Mixed Messages: Direct Edge Equivocates on HFT
An article in the May issue of Waters detailed the moves by several market operators, including two in the US, to reduce excessive message traffic on their exchanges. This was seen as a sop to retail and institutional traders who were tired of interacting with high-frequency traders. If the exchanges intended it as such, they did not say so.
New Jersey-based exchange operator Direct Edge introduced a Message Efficiency Incentive Program (MEIP) that reduced rebates by $0.0001 per share for anyone
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