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But Professor Goetzmann has found that such fees do not cut profits enough to dissuade the day traders' moves.
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The dollar and government bond prices rose as traders moved money into safer assets.
The franc's recent fall is a rare example of carry traders moving a currency towards its burger standard.
The dollar weakened and overseas equity markets improved their tone, so some traders moved from Treasuries into shares abroad.
A new peer-to-peer system helps traders move huge blocks of stocks without tipping their hand.
Those occur when big traders move in or out of funds at the end of the trading day.
TODAY has turned out to be a rather ugly day for global markets: a risk-off day, as they say, as traders move to relatively safe vehicles.
All of which may well explain why lawyers too often argue over splitting-hair definitions, while traders move with similarly inexplicable speed to buy or sell.
With rates likely to be higher in Europe than in the United States, traders moved their money out of United States government bills and bonds to gain greater returns abroad.
Karāchi was a small fishing village when a group of traders moved there in the early 18th century from the decaying port of Kharak Bandar nearby.
They forestalled, too, the coastal traders moving inland from Mombasa, who seemed unable to establish themselves beyond Kilimanjaro on the south side of Lake Victoria.
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