There is enough empirical evidence to show that the cost of small transactions has not gone down. I will give only one example of low value draft issuance charges. Unless low-value transactions are costeffectively done, it is not going to impact efficiency drastically. 15.
As regards actual measurement of transaction costs, there are almost no studies which actually quantify in a systematic way the exact level of costs in financial transactions from a customer’s point of view. Incidentally, I would like the IBA to look into this issue and initiate studies on a regular basis for understanding the cost of transactions for small and retail customers. 16.