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Effective May 1, 2004 the following transaction fees in Options and ETFs will change as follows:
Options
Equity options transaction fees for Specialists and Registered Options Traders (ROTs) will be reduced from $0.36 per contract side to $0.30 per contract side as follows:
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| | Specialists & ROTs
Current fee | Specialists & ROTs
Fee as of May 1, 2004 |
|---|
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| Transaction Fee | $0.26 | $0.20 |
| Comparison Fee | $0.05 | $0.05 |
| Floor Brokerage Fee | $0.05 | $0.05 |
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The current rebates for cabinet trades and spread trades will be reduced from $0.12 to $0.06 per contract side for equity options and from $0.18 to $0.12 per contract side for QQQ options.
In addition, the Market Share Incentive Program will be eliminated on May 1, 2004.
ETFs
ETF Specialist transaction fees will be reduced $0.11 per 100 shares traded and Registered Trader transaction fees will be reduced $0.12 per 100 shares traded, as follows:
Current Transaction fees:
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| | Specialist | Registered Trader |
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| Transaction fee per 100 shares - no third party fee | $0.55 | $0.60 |
| Transaction fee per 100 shares - with third party fee | $0.59 | $0.62 |
| Cap per transaction | $300 | $300 |
| Aggregate monthly cap per Specialist Unit | $700,000 | ------ |
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Transaction fees as of May 1, 2004
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| | Specialist | Registered Trader |
|---|
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| Transaction fee per 100 shares - no third party fee | $0.44 | $0.48 |
| Transaction fee per 100 shares - with third party fee | $0.48 | $0.50 |
| Cap per transaction | $300 | $300 |
| Aggregate monthly cap per Specialist Unit | $500,000 | ------ |
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If you have any questions concerning the information above, please contact Michael Alfano at 212-306-1327
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