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Report: Trading firms considering how to counter rising transaction fees

The Futures Industry Association's Principal Traders Group met Dec. 5 to discuss how to rein in the fees that exchanges charge to execute trades, the Financial Times reported, citing sources who attended a meeting of the major trading industry association.

At the meeting, the mood ranged from anger to frustration as participants discussed the transaction fees charged by CME Group Inc. and other exchanges, according to the report. Members considered whether they should ask an attorney "to study their options," the Financial Times wrote.

The meeting followed CME's Nov. 27 announcement that it planned to raise transaction fees for U.S. Treasury orders. The rate for trading on the 10-year Treasury rose to 13 cents from 12 cents per contract, but multiplied over the thousands of trades that occur daily, that price increase equals "a multimillion-dollar hit," one executive said, according to the report.