Costs of a Decimal-Based Pricing System in the Securities Markets
Published on:
July 2, 1997
The Securities Industry Association (SIA)* provides comments to the Securities and Exchange Commission (SEC) on the estimated cost to member firms of converting firm systems to accommodate a decimal-based pricing system in the securities market. The SIA’s Operations Committee polled its members, and found depending on the age of their systems and the extent of their use of outside vendors, for many firms there will be no significant costs and for others, the costs will be high. For all firms, any demands on systems personnel will impact other critical projects such as the Year 2000 conversion.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.