PFOF allows retail to sell the fact that they're "dumb" to get better than lit market, far touch prices. They can get a reasonable deal, as can the ELP (& the broker *is* helping the client). The externality is the residual lit public market flow becoming more toxic.
The drumbeat to end PFOF is getting louder after Robinhood's $65M fine - including this morning's op-ed from former Michigan Senator Carl Levin:https://www.ft.com/content/8a88d1e9-8a76-47c3-9fb7-b720fab55f5d …
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