Mar. 19, 2023
I fully support this rule getting rid of PFOF and sending all orders to an auction for best execution. Citadel claims they give best execution but they do not speak for household investors. Clearly they have interests against letting the market be fairly handled, and their comments should be viewed with that in mind. They do not speak for household investors and their interests are their own. PFOF has been shown to give worse prices than orders routed without it. It is easy for those paying for order flow to create an illusion of best execution while skimming fractions of pennies on each order (See: Office Space), I consider that stealing. Increasing competition for middlemen will add confidence in the market, and improve market mechanics. Let's make the market better for everyone- and not a buffet for Citadel and Virtu. Thank you