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At Deadline

Traders Magazine, June 2004

Editorial Staff

Rebates *Some may think that rebates and access fees will not survive or will be eventually reduced to insignificance. But not officials of the National Stock Exchange, which was previously known as The Cincinnati Stock Exchange. They were recently asking the SEC for permission to extend their liquidity provider fee and rebate pilot program, which was due to expire. Exchange officials want the program extended through the middle of next year. The program provides a transaction credit for liquidity providers. It is paid by liquidity takers on each "intra-exchange" execution in Nasdaq securities, according to the filing. The exchange does not believe that the proposed rule change will impose any "inappropriate burden on competition."

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