Just got an email from my broker saying there is a new fee effective tommorow. It's called the trading activity fee, by the NASD, not the SEC, and it is $0.0001 per share, with a max fee of $10.
Here is the article you are talking about. You only pay on one side so its net effective rate is 5 cents per 1000 shares. Adjustment to NASD Trading Activity Fee Initial Rates Last Updated: 10/17/02 On Friday, September 27th, 2002, NASD announced the initial rate structure for Section 2(b) [Trading Activity Fee] effective October 1, 2002 pursuant to the provisions of Schedule A, Section 2 [Member Regulation Fees] to NASD's By-Laws. Based on further analysis of trading volumes, the rate structure has been adjusted to incorporate a per trade maximum, retroactively effective to October 1, 2002 as follows: Each member shall pay to NASD $0.0001 per share for each sale of a covered security, with a maximum charge of $10 per trade. Each member shall pay to NASD $0.002 per contract for each sale of an option. Each member shall pay to NASD $0.08 for each round turn transaction of a security future. Additionally, if the execution price for a covered equity security is less than the Trading Activity Fee rate ($0.0001) on a per share basis then no fee will be assessed. Due to these adjustments, firms may have an additional 10 business days to self-report and remit payment for the October 2002 period, due no later than November 29th. For background information on the Trading Activity Fee, please refer to Notice to Members 02-41 and Special Notice to Members 02-63. Additionally, please refer to the September 27th announcement regarding NASD Trading Activity Fee Initial Rates. Questions concerning this notification should be directed to NASD Finance, at (240) 386-5397, or NASD Regulatory Policy and Oversight, Office of General Counsel, at (202) 728-8071. Banker
If the rate is $0.0001 and you only pay on 1 side, then you pay on a 1000 share trade (buy 1000 / sell 1000): 1000 (since you will only be charged one side, not buy&sell) ) * $0.0001 = $0.10