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IB Data costs for Partnership - TOS/OptionHouse?
- Thread starter Coderblix
- Start date
Quote from opt789:
Feel free to post all the incorrect info you would like, that is what this whole website is for right?
I know for a fact that there are brokers that donât charge pro fees for family partnerships.
I dont see how I am posting "incorrect" info... I stated facts from your own quoting... perhaps you should actually ask the rep @ NASDAQ if you title the account as an LLC how you will be charged for Market Data...
lastly, as gmst stated...please state what brokers will charge you non-pro maket data fees when titled as an LLC... and better yet, show me where in the NYSE agreement, that is done as well... or wait, are you even an LLC? because I very much would question if you are or not given you dont seem to realize that NYSE would BILL YOU DIRECTLY when you are a legal entity... aka PRO...
Quote from Coderblix:
Holy smoke...I just did a quick compare on the data. To meet the "free" data individual traders get I would need the following:
AMEX - $30.20/month
NASDAQ Level I - $25/month
NYSE Level I - $127.25/month
I found a reference on the Schwab site to NASDAQ total view - which on the IB site is another $76/month.
Really struggling with this...why would anyone pay $258/month for the data at my level of trading?
Looking at the pricing- I traded 1022 contracts in August - average trade was about 31. With the IB Smartroute orders the fees on a 31 contract order would be about $15. Am I seeing this correctly? Is that the fee for prof as well as individual? I am paying about $25 average currently with some larger trades costing more. So if I do 33 trades a month on average with an average commision from IB of $15 that would be about $495/month in comm. With my current setup I would be at 33 trades a month with an average comm of $25 so $825/month. But no data fees.
So...if this logic is correct it would be on average $495 + $258 per month for IB so $758
And current is $825
Am I reading this correctly? Sorry...just trying to make sure I understand this before making any changes...
Actually it is significantly more than thatfor those trading more markets. A solution is to get the data elsewhere through your personal name. It is not too inconvenient if you swing trade.
Quote from luisHK:
Actually it is significantly more than thatfor those trading more markets. A solution is to get the data elsewhere through your personal name. It is not too inconvenient if you swing trade.
I could be wrong, but in order to enter an order... you will need real time data.. which means you will need to subscribe to the market you intent to trade, which means you will get billed for that market data... but again, I could be wrong...
Quote from ofthomas:
I could be wrong, but in order to enter an order... you will need real time data.. which means you will need to subscribe to the market you intent to trade, which means you will get billed for that market data... but again, I could be wrong...
I'm afraid you are wrong in this case, the solution I described is the one I use, trading a corporate IB account. I only get futures quotes in real time but trade several instruments, in the US and overseas. I wouldn't recommend it to anyone scalping though.
Besides I used to have an Etrade corporate account as well, and could get free streaming quotes on stocks if trading enough volume (still a low volume requirement). Not sure how it works for options.
Quote from luisHK:
I'm afraid you are wrong in this case, the solution I described is the one I use, trading a corporate IB account. I only get futures quotes in real time but trade several instruments, in the US and overseas. I wouldn't recommend it to anyone scalping though.
Besides I used to have an Etrade corporate account as well, and could get free streaming quotes on stocks if trading enough volume (still a low volume requirement). Not sure how it works for options.
Thank you for all of the responses. One last question on this topic...Optionhouse. On the Optionhouse website, concerning pro traders, there is just a statement that says you will be charged $100.00/month for realtime quotes. I could not find any additional data on it. Does this include everything I discussed above from IB? Thanks again!!!