Here at Lightspeed, we are always listening to our customers’ feedback and incorporate it into our stock and options trading software. When one of our clients recently asked us if we could support the CBOE Frequent Trader program, we asked ourselves: why not? Acting quickly, we configured our systems so that our clients would be able to participate in this program.
Now, not only can our customers take advantage of some of the cheapest options trading, but frequent traders are eligible for an additional rebate by participating in this CBOE program.
It is a rebate program that applies to CBOE’s proprietary products. Traders can earn a rebate of a specified percentage based on the monthly volume of contracts traded. The products included are:
For each type of option, there are three tiers. Traders can earn the highest percentage from Tier 3, up to a 25% Fee Rebate. The entire details of the program may be viewed here: http://www.cboe.com/products/frequent-trader-program-cboe
Signing up for the program is simple. Lightspeed customers can obtain a CBOE Frequent Trader ID by registering at https://www.cboe.com/FTID/registration.aspx. CBOE will then assign you a unique identification number that you will then provide to Lightspeed. Lightspeed will then append the ID to both the customer’s manual and electric orders. Your trades of all applicable products will be associated with your ID number. Each day, you will receive a statement via email documenting all of the contracts traded, along with the estimated fees and the potential rebate to be earned. The rebate will be paid through an Electronic Funds Transfer to an account of your specification.
If you are an active trader who frequently trades the above CBOE option products, then signing up for the program is a no-brainer. For example, if you are a Lightspeed customer who trades over 100,000 SPX contracts per month, you’re already enjoying our exceptionally low contract rate of just $0.20 per contract. This volume would automatically qualify you for Tier 3 for SPX options, which would allow you to take advantage of a 9% fee rebate.
We are always searching for ways to make your life as a day trader simpler and more profitable. Call or email us today to learn more about this program and other ways that Lightspeed can help you.
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