> Because every single trading firm makes money on fees
I really want to know what you think this company does, precisely
I really want to know what you think this company does, precisely
If a company has customers, and those customers buy a product, the company charges a price for that product.
They don't...
b) If you don't have customers, why have a company?
There is no way to invest in the company, and the only way of becoming a "customer" is to engage in trading.
A customer might want to offload TSLA and are willing to pay the market rate of $329. This trade might work in HRT's favor if they can sell it for $329.01. It's just 1 cent, but over millions of transactions these small amounts of profit add up.
The value captured by HRT is meaningful in the aggregate, but tiny and irrelevant to the institutional clients, and therefore can't be thought of as a fee. What HRT provides in return for taking clients' trades is liquidity.