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Tim Quast
Traders Magazine Online News

We're All HFTs Now

In this guest commentary, author Tim Quast looks back at the history of HFT and how the market has evolved to where many firms now fit the definition of high-frequency trader.

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February 2, 2006

Section 31 Fees Cut

By Gregory Bresiger

Section 31 fees-which a few years ago roiled the trading world and led to the furious lobbying of Congress by the securities industry-have been reduced again. On exchanges and over-the-counter markets, the imposts were cut last month from $41.80 per one million dollars to $30.70 per million.

"It no longer seems to be a big issue. I hear few complaints these days about Section 31," said John Giesea, president of the Security Traders Association.

The fees, which are used to fund the costs of regulation, were once a profit center for the federal government. Now the revenue generated by the fees is closer to the actual costs of regulation, trading industry lobbyists say.