The past month I have been talking with many firms. I am interested on the general concensus on the fees that need to be paid along with commission for trading that relate to trading. I will start with some that I know. ECN Fees/Rebates : Pretty self-explanatory. SEC Salex tax: Currently $39.00 Per 1 Million sold (?) NASD Transaction fee: how much is it? Is it only for NASDAQ or for all exchanges such as NYSE and LISTED ACT Fee: I understand these are reporting fees. What are they? Exchange fees: Does someone have like a table or something of those fees? And not the ones that brokerages charge, but the official fees? Data feed fee: Do you guys pay it? How much? any concensus here? Any other trading related fees (i don';t mean like a Desk fee or Software fee) Am I correct with the above?
I trade exclusively Nasdaq and pay the SEC fee that you mentioned, as well as pass-through ECN fees/rebates (example: ARCA is 0.3 cents per share to remove liquidity on their book, 0.4 cents per share to remove liquidity externally routed and 0.2 cents per share credit for orders executed that added liquidity. INET and BRUT very similar). Software fee is waived. No other fees, unless you consider the occasional margin interest to be a 'fee'. -EricP
The NASD fee is a "trading activity fee" (TAF) that seems to apply to all equity sales executed by a NASD member, including listed, SSFs, and options. It's currently $0.0001/share, with a max of $10.00 per sale. It was originally defined at http://www.nasdr.com/pdf-text/0263ntm.txt Note that it says that the TAF replaces the ACT reporting fee.