Commentary

Derek Edward Schloss
Traders Magazine Online News

What the !@#$ is a Security Token?

In this first part of a series, Mr. Schloss will begin to explain what a security token is by explaining how the building blocks of securities law are fundamental to understanding the tremendous value security tokens will one day unlock.

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May 25, 2007

BATS New Low Prices

By Michael Scotti

BATS Trading's new pricing should continue to spur its growth because order senders will take advantage of its cheap pricing to take liquidity from the system, says a knowledgeable industry source. The ECN reduced its clients' cost for taking liquidity from 26 cents to 24 cents per 100 shares last month. The take rate is now the lowest in the industry, making BATS a more attractive execution venue, the source added.

Once an execution venue becomes the first routing priority, it is hard to lose that position. "Once those routers are set, they're not fast to change them," he says. BATS also lowered its rebate for adding liquidity from 24 cents to 22 cents per 100.