[daveking]

I got this message from my Scotia iTrade Bulletins:

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Please note effective April 7, 2009, the U.S. Securities and Exchange Commission (SEC) will increase the fee charged on all sell orders completed through a U.S. exchange from $5.60 per million principal to $25.70 per million principal. Details of the fee charged appear on the confirmation slip you receive.

More information can be found at www.sec.gov/news/press/2009/2009-56.htm
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Can somebody explain in plain English what impact this will have for us Canadians?

 

[CanadianCapitalist]

Can somebody explain in plain English what impact this will have for us Canadians?

Some discount brokers such as Scotia iTrade charge a SEC fee in addition to the trading commissions. IIRC, the SEC fee is an extra charge of 4 cents or so on top of the trading commissions. This announcement suggests that the SEC fee is going to increase to about 20 cents.

Interestingly, some of the big bank brokers don't charge a separate SEC fee. At least, I don't recall seeing one with Royal or TD Waterhouse.