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As detailed by Doug Cifu, MM are indifferent between PI and PFOF, they care about all in price. The brokers determine the split.
If that's true, eliminating PFOF would a) potentially increase a MM's all-in price b) hurt brokers who can no longer accept PFOF c) benefit end users who are getting more PI Right?
1) should stay the same. .25 in PFOF and .5 in PI should become .75 in PI 2) sure, they will need to get revenue elsewhere, like carried interest, lending, and potentially the end of free trading 3) maybe, they could have to pay to trade again.
Thanks, that's helpful. It seems like the puzzle comes down to two pieces: execution quality & commission rate. We might be at the lower bound of costs in total, but the mix towards one or the other might change over time.
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