Technologists talk a good game about being numerically oriented and rational but they love, love, love their "Wall Street is picking your pockets via payment for order flow" meme.
That claim about reality can be evaluated, with numbers.
It is false.
That claim about reality can be evaluated, with numbers.
It is false.
People also think they are anomalously well informed about this because they read a reporter, who thinks they are well informed about this, regurgitate Michael Lewis, who thinks he is well informed about this, paraphrase Brad Katsuyama, who thinks he is well informed about this.
You know who is actually well informed about this? The #%(#)%()#% computer which generated the "(%)()0%# number on page 31 of Schwab's 2018 10-k. That computer is #%)&()#& well informed about this.
It reliably reports that PFoF is a rounding error 1/5th size of comissions.
It reliably reports that PFoF is a rounding error 1/5th size of comissions.
