If a trader buys or leases a exchange seat, they are basically their own broker, no? How can I trade CME without a broker, and how much money will this cost? I'm sorry this is a basic question, I have no background in institutional companies.
Becoming your own broker
- Thread starter colonial dr
- Start date
I think seats go for around 750k nowadays? Have not checked the CME website lately...
http://www.cmegroup.com/company/membership/membership-pricing.html that is where all the pricing info is. Buying/leasing a seat does not make you a broker. It entitles you to cheaper exchange fees and no nfa fee. You will still be paying commissions.
I should have noticed that the largest firms in the nation use brokers. Some smaller in person "friends" I know were saying they were their own brokers. I wish I didn't assume they were truthful. 