Exactly.
Modification/Cancellation fees are illegal
- Thread starter qdz3
- Start date
def
Sponsor
From QDZ's lips: For example, I trade around 500 transactions per month. I will only trade about 125 next month
Hmmm, that works out to about 25 trades per day. For someone moaning about the PDT rules, and if recall screaming conspiracy about 2K account minimums, unless you're a king of flipping one lots of WCOM, I venture a guess that you're not being totally honest here.
Hmmm, that works out to about 25 trades per day. For someone moaning about the PDT rules, and if recall screaming conspiracy about 2K account minimums, unless you're a king of flipping one lots of WCOM, I venture a guess that you're not being totally honest here.
The bottom line is that the cancel fees will help to kill the options markets.
"They" should be doing everything they can to keep business, not scare it away.
Or maybe they're just getting tired of getting picked off...
It's going to be especially annoying when you get the AMEX, PSE, philly, or CBOE backing away from their posted market, and then you cancel and lose $1.20 per ticket because of those pikers not honoring their posted market....
oye ve...could things be any worse than they are??
what's next? re-instating the minimum 3% commission??
"They" should be doing everything they can to keep business, not scare it away.
Or maybe they're just getting tired of getting picked off...
It's going to be especially annoying when you get the AMEX, PSE, philly, or CBOE backing away from their posted market, and then you cancel and lose $1.20 per ticket because of those pikers not honoring their posted market....
oye ve...could things be any worse than they are??
what's next? re-instating the minimum 3% commission??
Please help me to modify this letter and send your copy. Thanks very much.
---------------------------------
SUBJECT: order modification/cancellation fees
TO: enforcement@sec.gov, marketreg@sec.gov
CC: pubcom@nasd.com, ombuds@nasd.com
Dear Regulators,
I am writing to you to report the order modification and cancellation fees imposed by U.S. options exchanges. I want to inquire the legitimacy of the fees and if the fees need to be or have been approved by SEC when they apply to individual investors. My opinion is that the fees are illegal according to federal securities and exchanges laws for the simple reason that they do not charge transactions that actually happens. There is many unanswered problems associated with this new imposed fee. One is the tax consequence and treatment.
I also want to report that the exchanges and brokers who charge the clients the fees do not provide detailed traceable billing statements including the time, order information, and amount of the fee for each item. They only provide a total amount on daily or monthly bases. We, the investors, may not be able to keep track what is really going on.
I ask for your immediate help, investigation, and response on this issue. Thank you very much.
Regards,
An Investor.
---------------------------------
SUBJECT: order modification/cancellation fees
TO: enforcement@sec.gov, marketreg@sec.gov
CC: pubcom@nasd.com, ombuds@nasd.com
Dear Regulators,
I am writing to you to report the order modification and cancellation fees imposed by U.S. options exchanges. I want to inquire the legitimacy of the fees and if the fees need to be or have been approved by SEC when they apply to individual investors. My opinion is that the fees are illegal according to federal securities and exchanges laws for the simple reason that they do not charge transactions that actually happens. There is many unanswered problems associated with this new imposed fee. One is the tax consequence and treatment.
I also want to report that the exchanges and brokers who charge the clients the fees do not provide detailed traceable billing statements including the time, order information, and amount of the fee for each item. They only provide a total amount on daily or monthly bases. We, the investors, may not be able to keep track what is really going on.
I ask for your immediate help, investigation, and response on this issue. Thank you very much.
Regards,
An Investor.
)Yeah, right...
You cannot even spell assassination.