Citadel Delenda Est. Before it delendas the rest of us.
There it is - Ken's comments about banning PFOF during yesterday's interview. "Having one of my major cost lines eliminated? I'm going to be a winner in that scenario."pic.twitter.com/YvK6zjFS5X
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Any idea why the Virtu & Citadel tack on this issue is so different? I'm kind of with Ken here, in that it seems like the issue would effect discount brokers more than anyone else.
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This is a great question. Doug takes it as an ethical point because US investors have the best markets in the world. Ken just says tell us what you want us to do so we can make billions of dollars. Both valid.
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Why is this surprising anyone?
@Dougielarge has been saying it for months. -
Virtu's price action on regulatory headlines would say otherwise, but I agree with you. More of an issue for brokers (one in particular
) than market makers imo
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Why doesn't he just not pay for it?
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Because then his competitors would have an advantage
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like anything else, it is more nuanced than 'major cost line eliminated'. PFOF incentivizes off-exchange liquidity, widening exchange quote spread, and expanding mkt maker role/importance.
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Well, if everyone now agrees, let's just ban it along with all exchange rebates and move on to more important 'features' of US market structure
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What should Market Stricture Twitter debate next??
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