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This is absolutely amazing!!! PMB has been executing through the TimberHill
system so I would assume that the referenced fee increases have been imposed
by TH. I remember LFG imposing a $4/rt surcharge last year for using the
LeoWeb system, now comes TH with the same thing ... so instead of costs
dropping with electronic order systems, costs are increasing! Does anyone
believe the costs of execution have risen by $4/rt plus $10 per stop order?
Or perhaps TH is becoming more aggressive in promoting their own brokerage
business - TH's Interactive Brokers www.interactivebrokers.com hasn't
announced any fee changes for E-Mini execution. We can only speculate on
what is going on since TH's IB's are unlikely to go public with the real
story.
Just checked my CUBS/TOPS notice file and see CUBS outage notices on 2/23
and 3/1 so it doesn't look like CUB2 is doing much for reliability on that
end.
Earl
-----Original Message-----
From: AMPWood@xxxxxxx <AMPWood@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Tuesday, March 02, 1999 7:58 AM
Subject: PMB, and alternatives
>Rts,
>
>I have seen a number of positive comments on PMB. After having had big
>problems with LFG, I have been looking for another broker. I checked with
PMB,
>and as of yesterday, I found out that my comm on day trading the S&P, if I
>used a stop to get in and get out, would be as follows:
>
> Comm $15.70
> Fees 4.00
> Stops , 2@ $10 =20.00
> ----------
> Total $39.70
>
>This may go down by summer.Also they have a minimum size order on certain
>commodities of 5 contracts. It makes my present $14.70 look pretty good,
>if I could only get good service out of LFG. Does anyone have a
recommendation
>on a good online broker that offers good fills at a low rate.
>
>I will attempt to copy the letter being sent to PMB clients.
>
> Thanks,
> Dennis
>
>
>
>>All PMBe Clients:
>>
>>Because our primary provider of execution services at the CME and the
>>CBOT has raised its fees as of the 1st of February, PMB has to
>>unfortunately raise its prices for execution services offered on the
>>Hand Held Units (HHU).
>>
>>We deeply regret this increase in prices and in the hope of reaching a
>>different agreement we did swallow the increase in costs for February.
>>However, we are unable to absorb the increase in costs going forward
>>and therefore have to partially pass on these increases.
>>
>>Starting March 1, 1999, new fees will be implemented for the CME
>>markets available on PMBe in Direct Entry, more specifically, the
>>S&P500 and Nasdaq contracts. A transaction fee of $2.00/side will
>>be added on to each executed contract. There will also be a $10.00
>>transaction fee added to all executed S&P and Nasdaq stop tickets. PMB is
>>currently working on several projects to work S&P and Nasdaq stop orders
>>with a different electronic broker or system which will possibly eliminate
>>the fee. As the project develops and more information becomes available,
we
>>will send another email regarding this matter.
>>
>>Also starting on the 1st of March is a minimum lot size requirement
>>of five(5) for the CBOT markets available on PMBe in Direct
>>Entry, more specifically, the T-Bonds, Dow Jones, and Corn. This
>>also means that you need the proper margin to trade five-lots in
>>each of these markets. For example, to trade T-Bonds you need to
>>enter a minimum order quantity of 5 and the overnight margin on
>>the five would be $13,500 (2,700 x 5).
>>
>>In the meantime, PMB thanks you for your continued business
>>and support.
>>
>>PMB
>
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