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Maker-taker pricing

A venue fee model that pays a rebate to orders adding liquidity and charges a fee to orders removing it, with the venue keeping the difference.

It is designed to attract displayed quotes. It also creates a routing conflict, because a broker choosing between venues faces different economics depending on whether its order will add or remove, quite apart from execution quality.

In US equities the take fee is capped at $0.0030 per share by reg-nms, and most venues pay makers slightly less than they charge takers.

Example: a venue charges takers $0.0030 and pays makers $0.0025, keeping $0.0005. A trader doing 2 million shares a month entirely passively earns $5,000 in rebates; doing the same volume aggressively pays $6,000 in fees. That $11,000 swing dwarfs the commission on many retail schedules.

Related: taker-maker, rebate, fee-tier, liquidity-taker

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