IB and new CME Cancel/Modify

"The Chicago Mercantile Exchange (CME) will be introducing new cancellation fees and, as of June 1, 2005, IB will be charging $1 for each CME cancellation with a credit of $5 for each CME executed trade. Execution credits are applied against cancel or modify fees for the day. Execution credits cannot be greater than cancel/modify fees."

say what?

 

where did this come from?

 

This would be good news for those guys who hate the spoofers correct and mixed news for API traders.

 

its a great rule when you think about it. The average trader will not be affected. The automated traders and blackbox traders who use thousands of limit orders with 10 executions will be affected. That way they will have to pay for all the bullshit orders they put out in affect clogging up the data feeds from the CME. IMHO

 

shit lol, that sucks. how does a $5 credit work, 1 free cancel for every 5 executed trades?

we're talking about futures right, not just options?

 

It sounds like 5 free cancels for each execution.

 

I believe the DTB already have this in place.. I think all futures will end up using this model.

 

thanks yes. late night for me yest

 

Where is this posted? I can't find a press release at cme.com for it. You'd think there would be one there.

Bob

 

Read the post. "IB will be charging...". The only place I could find any reference to this was on IB's website. I called my broker and he knew nothing about it.