Section 31 Fee Reform Disappointment
Traders Magazine, March 2002
Section 31(a) tax reform, signed into law earlier this year with much fanfare and excitement, has been a bit of a disappointment. Some market makers have been privately complaining to Traders Magazine that the cut in the bothersome transaction tax was not nearly as big as they expected. The head of a prominent market making firm, who would not comment publicly, complained that, "Originally the reduction looked as though it was going to be 50 percent. Just recently the reduction has been restated and is now projected to be somewhere in the vicinity of 18 percent. The cut is not nearly what we thought it would be."
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