2008 Review: Exchanges Compete on Pricing
Traders Magazine, December 2008
The numbers are the story. In a time of commoditized trading, where brokers and active traders send their flow is affected by the price war being played out by exchanges and ECNs. And that war involves increasingly razor-thin spreads or, in the case of NYSE Arca, inverted pricing with higher rebates than take rates for its most-active customers.
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