Bloomberg: 'NYSE Will Reduce Fees That Floor Brokers Pay to Verify Trades'

By: Ray Pellecchia

File Under: NYSE

• 1 Comments
• Email Entry

Here's additional coverage -- this from Bloomberg -- of our elimination of one comparison fee and reduction of others. I like the plain-English headline. Most non-Wall Streeters probably don't know what we mean by "comparison;" better to say that it's the process of verifying trades.

Excerpt:

NYSE Will Reduce Fees That Floor Brokers Pay to Verify Trades

The New York Stock Exchange, the world's largest equity market by value of listed companies, will cut fees on a system used by floor brokers to verify that transactions between buyers and sellers are paired off properly. ...

The reduction is the second fee cut announced in as many months for NYSE Euronext, which owns the Big Board. The New York-based company said in October it would slash per-share
transaction fees at the NYSE and the Arca all-electronic exchange by as much as 50 percent to regain business lost to rivals ...

Floor brokers rely on the OCS system [Online Comparison System] to ensure transactions are cleared and investors receive cash or shares. Revenue from the OCS system had outpaced costs recently as brokers sliced larger trades into smaller pieces, the exchange said in the filing. ...

Sorry, couldn't find a link to the article on Bloomberg's site.

Happy Tuesday, folks. Born On This Day: the late, incredibly great Jimi Hendrix (1942-1970).