Animation of Quote Spam from Direct Edge for every 5 minute period of the trading day (9:30 to 16:00) between July 2010 and March 2012.
Direct Edge announced they will start paying lower rebates on excessive quotes under the Message Efficiency Incentive Program in order to combat the high rate of
quotes that do not result in trades. We call this high rate of non-sense quotes Quote Spam. We created a little animated gif of quote
spam growth from Direct Edge (black) and Direct Edge-X (red) since they came
online in July 2010 through March 6, 2012 and will let you know if there are any improvements.