Closing Payments for Order Flow: Easier Said Than Done

Is it possible to ban payment to the command line without prohibiting payment to the command line?

That is the question that has been raised by a series of changes to stock market rules introduced this week by Securities and Exchange Commission Chairman Gary Gensler. None of them is a simple command line payment ban, or PFOF, is practice is hotly debated by retail brokerages such as Robinhood Markets or Charles Schwab that send customer orders to market makers such as Citadel Securities or Virtu Financial and in return collect payments from those firms.

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