Liquidity Access Fees Not Top Priority for Smart Order Routing

Despite the maker-taker price wars among the major equities exchanges and trading venues, sell-side participants are placing less importance on liquidity access fees as a routing criterion for their smart order routers, according to industry participants.

“There are four things that affect the routing of smart order routers—best price, liquidity and latency, and the last parameter is transaction costs,” says Carl Johan Wallin, global head of sales transactional services at Neonet, who participate

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