I've paid over $60,000 in commission the last few weeks and im done

[ZBZB]

Why is CQG the place to go to contact brokers. Confused by that if you could elaborate.

Also an IOM seat is all one needs if 90% you’re trading index futures (when it comes to futures)

It is just a list of futures brokers contact info including JPM and GS.

 

[ironchef]

For someone with an account size as big as mine, and with the number of lots, option contracts, etc. I am trading, is it worth opening a 'private brokerage account'?

I am just a mom and pop amateur retail. I don't trade futures, only equities and options on equities. I have been trading zero commission on equities for several years and recently zero commission for options (a special deal offered to me recently, good for two years). My account size is modest so I am surprised someone with big account size (mid/high 8 figures?) not getting special treatment?

You should have a conversation with TDA.

 

[wrbtrader]

No, not all answers can easily be found on google, and people can provide easier access to advice and answers on a forum like this when it concerns many of the more abstract things I’m asking. This format is literally designed for such questions.

As for your other advice, that’s a good idea. Waiting for him to get back to me first then I’ll bring that up.

thank you

You now have answers of whom to contact directly. Its your choice to do it or not do it.

Yet, I don't know how their customer service is like during this coronavirus environment. Thus, don't be surprise by long wait times on the telephone next week.

By the way, if Google only gives you a few answers but doesn't answer all of your questions...use Bing.

In fact, stuff I can't find via Google, I can find via Bing but I wouldn't be surprise if your cousin will be a better source to put you into direct contact with those involving a few of your questions.

wrbtrader

 

[balckagroop]

There are rules and regs to follow as well as fee schedules.

https://www.cmegroup.com/company/membership.html

You'll probably want to compare what kind of markets you're in to the seat price. You'll get better execution and rates with a seat but the cost is what's important. You may be able to go with IB or a futures specific broker and get similar execution and rates without having to own a seat and abide by a new set of rules and regs.

To your point I find it hard to believe someone capable of generating 60k commissions profitably wouldn't be attracting the kind of attention that would make even asking the questions you are pointless. Assuming you're legit, you'll want to call the CME, IB, and a few others. You can probably even find a place to fund you further. You can go basically anywhere else and get better execution control and rates.


Pinging @bone - he probably knows people.

Trading mostly index futures so looking at an IOM seat to lease or buy.

As for "ruules and regs to follow as well as fee schedules" I don't know anything about that. Could you elaborate on what this entails very generally? I will try to call like a noob regardless and get them to explain as im not sure.

Also if I go with IB without a seat I'll probably be paying the exchange, clearing, etc fees in full no? If I go with a private broker and a seat I was told I could be paying 0.05 cents all in per side.

"You can probably even find a place to fund you further" Could you please tell me what this means. I dont know shtt about execution control either. Thanks for your help.

 

[snowman80]

JPM & GS are not discount brokers

i don’t think you’ll find a ‘deal’ there

 

[BlacknBlue]

IB has cheaper rates and have tiered pricing. Couple this with leasing IOM seat you'll get good prices with your volume. I had a call with CME recently in leasing an IOM seat, they give you the answers you need. Just shoot them an email and they will setup a panel interview.

It's not clear if you live in Canada or US? If you are Canadian the only way to get a seat is if you live in Ontario or Alberta. If not then you will need to open a corp in that province.

 

[ZBZB]

If you're paying 60K in commies, call the CME directly. Lease a seat there. Then you do not have to worry about brokers.

You still need a broker if you own a seat. Owning a seat just means that you do not pay the exchange fee. You still have to pay a broker to clear your trades. Before CME stock was listed on NYSE, seat owners owned a share of the exchange but they got CME stock for their ownership rights.

 

[Overnight]

You still need a broker if you own a seat. Owning a seat just means that you do not pay the exchange fee. You still have to pay a broker to clear your trades. Before CME stock was listed on NYSE, seat owners owned a share of the exchange but they got CME stock for their ownership rights.

Ahh. It would still work out then, because most of the commies are made up of exchange fees?

 

[SunTrader]

Wow this is a first. Paying out 60k in commish yet asking someone else for help.

 

[wrbtrader]

Trading mostly index futures so looking at an IOM seat to lease or buy.

As for "ruules and regs to follow as well as fee schedules" I don't know anything about that. Could you elaborate on what this entails very generally? I will try to call like a noob regardless and get them to explain as im not sure...

The Exchange can help you with that...a lot better than us (anonymous people whom do not work at the exchange). They may even have a list or point you to a list of "private brokers".

wrbtrader