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On a related topic...
LFG told me a couple of weeks ago that they would be offering direct access
to Globex via LEOWEB for markets in addition to the eminis very shortly,
i.e. weeks not months. Not as good as seeing the book on the globex screen,
but definately better than today.
Regards,
Chris
----- Original Message -----
From: "Richard Josslin" <TaoOfDow@xxxxxxxxxxxxxx>
To: "Omega List" <omega-list@xxxxxxxxxx>
Sent: Monday, May 22, 2000 8:47 PM
Subject: $25K "Deposit" for Globex Terminal???
> Dear Group,
>
> I read a claim on this newsgroup a day or two ago that one of the
requirements for obtaining a Globex terminal was a $25K deposit to the CME.
Not so. I have the application for a Globex terminal, and a summary of its
> requirements are available on the CME's website at
http://www.cme.com/globex2/eth.html as follows:
>
> Details
> Limited number of permits available -- act promptly.
> No CME membership purchase/lease needed.
> Initial $1,500 permit application fee.
> Minimum net capital requirement: $25,000 held at a
clearing firm.
> Permits are non-transferrable and valid for one year.
>
> The "$25K deposit" is neither to the CME nor for the terminal --- it is
simply a deposit to the applicant's chosen clearing firm, the firm who
guarantees the applicant's trades to the CME --- in other words, a minimum
$25K
> trading account.
>
> On another matter that has also been mentioned recently on this newsgroup,
namely, commissions for members: as regards trading with a Globex terminal,
the CME does not require a person to be a member in order to obtain or
> trade with a Globex terminal (technically, one must acquire an ETH Permit,
"Electronic Trading Hours" Permit). In my investigation towards acquiring
an ETH Permit and a Globex terminal, I spoke with one firm who told me that
> if I obtained a Globex terminal, they would clear my trades using it for a
roundturn, all-inclusive, commission rate of $5 with a reduction from that
for size.
>
> Sincerely,
>
> Richard
>
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