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Updated April 13, 2015
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December 3rd, 2013, 05:51 PM
Europe
Experience: Advanced
Platform: Jigsaw
Broker: Tradovate
Trading: Equities
Posts: 826 since May 2010
Thanks Given: 763
Thanks Received: 1,048
Big Mike
After 2014, professional is expanded to be anyone trading out of Corp/LLC.
Sorry for my ignorance, but can you explain what that means - "trading out of Corp/LLC"?
It seems the waiver will continue to actual clients till the end of 2014?
I hope they set the new fees straight because it's way too confusing at the moment for retail traders to know what will be their costs in 2014.
Brokers will raise their commissions. Data fees, like IQFeed will raise their fees...
If I become half a percent smarter each year, I'll be a genius by the time I die
Can you help answer these questions from other members on NexusFi?
Best Threads (Most Thanked) in the last 7 days on NexusFi
December 3rd, 2013, 06:07 PM
SF Bay Area + CA/US
Experience: None
Platform: TS, TOS, Ninja(Analytics)
Trading: NQ CL, ES when volatile mrkts
Posts: 1,741 since Oct 2011
Thanks Given: 2,176
Thanks Received: 1,726
Thnx Mike.
Well hoping for the best. Will create too much fees where data starts becoming cost prohibitive.
Thnx
S
Sent from my DROID RAZR using Tapatalk
December 3rd, 2013, 06:16 PM
Posts: 33 since Mar 2013
Thanks Given: 3
Thanks Received: 77
Big Mike
Hoping one of the brokers can clarify, maybe @
decarleytrading is around, or one of the others?
Mike
Sorry, I missed this earlier but it sounds like you have it correct in a later reply.
Be sure to send your opinions to [email protected] and [email protected] . Hopefully the CME will come to their senses and look at the big picture.
*There is substantial risk of loss in trading futures and options.
If you have any questions about the products or services provided by DeCarleyTrading, please send me a Private Message or use the futures.io " Ask Me Anything " thread.
December 3rd, 2013, 06:23 PM
Omaha NE
Experience: Intermediate
Platform: IQFeed compatible
Trading: ES
Posts: 271 since Jun 2012
Thanks Given: 234
Thanks Received: 376
Big Mike
See post 6 and 10. My understanding is the classification has been expanded to anyone trading out of a Corp/LLC. I am waiting to get more details on this.
Prior to 2014:
NONPROFESSIONAL SUBSCRIBER - "A Non-professional Subscriber" is any natural person* whom a market data vendor has determined qualifies as a "Nonprofessional Subscriber" and who is not:
(a) registered or qualified with: the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or
futures contract market or association, nor
(b) engaged as an "investment advisor" as that term is defined in Section 201(11) of the Investment Advisor's Act of 1940 (whether or not registered or qualified under that Act), nor
(c) employed by a bank or another organization that is exempt from registration under Federal and/or state securities laws to perform functions that would require him or her to be so registered or qualified if he or she were to perform such functions for an organization not so exempt.
Any person who does meet the above criteria (a,b, & c) is considered a Professional Subscriber.
After 2014, professional is expanded to be anyone trading out of Corp/LLC.
Mike
Mike,
We haven't been told by CME that anyone trading out of a Corp/LLC, or even just using a business name, will be considered a Pro. That doesn't mean it's not true, just that we are waiting for clarification from CME on the Pro/Non-Pro rules.
Suggest any interested parties contact CME and/or CFTC directly with comments, as they may not be following futures.io (formerly BMT ).
Robert
December 3rd, 2013, 06:45 PM
Greensboro NC
Experience: Advanced
Platform: TOS/ NT Dorman
Trading: ES TF CL
Posts: 1,357 since Sep 2011
Thanks Given: 2,657
Thanks Received: 894
Big Mike
Trading out of an LLC is going to cost me around $27,540 a year.
Mike
time to be a sole proprietor again I "was" going to LLC for 014, thx for posting info
December 3rd, 2013, 06:54 PM
OC, California, USA
Quantoholic
Experience: Advanced
Platform: IB/TWS, NinjaTrader, ToS
Broker: IB, ToS, Kinetick
Trading: stocks, options, futures, VIX
Posts: 1,976 since Jun 2009
Thanks Given: 533
Thanks Received: 3,710
December 3rd, 2013, 07:58 PM
Manta, Ecuador
Site Administrator Developer Swing Trader
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,621 since Jun 2009
Thanks Given: 33,356
Thanks Received: 101,989
Robert Carrillo
Mike,
We haven't been told by
CME that anyone trading out of a Corp/LLC, or even just using a business name, will be considered a Pro. That doesn't mean it's not true, just that we are waiting for clarification from CME on the Pro/Non-Pro rules.
Suggest any interested parties contact CME and/or CFTC directly with comments, as they may not be following futures.io (formerly
BMT ).
Robert
Post #6 from Rosenthal seems to indicate that trading out of a Corp/LLC would consider you a professional. I am still trying to get confirmation for CME's actual description and what changes were made in 2014 to this.
Mike
December 3rd, 2013, 09:17 PM
USA
Experience: Intermediate
Platform: NinjaTrader
Posts: 3 since Jul 2010
Thanks Given: 138
Thanks Received: 10
I remember Milton Freidman once stating that monopolies don't last long in free market societies. Alternatives will sprout up. I guess we'll see if free our market is...
December 3rd, 2013, 09:25 PM
Georgia, US
Legendary Market Wizard
Experience: None
Platform: SC
Broker: Denali+Rithmic
Trading: ES, NQ, YM
Posts: 6,315 since Jan 2011
Thanks Given: 6,887
Thanks Received: 18,523
My guess is that while this will hit a lot of people, those who do serious volume will largely be unaffected (what's $50K a year extra when you are turning over $100K a day?), and hence will happily pay the new fees.
December 3rd, 2013, 09:37 PM
Manta, Ecuador
Site Administrator Developer Swing Trader
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,621 since Jun 2009
Thanks Given: 33,356
Thanks Received: 101,989
josh
My guess is that while this will hit a lot of people, those who do serious volume will largely be unaffected (what's $50K a year extra when you are turning over $100K a day?), and hence will happily pay the new fees.
That does seem to be the result. Wonder if it was somehow the aim?
Sent from my LG Optimus G Pro
Last Updated on April 13, 2015