I think that the proposed reduction to one minute reporting other than help investor protection will create a lot of problems for member firms, specially small firms. I think (and I am sure will happen more with small firms) that the number of errors in ticket generation will increase tremendously. This will then create delays in matching and settling trades (in addition to TRACE violations for not matching or reporting on time). This will also have a monetary impact (again, more in small firms) because of the need to "automate" as much as possible their systems.