Alfred Berkeley, chairman of Pipeline Trading Systems, says all broker-dealers and ATSs pay for regulation through 31a fees which go to the SEC.

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Alfred Berkeley III, chairman of Pipeline which began options trading with its acquisition of 3D, was a guest on Intelligent Investing with Steve Forbes in March.

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"There's been structural change that has made these two even more competitive, " says Alfred Berkeley, a former Nasdaq executive who is chairman of brokerage firm Pipeline Trading Systems.

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When Pipeline Chairman Alfred Berkeley III spoke to Steve Forbes in an Intelligent Investing interview in March, Berkeley described the intelligence game with high-frequency traders on Wall Street.

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Alfred Berkeley III: Well Asia is very interesting.

FORBES: Intelligent Investing