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Protest I can tolerate: PF*F takes flow away from exchanges & raises costs for institutional investors like pensions & mutual funds.
Protest I CANNOT tolerate: PF*F raises costs for retail investors who trade .05 shares of $TSLA from their phone on a Tuesday.
It is okay to want to ban PF*F. It is okay to lobby for that & tweet about that & push for regulation change on that front. But you should NOT say it's to help retail investors. Because banning PF*F won't help them. It will help institutional clients who trade on exchange.
Part of me thinks the whole PF*F debate would be way less sexy & way less talked about if we WERE clear what banning it would do. Media outlets likely don't care as much that Pension Fund ABC is paying more to trade. Retail mom & pop investors getting screwed plays better.
"Because banning PF*F won't help them." There isn't data to make this conclusion, or the inverse conclusion! We don't know what lit spreads would be with a trade-at rule. @AlexanderGerko has shared data that implies execution in Canada is cheaper with trade-at rule.
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