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Access Fees and Fairness

Traders Magazine, June 2002

William O'Brien

The trading community, living in an era of declining profitability, is under pressure to control costs. The costs include ECN and Nasdaq fees, which are at the center of a controversial debate. At issue, is the fair application of these fees. Using fees to "influence" strategic trading behavior runs the risk of unintended consequences: Market quality and a trader's choices may be impaired. The current fee-related issues must be analyzed from this perspective.

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