This is an extremely thought-provoking piece from XTX Markets CEO @AlexanderGerko.
- For FTT
- For elimination of PFOF
- For more on-exchange market sharepic.twitter.com/7fGvPoLQg6
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This is so one sided. It basically says send retail flow to the market so institutions can take advantage of it, giving any price improvement and pfof to the institutions. So the hell with retail and give the benefit to the most sophisticated institutions.
I guess "the most sophisticated institutions" (the market makers) already take the benefit of retail order flow through internalization. In this case at least it goes on exchange where investors can get some benefit as Gerko says. Playing devil's advocate
