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Dear Paul,
I requested the Globex application from the CME several months ago but have
not submitted it. My recollection is that it involves the following:
One-time only charges:
$1500 application fee
Trip to Chicago to be interviewed, to take exam, and to take training session
(several days) re use of terminal
$1000 installation fee for terminal
$500 removal fee (upon conclusion)
$1500 fee to change the location of your terminal if you do so during your
license period
Continuing charges:
$400/month for the terminal (which includes an Cisco router, a Compaq
computer, and a monitor)
Additional:
Sponsorship by a clearing brokerage (my understanding is that technically,
your clearing firm sponsors your application to the CME on your behalf - it
guarantees your trades)
Minimum of $25K account with clearing brokerage
Purchase or lease of a seat is not required, although the application is the
same.
The CME official I spoke to about this said that the process from submission
to beginning of terminal use takes around 6 weeks.
I have obtained various quotes re commissions with a Globex terminal, ranging
from $5/RT on down --- this will be negotiated between you and your clearing
firm (the CME is not a party to this), and of course, the more size and
frequency you do, the lower the commission.
Lastly, the license obtained is good for one year --- I am unclear what
happens thereafter, for example, is there a substantial renewal fee??? The
packet I received from the CME was silent on this.
If you find anything further, I'd appreciate your sharing it with me, as I
remain interested in the possibility.
Sincerely,
Richard
Paul Newton wrote:
> Does anyone know about CME globex terminals? Costs, commission charges,
> etc. Thanks
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