Merrill Lynch & Co. Inc. announced a new options expensing policy for all U.S. equity research analysts that will be implemented as of the first reporting date after Sept. 30.

Merrill Lynch will require its analysts to include options and other equity-based compensation expenses in their GAAP and pro forma estimates. Analysts will also be required to include a table laying out the difference between earnings estimates including and excluding equity-based compensation expense in research reports for at least the next two fiscal quarterly reporting periods.

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