My situation (and seemingly lots of others too): NT/Mirus/ZenFire/RCG clearing
I want to stay with RCG to clear my trades. I also want to continue to use NinjaTrader. Who should be our broker and data feed provider has been the question this week.
Now, I just got off the phone with Brian Leonard. 312-795-7816. He is the retail guy at RCG (as best I can tell).
As of today 01/10/14, Ray here at NT has removed the Kinetick data feed requirement to use Continuum (rebranded CQG data feed). You are now able to move your brokerage account from Mirus directly to RCG and then use NT without paying any new extra data fees. RCG will become both your broker as well as continuing as your FCM. You will now be able to use Ninja version .20 to trade through them using the Continuum/CQG data feed that they've already have had in place for quite a while. This is available today.
Now, the $.15 per turn fee plus the $10 a month that we were all freaking out about when Mirus announced the Dorman option earlier this week? The Mirus/Dorman announcement made it sound as if it was a new additional fee (maybe it was in this case). My opinion? It should not have been, as ZenFire data charges were some component of your total commission charge from Mirus, even if we never knew how much it was.
Your commission for YM/ES/NQ was what? $2.11 a side for us small fry traders? ( https://www.mirusfutures.com/brokera...andard_rates#3 )
That charge is a bundled commission, data fee, clearing, exchange, and regulatory fees put together. We just never knew what Mirus was charging us for ZenFire. But it had to be something, even if it was never broken out. And now, removing whatever Mirus was charging for data, you are now seeing a data charge for CQG at $.15 a side or Rithmic at $.30 (that's what I've been quoted from three different IBs this week) and assuming it's raising your costs. The CQG or Rithmic fee should replace the unknown ZenFire data charge.
Where am I going with this?
CALL RCG! They don't want to lose the money that's already with them, and they are (assumingly) going to be competitive with what you were already paying at Mirus. Who cares what your data feed charges are? Is the total commission at RCG you're paying per side quoted at about $2.11? Then be happy. I'm not promising what RCG is going to actually offer you, but I doubt it's going to be a whole ton higher than what you were already paying Mirus. Note however, that your margins per contract will probably be higher than they were at Mirus. But probably not double.
Until today, the extra $55 for the Kinetick fees that were required to use Continuum was kinda rough. Now that it's gone, you should be able to continue to use NT, be fed data by a reliable data feed in CQG and clear through a reputable FCM with RCG.
Now, for those of you waiting for Rithmic? That's your choice if you think Rithmic is better than CQG. But you have an established option at RCG in CQG. Ray here has stated that both feeds have been solid for many years. Perhaps RCG and Dorman will come out with Rithmic for sure next week. But it's not going to be a ton magically cheaper than CQG because it's still a competitively priced data fee.
You now have an option to trade with NT and CQG and RCG. And most likely at rates that you were already paying Mirus. Just move to RCG and leave Mirus forever.
Make sense?
I want to stay with RCG to clear my trades. I also want to continue to use NinjaTrader. Who should be our broker and data feed provider has been the question this week.
Now, I just got off the phone with Brian Leonard. 312-795-7816. He is the retail guy at RCG (as best I can tell).
As of today 01/10/14, Ray here at NT has removed the Kinetick data feed requirement to use Continuum (rebranded CQG data feed). You are now able to move your brokerage account from Mirus directly to RCG and then use NT without paying any new extra data fees. RCG will become both your broker as well as continuing as your FCM. You will now be able to use Ninja version .20 to trade through them using the Continuum/CQG data feed that they've already have had in place for quite a while. This is available today.
Now, the $.15 per turn fee plus the $10 a month that we were all freaking out about when Mirus announced the Dorman option earlier this week? The Mirus/Dorman announcement made it sound as if it was a new additional fee (maybe it was in this case). My opinion? It should not have been, as ZenFire data charges were some component of your total commission charge from Mirus, even if we never knew how much it was.
Your commission for YM/ES/NQ was what? $2.11 a side for us small fry traders? ( https://www.mirusfutures.com/brokera...andard_rates#3 )
That charge is a bundled commission, data fee, clearing, exchange, and regulatory fees put together. We just never knew what Mirus was charging us for ZenFire. But it had to be something, even if it was never broken out. And now, removing whatever Mirus was charging for data, you are now seeing a data charge for CQG at $.15 a side or Rithmic at $.30 (that's what I've been quoted from three different IBs this week) and assuming it's raising your costs. The CQG or Rithmic fee should replace the unknown ZenFire data charge.
Where am I going with this?
CALL RCG! They don't want to lose the money that's already with them, and they are (assumingly) going to be competitive with what you were already paying at Mirus. Who cares what your data feed charges are? Is the total commission at RCG you're paying per side quoted at about $2.11? Then be happy. I'm not promising what RCG is going to actually offer you, but I doubt it's going to be a whole ton higher than what you were already paying Mirus. Note however, that your margins per contract will probably be higher than they were at Mirus. But probably not double.
Until today, the extra $55 for the Kinetick fees that were required to use Continuum was kinda rough. Now that it's gone, you should be able to continue to use NT, be fed data by a reliable data feed in CQG and clear through a reputable FCM with RCG.
Now, for those of you waiting for Rithmic? That's your choice if you think Rithmic is better than CQG. But you have an established option at RCG in CQG. Ray here has stated that both feeds have been solid for many years. Perhaps RCG and Dorman will come out with Rithmic for sure next week. But it's not going to be a ton magically cheaper than CQG because it's still a competitively priced data fee.
You now have an option to trade with NT and CQG and RCG. And most likely at rates that you were already paying Mirus. Just move to RCG and leave Mirus forever.
Make sense?
as long as I am not thinking about Mirus!
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