Hi, I trade through a firm that clears with MF Global. Recently, there has been a 2.50 per side "transaction fee" added onto trades cleared through MF global. What's the story behind this? Is it temporary due to the liquidity issues lately? Also, have other FCMs started hiking fees? Thanks! E
One reason for your fee hike might be that your broker has lost clients. Their stock price is tanking. Transaction fees are not necessary and they are made up fees.
I would look for another broker and ask for a refund. Even if it is only a couple of dollars....it is still a made up fee and it is unfair.
That's how some of these shady operators work. I once had a firm decide to charge me a nickle per order, retroactively, and I had to go all the way to the top to get it reversed.
Hi, Just to clarify--the introducing broker claims that this was something done by MF Global (the clearing firm), and that their hands are tied. They've been completely above board before, so I have no reason to distrust them. But, I am curious what is everyone's reaction who may have MF Global as a clearing firm (or have other brokers just absorbed the fee, and customers aren't aware). E
I clear through Rosenthal Collins Group and I'm not getting charged any additional fees. If a firm did that to me I would close my account immediately.
they charge fees like this all the time. When I traded there years ago they had a globex fee of 2.50 per side. There was never such a fee. It is made up. I do not trade with them anymore but maybe they did add these"trans fees" to make up for the 141 million there idiot trader lost.