We test theoretical predictions of changes in make/take fees in a setting with isolated make rebates for liquidity providers on a single trading venue (Xetra) by examining the impact on both Xetra and the overall market. The rebates lead to higher quoted depth but do not change bid–ask spreads or trading volume on Xetra. For the overall market, no change in trading volume or liquidity is observable. This shows that market participants redistribute their orders to the venue offering fee rebates rather than providing additional liquidity to the overall market. Consequently, the impact of fee changes depends on the setting.

中文翻译：

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零散的证券市场中的流动性提供者激励

通过检查对Xetra和整个市场的影响，我们在单个交易场所（Xetra）上为流动性提供者提供隔离的回扣的情况下，测试了理论上的制造/收取费用变化预测。回扣导致报价深度增加，但不会改变买卖价差或Xetra交易量。对于整个市场，交易量或流动性没有变化。这表明市场参与者将其订单重新分配到提供费用回扣的场所，而不是为整个市场提供额外的流动性。因此，费用变化的影响取决于设置。