NYSE Cuts Specialist Fees

The Big Board eliminates some trading commissions.
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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




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.