Floor Brokers Save Thousands in Fees
Traders Magazine, August 2003
Independent floor brokers just got a break at the New York Stock Exchange. A technology fee that stirred up plenty of controversy last year has been suspended through the end of December. Still, in a memo to brokers, the fee is expected to be re-instated in January. Some see the move as an olive branch extended by NYSE President Richard Grasso. Whatever the intent, the move was welcomed by two-dollar floor brokers. That's because, for some brokers, the fee has resulted in a crushing burden, as much as $750,000 more in annual fees, according to many independent floor brokers.
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