The industry seems to be coalescing around the idea of eliminating maker-taker as a first step in US equity market structure reform. Congress is asking for a pilot. Nasdaq started one unilaterally. NYSE proposed capping fees and eliminating rebates, and BATS is onboard with a tiered cap. It’s fine as far as it goes, but we haven’t seen a proposal that properly addresses the interests of investors and the buyside.
As a matter of principle, weREAD MORE