首页 / 法律问答 / 嗨,大家!FINRA 又发布最佳执行通知了,都注意着点儿!

嗨,大家!FINRA 又发布最佳执行通知了,都注意着点儿!

商业律师 3 回答
FINRA最近发布了关于订单流支付和最佳执行的通知,提醒券商注意他们的最佳执行义务。 通知里最有趣的一点是,他们特意用斜体强调了“最佳执行”。我一直批评大多数券商只关注“足够好”的价格和执行,而不是真正的“最佳执行”。看来FINRA也意识到了这个问题。 我认为最重要的内容是,FINRA明确指出,券商不能为了更高的订单流支付而牺牲价格改进。 要知道,像Citadel或Virtu这样的机构从零售券商那里获得订单时,是有利润空间的。他们可以将一部分利润以价格改进的形式返还给零售投资者,或者以订单流支付的形式支付给券商。 FINRA现在的意思是,券商不能为了获得更高的订单流支付,而牺牲本应提供给客户的价格改进。这对于像Robinhood这样依赖订单流支付的商业模式的公司来说,影响很大。如果他们必须提供和不接受订单流支付的Fidelity一样的价格改进,他们的生意可能就做不下去了。 接受订单流支付的公司,从定义上来说,不可能提供最佳执行,因为不接受订单流支付的公司通常能为客户提供更好的执行价格。 这可能是一个重要的转变,但也可能只是监管层面的一次小动作。但即使这次没什么实际影响,未来也可能成为集体诉讼的依据。所以总的来说,这是一个积极的信号。
回答次数 (3)
M
Marie
# 3
ELIA: When market makers like Citadel or Virtu profit off a spread, and are willing to pay back a fraction of their profit to the broker, the market maker doesn't care if the broker pockets the money (PFOF) or gives it back to the retail investor (price improvement). This makes sense--why would they? "I pay you money; I don't care what you do with it".

/u/dlauer - do you mind clarifying for me the following:


FINRA is saying that brokers CANNOT negotiate higher payment for order flow instead of price improvement.


Is FINRA telling brokers they can no longer do something they were previously able to do, or is FINRA reminding brokers that they can't be engaging in this activity
T
Thomas
# 2
If you are still on RobingTheHood you are to blame if this moons and you are stuck with rocks instead of money, do it ASAP and transfer to Fidelity, Vanguard or any other big institution that has been mentioned here.

I transfer from RobingTheHood to Webull, to Vanguard, I'm done with these platforms, when you open your new account, they will do the transfer of shares, you just need to have enough money to pay for the transfer fee for Webull I believe it was 35 dlls, and it took a day to do it, RobingTheHood is admitting that they don't know if what happened in January will happen again that just tells you they are playing with your money and they will screw you no matter what, SO GET THE HELL OUT ASAP DO NOT WAIT!!!!!
j
jinsongcui0323
# 1
Hey u/dlauer

This seems like good information, but I have a couple comments.






best execution for customer orders... must regularly evaluate whether reliable superior prices are accessible for the customer orders they handle....

In my experience as a teacher there are things considered as "best practice" which essentially are those practices which should be in the best interest of learning for the children, but "best practice" is always up for debate in education.

From the perspective as a student of radical behaviorism, the concept of explicit definitions being objective, clear, and complete are essential. FINRA is not clear what they define "customer", "best execution", and "regularly evaluate". These are all up for debate given that they do not explicitly lay them out.

If FINRA intends to hold brokerages and market makers accountable they really need to hone in on the language and be more explicit if they really want to ensure that PFOF isn't taking place. "Customer" could easily be linguistically misconstrued by brokerages and market makers to benefit them, (IE Citadel is RobinHood's Customer via PFOF)

Would just be better if they explicitly defined. Cause where I'm sitting it's a bit vague and could easily be twisted to work to the benefit of folks engaged in Payment For Order Flow.
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