If I started an LLC and opened an institution account with Interactive Brokers,,, yet I am not licensed.. do I still have to pay professional data service fees to the exchanges? Is there any way to bybass this?
From what I understand yes, if you want data, you will pay professional fees. There are two exceptions: 1. You can always choose not to have market data with IB and get it elsewhere. 2. If you pay professional fees elsewhere you can supply a letter to IB and get the pro fees waived. The definition of "professional" by the exchanges is broad, and the LLC would qualify you.
Yes. Organisations are considered to be professional by the exchange. http://www.interactivebrokers.com/en/accounts/fees/professionalDefinations.php?ib_entity=llc