Jul. 19, 2025
To whom it may concern, As an individual investor, I'm writing to express my concern regarding the potential conflicts of interest inherent in the Payment for Order Flow (PFOF) model employed by some brokers and wholesalers. My investment decisions are based solely on my own research and analysis, and I believe that the prioritization of broker profits over client best execution is a significant detriment to the integrity of the market. The PFOF system, where brokers receive payment for routing client orders to specific market makers, creates an inherent incentive to prioritize profit maximization for the broker over the optimal execution of my trades. This practice raises questions about whether I am receiving the best possible price and execution speed for my orders. Transparency regarding order routing and execution quality is crucial for informed decision-making, and I urge you to consider the potential impact of PFOF on investor confidence and market fairness. I believe that regulatory oversight and increased transparency are essential to ensuring that all investors, including myself, are treated equitably and that their best interests are prioritized. Sincerely, Michiel Escobar