> AFAIK they have duty of best execution, so they're supposed get the best price irrespective of PFOF. Obviously this conflicts with their own incentives, but t

> AFAIK they have duty of best execution, so they're supposed get the best price irrespective of PFOF. Obviously this conflicts with their own incentives, but that's what the laws are for. There is a duty of best execution. I honestly don't even know if its a crime or a licensing requirement or what. Reg NMS seemed to have obviated it, and judging by the failures to execute properly on the parts of major banks (e.g. my family had a major bank execute a bond trade for them that another bond trader friend of mine said was 10% below a competitive market price. That is, they paid 90, when you could have paid 100 in the competitive market), my impression is this law is totally unenforced. Also, it looks like no one will be able to see my criticisms because YC wants to protect their investment going into the IPO by crushing this comment thread