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eLocal Drops $500/month charge
- Thread starter DaveN
- Start date
D
dkamp
SciTrader: Not sure what you're asking (I'm new to this trading API stuff myself, although I've been a software developer for many years). You can try contacting them via email with further questions (Jeff Ganis is one of the owners)...
eLocal, L.L.C
141 West Jackson Boulevard
Suite 1810-A
Chicago, IL 60604
Email: jeff.ganis@elocaltrading.com
I also asked Doug to take a look at the EliteTrader site, so perhaps we can get them to answer some questions up here.
BTW, he also mentioned that they were going to improve their account setup stuff along lines of IB (which has one of best on-line setups I've seen), but forms from their download page look pretty straightforward, and can be faxed in to get account going. (Specifically, they need the E-Mail Consent Form, pages 1 and 4 of the Electronic Trading Agreement, and pages 1,3,4,5,11,13 of the account application - and, no, I'm not really sure to what degree their email reporting is secure, or whether thay have plans to improve this.)
eLocal, L.L.C
141 West Jackson Boulevard
Suite 1810-A
Chicago, IL 60604
Email: jeff.ganis@elocaltrading.com
I also asked Doug to take a look at the EliteTrader site, so perhaps we can get them to answer some questions up here.
BTW, he also mentioned that they were going to improve their account setup stuff along lines of IB (which has one of best on-line setups I've seen), but forms from their download page look pretty straightforward, and can be faxed in to get account going. (Specifically, they need the E-Mail Consent Form, pages 1 and 4 of the Electronic Trading Agreement, and pages 1,3,4,5,11,13 of the account application - and, no, I'm not really sure to what degree their email reporting is secure, or whether thay have plans to improve this.)
Hope is eternal , yet when you see member prices and floor
conditions you'll understand it will never happen as long as there
is an open outcry market with members making the market.
If you somehow (magic show follows) you could get a broker
to accept your measly 10k and let you trade for $1 a side,
the member prices would drop to a nominal, $10,000. Now in the
neighborhood of a $300K. Do you think it's feasible to dream like that ? I did when I started leasing seats and hang out in Chicago
for a year and a half. The kicker no one has to trade with you in a pit ! It's not mandatory until you are "in" so to speak. Electronic
markets would alleviate this but the whole member structure would have to cease to exist. They are the ones who would ever vote on that - do you think they ever will ????
Their only edge is this "buddy" system and low commisions - the
price is the $300k, plus fees !!!
The last twenty years there were talks about "reforming" Chicago
markets and the last 100 about reforming Chicago "politics".
No changes so far !!!
conditions you'll understand it will never happen as long as there
is an open outcry market with members making the market.
If you somehow (magic show follows) you could get a broker
to accept your measly 10k and let you trade for $1 a side,
the member prices would drop to a nominal, $10,000. Now in the
neighborhood of a $300K. Do you think it's feasible to dream like that ? I did when I started leasing seats and hang out in Chicago
for a year and a half. The kicker no one has to trade with you in a pit ! It's not mandatory until you are "in" so to speak. Electronic
markets would alleviate this but the whole member structure would have to cease to exist. They are the ones who would ever vote on that - do you think they ever will ????
Their only edge is this "buddy" system and low commisions - the
price is the $300k, plus fees !!!
The last twenty years there were talks about "reforming" Chicago
markets and the last 100 about reforming Chicago "politics".
No changes so far !!!
andrasnm - you're definitely right about Chicago politics and even the whole politics of open outcry at the Chicago exchanges, but I think you're off by a factor of 3-5 on your commission pricing.
While $1 per side would probably be too good to be true, you can get commissions in the $6-10/side range almost anywhere (and IB advertises $2.40/side) rather than the $30 per side inferred by your example (i.e., $1/side = $10,000 seat, so a $300K seat would need $30/side).
Hope you're doing well.
While $1 per side would probably be too good to be true, you can get commissions in the $6-10/side range almost anywhere (and IB advertises $2.40/side) rather than the $30 per side inferred by your example (i.e., $1/side = $10,000 seat, so a $300K seat would need $30/side).
Hope you're doing well.
As I see in a thread, it seems that elocaltrading can offer at no additional cost a realtime charting package (I recall CQG?)
can somebody confirm it?
I currently trade on IB TWS and I am looking to add a charting package for EUREX LIFFE and CBOT (for emini I use eSignal), and the idea of having them included seems fine.
can somebody confirm it?
I currently trade on IB TWS and I am looking to add a charting package for EUREX LIFFE and CBOT (for emini I use eSignal), and the idea of having them included seems fine.
jgan wrote:
I agree. eLocal is a great alternative to IB. At some point the market will recognize that a faster, more stable and efficient electronic platform coupled with personal attentive service is as much of a clearing firms utility as its pricing structure.
Any recent updates regarding this statement ?
I read all the info about eLocal and as a broker I heard good things about them as well, however, i wanted to point to your attention that e-mini.com , our company is similiar in many ways:
we provide one ring service at any time and we offer several platfroms:
jTrader starting at $8 FLAT a round turn and lower according to volume ($4 in and $4 out, including all fees)
BEST direct, which is a great windows based program for $5.50 per side FLAT and lower according to volume, including all fees.
These rates apply to visitors from the elite trader website.
Feel free to visit at:
www.e-mini.com or contact me directly.
we provide one ring service at any time and we offer several platfroms:
jTrader starting at $8 FLAT a round turn and lower according to volume ($4 in and $4 out, including all fees)
BEST direct, which is a great windows based program for $5.50 per side FLAT and lower according to volume, including all fees.
These rates apply to visitors from the elite trader website.
Feel free to visit at:
www.e-mini.com or contact me directly.
Originally posted by elon
I read all the info about eLocal and as a broker I heard good things about them as well, however, i wanted to point to your attention that e-mini.com , our company is similiar in many ways:
we provide one ring service at any time and we offer several platfroms:
jTrader starting at $8 FLAT a round turn and lower according to volume ($4 in and $4 out, including all fees)
BEST direct, which is a great windows based program for $5.50 per side FLAT and lower according to volume, including all fees.
These rates apply to visitors from the elite trader website.
Feel free to visit at:
www.e-mini.com or contact me directly.
What FCM do you use? I see RCG having growing pains now with J-trader.