Securities and Exchange Commission chairman Mary Schapiro said that the creation of a system for capturing all stock market data in close to real time is likely half as much as the $4 billion originally estimated.
Speaking to the Senate Permanent Subcommittee on Investigations and the Senate Banking Subcommittee on Securities, Schapiro said the costs of setting up the system for creating a consolidated audit trail of volume, price and parties involved in stock market transactions can be sliced dramatically by using existing systems in the industry, as a starting point, the Dow Jones newswire reported.
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