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Great thread about the retail trading landscape. One thing I would add is that even if PFOF goes away it's highly unlikely that we'll go back to a world with $5/trade commissions because it was both a bad customer experience and not necessary for the brokerages to make $$$https://twitter.com/HideNotSlide/status/1404780934562471943 …
Retail brokerages are banklike in that their revenues primarily derive from net interest margin--the big ones can literally mark all other revenue streams to zero and still generate massive profit from net interest
So even in a world with no PFOF I think it's not just possible but *likely* that the brokerages will continue with free trades as a valuable tool for customer acquisition--after all, if you're the only shop in town with commissions do you think retail traders will go to you?
The point here is that not only does consumer psychology favor zero commission, but retail brokerage economics do as well. They are in the business of collecting retail dollars and generating net interest from that base. They are not in the "trading" business per se
Wait, interest revenue on margin accounts?
Interest revenue on cash generically speaking. They take customers short term cash and put it in longer duration instruments https://www.kalzumeus.com/2019/6/26/how-brokerages-make-money/ …
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