# Analysis of the impact of maker-taker fees on the stock market using agent-based simulation

arXiv: https://arxiv.org/abs/2010.08992 · HTML: https://mlsanity.com/paper/2010.08992/

## Key facts

- Cited by 2 papers in the map (data through 14 Oct 2026).
- First posted on arXiv 18 Oct 2020.

## Built on by (most cited first, 2 of 2)

- [Towards Realistic Market Simulations: a Generative Adversarial Networks Approach](https://mlsanity.com/paper/2110.13287/) (2021)
- [Learning to Manage Investment Portfolios beyond Simple Utility Functions](https://mlsanity.com/paper/2510.26165/) (2025)

## Abstract (arXiv)

Recently, most stock exchanges in the U.S. employ maker-taker fees, in which an exchange pays rebates to traders placing orders in the order book and charges fees to traders taking orders from the order book. Maker-taker fees encourage traders to place many orders that provide market liquidity to the exchange. However, it is not clear how maker-taker fees affect the total cost of a taking order, including all the charged fees and the market impact. In this study, we investigated the effect of maker-taker fees on the total cost of a taking order with our artificial market model, which is an agent-based model for financial markets. We found that maker-taker fees encourage market efficiency but increase the total costs of taking orders.