(7)In case an investment firm that is a market maker is wound down, it stops providing its market making services and hence no longer incurs the trading fees it normally incurs when providing those services. So those fees should be excluded from the total expenses used to calculate the fixed overheads requirement. At the same time, in case of a wind down, the market maker may continue to have an inventory of securities that it normally uses in its market making activities. If that inventory is liquidated, it would give rise to trading fees that should be included in the total expenses used for calculating the fixed overheads requirement.