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Market data fee

The monthly charge exchanges levy for real-time futures quotes, billed per exchange and per user.

Futures data is not free the way delayed stock quotes are. CME charges separately for its equity, energy, metals, agricultural and interest rate groups; ICE and CBOE bill their own. Non-professional rates are modest; professional rates are many times higher, and the definition of professional is broad.

Depth of market costs more than top-of-book, which matters if your method depends on reading the order-book.

Example: a retail trader wanting CME equity index depth pays a low monthly non-professional fee per exchange group, plus the platform's own charge. Trading four different asset groups multiplies it.

Related: exchange-fee, order-book, level-2, globex, round-turn

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