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April 1, 2004

The Heavy Costs Of NMS Reform

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The trading industry could be reeling from the price tab for the proposed SEC NMS market structure reforms. The agency has estimated that it would cost $1 billion to implement the trade through proposals over the first two years. The SEC calculates it would cost order execution facilities about $247 million retooling technology. Then there is another $75 million a year in upkeep. Broker dealers would have to find close to $300 million to adjust systems for the opt-out and to report information to customers. The estimated annual maintenance bill is $207 million.