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This is just noting that different brokers give different performance

That doesn't really have anything to do with pfof (TD Ameritrade gives better execution and receives pfof)

https://news.ycombinator.com/item?id=42378516



Presumably a market maker would pay (PFOF) slightly more to deliver slightly worse execution (keeping the spread).


Sure that sounds plausible but it's literally not what happens in practice (see the other comment I linked that discusses research on this very thing)


Yeah, I've seen the Levine column on it.




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