Another reduction in Domain Name Registration transaction fees has been negotiated by domain registrars and ICANN. Dr Paul Twomey, President and CEO of ICANN, said, "This reduction was achieved through discussion and negotiation with Registrars and it demonstrates the effectiveness of the ICANN model."

"Registrars are encouraged by ICANN’s willingness to consider our position on issues such as revenue projections and we look forward to continuing our cooperative relationship going forward," said the Chair of the Registrar Constituency, Jon Nevett. The constituency offers advice and input to ICANN’s Generic Names Supporting Organization.

ICANN is paid a small fee for every Domain Name, known as a transaction fee. This fee was originally set at US$0.25 per year, per registration, but the fees were cut to US$0.22 in 2006. The reduction proposed for the 2007-08 budget brings down the fee to US$0.20.

Dr Twomey said, "The collaboration we have seen on this issue will be showcased again in coming months as together we examine ways to provide greater protection for registrants through a new data escrow program and improvements to the contract between ICANN and its accredited registrars." The Accredited Registrars, a body who has a say in the revenue structure of the domain name system, took under a week to grant their approval of the reduction.

More information can be found in the news release on the ICANN site.