Sunday, March 21, 2010
Thursday, March 18, 2010
The maker-taker model deployed by exchanges and ECNs benefits neither liquidity providers nor liquidity takers. Worst of all, it distorts stock prices.
That's the conclusion of a new study by a trio of academics, including two former chief economists at the Securities and Exchange Commission.
Oops. Good thing everyone and their grandmothers converted to it.