Transcription of Staff Report on Equity and Options Market Structure ...
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Staff Report on Equity and Options Market Structure Conditions in Early 2021 October 14, 2021 DISCLAIMER: This is a Report of the Staff of the Securities and Exchange Commiss ion. Staff reports, Investor Bulletins, and other Staff documents (including those cited herein) represent the views of Commission Staff and are not a rule, regulation, or statement of the Commission. The Commission has neither approved nor disapproved the content of these documents and, like all Staff statements, they have no legal force or effect, do not alter or amend applicable law, and create no new or additional obligations for any person.
Oct 14, 2021 · small number of off-exchange market makers to trade profitably with retail order flow has led these market makers to negotiate agreements with retail broker-dealers to secure rights to this order flow. In turn, this payment for order flow creates incentives with regard to the end customer whose order flow is being soldSome individual investors .
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