The Right to Know Where Your Orders Go
Under SEC Rule 606, your broker must disclose quarterly reports detailing where your orders are routed and what payments it receives. You have the right to request these reports and to understand what they mean. If your broker cannot explain its routing practices, that is itself a red flag.
The Right to Best Execution
FINRA Rule 5310 gives you the right to have your orders executed on the most favorable terms reasonably available. If you have evidence that your broker consistently achieves inferior execution prices compared to what was available at the time of your orders, you may have grounds for a complaint.
The Right to Opt Out of PFOF (Where Available)
Some brokers — including Interactive Brokers — offer customers the option to route orders directly to exchanges rather than through PFOF arrangements. You have the right to ask your broker about direct routing options and to switch brokers if no such option is offered.
The Right to File Complaints
You have the right to file complaints with the SEC (sec.gov/tcr), FINRA (finra.org/investors/have-problem), and your state securities regulator. These complaints create a public record and can contribute to broader enforcement investigations.