MALINOVA, KATYA; PARK, ANDREAS - In: Journal of Finance 70 (2015) 2, pp. 509-536
type="main" <title type="main">ABSTRACT</title> <p>Facing increased competition over the last decade, many stock exchanges changed their trading fees to maker-taker pricing, an incentive scheme that rewards liquidity suppliers and charges liquidity demanders. Using a change in trading fees on the Toronto Stock Exchange, we...</p>