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Another Multi-Million Dollar Hosing?

Traders Magazine, April 2004

Gregory Bresiger

Every regulatory reform, good, bad or indifferent, has a cost - a cost in dollars, a cost in the hours spent in compliance and other costs that only become apparent as the rules become law. The order handling rules, T+3, decimals and other changes all had their multi-million dollars costs and their controversies. But backers of these changes said they were worth it - they made trading less expensive and ultimately fairer to the investor. That's what Reg NMS proponents are expecting in the latest round of proposed reforms, a set of measures, which SEC Chairman William Donaldson said, would involve some trade-offs. Will the costs of firms making these Reg NMS market structure changes result in better efficiencies?

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