Morgan Stanley & Co. and Merrill Lynch & Co., by instituting new and stricter control procedures over their market data purchases, have managed to trim significant sums from their market data bills. For Morgan Stanley, a close evaluation of billing procedures led to, among other things, a two-thirds reduction in site fees. For Merrill, implementation of enhanced inventory controls yielded savings of five to ten percent of the firm's total market data bill.
According to one-time Morgan Stanley
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