Swap Financial Group LLC is making a second bid to become the derivatives adviser for New York’s Metropolitan Transportation Authority, after trimming fees one authority official labeled “usurious.”

The MTA renegotiated the terms of the Swap Financial contract after authority board member Doreen Frasca last month objected to a $5,000 monthly retainer and hourly professional service fees that ranged from $200 to $600 for new transactions not covered by the retainer. It was Frasca, president of the financial advisory firm Frasca & Associates LLC, who called those rates usurious.

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