Nasdaq Urges Quick Senate Passage Of Fee Relief Bill

The chief executive officer of the Nasdaq Stock Market, Inc., Hardwick Simmons, today praised Senate Democratic leaders for their commitment to promptly consider the Investor and Capital Markets Fee Relief Act (H.R. 1088) when Congress returns from its August recess. "This is an important measure that saves investors money and helps ensure the integrity of the securities markets," Simmons said.

Earlier, Simmons sent letters urging the Senate to approve the legislation before the August recess. "American investors are charged many times the amount needed to fund the market regulation provided by the Securities and Exchange Commission (SEC)," Simmons wrote. "This tax on investment amounts to billions of dollars of excess fee collections. Furthermore, the legislation provides for needed flexibility at the SEC to improve compensation to retain the professionals that serve investors. The so-called pay parity provisions will place the SEC on an equal level with other financial regulators."

The legislation amends the Securities Exchange Act of 1934 to reduce mandatory transaction fees that institutional and retail investors pay to the SEC. Reducing the fees, which help fund the SEC, greatly benefits all investors. The bill also provides wage parity to SEC employees and allows the agency to attract and retain qualified market regulators.

The Nasdaq Stock Market lists over 4,300 companies, has a larger dollar volume, and trades more shares per day than any other U.S. market. For more information about Nasdaq, visit the Nasdaq Web site at www.nasdaq.com or the Nasdaq NewsroomSM at www.nasdaqnews.com.