Robinhood's chief legal officer says the SEC won't ban payment for order flow

[NewsFeeder]

Robinhood's chief legal officer says the SEC won't ban payment for order flow

The SEC will "arrive at the conclusion that payment for order flow is undoubtedly an amazingly good thing for retail investors... they're not going to ban it."

More @ CNBC...

 

[TommyIV]

It seems the chief legal officer's confidence was not shared by investors. Robinhood's own stock was still down 1.4% today.

 

[Bullitt]

Retail investors really don't care about it because it allows for free trades. There may still be a fee, like getting a buy order filled at .001 cents above the ask, but that's better than paying $7 both ways, especially on small accounts.

Most of the payment for order flow hype was probably drummed up by rivals of Citadel who are missing out.