The issue isn’t going away anytime soon. The SEC is investigating a handful of potential reforms that could change or even eliminate payment for order flow.

Under the practice, known as payment for order flow, stock and option specialists pay brokers to route their orders to them for execution. The practice is legal, but brokers are obligated to seek ...

The Florida Attorney General said there is evidence that crypto trading on Robinhood is actually more expensive due to its payment for order flow (PFOF) model.

Regulations are among the main risks for Virtu. Their PFOF (payment-for-order-flow) model is under active scrutiny by the SEC. Any potential changes could have a negative impact on the business.

“Payment for order flow enables commission-free trading,” said Robinhood chief executive Vlad Tenev during Congressional testimony in February 2021 following the Gamestop debacle.