Does anyone happen to know if a firm can markup sec fees. Mine seem to be very high but it is probably the same for all of us. Does anyone happen to have a link that says what the fees should actually be? Thanks for any help.
Beginning April 1, 2003, the fee rate will be $46.80 per $1,000,000. This is only for selling, buying stock does not incur any SEC Fees. http://www.sec.gov/answers/sec31.htm Tula
Where I work SEC fees are $0.0301 per $1000 value on the sell side of all trades. I am assuming that all employers would charge the same... edit: I see that the actual SEC fees are a little highger...
I am being charged the correct amount for my sec fees. The 46.8 number works out almost bang on. The sec sure charges alot. I remember a few months ago i heard they were going to lower the rate. I sure hope they do. Good Luck trading all.
They ought to lower them soon if you ask me (which surprisingly no one has yet), especially since the justification for raising them last April was a declining dollar volume (price * volume) of securities tranactions. 10 months later, things have improved considerably in that department.
It is true, but I have a broker who always round up on sub-penny calculation for SEC fee, but they never round down. About half the time, I'm always paying one penny more on the SEC Fee. One penny is not worth the trouble to make a fuss but it is a pain in the a$$ trying to reconcile p/l for tax reporting.
http://www.sec.gov/news/press/2004-10.htm In addition, effective Feb. 22, 2004, the Section 31 fee rate applicable to securities transactions on the exchanges and NASDAQ will decrease to $39.00 per million. The Section 31 assessment on security futures transactions will remain unchanged at $0.009 per round turn transaction.
If you notice small discrepancies from the $46.80 that you should be getting charged, it may be the result of rounding. Each sell transaction is treated separately, and the pennies are rounded. So, if you have a lot of sales, and you are looking at just the total for all the sales, then rounding might account for the difference.