New Skirmish In An Antique Conflict: Wall Road Vs. The Purchaser

Kenneth E. Bentsen Jr., chief executive of the Securities Industry and Financial Markets Association, a top lobbying group, is leading the charge.
But greater transparency is not something Wall Street generally wishes for, which might explain why some firms are opposing an unbundling of research and trading costs.
Another reason Wall Street prefers the status quo on research and trading is the information edge it provides.
One is a lack of transparency — bundling research costs with trading makes it difficult for investors to see what they are paying.
rules on this question will tell a lot about where Mr. Clayton and his new team stand — with Wall Street or its customers.

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