Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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Would you feel better if the Chicago Stock Exchange were purchased by U.S. firm or consortium rather than a foreign one?




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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.