“…Thereby, other than with traditional exchanges, the applicable trading volume is updated instantaneously after every executed trade rather than at the end the day as is practice among traditional exchanges. It is well understood that an exchange's fee schedule affects trading activity (Lin, Swan, & Harris, 2019), trader's welfare (Colliard & Foucault, 2012), market efficiency (Black, 2022) and has an impact, in particular, on large traders (Panayides, Rindi, & Werner, 2017). Furthermore, Cimon (2021) finds that trading fee schedules affect the routing decision of brokers who execute trades on behalf of their clients.…”