prop firm fees

Discussion in 'Prop Firms' started by itrader63, Jun 28, 2012.

  1. Hi guys, just wondering those of you trading at prop firms are you charged for pro fees at the NYSE and Nasdaq.

    Im paying almost $250 for both NYSE and Nasdaq because our traders are considered "pro", then im paying $225 for sterling software every month.

    I trade 500k-1000k shares a month at .003/1000 no spilt and full ecn rebates.

    Feels like to me this is way too much, but maybe this is in line with everyone else?

    Forgot to mention, trading from oversea's with no series 7/56
  2. 1245


    Yes, you are a professional trader at a broker dealer. Ask for a break down. The NYSE offers discounts for more than one data feed. The 1st one is around $130, second around $75 and down from there. They are getting a discount but don't have to pass it on to you. Cool, another profit center for the prop charges.

    They have to make money from somewhere. The Prop firm JBO set up to make money on commission's from their members, does not work well anymore. Margins are too low. Volumes are too low. Turnover too high.

  3. TheBlackHand

    TheBlackHand Guest

    I dont know much about prop trading equities, but your software charges are pretty good compared to futures traders where TT and CQG charting is standard. TT will cost $800 PCM for 2 exchanges. CQG another $500+
  4. 1245


    NYSE market data rates per device:


    You get the idea. They a most likely charging you $127.50 and keeping the discount.
  5. londonkid


    $3 per 1000 is ok for that volume and no split as long as you are not trading 'rebate' stocks, for those you should be paying 30c per 1000 and down.

    you might be able to screw the $3 per 1000 cost down a little and pay away 5% or 10% so you have to do your maths on this not all in all $3 is ok, plenty of other firms would charge you more.

    also depends on your strategy if you need overnights and/or higher BP for pairs you might have to pay a bit more.
  6. Data fees are irrelevant to commission rates and most firms just pass them on so you won't have much luck. $3/1k is quite good considering you aren't burdened with the hefty fees and licensing requirements of on-shore traders. There's less oversight of capital but if the firm has been around and reputable but the risk of your account magically disappearing overnight is really not that much more than it would be if you were registered. (funds are not insured either way which is a common misconception. rogue traders blow up small groups and firms consistently.) For that type of volume there would be no benefit for you to taking the 7 to trade your own account (which isn;t too difficult but it's a lot of material and requires 100 hours of studying).
  7. Thanks for all the help guys and pm's, sometimes its hard to know if your getting screwed or not without insight from other traders.

    Im ok with the deal I have but just because Im making good money year after year I dont want to be taken advantage of because "he can afford it"
  8. Totally understandable. I think if you were to call up firms and say you're looking to switch you can get it down to $2.00 which would save you a grand a month but the process could be a bitch. If you like your broker and they have good customer service, it may or may not be worth testing the waters with another discount broker with. You may not like the lower priced firm as much or you may prefer trading with them.
  9. What does no split mean? Where do you get $3 per 1000 shares traded fee rates?
  10. You are paying too much

    Within an hour you should be able to find a firm that will do at least 2 per 1k
    #10     Jan 21, 2013