The Reg NMS Access Pricing only applies to stocks under $1. Plus..right now it's only INET that's affected. Arca is still keeping it's fee structure the same for now.
Just an update for anyone who hasn't already heard. They are NOT able to retroactively change their fees to Feb. 1st. February 16, 2006 AUDIENCE All INET Subscribers SUMMARY As previously announced, effective February 13, 2006, NASDAQ changed the fee schedule for executions in NASDAQ-listed securities below $1.00. It was also announced that NASDAQ was considering making this pricing retroactive to February 1, 2006. Please note that the announced pricing will not be retroactive to February 1, 2006. Please click here for the complete notice to Subscribers. WHAT DOES THIS MEAN? The new pricing for executions in NASDAQ-listed securities priced below $1.00 will remain effective February 13, 2006. WHAT IS THE NEW PRICING SCHEDULE? Charge for Removing liquidity: 0.1% (10 basis points) of the total dollar volume of the transaction Rebate for Adding liquidity: $0.00 HAS THE PRICING CHANGED FOR ROUTED EXECUTIONS? If you execute an order on any of NASDAQâs facilities (i.e., the NASDAQ Market Center, INET or Brut), you will be assessed fees under the new fee schedule, regardless of which facility you placed the order through. If you execute an order outside of a NASDAQ facility, you will be charged per the fee schedule found here. QUESTIONS If you have any questions, please contact your sales representative at 800.846.0477 or sales@nasdaq.com. Thank you, INET Member NASD/NSX/SIPC
Is anyone else concerned that Fees in general will put independent traders out of business some day. With the exchanges being run as public companies, commissions being at an all time low and markets becoming more and more efficient, aren't raised fees passed on to traders the easiest way to revenue. Consolidation of markets (no competition) makes this even easier to do.
The fees are getting cheaper!!!!!! I for one like the new fee structures being implemented on the exchanges. Things are definitely going to get even cheaper when nyse/arca merger is complete. When arca lowers their fees on nasdaq stocks and likewise on listed stocks, they will blow the doors off of nasdaq's fee structure. I am hearing that they might even go to a free model for trading on listed permanately just so brut does not eat their lunch. How could paying cheaper commissions be a bad thing? This is good for every trader out there unless you are a rebate trader. Rebate trading is a good way to supplement other forms of trading and to take up dull time during the day, but it by no means is a way to fully make money in the stock market. that jig will be up soon and all those that trade that way for a living will be forced to trade other styles