OTHER NEWS - March 4, 1996

Study Finds SEC Database 85% Over Budget: The Securities and Exchange Commission’s gigantic computerized database of corporate records, known as Edgar, cost $111.2 million to build--85% more than projected, according to a GOP study. The study, prepared by Rep. Daniel Frisa (R-N.Y.), offers options to privatize aspects of Edgar (which stands for Electronic Data Gathering, Analysis and Retrieval) when key contracts expire in 1997. The vast Edgar database is highly prized by Wall Street firms and individual investors. Its development costs soared over original estimates because the SEC added numerous new system requirements since 1984, according to Frisa’s report.