On: Michael Lewis: shilling for the buyside?

[rayiner]

> Sure it might provide liquidity, but so do traders and the market at large.

What do you think traders get paid in, cupcakes?

[rpedela → rayiner]

I thought they were paid by trading fees? That fee I get charged every time I make a trade.

[colin_mccabe → rpedela]

Market-makers make money off of the bid-ask spread, even if "trading fees" (i.e. commissions) are zero. Basically, the bid-ask spread is the difference between the price the trader bought the stock at, and the price they sold it to you at.