The recently launched ECN BATS Trading temporarily withdrew its quotes from Nasdaq's Supermontage last week in response to moves by Nasdaq to make it more expensive for ECNs to route orders to the exchange.
As an ECN, BATS cannot quote into the National Market System other than via an NMS-participant exchange. Currently, Nasdaq charges a 10 cent per 100 share order delivery fee to the end user firm entering an order. But in March, it announced that the charge will instead be levied on the par
Anthony and James delve into how the systematic internalizer regime is shaping up, and then examine the regtech sector.Subscribe to Weekly Wrap emails