Is there anyway to place trades directly with globex? I was taking a look at my ib statement and never really paid attention to my commssions. I pay 2.35 each way unbundled for es. out of this ib charges .90 for execution and .30 for clearing next to that is the 3rd party fee which charges 1.14 for execution and .01 for regulatory fees. I called Ib and asked who is the 3rd party broker and they told me globex. The guy on the phone said there the second largest clearing after globex for e mini futures, clearing 25-35% daily. I know I am a newbie but is there anyway going around this. I've heard of dorman and rcg, so why isn't everyone using them? Is it bec. Ib trades everything you can imagine?
The $1.14 a side is not a routing fee. Globex is the electronic exchange owned and operated by the CMEGroup. Every public customer has to pay the exchange $1.14 per side to trade ES and the other index futures. The only way to pay lower Globex fees is to become an CME exchange member.
What cheap fees ??? Have you bothered to look at Lightspeed's fee schedule for futures ??? Lightspeed lists the same $1.14 Globex and $0.01 NFA fee as every other futures broker.
sorry my bad, I sent an email too, to one of there reps and he directed me to the page it's 4.20 per round trip
All public futures traders have to pay the CME Globex fees. The only way to get reduced Globex fees for index futures is by buying or leasing a CME or IMM or IOM membership. Becoming an exchange member only makes sense for traders doing thousands of round turns a month. For examples of member fees savings see http://www.cme.com/trading/mem/res/index.html and http://www.velocityfutures.com/pdf/leaseorbuy.pdf
1.14 is the CME Exchange fees, You can drastically reduce this to 0.64 by getting ECM-w membership. Price to apply ECM_W is 2000 & there is no monthly rent only you have to make sure the Volume requirement is met ( 50 Contracts per side per day ) Happy Trading
thank you I switched over to infinity and got a rate under 4.00 (bec. I am one of Roberts students) But when I hit 50 a day I'll do that currently I am at ~20 a day