One Step Ahead

[willhub]

This fee is what I was referring too. The volume is created by investors, not the exchanges, so who pays this fee?

The SEC does not impose or set any of the brokerage fees that investors must pay. Instead, under Section 31 of the Securities Exchange Act of 1934, self-regulatory organizations (SROs) -- such as the NASD and all of the national securities exchanges (including the New York Stock Exchange and the American Stock Exchange) -- must pay transaction fees to the SEC based on the volume of securities that are sold on their markets. "These fees recover the costs incurred by the government, including the SEC, for supervising and regulating the securities markets and securities professionals."


http://www.trading-glossary.com/s0063.asp

http://traderstatus.com/secfeerates.htm

http://www.netxclient.com/universal2/invest_glosry_SSg.htm


http://www.sec.gov/answers/sec31.htm