Amex is enforcing a new fee change. With the new fee schedule, -and check this out- they're are retroactively making it adjustable to the beginning of the month-my pnl this month is going to be unbelievable. Is there anything i can do. Can they actually do this?
http://edgar.sec.gov/rules/sro/amex/34-53205.pdf if i'm reading this doc correctly, this is a fee increase to the companies listed on the exchange, is that correct, or do you have a different rule change?
GRECHA, did you even read the 3 pages? Those are for companies that want to list themselves on the AMEX not for traders.
Grecha....no there isnt much you can do....and they are actually trying to make the fee change retro active to december 1st....and can they do it......well i dont know how they would get their money from people for two months ago.....and you'd think they would wake up and see that they are going to lose alot of business cause of this as traders are definitely gonna stop using isi as much and if they phucked me but making me pay fee;s for two months ago i would ensure that i never use their service again........but unfortunately i think you may be at the mercy of the power of your firm and whatever deal they can make with amex about when they are going to make the retroactivity to........and GAtrader......unfortunatly the fee change is for traders as nyse traders in my firm are facing the same fee change.....glad i trade nasdaq
madmunny, kindly enlighten me on the fee change. I am not a contract expert but reading the pdf file in this thread twice, I still can't see AMEx request for fee increases that affects traders. I read such doc as affecting companies desiring to be listed at the AMEX. While we are on the subject of fees. I posted this issue on an earlier thread but no response so I will try it here. When you enter a marketable limit on NYSE < 5 min on the book and let us say you route it to BELZ or ISI DOT, how much does it cost. I am considering a broker that would charge me per execution only and I would be responsible for ECN fee,s DOT fees,etc. Let us say the charge is .003, if I buy 1000 sh of AMd for example and I route it to BELZ DOT. Other than the $3 my broker gets, are there other charges?Thanks
just write a note to the people in the chain of command that before anyone touches your account with retro active fee changes they must send you a letter in writing pointing you the exact rule they you signed onto allowing for such retroactive fee changes. Tell you firm you are not concerned about them. But you are not interested in letting the amex get away with cheating you in such an obvious manner. Of course there is a chance they will have something in a contract somewhere. But it seems tantamount to theft or fraud or an unfair business practice to me.
well unfortunately im not the best person to explain the ISI fee change as i trade nasdaq so do not use ISI at all but i hope this helps.......our firm deals right with ISI...we do not go through a broker so i beleive (and this is where i may be wrong) our traders were charged 0.001 per share when using ISI and now with the fee change they are going to be charge 0.0034 per share......so their fees are going to more than triple...and be retro active to the beginning of the month if not longer.......so yes if you use a broker and have a flat fee then the change wont affect you until your broker changes their fees they charge you....but as our firm deals directly with isi that fee change affects our traders immensely
All these increases is making flat fee arrangement with brokers more enticing. Pro#1. You get that extra layer of protection in case one of the exchanges do one of these retro assesments. Yes, you will most likely get an increase from your broker later on but you won't get socked with a big debit from your account if you agreed to execution + cost arrangement. Pro#2- With a flat fee , your execution would be more clean and focused since you would be paying attention to mkt movement not whether you should take/add liquidity so u can save that extra mil.. Just my humble opinion.
As of now, what will happen is still yet unclear. So unfortunately, i can only appreciate the comments made so far. The firm I work for does deal directly with isi. Unfortunately, what went awry and how it happened is the question and i'd rather wait till things settle before more can be said. Will update.