In 2015, a Canadian stock exchange, TSX Alpha Exchange, implemented a speed bump for marketable orders and an inverted fee structure as part of a redesign. We find evidence of mild improvements in market quality after the redesign, and we do not find that Alpha appreciably segmented retail order flow away from other Canadian exchanges. For high-priced stocks, Alpha's users trade off improvements in execution size against larger effective spreads after the redesign and adjust their trading behavior in a manner consistent with this trade-off. The findings suggest that speed bumps may enable exchanges to compete for latency-insensitive orders.

2015 年，作为重新设计的一部分，加拿大证券交易所 TSX Alpha Exchange 对有价订单实施了减速带和反向收费结构。我们发现重新设计后市场质量略有改善的证据，我们没有发现 Alpha 明显分割零售订单流从其他加拿大交易所流出。对于高价股票，Alpha 的用户在重新设计后权衡执行规模的改进与更大的有效点差，并以与这种权衡一致的方式调整他们的交易行为。研究结果表明，减速带可能使交易所能够竞争对延迟不敏感的订单。