If this passes market go bye byehttps://twitter.com/talesmelodicpts/status/1361806203647520769 …
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They wouldn’t continue quoting the same spreads if there was a transaction tax! Spreads would widen but more volume would be transacted near the NBBO because there is more profit margin built in for market makers. Not obvious that it’s worse for liquidity.
Where by liquidity I mean something like “ability to transact a given volume without moving the price (much)”
