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Earl:
Bottom line watching is always a good thing, providing you are also getting
good service. That's my take at least.
Here's what Aaron [my back office specialist] had to say about it:
"They are still basically the same. In the unbundled rate they are charging
an execution fee and it is based on a sliding scale, so the effective rate
is a lot higher than someone might think as their volume increases. They
are also charging $0.10 per contract probably trying to discourage the
trading. IB used to force everyone to exit their position by 3:00 PM
everyday."
So I believe your instincts and calculations are correct.
Tim
At 09:49 AM 10/25/2005, you wrote:
>I'm happy that you don't need to keep an eye on your costs. I've always
>watched my costs as a part of managing whatever business I've been in.
>Percentage wise, this appears to be a significant price increase. That has
>nothing to do with whether it's affordable or is significant to the bottom
>line. Somehow, the CBOT has been able to handle electronic bonds for 2/3
>of what the CME has been charging for emini. Considering the huge trading
>volume of the emini, this has the appearance of monopoly price gouging.
>
>Earl
>----- Original Message -----
>From: <mailto:keypoint@xxxxxxxxxxxx>Joe Duffy
>To: <mailto:realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx
>Sent: Tuesday, October 25, 2005 8:30 AM
>Subject: Re: [RT] IB Communique - new US commission schedule
>
>This is 10 cents per contract? How the heck can that mean anything? Thats 1
>dollar on a 10 lot..... if your swing trading for say 8 points that is 4
>thousand dollars.
>
>
>----- Original Message -----
>From: "Timothy Morge"
><<mailto:timothymorge@xxxxxxxxxxxxx>timothymorge@xxxxxxxxxxxxx>
>To: <<mailto:realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx>
>Sent: Tuesday, October 25, 2005 9:38 AM
>Subject: Re: [RT] IB Communique - new US commission schedule
>
>
>Earl:
>
>Looking over them quickly, I believe you are correct. But I'll double check
>your exchange costs with Aaron here to see if I am also missing the boat.
>
>Tim
>
>
>At 08:06 AM 10/25/2005, you wrote:
> >I have an IB Communiqué announcing a new pricing structure:
> >
> >In keeping with our mission of providing low cost trade execution and
> >clearing services to professional traders and investors worldwide, IB is
> >pleased to announce the following new US commissions schedule to take
> >effect Tuesday, November 1, 2005.
> >
> >Stocks*: $0.005/Share (all-in)
> >Options*: $0.75/Contract (all-in)
> >Futures: $0.25 to $1.20/Contract (plus exchange costs)
> >Forex**: 1 to 2 PIP wide EUR/USD spreads
> >
> >I'm trying to figure out what the new charges are going to be for futures.
> >As nearly as I can tell, IB is moving everyone to unbundled rates
> ><<http://www.interactivebrokers.com/en/accounts/fees/commissionFutures-FO
> Ps.>http://www.interactivebrokers.com/en/accounts/fees/commissionFutures-FOPs.
>php?ib_entity=llc><http://www.interactivebrokers.com/en/accounts/fees/commiss>http://www.interactivebrokers.com/en/accounts/fees/commiss
>ionFutures-FOPs.php?ib_entity=llc
> >effective Nov 1. As a rough calculation on the emini using the lowest
> >number of contracts monthly in each table:
> >Execution fee <300 0.90
> >Clearing fee 0.30
> >CME Tier 1 - Equity: 1.14
> >Regulatory USD .02
> > ------
> >Total of $2.36 is close to the $2.40 bundled rate with opportunity for
> >lower costs on more monthly volume. So far, no impact ... but then there
> >is a BIG kicker - Overnight carrying fee per day @ $0.10
> >
> >This looks like a huge cost increase for those of us who carry swing
> >trades overnight. Do my figures look right?
> >
> >Earl
> >
> >
> >
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