Any Futures Prop Traders/CME Seat Lessees

NetProfit · May 13, 2002

I am trying to determine what the best course of action might be

I am tired of using retail direct access platforms for daytrading ES.

I am trying to figure out what the next step upward might be.

All possibilities below are meant to facilitate ES trading in a more professional manner(software reliability & backup support) and at a better rate (closer to CME rates).

In the running:

1. CME IOM seat lease, direct globex connection, availability of $50/day cut off in globex fees

2. Prop Futures Firm-Firm Cap/trading own funds, can do as remote but most likely will require a serious move.

3. Professional broker and institutional access software

Did I leave any option out?

metooxx · May 13, 2002

Number 1 if you are doing enough size.

GATrader · May 13, 2002

Hi Metooxx.
What is considered size and what financial requirements/seat leases would it entail. Thanks

metooxx · May 13, 2002

At least 250 cars a day; if you are doing that the costs would offset, if you are doing more switch now.

Pabst · May 13, 2002

IOM leasing for 3k a month. About twice what it costs to lease a taxi.

OVERtheLINE · May 13, 2002

the reason the emini is doing so well is because of the liquidity
over computers. On the floor right now you will get picked off
and have to deal with the assholes on the floor of the merc.
There is nothing worse in life than this. Get your shit together and ask the right questions. You can do it!

Snake Plisken · May 14, 2002

dont become merc scum
the reason the emini is doing so well is because of the liquidity
over computers. On the floor right now you will get picked off
and have to deal with the assholes on the floor of the merc.
There is nothing worse in life than this. Get your shit together and ask the right questions. You can do it!

I don't think NetProfit was talking about becoming a floor trader. Correct me if I'm wrong, but seat owners/lessees have significantly lower Globex fees and commissions for the ES.

Now a question. If you lease a seat, whom do you trade through?(assuming you're not on the floor). I realize you still need a clearing firm. Do seat holders simply get lower rates through a broker like NetFutures or do you have to lease a Globex terminal? I'm fairly ignorant on this subject, but I've heard of exchange members trading minis at NetFutures(and Zap Futures) in Chicago. Maybe some exchange members can shed some light on this subject(if there's any here).

Snake

TriPack · May 14, 2002

Originally posted by Snake Plisken

I don't think NetProfit was talking about becoming a floor trader. Correct me if I'm wrong, but seat owners/lessees have significantly lower Globex fees and commissions for the ES.

Now a question. If you lease a seat, whom do you trade through?(assuming you're not on the floor). I realize you still need a clearing firm. Do seat holders simply get lower rates through a broker like NetFutures or do you have to lease a Globex terminal? I'm fairly ignorant on this subject, but I've heard of exchange members trading minis at NetFutures(and Zap Futures) in Chicago. Maybe some exchange members can shed some light on this subject(if there's any here).

Snake

You are right it will significantly lower your Globex fees and thus your commissions.

You work out a deal with a clearing firm. You will want to select a clearing firm that supports the electronic connection of your choice. At least that's what I understand.

vulture · May 14, 2002

One firm that I know actively solicits electronic globex traders who want to go the clearing firm route is Gelber Group...you can find them thru the CME Clearing Members section...Most of their traders are using Trading Technologies software..

NetProfit · May 14, 2002

Originally posted by OVERtheLINE
the reason the emini is doing so well is because of the liquidity
over computers. On the floor right now you will get picked off
and have to deal with the assholes on the floor of the merc.
There is nothing worse in life than this. Get your shit together and ask the right questions. You can do it!

uhhhh.... My shit is TOO tightly packed THANK YOU

Are there any questions I failed to ask that would facilitate packing my shit even more?

No Mr. OVERtheLINE, I'm not planning on jumping into the merc pit, I'm talking about being an "electronic local"

I'm going to make some calls to the CME and Gelber

doing over 250 cars/day with a popular direct acc broker, don't feel that given this size and their history of poor support that I should be there. So I'm looking elsewhere fast