Jun. 11, 2010
The cancel fee issue has not gone away. Regular accounts are still subject to fees. In penny pilot issues these fees are hugely out of line at $2/cancel. If entering over 390 orders per day a regular customer becomes a pro. However, being put under a professional designation and charging outrageous pass-thrus is not an equitable solution.
This is a serious situation that I think will have the effect of another flash crash if regular investors are not there to provide liquidity in the market when it is needed.