This is super interesting - 1) MEMX changes their fee schedule on 12/1 2) Volume EXPLODES past 3% market share 3) MEMX changes their fees again on 12/4 4) Volume comes back down The small tweaks make all the difference...pic.twitter.com/QiKMLaaWhL
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NASDAQ NLX is a similar example. 14/15% market share with zero fees. 0% after fees came in.
I thought there were deep relationships between the buy side and the exchanges?! What gives?!?
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Every new product developed designed to disrupt a monopolist incumbent in exchanges has deep relationships with banks and/or buy-side. Market share is easy to get in the beginning but it all hits differently when the fee holidays end.
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Very well said!
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