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NYSE Specialists Will Review Fees Structure

Traders Magazine, October 2004

John A. Byrne

New York Stock Exchange customers could soon have a powerful financial incentive to send more limit orders to the floor. Big Board specialists will consider a scheme that would eliminate some fees. Today, for instance, there is a charge on limit orders which remain on the specialists book after five minutes. The potential policy change was raised at the Security Traders Association's annual conference. NYSE specialist Sean McCooey of LaBranche & Co., responding to a question, said in his opinion the specialist billing structure should be reviewed. Under certain circumstances, he believed, it would be acceptable to eradicate fees on these unexecuted limit orders.

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