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When exchange fees widen the spread

A stock is 10.0010.00 bid, 10.0210.02 offered, so the mid is 10.0110.01 and the half-spread is 11 cent. The exchange runs a maker-taker fee schedule: it charges a taker fee of 0.30.3 cents per share to anyone who crosses, and pays a maker rebate of 0.20.2 cents per share to anyone who provides a resting order that gets filled.

What does it truly cost to cross versus to provide? What is the round-trip cost if you take both legs?

Show a hint

Add the fee to, or subtract the rebate from, the half-spread. Both are measured against the mid.

Your answer

This one is open-ended. Work it through, then check your reasoning against the full solution.

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