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4. When a trade happens on APEX, measure the price improvement vs NBBO and pay a percentage of that to the retail brokers. 5. If for whatever reason a trade happens on APEX at worse than NBBO the retail brokers eats the full difference.
The idea is to maximise the amount of retail matching inside the NBBO and pay brokers only when they can get price improvement for their clients, as well as preserving the ability to charge zero commissions (because that’s not going away now)
I haven’t really thought about how the percentage that brokers receive should be determined. Maybe they advertise and compete on that number? Or maybe it’s fixed and they compete on how much retail flow they can cross and how much px improvement they get?
Anyway this is probably dumb for some reason I haven’t thought of but it seems not obviously worse than the current system so…
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