"The transition from the other exchanges to the ICE will be completed no later than the end of August 2007". This is what I have read...
What I understand is the following: 1. Transition will be completed by August 29 the latest 2. ICE's Russell 2000 mini contract (TF) has the same tick value ($10 / tick) as the current ER2 3. Exchange related fees are at $0.75 per side for the mini contract, similar to the CME charge
According to PIonline.com: "Futures on the Russell 1000 and 2000 indexes are currently listed under a non-exclusive agreement on the Chicago Mercantile Exchange that is The agreement is due to expire in the coming months, but Mr. Haughton, who acknowledged the CME's success in developing the contracts, said the transition from the CME will take place over a period of time."
This is why I'm so glad ICE is breaking into CME's turf. The CME's decision to lock out daytime electronic trading of all the big contracts (SP, RUT, NDX) is based purely on greed. They know they'll take a hit to fees if the majority of screen traders switched to the bigger contracts. Meanwhile, everyone pays more commissions trading the mini's which also carry larger spreads (tick size). Bravo ICE, bravo.
By the way, my broker (OpenEcry or OEC) has had ICE up and running from the beginning. They have a DIRECT connection and all products can be traded electronically currently. They ALSO offer spreads, including Brent Crude but I don't currently trade those. I have been a customer of OEC for some time and can highly recommend them.
I'm considering OEC. I'm curious - what complaints if any do you have about them? What are your rates? Any volume requirements? Thanks!
EVERY broker has problems now and then - the question is what they do about it, IMHO. I went through 4 brokers over the years before settling on OEC as my main broker (I still have 2 others). Here's the thing, first off, they continually develop their product - their platform, I think, is the best in the industry (but others will like theirs better). Secondly, if and when there are issues, OEC reacts and fixes it - and I mean right away. I think the key is not to expect perfection, but to find a broker who you can trust and who works with you - OEC has demonstrated time and again that they do that - and so I am very happy with them. As to rates and volume requirements - all I can say is they are highly competitive - I therefore think they are excellent value for money. Work it out with them. As you would know, commission rates are meaningless if the fills are not good, the system keeps breaking down, or you can't call anyone if something happens. After you have all those things to your satisfaction, then worry about the commission rates. That's my 2 cents worth - not everyone has had a good experience with OEC (which may or may not be OEC's fault) - but I have and recommend them highly.