PM me if you are interested in FFastTrade's rates. We start at $3.32 with bthe $550 per month charge and start tio disount at 10,000 lots per month. Look at our link on the Self employment thread. We provide all of our rate info, with a calculator to compare it with others. We also have many clients that hold seats in order to get an even lower rate. Riskless
What is the definition of 'very serious institutional size'? 5000 ES contract per day? Or 50000 NQ per month?
I'd consider both serious size (should add as well if someone is a member, they would be subject to lower fees as well).
If one is doing enough volume to make membership worthwhile, then thats a whole other situation. I was referring to retail type traders doing... lets say 2,000 to 3,000 round turns a month. Could that rate a discount of 50 cents a side? Maybe IB could start a 106 prop group for emini scalpers who need the lower clearing fees because of they way they trade.
A 106.J doesn't allow traders to put their own money at risk therefor it would not be likely that IB could do that. Most 106.J train traders, then only after they demonstrate a certain degree of trading ability do they let them go live.
106-J is designation that the CME gives to a Prop Group. Check out the link to the CME website. It is actually a 106H, I or N! http://www.cme.com/about_cme/shareholder_member/about_shareholdermember_firmmembership.cfm