AMP clearing fee

[jayhay]

Hello EliteTrader,
I have been looking into the fees I'm getting charged by AMP and are confused and thinking about how to reduce them.

The AMP fees on my statement are broken down into:
1. Exchange
2. NFA
3. Clearing Client
4. Rithmic TRF
5. Commission

1 & 2. I understand and they match whats published on the CME. I know that I could reduce these by leasing a seat.
4. I understand and I think its fixed.
5. I understand and I know that with volume this could be reduced and perhaps negotiated down.

But 3?
What the heck is a "clearing client"?
Do all brokers charge this?

I have tried searching a few times and couldn't find an answer.

Many thanks
Jason

 

[Overnight]

Hello EliteTrader,
I have been looking into the fees I'm getting charged by AMP and are confused and thinking about how to reduce them.

The AMP fees on my statement are broken down into:
1. Exchange
2. NFA
3. Clearing Client
4. Rithmic TRF
5. Commission

1 & 2. I understand and they match whats published on the CME. I know that I could reduce these by leasing a seat.
4. I understand and I think its fixed.
5. I understand and I know that with volume this could be reduced and perhaps negotiated down.

But 3?
What the heck is a "clearing client"?
Do all brokers charge this?

I have tried searching a few times and couldn't find an answer.

Many thanks
Jason

Have you thought of calling their support line to ask them with your voice? Human-to-human real interaction?

 

[jayhay]

Thanks Overnight,
I have sent AMP an email, calling a little bit difficult from Sydney.

I was also asking if all brokers change the "Client Clearing" fee.

Cheers

 

[Overnight]

Thanks Overnight,
I have sent AMP an email, calling a little bit difficult from Sydney.

I was also asking if all brokers change the "Client Clearing" fee.

Cheers

Ahh, so you are probably with AmpGlobal LTD, which is their non-US arm of business. My AMP statements do not have the "Clearing Client" line, but I'm with Amp Global LLC, which is the USA side.

Here's a handy-helpful flowchart...

 

[schizo]

What the heck is a "clearing client"?
Do all brokers charge this?

Did you by chance not closed out your position before the close and was force liquidated by AMP due to lack of funds (eg. not meeting their overnight maintenance margin)?

 

[Overnight]

Did you by chance not closed out your position before the close and was force liquidated by AMP due to lack of funds (eg. not meeting their overnight maintenance margin)?

On an AMP statement, that would be listed as a "liquidation fee" or something to that effect.

 

[schizo]

On an AMP statement, that would be listed as a "liquidation fee" or something to that effect.

Maybe the wording is different on the European side. It also sounds less abrasive. Which sounds better to you: liquidation fee vs clearing client?

 

[Overnight]

Maybe the wording is different on the European side. It also sounds less abrasive. Which sounds better to you: liquidation fee vs clearing client?

Now you are just picking nits. Since you do not use AMP as a broker, stay out of this. Otherwise you'd know.

 

[heispark]

You may say this another commission called in a different name due to marketing tactics. Some other brokers such as TD Ameritrade already include the clearing fees when they call 'commission' fees. Smart AMP....

 

[hilmy83]

If it was liquidation, I find it surprising this dude has that on multiple occurrences and not realize what that is still after seeing his positions closed!