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Jared Dillian, Editor, The Daily Dirtnap

Alpha Exchange

CHAPTER

ETF Commissions - What You Learned Along the Way

The e t f business is certainly one that's evolved over time. And so you're trying to balance this idea of keeping the casino open at all times, but also risk management. In order to be competitive, and we had a lot of comp ors at all the different banks, in order to becompetitive, you had to provide very tight pricing. Back then, you now, commissions in e t f were three cents a share, and the desk was expected to lose money trading. So back then, we thought of an acceptable loss ratio at about 30%.

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