is axing commissions for specialists.
The parent of the New York Stock Exchange said late Thursday that it plans to instead implement a "revenue-sharing program" for its specialist firms, which include
Van der Moolen
. The exchange also expects to reduce the firms' fixed costs through the elimination of certain fees.
NYSE also plans to eliminate the $750,000 monthly transaction fee cap for members and instead will establish a flat fee of less than a penny per share for NYSE-listed transactions.
NYSE, which says the changes will take effect immediately, has filed a proposal with the Securities and Exchange Commission for approval.