We conduct a series of experiments to examine the effects of the make and take fee structure currently used by equity exchanges in the U.S. We examine the effects of these fees on measures of market quality (allocative efficiency, trading volume, book depth, and the bid-ask spread). With the exception of increased book depth, we document no significant effects of make and take fees relative to a baseline case in which trading fees are assessed on both sides of a transaction.
Bourke, V. and Porter, D. (2015). The effects of make and take fees in experimental markets. ESI Working Paper 15-19. Retrieved from http://digitalcommons.chapman.edu/esi_working_papers/168