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Hi everyone,
I read this from the Bridge Trader newspaper issue Jan/Feb 1999, page 5. Its an
advertisement for a futures company, title is:"Are all Discounters Alike?"
This is only part of the article, the rest is about 1/2 page.
"First, there's nothing wrong with listening to the firm's pitch about their
rock bottom commissions. But when that's done, ask for a detailed list of the
firm's fees. What are"applicable fees?" What may be applicable at one firm
should not necessarily be considered at another brokerage. Are there additional
fees for purchasing T-Bills? Are NFA, brokerage, exchange, clearing,
transaction and any and all other charges included in the commission rate? Are
research reports extra? What is the charge for wiring money? These are the
hidden costs that can make your experience with a discount firm much more
expensive than the low advertised rate."
TradeWell,
Joe Frabosilio
Earl Adamy wrote:
> Add-on fees seem to be whatever they think they can charge and is a big
> source of rip-offs ... big variation from one firm to another, one exchange
> to another, and even one customer to another. $2-3 bucks is typical at the
> majors, I've heard of some brokers charging fees as high as $9. Personally,
> I insist on commission rate which is all inclusive which means no additional
> charges.
>
> Earl
>
> -----Original Message-----
> From: swp <swp@xxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Date: Wednesday, February 24, 1999 11:56 AM
> Subject: Re: EXCHANGE FEES
>
> >He is talking about fees for a given trade. They range from a little
> >over a buck I think to about $3 per contract per roundturn. Also, emini,
> >globex, night trading tend to be extra too.
> >
> >Peter Iovanella wrote:
> >>
> >> Here are current exchange fees for futures, as far as I know:
> >>
> >> CME: $55
> >> CBOT: $60
> >> NYMEX: $55
> >> CEC: $88
> >> COMEX: $55
> >>
> >> Stock Exchanges are much less expensive (and much more sane) than Futures
> >> exchanges, but I'll defer to someone else for the details since I ain't
> got
> >> 'em.
> >>
> >> Peter
> >>
> >> -----Original Message-----
> >> From: Bill Daniel <bogeybunky@xxxxxxxxxxxxxx>
> >> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> >> Date: Wednesday, February 24, 1999 1:19 PM
> >> Subject: EXCHANGE FEES
> >>
> >> >All the ads quoting realtime fees always say plus exchange fees. Can
> >> >someone summarize what these fees amount to and how they are calculated?
> >> >Or direct me to a source? Thanks.
> >> >
> >> >Bill
> >> >
> >> >
> >> >
> >
> >--
> >Steven W. Poser, President
> >Poser Global Market Strategies Inc.
> >http://www.poserglobal.com
> >
> >Tel: 201-995-0845
> >Fax: 201-995-0846
> >Email: swp@xxxxxxxxxxxxxxx
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