I trade an average of 50,000 contracts per month on eurex, mainly Bund. I am looking around for a new broker. Could you please advise a couple of European and a couple of US Brokers that may be appropriate for this kind of volumes? The benefit with an European broker would be to have lower latency times since a ping between my office in Europe and the States takes 100-150 ms according to the US zone I try to reach. Moreover the US broker in turn would have a slower link with Eurex compared to the European broker, always due to the distance. Unfortunately this disadvantage due to the distance cannot be solved. Thanks in advance.
Thanks a lot for your reply. Could you please provide me with more details? Whom should I address to in order to get a private circuit? To EUREX? To a clearing? Which clearing?
Since the fees are open to negotiation, i think Fimat, maybe Fortis, are the first contact for this volume.
The Traders Clearing Alliance, an arcade based in Fortis offices on Bishopsgate are offering â¬0.24c a side flat rate for Eurex financials inc all fee's. Obviously you wont have quite the same buying power as a trading group, but you can definately negotiate with Fortis if you'd rather clear direct than through a group.
i am in chicago and clear through fortis. i trade 100K a month of the eurostoxx and pay .38 eurocents total/per side. thats .08 above exchange fees. as bund is cheaper, with your volume, you should be able to get in that neighborhood as well.
Yep, Bund is only â¬0.20c exchange fee per side http://www.eurexchange.com/download/documents/publications/QG_Fee_and_Pricing.pdf
Thanks everybody for your kind replies. I will start working on that, getting in touch with the companies you suggested and keep you posted on their replies, the costs they propose, and the possibilities to be directly linked with EUREX.
So guys... what's the minimum volume you need to be able to get those deals (direct connection to Eurex, 38c per side for the Bund etc)?