Commentary

Traders Magazine Online News

Spoofing, Surveillance and Supervision

Jay Biondo, Product Manager - Surveillance at Trading Technologies, co-authored an article along with James Lundy and Nicholas Wendland, both of Drinker Biddle & Reath LLP, reviewing the CFTC's regulations and expanding efforts, 21st century surveillance and supervision, as well as strategic recommendations.

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Is the adoption of electronic trading in fixed income on par of that in the FX sector?




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April 30, 1998

31(a) Relief?

By John A. Byrne

Sen. Alfonse D'Amato (R-N.Y.) is reportedly considering a bill that could save Nasdaq traders up to $20 million annually on 31(a) transaction fees on wholesale orders.

D'Amato, the chairman of the Senate Banking Committee, was apparently prodded by Nasdaq President Al Berkeley, who has expressed support for a concerted campaign by Nasdaq traders for the abolition of fees on dealer-to-dealer trades. National Association of Securities Dealers President Frank Zarb has added his voice to the chorus of protests.

However, D'Amato and the crew may need to win the support of Sen. Judd Gregg (R-N.H), chairman of the Senate Appropriations, Commerce, State and Judiciary Subcommittee, who is not impressed with the traders' fight. He told our man in Washington that the fight was just a "rhubarb" and a lot of hot air.