NASDAQ's proposal

qlai said:
Call your representative ... Let's get this done.

https://www.marketsmedia.com/nasdaq-looks-to-lower-data-fees-for-the-masses/
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Bad idea. This is Nasdaq's way of scavenging off the latest "FREE COMMISSION" craze. Don't fall for their ruse.

qlai said:
It's quite simple - I want what's fair. It would be fair for an active day trader to pay professional data fees.
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That's the most ignorant comment I've heard. These "active" daytraders aren't harming anyone other than adding liquidity (well unless you're talking about predatory HFTs).
 
schizo said:
That's the most ignorant comment I've heard. These "active" daytraders aren't harming anyone other than adding liquidity (well unless you're talking about predatory HFTs).
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I think you misunderstood me. Currently, an active day trader trading thousands of shares per day is considered non-pro. However, average Joe trader doing a couple of trades a week through his business is treated as professional. That is not fair. You are either professional trader or not. I never said day traders are harmful.
 
Why distinguish between pro and non pro at all for data? I understand distributing data has costs and thus requires fees....but a company that is essentially a utility due to government imposed regulations that kill competition shouldn't have pricing impunity.

Can you imagine if your local electrical power company charged you to see how much they're charging for the electricity?
 
qlai said:
I think you misunderstood me. Currently, an active day trader trading thousands of shares per day is considered non-pro. However, average Joe trader doing a couple of trades a week through his business is treated as professional. That is not fair. You are either professional trader or not. I never said day traders are harmful.
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I believe it's worth defining what the term "professional trader" means. According to Interactive Brokers*, a professional is a person who meets any of the following criteria:
  • Is registered or qualified with: the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association.
  • Is engaged as an "investment advisor" as that term is defined in Section 201(11) of the Investment Advisor's Act of 1940 (whether or not registered or qualified under that Act).
  • Is employed by a bank or another organization that is exempt from registration under Federal and/or state securities laws to perform functions that would require him or her to be so registered or qualified if he or she were to perform such functions for an organization not so exempt.

Just because you are trading through your business does not automatically define you as a "professional".

* https://www.interactivebrokers.com/en/index.php?f=718
 
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