Mar. 31, 2023
I fully support the banning of payment for order flow. PFOF (payment for order flow) is essentially banned in many countries due to a conflict of interest and should be banned in the United States. Investors not subject to PFOF brokers receive better prices than those that work with PFOF brokers. Dark Pools (Alternative trading systems) should be more transparent and provide quote and trade data to consolidated markets. The Commission should address the unfair information advantage of wholesalers by having brokers first route to the auction and specify where the order should go if the auction is unsuccessful. Removing middlemen from the market will improve prices for both individuals and institutions, such as pension funds. The auctions would save individuals billions of dollars taken by wholesalers. These rules that ban PFOF and bring transparency to the dark markets should be implemented as soon as possible.