Jul. 16, 2025
I am an individual investor. PFOF Brokers and Wholesalers do not represent my interests. If they would have done so, they wouldnt Turn Off buy button when GameStop stock price skyrocketed in 2021. If they would, they wouldn’t make the shares of their customers available for borrowing even when the customer opts out. They also wouldn’t front run the stock sales by using PFOF. Ask yourselves this question: Why would any company pay order flow data, if they don’t want to front run it? Here is also an excerpt from Citadels appeal to SEC about PFOF: B. Payment for Order Flow Citadel Group urges the Commission to ban payment for order flow. This practice distorts order routing decisions, is anti-competitive, and creates an obvious and substantial conflict of interest between broker-dealers and their customers. Broker-dealers accepting payment for order flow have a strong incentive to route orders based on the amount of order flow payments, which benefit these broker-dealers, rather than on the basis of execution quality, which benefits their customers. Furthermore, the parties making such payments (either voluntarily or through an exchange-mandated program) are forced to find other ways to recoup the amounts of such payments, whether through wider spreads or a reduction in other benefits that otherwise could, and should, be provided to customers. Here is the source: https://www.sec.gov/files/rules/concept/s70704/citadel04132004.pdf Retail investors like myself are sick and tired of the games that SEC lets criminals play. Like they did with Madoff. I really hope it changes now. Cheers Keith Cohen