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Forget the Fee Farce

Traders Magazine, December 2001

John A. Byrne

The reform of the law on stock transaction fees was a difficult battle, a battle that once looked like it was becoming a farce. After four years of fits and starts, Congress finally delivered a bill that satisfies the cherished goal of leaders in the trading communities - a bill that over ten years will collectively save trading firms and individual investors an estimated $14 billion in so-called Section 31(a) and related fees. As Traders Magazine went to press, all that remains is the signature of President George W. Bush before the "Investor and Capital Markets Fee Relief Act" (H.R. 1088) - passed by the Senate last month and by the House last June - is enacted into law. (For another look at this issue, turn to The Observer column by Gregory Bresiger, on our website, www. tradersmagazine.com)

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