Access Fees For Options Get Blasted
Traders Magazine, July, 2008 by Peter Chapman
An old foe of ECN pricing has found a new forum. From the earliest days of ECNs a decade ago, Bloomberg Tradebook was vocal in its opposition to the practice of ECNs paying traders to supply liquidity and charging them to take it. Now, as more options exchanges adopt the practice of paying liquidity providers and charging liquidity takers, Tradebook is back on the warpath.
And that's despite the fact the institutional brokerage operates an ECN itself.
In a letter to the Securities and Exchange Commission, Tradebook's director of research and strategy Gary Stone petitioned the regulator to abrogate its decision to approve Nasdaq's fee schedule for its newly launched options market.
"What do we want our options markets to look like?" Stone asked. "Nasdaq...
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