And according to another nice chart from Nanex, it’s high-frequency quoting that has skyrocketed, not trading.
The number of unexecuted quotes, many allegedly not intended to be executed, has thus skyrocketed.
France recently took steps to try to deter the rise in quotes. In addition to a financial transactions tax it, France will also impose a tax on traders who submit too many unfilled quotes.
In short, France will levy a financial non-transaction tax.