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Dennis wrote: If I read that right, we are going to have to start paying $60
instead of the current $10 for realtime CME quotes. CME, in it's infinite
wisdom, has determined that anybody who needs more than "snapshot
quotes" is a professional. As well, they say they plan on phasing out the
free emini quotes. That really sucks. A brief period of lower rates and then
jack them up higher than they were before the cut.
***** Let me throw my 2 cents in about this. I think the quotes on trading
platforms are paid by the FCM and not by the end user. Thus, if you have one
of the next generation trading platforms that provides streaming quotes and
depth of market, you are not paying for those quotes. For example,
Interactive Brokers clients do no pay for the streaming quotes they receive
through the Traders Work Station. Same with PATS Systems, which my firm is
soon to deploy. We also can resell IB's TWS.
**** Where you get hit is with the stand alone quote systems. What the CME
is trying to do is level the playing field and to make some money. They are
also brand new at this for-profit thing. But my guess is they will be fairly
responsive to the marketplace, but it may take some time, so patience is
warranted.
****Plus, $60 is not that much in the greater scheme of things. An active
e-mini S&P trader picks that much up in good slippage and buying the bid and
selling the offer on his or her first 10 trades. We have recieved much
already from the exchange leveling the playing field. The momentum is
definitely towards the public trader, despite this.
Regards,
John J. Lothian
Disclosure: Futures trading involves financial risk, lots of it! John J.
Lothian is the President of the Electronic Trading Division of The Price
Futures Group, Inc. an Introducing Broker.
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