What do shares have to do with anything? They are a small part of the picture. The spread on the e-mini S&P is currently 0.25, and it is trading at 1800. So

What do shares have to do with anything? They are a small part of the picture. The spread on the e-mini S&P is currently 0.25, and it is trading at 1800. So 1/7200 is roughly 1.5 bps. This will increase the spread by (at least) 6 bps to 7.5bps, then charge you another 3. So spreads five times bigger. Instead of trading say 1810.00/1810.25, it will be trading 1810.00/1811.25. Do you get it yet? No one will trade. And the comical part is that they project supposed revenues based on current trading volumes. Also, I've missed the best part so far, when I mentioned that you get charged three times in my first post, that was just to get into a trade. So end-user will get charged at least 6 times per roundtrip (twice directly, four times indirectly through widened spreads).