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31(a) Relief?

Traders Magazine, April 1998

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.

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