Commentary

John Turney
Traders Magazine Online News

Foreign Exchange Infrastructure: Yesterday, Today and Tomorrow

In this exclusive to Traders Magazine, John Turney, Global Head of Outsourced FX at Northern Trust, discusses the evolution of the fx infrastructure and what is to come.

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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.