Mar. 31, 2023
I fully support this rule. Removing PFOF and having an auction for orders is a good step towards having more fair and competitive markets. Wholesaling is not competitive and does not contribute positively to the health of the markets - it solely contributes to lining the pockets of the wholesaler. The U.K. banned PFOF for good reason as there is a blatant conflict of interest. It should be banned in the U.S. as well. A recent study showed that RobinHood does not provide any statistically significant price improvement despite 70%+ of their revenue coming from PFOF. PFOF providing better prices or order execution is as real as the Tooth Fairy or trickle-down economics. PFOF provides no benefits to the market or the average investor and this is clearly shown in the data. I would gladly pay a commission on every single trade that I make and actually receive best execution rather than continue to deal with PFOF. PFOF only serves to enrich parasitic middle-men who contribute nothing of value to our markets or our country. It should be abolished entirely. Please do what's right, A concerned American citizen