The big market makers may tell you that you don’t have the facts and the data.  They may say that they have saved retail investors billions of dollars with their price improvement.  These statements are often echoed by some of the largest retail brokers who have collected billions of dollars from payment for order flow (PFOF).  These same brokers also claim that they are “democratizing finance” even though they have been hit with repeated regulatory violations.   Industry friendly market structure consultants will also write reports and articles that claim “retail investors don’t care about PFOF”. Other consultants will scoff (more…)

The SEC just approved the 17th US stock exchange, the Boston Security Token Exchange, which will be known as BSTX. You might be thinking: “We don’t need another stock exchange. It’s just more fragmented liquidity, more maker/taker pricing and more order type games.” That was our first thought but we decided to reserve judgement and read the SEC approval notice and also reach out directly to the BSTX and ask them to help us understand why we need a 17th stock exchange. Here are some interesting facts about the new exchange that we learned from the SEC approval notice and the BSTX press (more…)