SEC fees lower....

Discussion in 'Trading' started by pitufo, Oct 31, 2002.

  1. pitufo

    pitufo

    Over 1/2 a year ago when the sec doubled their fees, they said that they would lower them some time in the future, anybody have a clue as to when that might be? They are expensive!
     
  2. Tea

    Tea

    The problem is that individual traders don't have a group/guild etc. representing their interests in Washington.

    The exchanges do, the brokerages do, but traders don't.

    There is the AAII (?) or something like that. But they seem more interested in old time stock investors.

    We need a group that is purely representative of individual traders and represents our main goal which I would think would be lowering our costs.

    Any ideas?

    .
     
  3. pitufo

    pitufo

    I think you are on to something! I have thought about that before, but I do not know where to take it. Maybe someone on this board will have an idea on how to form a lobbying group.

    I average close to a million shares a day and those sec fees add up! I pay them more than my fair share! There should be a daily cap in fees for individual traders.
     
  4. Isn't there a group called the Electronic Traders Association or something like that or has that shut down already. I know there was a group a couple of years ago.
     
  5. I was looking for that website last week and all it appears to be dead. My initial thinking was that they must have just renamed it but I could not find any info. If anyone knows anything please post. There was a research abstract I was looking for that was apparently on their website (at one time atleast).

    Thanks.
     
  6. Tea

    Tea

    If all of us individualists and loners could somehow pull this off we could become a very effective grass roots organization.

    Sort of like the NRA. The NRA doesn't have as much money as people think, but they have hundreds of thousands of motivated members who will write/call/show up in person at their representatives office. They also get all their family members to do the same.

    $20-30 membership. Get some of the vendors who benefit from there being more traders/volume to kick in as well.

    We would never match the money of the NYSE, CME, CBOT etc. but we don't need to. Grass roots trumps money in politics every time.

    Dick Grasso would be sweating his little bald head off over this one.

    .
     
  7. No offense but there are relatively a lot less daytraders nowadays.. and most of them are just getting by. They will not pay x amt. of money to join a powerless lobbying group. What do they care if a few people don't vote for them..
     
  8. http://www.elitetrader.com/vb/showthread.php?s=&threadid=10374

    Unless there's a way to garnish a mandatory fee from traders (maybe .01 per intraday round trip - and you'd collect only on intraday round trips, so that only day traders are paying the fee) this will never fly.

    The other thing is that, like unions, anything formed will probably just get corrupt as hell anyway, so what's the point?
     
  9. Why not get your broker to start some sort of lobby or support the issue?

    If the broker refuses to help switch brokers.
     
    #10     Oct 31, 2002