The Case for Payment for Order Flow

https://tabbforum.com/opinions/the-case-for-payment-for-order-flow/

Larry Tabb – It is certainly not a good idea to only route orders to markets that pay the highest rebate or charge the lowest fee, but this is difficult to regulate. Firms are generally governed by best-execution policy, which in the US focuses on obtaining a price for the client order that is at, or better than, the best bid or offer in the market.

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