Buy-side firms reject EMS brokerage charges

Some users favour licence fee over per-trade charging – and have forced vendors to switch

tied together
EMSs connect users to multiple sources of liquidity - but how they charge for the service is contentious

Leading buy-side firms are calling time on the brokerage charging models used by some liquidity aggregators, joining dealers in a growing protest.

In at least two cases, buy-side users of an aggregator have been able to push the vendor into applying an annual licence fee instead of per-trade charges.

“There has always been a lot of contention around the way in which EMS and platform fees are charged,” says Ken Monahan, senior analyst on the market structure and technology team at Greenwich

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