I feel that the impact must exceed the direct costs, but I'm not sure what that would be.

  • $\begingroup$ That's a controversial area, with different opinions... A good subject for a Law School discussion, not Quant Finance. $\endgroup$
    – nbbo2
    Aug 24, 2020 at 17:13
  • 1
    $\begingroup$ Even if we build quantitative models to assess costs, you would need to be specific. Costs of regular audited reporting differ from costs of limiting HFT which all differ from costs of requiring margin and so on... $\endgroup$
    – kurtosis
    Aug 24, 2020 at 19:01


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