Analysis

The Future of Market Making: Will PFOF Survive the Next Decade?

PFOF has survived every reform attempt for 50 years. But the pressure has never been greater — or more multi-directional.

What Would End PFOF

An Order Competition Rule, successful multistate AG investigation, or congressional act modeled on the UK/EU ban would each represent viable pathways to ending PFOF in U.S. markets.

future PFOFPFOF reform futureend PFOF

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