Maker-Taker Fees In A Fragmented Equity Market

By Ilan Guedj and Zhong Zhang (February 14, 2019, 2:44 PM EST) -- Recently, nine Wall Street firms announced their intention to join in launching a new stock exchange, billed as a low-cost alternative to dominant players such as the New York Stock Exchange and Nasdaq.[1] The group, Members Exchange, consists of companies from both the buy side and the sell side of the financial industry, including broker-dealers, banks, asset managers and electronic market makers.

A new exchange like this, backed by major players in the capital market, will likely increase both competition and complexity, potentially adding fragmentation in an already highly fragmented U.S. equity market. At the same time, lawmakers[2] and regulators[3] have...

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