Mar. 31, 2023
As a retail investor I completely support this rule proposal. Payment for Order Flow (PFOF) has been effectively banned in the UK due to conflict-of-interest concerns - and this should be the case in US markets too. Brokers who do not accept any kind of PFOF route orders differently and consequently see superior execution quality. Retail investors not dealing with PFOF get a better price than those dealing with it, violating FINRA's Best Execution guidance. Dark pools (Alternative Trading Systems) should provide quotes and trades to consolidated market data to bring more transparency to dark markets.