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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.
what would it do?
you're not wrong, I'd just tag all of market structure twitter to let them know as well
Agree Completely!
Two points:
1. The UK banned PFOF in 2016 (I think). The data on what happened in a less complex market, is there. Punchline: quality improved.
2. $HOOD also makes money on short stock, no? That IS more than margin interest
Having said that, we have better things to do.
Very fair and logical as usual.
Nice Repetto jogging jab yesterday btw
This all makes good sense but it overlooks whether their marketing is irresponsible and encouraging their customers to do things that are in RHs interest and not in customers' interest (churn, trade options w/o understanding them, take on leverage). What's your take on this?
Exactly. And PFOF can't be looked at in isolation either. The utopian view of pushing all flow onto exchange tends to force market makers and most algos to treat you worse than they do when they know the profile of your flow.
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