Make-Take Structure and Market Quality: Evidence from the U.S. Options Markets
研究了期权市场中做市商-吃单者结构（奖励流动性提供者、向流动性需求者收费）与传统订单流付费结构的竞争，发现该结构降低了流动性需求者的执行成本，并促使做市商改善报价。
We examine the make-take structure, which compensates liquidity suppliers and charges liquidity demanders, in the options markets where it competes with a traditional structure that uses payments for order flow. Using the introduction of the make-take structure as an event, we find that execution costs (including fees) for liquidity demanders decline after the event for the affected options, that the make-take structure encourages market makers to improve quoted prices, and that brokers change their routing behavior to include fees in the routing decision. The decline in execution costs is consistent with the benefits of the increased quote competition from the make-take structure prevailing over the fees the structure charges to liquidity demanders. This paper was accepted by Wei Jiang, finance.