2025-01244. Proposed Exemption From Certain Prohibited Transaction Restrictions Involving Northern Trust Corporation (Together With its Current and Future Affiliates, Northern or the Applicant) Located in Chicago, IL

Geography of equity	Explicit fees		Implicit costs	Total trading- related costs
	Stamp and exchange fees	Commissions	Bid ask spread
US	$5,426,400	$14,000,000	$178,500,000	$197,926,400
Americas (excluding US)	226,540	701,017	3,619,000	4,546,557
EMEA	460,460	4,265,763	19,162,000	23,888,223
APAC	20,326,130	3,833,220	27,499,000	51,658,350

34. Additionally, the Applicant states that many Covered Plan clients employ a transition manager for large asset movements. The Applicant states that in such cases, the following transition management costs could apply to the following portfolio types: ^[28]

Class of equity	Costs
US	$230,257,370
Emerging Markets	47,624,262
Global (excluding US)	298,687,332
Global	1,489,917

35. Costs Relating to Transitioning a Fixed Income Portfolio. The Applicant states that trading-related costs relating to a fixed income portfolio transition are implicit costs. The Applicant states that it estimates that the costs of transitioning the fixed income investment portfolio categorized by whether the type of fixed income has low trading costs or high trading costs, are as follows:^[29]

Class of fixed income 30	Total trading-related costs
Low Trading Costs Portfolio	$54,520,000
Higher Trading Costs Portfolio	33,250,000