or are my sheets screwed up? Tried to find their rate schedule and came up empty to any changes made for today. But my SEC fees sky rocketed and did not trade more expensive stocks than usual today. Anyone better at finding stuff??? And when can we go after the REAL crooks? Freakn SEC.
Found it. So basically they raised the SEC fee 500% ??? Am I reading this right? <i><b> Washington, D.C., March 4, 2009 â Effective on April 1, 2009, or 30 days after the date of enactment of the Commission's regular appropriation for FY 2009, whichever is later, the Section 31 fee rate applicable to securities transactions on the exchanges and over-the-counter markets will increase to $25.70 per million dollars. Until that date, the current rate of $5.60 per million dollars will remain in effect. The Section 31 assessment on security futures transactions will remain unchanged at $0.0042 per round turn transaction. A copy of the Commission's Feb. 27, 2009, order regarding the mid-year fee adjustment for fiscal year 2009 is available at http://www.sec.gov/rules/other/2009/34-59477.pdf. As explained more fully in the order, the Commission is required to adjust the Section 31 fee rate based on the estimated dollar volume of securities sales for FY 2009. The Commission consulted with the Congressional Budget Office and the Office of Management and Budget regarding the calculation of the mid-year adjustment, as required by Section 31(j)(2) of the Act. The Commission's calculation methodology is described in the order. Section 31(k) of the Act requires the Commission to continue to collect transaction fees at the previous year's rate until 30 days after the date of enactment of the Commission's regular appropriation for FY 2009. The Commission will publish the effective date of the new rate announced today once the Commission's regular appropriation for FY 2009 is enacted. The Office of Interpretation and Guidance in the Commission's Division of Trading and Markets is also available for questions on Section 31 fees at (202) 551-5777, or by e-mail at tradingandmarkets@sec.gov. The Commission will announce the FY 2010 rates for fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e), 14(g), and 31 of the Securities Exchange Act of 1934 no later than April 30, 2009. Those rates will become effective on Oct. 1, 2009, or after the date of enactment of the Commission's regular appropriation for FY 2010, whichever comes later.
I noticed the same thing after looking over today's trades. However, I believe the clearing firms have jumped the gun by three days. The new SEC rate is not supposed to take effect until April 10th: http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p118154.pdf You can bet I'll be chewing them a new a-hole in the morning. I suggest everyone else do the same. Just think of how much extra $$$ the clearing firms will be illegally profiting for those three days. Millions and millions, that's for sure...
Oh shit, could it go by settle date? T + 3? If so, then I guess the new rate could be effective today since today's trades won't settle until the 13th...
Traded the same amount of shares today, pretty much the same stocks and my SEC fees were +41.14 from yesterday. So basically, I am now making ~800 LESS a month. Just absurd. Freakn absurd.
That's nothing... My SEC fee for today "should" have been $127.39. However, since the fee has now more than quadrupled, it was $584.62. Today was an extraordinary day for me in terms of volume, so I don't think I'll be losing $450+ a day on average. But I do think it'll be $200-$300. That's like $50K to $75K a year. :eek: Time to re-negotiate my commission rate with my broker and try to trade more efficiently as well. And BTW, it does go by settle date. What a scam... http://www.sifma.org/services/techops/pdf/Section31-Fee-Rate-Change.pdf
Damn! What is that, 1 million shares a day? And you are paying commission with that volume? Hell, they should be paying you.
its actually pretty significant for little scalpers making 10k a month. even the lowest volume guys manage to do 10 bucks in sec, doing 50k-100k a day. but it ends up being 50 bucks a day now, about 800-1000 a month / roughly 10 percent of what they make a month gone.
it is. Social Sec. being the biggest ponzi scheme ever. all I do is pay fees, taxes, desk fees, commissions, my manager gets a cut. pay taxes on gas, booze, cigs, taxes on top of taxes and fees. hell I paid resort tax a bit back