Brokerages jump on report SEC stops short of banning PFOF deals [Financial Post (Toronto, Ontario, Canada)]
Robinhood Markets, Inc. - Class A (HOOD)
Company Research
Source: Financial Post
Securities and Exchange Commission (SEC) will stop short of banning payment-for-order-flow (PFOF). Advertisement The SEC may still enact other changes that make the practice less profitable, Bloomberg News reported on Thursday, citing people familiar with the matter. The regulator had mulled over the controversial practice for months that critics believe creates conflicts of interest. (https://bit.ly/3LwinJn) The SEC did not immediately respond to a Reuters request for comment. Retail brokers route most customer orders via wholesale brokers than exchanges, as wholesalers generally offer a slightly better price. Most retail brokers also accept rebates, or payments, from wholesalers in lieu of orders. Shares of Robinhood Markets Inc, which makes around 75% of its revenue from PFOF, climbed 5%, while Virtu Financial added 9% in early trading. PFOF drew new scrutiny last year when an army of retail investors went on a buying spree of “meme stocks” like GameStop and AMC, squeez
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HOOD
Earnings
- 2/13/24 - Beat
HOOD
Sec Filings
- 4/8/24 - Form 4
- 4/4/24 - Form 144
- 4/4/24 - Form 144
- HOOD's page on the SEC website