Interactive Brokers Revising Fees for Data
- Thread starter justrading
- Start date
yeah $85 data fee for a half dozen quotes is ridiculous
but they just pass what exchange charges
by the way 2 years ago it was just $1
The sample given on the IB website, seems to contradict the message IB sent out about the data.
https://www.interactivebrokers.com/en/index.php?f=marketData&p=mdata
Click on in the above link: Sample Market Data subscriptions on North America
The sample seems to tell me that I don't need to subscribe to Amex,NYSE, and Nasdaq level 1 to get NBBO for those markets.
Here is what IB wrote:
"When selecting replacements, it's important to note that electing the U.S. Value Bundle subscription alone will not guarantee display of the National Best Bid and Offer (NBBO, or the inside market) for U.S. stocks. While the BATS Exchange comprises approximately 20% of U.S. equity volume and is often at the NBBO, subscription to each of the AMEX, NYSE and NASDAQ Level 1 quote services is required to ensure NBBO display"
Thank you for any insight on this...
https://www.interactivebrokers.com/en/index.php?f=marketData&p=mdata
Click on in the above link: Sample Market Data subscriptions on North America
The sample seems to tell me that I don't need to subscribe to Amex,NYSE, and Nasdaq level 1 to get NBBO for those markets.
Here is what IB wrote:
"When selecting replacements, it's important to note that electing the U.S. Value Bundle subscription alone will not guarantee display of the National Best Bid and Offer (NBBO, or the inside market) for U.S. stocks. While the BATS Exchange comprises approximately 20% of U.S. equity volume and is often at the NBBO, subscription to each of the AMEX, NYSE and NASDAQ Level 1 quote services is required to ensure NBBO display"
Thank you for any insight on this...
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I could be wrong, but I think it means that if you do not subscribe to Amex, Nyse, and Nasdaq level 1, then you are getting realtime data from BATS only. Therefore, your NBBO display will not be accurate all the time because BATS represents only 20% of the market. When you enter orders though, your order is eligible to hit any market center, regardless if you can't see its quote.
Half dozen quotes, but I will guess only 2 at most are actually daytraded for any size, namely Brent and NBP.
$85 isn't necessarily a lot of money, but I agree it is the most annoying market data charge.
It used to be the case CME data were comped by everyone using a "trick." CME is now a big problem. IB are being very good about CME fees, but many brokers are not.
I am being charged $85 for TF and $95 for Z (Z=FTSE 100 futures, now owned by ICE as well) per month, so being double buttf****d by ICE.
Exchanges not passing on merger synergies to clients.
Even CME wants to retain seperate ECBOT, NYMEX and COMEX exchanges when it comes to charging seperate data fees to pro clients. Even though these exchanges dont exist anymore.
If you trade through an LLC and so are classed as a pro, CME will soon want $90 dollars a month for YM, ES, CL. Thats $90 for each one seperately as YM was on CBOT and CL was on NYMEX and ES on CME. Plus another $90 if you trade something that used to be on COMEX.
ICE doing the same thing even to retail customers. LIFFE (now ICEEU) doesnt exist anymore. All ICE electronic markets trade on the same platform now. But ICE still charge seperately as if it is a seperate exchange.
Price gouging by monopolies.
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You can subscribe individually.