Tabb Predicts NMS Spend Reversal

Industry spend on compliance with Reg NMS has reached $91 million, with between 80 and 90 percent of that spend on order routing, connectivity and market data aggregation, according to a report from research firm Tabb Group.

The bulk of that spend—just under $73 million—has come from top-tier firms. However, that is likely to be reversed in coming years as tier-two firms who have not yet achieved compliance increase their efforts and budgets, and as tier-one spend falls because major firms h