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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.
Does anyone have evidence that retail brokers don't get the same PFOF rate from each of the MMs they route to? If no, any evidence that MMs aren't competing for flow based on PI already?
This is a helpful thread. It seems like PFOF is a result of trying to capture the market of discount brokerages, rather than a necessity on the part of MM
and externalities of PFOF, meaning how much does PFOF hurt execution quality for other participants, such as larger institutions such as pensions
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