Called it - higher rebate/lower take Members make/take fee (29)/25 for displayed liquidity. Only model that makes sense. This turns cap investment into higher rebates/lower costs. So out of one pocket into another as they increase franchise value as they gain share. V Smarthttps://twitter.com/aosipovich/status/1304054026716286977 …
Where do you think their share gains come from? IEX took share mostly from BATS on launch. Do you think it'll come from lit or dark venues?
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No. Will take liquidity from the largest exchanges. Traditional make/take guys. With lower take, folks will go to Memx before NYSE, NASDAQ, ARCA, EDGX & BZX and with higher rebate they will post more aggressively than those 4 platforms. Goes at heart of major exchange platforms
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Agree think this is smart and they jump immediately to the front of most router queues .. reminds me of post-NMS price competition.
End of conversation
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