Recent regulatory filings highlighting financial performance by online brokerages around the world have shown that companies are cashing in on various fees passed on to traders, including inactivity fees and the like. Today, ICMarkets, an Australian based brokerage, has announced that it will begin charging customers who are using the MT5 platform and using ASX Share Market data a flat monthly data access fee.
The broker stated that “from September if you have access to the ASX Share CFD Market data from your MT5 platform during any day of the month for one or multiple times, a market data fee will be applied to your account at the end of the month.” The fee will be a fixed AUD 22 per month and will not be charged multiple times for customers who access the data or trade the ASX Share CFD during the month.
It is a bit peculiar to see a broker implement such data charges across a group of clients who may have no interest in the underlying trading product. It will be up to the trader to make sure to disable or not show ASX market data in their MT5 terminal to avoid these charges. It remains to be seen if this change is a result of rising costs from the pricing/liquidity provider for the ASX CFD contracts or a sign of ICMarkets wishing to increase revenues where possible.
Don’t miss the latest news and discussion on our Telegram channel. Subscribe today!