If the agreement between Automatic Data Processing, Inc. and Merrill Lynch & Co. starts a trend, brokerage firms of the future can expect to be charged for front office services much as they are charged today for back office services. A significant component of what Merrill Lynch pays for its new ADP quote system (MTR, January 1986) will be based on trading volume, sources say. ADP, of course, is the pre-eminent supplier of back office processing, where transaction-based pricing is the norm.
Anthony and James look at developments pertaining to the Consolidated Audit Trail and wonder if big-tech companies could challenge traditional asset managers.Subscribe to Weekly Wrap emails
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