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I got a copy of an e mail today from the head of Spartan
Brokerage at Fidelity. I would repost it to the forum but
that would be inappropriate. In it the head of Spartan
highlights the nature of trading by Spartan Customers both
before the commission change and after. IMHO the change
accomplished exactly what they were looking to do in terms
of positioning themselves as an internet discount broker as
opposed to a conduit for SOES day trading. We could argue
forever if it makes sense or not, but it looks like a
decision they made with complete understanding of how it
impact the nature of their customer base. Accordingly I
have very little doubt the change will hold. Given the
behavior outlined as what they were attempting to discourage
I don't blame them. I also expect this to become the
industry benchmark.
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