I trade in stocks that aren't constrained by the tick size. Latency still matters a lot.
I agree the rule isn't sensible though. Much of the fragmentation in the US is driven by exchanges with inverted rebate structures (maker pays, taker gets paid to hit/take) + midpoint trading that are effectively a back-door way to quote sub-penny in stocks where the true competitive spread should be less than 1c.
I agree the rule isn't sensible though. Much of the fragmentation in the US is driven by exchanges with inverted rebate structures (maker pays, taker gets paid to hit/take) + midpoint trading that are effectively a back-door way to quote sub-penny in stocks where the true competitive spread should be less than 1c.