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To: Nazbuster who wrote (23996)	3/25/1999 10:26:00 AM
From: dloy	Respond to of 122087

Question: why is it that EACH USE of real-time services requires "User" fees to the exchanges? It seems that if I'm paying exchange fees via one service, NASDAQ is ALREADY collecting from me and I should be able to escape the fees thereafter. You would think so, eh? I'm not sure, but that's just the exchange rules =(. If anyone has any ideas on this, I'd be interested in hearing them.

To: Nazbuster who wrote (23996)	3/25/1999 7:18:00 PM
From: Darcy M Brockbank	Respond to of 122087

That's the exchange policy... they bill pro investors directly, so this doesn't happen. The exchanges don't want to be involved in collecting fees from individuals, and it's too time consuming and expensive for them to consider trying to cross-reference what the individuals are doing out there. Already, reporting is difficult enough. Perhaps these policies will change at some point in the future, but this kind of thing is in their control :-(.

To: Nazbuster who wrote (23996)	3/27/1999 2:55:00 PM
From: Barronio	Respond to of 122087

re: real-time fees to the exchanges... NASDAQ does appear to be lowering their fees, maybe the others will. They portray it as being out of their concern for the small investor, but it's probably nothing more than an explosion of individual investors paying fees, resulting in revenues so high they can't justify the current price any longer. Washington, D.C.—The National Association of Securities Dealers, Inc. (NASD®), today announced that its Board has approved a one year pilot program that will reduce fees for real-time market data utilized by individual investors. nasdaq-amexnews.com