. 14, 2023
14, 2023
. o y ,
o ol v o , o l l k o xp y fo yo ffo o p o o o p o p y k . k yo fo p ov oppo y o o o p opo .
o f ov l o . . q y k , po bly o of o b l pl o of l o 2005.
B ok yp lly p v fo l v pl po b l y of p ov B x o , b o p pl of o o l y f y .
l F B x o l pl , po fo o fo . l ppo B x o l , o o b l v \"conflicted orders\" should be included in it. If brokers who engage in payment for order flow (PFOF) continue to prioritize their profits over the interests of their clients, the rule will be ineffective.
Due to concerns over conflicts of interest, PFOF has been banned in the United Kingdom. I believe that a similar policy should be implemented in the US. The UK did not explicitly ban PFOF, but rather issued guidance stating that it is a conflict of interest. They also reminded market makers that PFOF is not consistent with best execution.
FINRA has launched an examination to assess the impact of not charging commissions on member firms' order-routing practices and business decisions. The findings of this examination should be made public as soon as they are available.
Thank you for your attention to these matters.