Hello everyone,I want to apply for CBOT membership to lower the exchange fee for YM. exchange fee can be decreased from $1.16 to $0.26 per contract if I Lease a membership for $25 per month. There is A $2,000 application fee,so I am wondering if there are any trading volume or net worth requirements or other factors to get approved. I don't want to risk $2000 when I am not sure if I can get approved. Anyone has experience about that? Thank you.
You will have to apply to NFA also, fingerprint cards. I don’t believe there is a benchmark net worth requirement. But you do need to fill out financial info. Proof of funds. You can get fingerprinted by local police department and I when I did it took a basic exam on futures. My status switched from floor trader to CTA, I don’t hold myself out as CTA and I don’t trade anyone else’s money.
You'll also be tagged for data. Depending on what you trade, perhaps insignificant. If you're trading CBOT, though, some of it can get pricey.
I am not a floor trader or CTA,I don't trade on the floor. I am a individual trader trade my own account on the computer from home.Do I still need NFA and Fingerprint? thx
you mean data fee will be increased for CBOT members? why there is no mention on cme website? How much will it change?I am paying $1 per month for CBOT level 1 data now.
I believe you will need some type of designation to hold membership through NFA, I think you can get away without actual CTA or floor trader status. Since trusts own memberships. They must have some other classification. I would be surprised if you still didn’t have to go through NFA with a different designation. Anyone who professionally deals with futures needs to register, they want to protect the public against fraud mostly. Membership sales desk will have the info.
Yeah you definitely shouldn't need CTA registration. @Spectre2007, I'm very surprised you say your status switched from floor to CTA. So you've passed the exams, paid all of the CTA dues, and have a ddoc accepted by them? If not and you're listed as a CTA, I would highly suggest you contact the NFA about your status! This is a weird one
Why do you need to get fingerprinted just to be a member of an exchange? Second, once you become a member of the exchange, does your subscriber status automatically changes to "professional" for all the data fees at the other exchanges like NYSE, NASDAQ and etc.? Thanks
Fingerprinting is part of the NFA application. I think if you act in a professional manner for the accounts you are managing. The data fees apply. If just trading your own account not associated with your firm. I don’t believe it applies. They cross reference any criminal history from the fingerprints submitted. Basically trying to mitigate fraud.