How do Regulation NMS 'access fees' influence the actual transaction costs, regardless of quotations?

A) Increases transaction costs

B) Has no impact on transaction costs

C) Only affects transaction costs for small orders

D) Only affects transaction costs for large orders

Select an option above to see an explanation here.

A) Access fees increase actual transaction costs beyond quoted prices. B) This is incorrect because access fees are a part of the total transaction cost, so they do impact it. C) This is incorrect because access fees apply to all orders, not just small ones. D) This is incorrect because access fees apply to all orders, not just large ones.