US exchanges fight SEC fee caps in court
Cboe and Nasdaq expected to defend rebates that critics say impede market efficiency
US rules that aim to boost on-exchange equities trading by reducing the fees exchanges charge face a test in court today, May 15.
Existing rules cap fees at 30 cents per 100 shares (30 mils) on so-called protected quotations. Protected quotations are the best bid or offer in a stock displayed by an automated trading centre.
We use a rebate to incentivise displayed liquidity in the marketExchange
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