If interchange fees merely shift economic rents from merchants to card firms, then that is not a concern for competition policy (especially if some of the rents end up washing back to cardholders).

如果交易费仅仅将经济税从商家转嫁到卡片商的话，那么这个和竞争政策没有任何关系(特别是如果一部分的税最终流回持卡者这里)。

youdao

Do funds in your portfolio have front- or back-end loads or short-term trading fees?

FORBES: Rethinking Rebalancing

These ongoing expenses are generally coupled with declining back-end loads (exit fees) that ensure that the broker can be paid.

FORBES: Fund Manager Knows Best

But many of the fund sponsors substituted nearly equivalent 12b-1 fees and back-end loads.

FORBES: Fund Manager Knows Best