Sec Fee

Discussion in 'Trading' started by AutomatedTRader, Jun 22, 2003.

  1. Until March 22, 2003, the fee rate is $30.10 per $1,000,000.

    Beginning March 22, 2003, the fee rate will be $25.20 per $1,000,000.

    Beginning April 1, 2003, the fee rate will be $46.80 per $1,000,000.

    http://www.sec.gov/answers/sec31.htm

    IF these are the fees that the SEC fees that the SEC is charging broker dealers, WHY are we being charge much more by the Broker dealers???

    I trade with ANdover and it cost me on avg $180 in SEC for 100K shares traded, so im assuming that Andover is passing thru some other cost along with the SEC fee. Can anyone please help me make sense out of all this??
     
  2. X$Trade

    X$Trade

    How expensive were the shares you were trading?

    The # of shares you traded is only half the equation. It is the value per share times the # of shares that you need to know. And you only pay the Tax on the way out (sales).

    Hence, 100,000 shares traded of $100 stock = 100,000 / 2 = 50,000 shares sold . 50,000 x $100 = $ 5,000,000 / 1,000,000= 5. Then 5 x $46.80 (per million$) = $ 234.00 SEC Tax.

    P.S.

    I hate doing this calculation because it reminds me what a bunch of bullshit this tax really is! Imagine the kind of money the SEC must pull down per day with this money grab.

    X
     
  3. Auto,
    If you are being charged too much, why don't you call your GSP and get it corrected?
     
  4. I trade with Assent, and the sec fees are not marked up. It's based on dollar value of shares sold, not volume.
     
  5. He is correct...SEC fees are based on the total dollar value of your trades. Shares times price = dollar value. Thats why it looks off to you as far as your reasoning goes. Your being charged the correct amount though dont sweat it.