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Traders Magazine, May 1998

John A. Byrne

31(a) Breakthrough

The National Association of Securities Dealers has filed a proposal with the Securities and Exchange Commission seeking relief on Nasdaq 31(a) transaction fees, according to reliable sources in Washington. The proposal, approved by the NASD's board of governors, seeks a reduction of up to $16 million, based on current trade volume. The reductions would be triggered by counting a typical riskless principal trade, involving two transactions, simply as a single trade. In addition, the rule seeks to create a step-out function which would result in single prints, instead of multiple prints, on limit-order business.

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