Now, regulators have proposed yet another reform: swing pricing, a mechanism already used widely in Europe. Instead of allowing first movers to get out with little or no price impact, it would require funds to adjust their share prices to reflect transaction costs and — during periods of particularly heavy withdrawals — the effect of selling less-liquid assets. If, say, share redemptions exceeded purchases on a given day, the sellers might receive 99.5 cents per share — $1 minus 0.5 cents in brokerage fees and other trading costs. If net redemptions exceeded 4% of the fund’s assets, the sellers might receive only 98 cents per share, to reflect the estimated price impact of unloading so much of the fund’s portfolio so quickly. This would make investors think twice about pulling out and, if they nonetheless did, make them bear the losses that they would otherwise impose on remaining shareholders.