Robinhood shares see 14% one-week drop in wake of coming PFOF ban
The SEC wants a more competitive alternative to PFOF, where client orders are auctioned off or competed for in an orderly fashion.
The SEC wants a more competitive alternative to PFOF, where client orders are auctioned off or competed for in an orderly fashion.
ASIC has amended the prohibition on payment for order flow (PFOF) to address certain regulatory gaps.
Traders in Florida sue Robinhood Financial over its payment for order flow arrangements with Citadel, Apex, Wolverine and Virtu.
Most retail brokers sell their orders to market makers, nearly 50% of orders are executed away from exchanges.
Saxo explains that it does not use Payment For Order Flow (PFOF) but instead executes equity orders using SOR technology.
Public.com claims it delivers better execution quality to customers than peer firms like Robinhood that accept PFOF from market makers.
ESMA seeks public comments on retail investor protection with regards to payment for order flow (PFOF).
PayPal recently hired Rich Hagen, the co-founder of online discount broker TradeKing which was sold to rival Ally for $275 million.
ASIC believes that PFOF arrangements create conflicts of interest that can lead to poor outcomes for retail trading clients.
MiFID II obligations are aimed at ensuring firms act in their clients’ best interest when executing their orders.