not a factor. I believe i am still subject to that even though i don't have a seat.

Your broker should be able to see how much you are trading and advise you.....

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