I have scalping plan and I developed algo for this type of trading. I cannot do it with tru brokers. I'am using two instruments and 3 contracts per trade. Commissions is eating my profit. I need to lease seat to cut the expenses, but what are the requirements? Is anyone know what is min deposit for CME to lease a seat? Thank you. Makkonen
You still need to use an FCM/Broker. You can't custody your account at the CME. I can help with the process if you would consider Wedbush Futures/Lightspeed Trading as your FCM/broker.
Hey and Thank you for answers. I have been read those links too but I don't still find where read min requirement for deposit? Or do I miss something.
You're missing something. You can't open an account with them. By owning or leasing a membership you pay a different rate on clearing and globex routing but have higher fixed costs.
No1 gets direct access to CME unless ur a top brass employee or something. Such a funny way of talking about a membership "leasing a seat".
There's no deposit. You pay a monthly fee depending on exactly which type of membership you are leasing. If you tell me the products you want to trade I'll let you know which membership you would need. There might be a 2K application fee but I can't remember if that's only for seat purchases or if it also applies to leases. As others point out, this only reduces exchange fees and has nothing to do with your broker/FCM fees which are dependent on your volume and negotiating skill.
As an alternative, if his profitability truly lives or dies on exchange fees, he should consider folding his group into a firm that already has memberships.