Mar. 19, 2023
Best price means best price. Not a slightly better price. With PFOF and internalization happening there is no way to tell what, if any, price improvement you are getting. Increasing transparency and reporting will be a step in preventing deceptive market practices allowing market makers to skim fractions of pennies off of every trade (See: Office Space), to me this sounds like stealing. Market makers should be able to, and be required to prove that they have given the BEST price. We need strict rules and enforcement, with escalating enforcement for repeat offenders (this should be common practice in the market- no paying a fine without admitting guilt, and then paying the same fine hundreds of times still without admitting guilt.) Citadel and Virtu do not speak for household investors.