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Technology Stocks : Informix (IFMX) Any thoughts?
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To: Kevin Leung who wrote (43)1/13/1997 7:58:00 PM
From: Alicia V. Johnson   of 139
 
Kevin,

The fees ("$20 - $45") that "deep discount" firms charge for executing Nasdaq or listed securities is in fact the "commission". Therefore, those firms should NOT be charging you an additional 1/8 of a point, which is referred to as a "markup". As such, if you had an order to buy 1,000s of IFMX @ 21 and your deep discount firm charges $20 a trade ("up to 1,500 shares a trade"), then your confirmation statement should reflect a total of $21,020.

Deep discount firms generally have an arrangement in which they receive a fee ("payment for order flow") from the market maker that executes the trade. So in addition to the flat fee of $20, the firm may also receive a payment of one to two cents per share from the market maker.

Alicia
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