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So they should have a very small fee for orders as well, proportional to its actual cost, but not high enough to dissuade people experimenting with pricing as l

So they should have a very small fee for orders as well, proportional to its actual cost, but not high enough to dissuade people experimenting with pricing as long as they don't cost other people anything.

yummyfajitas 15y ago
Typically there is a (very low) order fee - off the top of my head, I'm not sure if it's levied by the broker or matching engine. There is also a limit on the number of orders one can place. Your broker will typically demand fill rates of at least 0.5-1% and will impose limits on the number of orders you can place in a rolling window.
- HockeyPlayer 15y ago
  Not in my experience. Most HFT shops only pay if an order fills; and if they are adding liquidity to stocks, they get a rebate. If your messages/fills ratio gets REALLY wacky, the exchange might complain.