medium · Market Microstructure
A stock is quoted at $25.00 Bid × $25.10 Ask on an exchange that uses a maker-taker model with a $0.003 per share taker fee and a $0.002 per share maker rebate.
What is the effective price paid by a buyer who submits a market order?
- $25.102
- $25.100
- $25.103
- $25.097
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