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March 1, 2014

Nasdaq to Cut Costs

By John D'Antona Jr.

Nasdaq is on the precipice of changing the way some of its biggest customers trade on the bourse.

The exchange operator has announced a plan to cut the fees it charges some of its biggest customers, according to a report by Reuters. The attempted move has proven controversial, sparking cries of outrage from both rivals and regulators.

Last October, Nasdaq told U.S. regulators it wanted to offer cheaper trading for customers of one of its options exchanges, if their total volume of trading with all three of Nasdaq's options exchanges was substantial.

The Securities and Exchange Commission put the proposal on hold in November and asked for comment on the proposal.

If approved, Reuters reported, the Nasdaq plan could have far-reaching effects on competition, pricing and complexity in options and stock markets. Rivals claim it would end a level playing field by favoring larger exchange companies that run a number of different marketplaces over smaller players.

Nasdaq declined comment but has said the proposal was pro-competition.

 

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