Here is the latest commission rates.
They will be charging all in rate of 41 cents for the micro eminis. They have also raised the cost of all other products.

The commission efficiency going to happen because 10 micros would cost you $4.10 vs 1 emini would cost you $1.89.
I like the idea of scaling in and out with these. CME presentation said that you can buy 1 emini and scale out with 10 micros to go flat.

According to the Commission Templates on NT8 on the lifetime license the all in rate is 85 cents per contact for all Micros E-Mini. The standard 53 cent commission will still apply.

AMP charges 37 cents on the flat rate account.
Tradovate charges 56 cents on the free membership.
NinjaTrader charges 85 cents on the lifetime license.

All above is all in with the routing fee.

Per side or round trip?

If fungible, I wondered how they would deal with partial offset. There is no such thing as being long 0.6 ESU9 after selling 4 micros against a 1 lot long ES. And to convert a 1 lot ES position into 6 Micro's would be surely complicated at the clearing house? So the all-or-nothing approach you describe makes more sense. I wonder how the many retail trading platforms are going to deal with this? The two symbols net to zero, but only if in a 10:1 ratio.

And Order Flow analysis implications...

- if many intraday traders get long ES over a 10 minute period, the eventual opposing ES sell order flow may only be evident in the micro order flow? Gorge in the ES, puke in the micro???

It is true that the micro offers a virtually zero basis-risk hedge for the mini.

It is also perhaps true that the above quoted text from NT is classic broker-speak, bless them

"The benefit if this product is that it will generate more commissions for us if we 'educate' customers to be 'sophisticated' and use the micro as a position scaling-out or temporary partial risk-off hedge tool v.s. an open mini position"

For goodness sake, if the micro is that liquid and has equivalent commission-efficiency for the trader, then people will just trade the micro and scale in and out with greater granularity thanks to the smaller size. The mini will get crowded-out - to a degree - as a result.

ps, today, CME's reported earnings fell 17% Q1. They need this ES micro product to fly where their other micro-contract hopes have flunked. They are competing for retail revenue with the ETF universe and nano-CFD's of myriad specifications, and the tyranny of time-zone (they provide exchange services in products that are most liquid for only a fraction of the day when most retail accounts want to trade, and in products that are mostly of US-domestic interest).

1 ES <> 10 MES.

Transaction costs are not the same. So to a degree, price should not be the same either. One could calculate the expected difference with some assumptions.