To: qcom_datadept who wrote (7714 ) 5/23/2000 8:39:00 AM From: xcr600 Read Replies (1) | Respond to of 17977
Any idea when this might take effect? May 23, 2000 Nasdaq Cuts Fees for Individuals To See 'Real-Time' Stock Quotes By a WALL STREET JOURNAL Staff Reporter NEW YORK -- The Nasdaq Stock Market said it will slice by 80% the fees it charges individual investors to see "real-time" stock-price quotations and other market information. Under a one-year pilot program, Nasdaq will charge individual investors, or "nonprofessional" users, $10 a month, down from $50, for what is known as Level 2 market information. This information enables investors to view up-to-the-second stock quotes from all market participants in a stock and the size and source of the best bid and offer prices for a stock. The pilot program was approved last week by the board of the National Association of Securities Dealers, Nasdaq's parent. Level 2 is formally known as the Nasdaq Quotation Dissemination Service. The program must be approved by the Securities and Exchange Commission. Frank Zarb, chairman and CEO of the NASD and Nasdaq, said the program is part of "our ongoing effort to provide investors with the most information possible at the lowest price." Active traders are the biggest users of Level 2 stock-market information, but they often get the data from their brokerages via an Internet connection. Professional investors, including such brokerage firms, will continue to pay $50 a month for Level 2 market data. The cut in Level 2 fees follows a similar reduction in fees for individual investor users of Level 1 service, which includes only the best bid and offer quotes for a particular stock on Nasdaq or for the NASD's over-the-counter Bulletin Board service for stocks that don't qualify for Nasdaq itself. The Level 1 fee was cut to $1 a month from $2.