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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…
So I know in the discussion it came up to have retail only price discovery, but I am trying to think about why? I think my issues with PFOF is just monopolization of the space, or maybe its lack of stadardization (that and I dont know if I want my orders routed through an entity)
2/x I believe emily brought up that banning it (pfof) because it has a perceived notion of being "bad" is wrong, but that doesnt mean it cant be used to take advantage of the retail trader.
I swear to god if the next major American exchange starts because of a Twitter thread, I will eat my hat. Also, will absolutely come to work on this hypothetical product.
Never underestimate the willingness of people to ignore financial products that are in their best interest.
I think the element you’re missing that the APEX order book’s data feeds should only be available to retail brokers to minimize leakage of liquidity provider’s alpha to the street.
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