CoachUnder maker-taker pricing a venue charges the order that removes liquidity (the taker) a fee and pays the resting order it executed against (the maker) a smaller rebate, keeping the difference. An inverted venue does the opposite: it pays the taker and charges the maker.
Voorbeelden
Example 9.11 (Buying priority)
With illustrative fees inside the cap: on a maker-taker venue a seller resting at 10.00 earns a rebate of 0.20 cent but waits behind everyone who arrived earlier; on an inverted venue it pays 0.18 cent and is executed ahead of every maker-taker venue, because takers collect 0.15 cent for going there first. The difference, 0.38 cent, is the price of jumping the queue in a market whose tick is one cent. A market maker chooses per stock and per moment: where the queue is long and the spread is one tick, priority is worth buying (Figure 9.3).