Maker-taker pricing

Venue pricing that pays a rebate to an order that rests on the book and is traded against (the maker) and charges a fee to the order that trades against it (the taker). The fee is usually larger than the rebate.

Adding vs. removing liquidity

A market order, or a limit order priced at or through the opposite side, removes liquidity and typically pays a take fee. A resting limit order that someone later trades against adds liquidity and can earn a rebate. Stops become market orders, so losing and flat exits often pay the take fee on both sides, while a resting target can earn a rebate on the way out.

Access fee cap

SEC Rule 610(c) caps the fee for accessing a protected quotation at $0.003 per share for quotes of $1.00 or more and 0.3% of the quote below $1.00. A lower $0.001 cap adopted in 2024 has a compliance date deferred to the first business day of November 2027 (SEC Release 34-105656; as of 2026-10-05).

Inverted venues

Some venues reverse the model: they pay the taker a small rebate and charge the maker.

What traders should verify

Record whether each entry and exit added or removed liquidity, and whether your plan passes venue fees through. Compute costs for a take-and-add and a take-and-take round trip separately.

Do not conflate

Rebates come with commissions and take fees that are usually larger; a net rebate line on a statement does not mean trading paid for itself. Fee levels are set by each venue's price list and change.

Primary source

17 CFR 242.610, Rule 610 access to quotations