They are at it again. In their never ending quest to attract HFT volume, the exchanges are constantly offering new incentives for the big HFT firms to play in their sandbox. This time NYSE ARCA has decided to increase the rebate they pay for order flow from their largest clients. Let’s just give a refresher on what the maker/taker model is and why it was formed. Back in 1997, the Island ECN (which was formed by former SOES bandit Datek Securities) invented a pricing scheme to attract orders to their
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