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NYSE Cuts Specialist Fees

The Big Board eliminates some trading commissions.

NYSE Group


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



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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.