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An IOM seat will indeed allow you to receive Member rates on equity index products. The latest lease rates run from $150 to $300 per month. But first, as Matt Z mentioned - you must become a Member before you can lease a seat. The NFA will do an extensive background check on you, and by...

If you run the numbers - and you should, the transaction costs for a retail account trading ES futures versus an equivalent notional value of SPY are quite favorable. And there’s no Reg T margin requirements for futures. If your transaction costs comprise a significant percentage of your...

The CFTC doesn’t set exchange fees - the CME does. $50 x 3023.00 = $151,150 notional value on today’s ES closing Mark. If it’s cheaper for you to trade SPY or a basket of shares then by all means avail yourself. If the notional values of futures versus underlying are equalized then the risk...

I agree completely if that retail trader’s strategy is scalping. Scalping modern electronic markets IMO is probably not the optimum strategy for modest retail oriented traders. I’ve long proposed that modest retail traders would have better risk/reward swing trading or position trading...

Exchange Services keeps a running list of the names and addresses of seat holders putting up seats for lease or sale. As I recall in the past most were Chicago and NYC. Some Florida and Greenwich CT. Many of the rural listings were Co-Ops but number was smallish.

I would not disagree with you when it comes to charting platforms - although Bloomberg is VERY good. I’ve personally never seen throttled quotes on quality execution platforms like TT or CTS using a direct FCM.

As you so ably mentioned there is a very long history of futures exchanges poaching contracts from competitors and getting nowhere with them. It’s s long list of familiar names over the past three decades. While electronic markets make this a relatively easy thing to do - luring established...

No, from my personal experience leasing seats farmers aren’t your typical seat owners. My mother’s side of the family farms on 3500 acres in the Midwest - huge operation. They pay something like $25 per RT and use a local broker. In the Summer they spend hundreds of thousands of dollars per...

Yeah we’ve seen this “double top” movie a few times now. Given that the trend is eleven years old now - the corrections are short lived to date.

“Path of Pain” says you’re right.

As Robert brilliantly explained a FCM will typically close out a spec futures contract before first notice day on a physically settled contract - their unilateral right to do so is explained in your clearing agreement. And they will charge a substantial fee for the inconvenience. There is an...

How is this asshole not in jail ? Possibly because he could make the defendants whole ? If he stole $800K from a Bank he would be in Federal Prison. So I guess if you perpetuate the “right kind” of theft and you can afford to put a couple mil in the Fed coffers by means of a Civil fine you...

Yes, crossed orders count as volume - that’s my point. More specifically - crossed orders from spec accounts running algorithms.

That’s not what I said. I made the case that if traded VOLUME at price was such a dominant controlling factor in the architecture of the market - then market moves made on thin volume (like the off-hours or in the brief time after an economic release) would be rejected by prime time market...

That’s true on the face of it with an important caveat - we know as a fact that traded volume is gamed through order crossing. The Time continuum is impossible to game at present.

If you read any number of CFTC Complaints on spoofing you’ll find that each one of these Algos are cancelling and replacing hundreds of thousands of unfilled orders in a given trading session. As I’ve mentioned earlier - outside of the trading exchange regulatory compliance department no one...

Your post title is misleading. Facebook’s David Marcus got absolutely eviscerated by BOTH SIDES of the political aisle and Libra is D.O.A.. ABC has managed to alienate both political parties. Zuckerberg has zero political credibility in this country. And he has only himself to blame for it...

Sorry to burst your bubble, but fresh faced 21 year olds don’t slide right into NG Trader positions. Nope. And hydrocarbons Companies will look at a Geology degree faster than a Marketing degree. Ask T. Boone Pickens. He needs to get his foot into the door - and hydrocarbon Trading desk...

Take as many Geology and Energy Resources classes as you can before you graduate. In fact - stay in school a few more semesters and major in Geology.

You cannot determine the origin and purpose of ANY “footprint”. You’re deluding yourself if you believe otherwise. In fact - large specs purposely cross orders all the time in order to create a false bias illusion and to induce other traders to buy or sell like puppets. Brokers also cross...