The Depository Trust & Clearing Corp. on Wednesday announced it had significantly reduced the fees it charges for networking shareholder account information between mutual funds and broker/dealers and other distributors.
Beginning Jan. 2, the fee was decreased 40%, bringing the charge to 15 cents for every 100 record. Along with other decreases in fees that apply to clearance, settlement and asset services, DTCC projects that its customers will save $81 million in 2007.
Networking currently supports 82 million individual and omnibus accounts in the U.S.
“The new fee reflects DTCC’s commitment to continually reassess and ‘right size’ fees, returning excess revenues to customers while pricing each product line to ensure full cost recovery,” said Ann Bergin, managing director and general manager of distribution services at DTCC.