Ok. I have a question for folks like @felixsalmon, @matt_levine, @IvanTheK and others on here who tweet or write sometimes about Payment For Order Flow and other aspects of retail equity market structure...
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So what, at its core, is the really big deal here? Retail traders are getting nominally free trades. And the PFOF players aren't really *that* big, as financial markets go. So what is it about the practice that merits so much conversation and attention?
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For retail, not a big deal (trading already close to free). For market makers, not a big deal (PFOF just one of many tools to get flow). For institutions, bigger deal (cant trade against retail flow, transaction costs are higher than they could be w/PFOF).
