![]() "If it does that, the SEC won’t have to play whack-a-mole with an industry that is relentless in creating new wealth extraction practices that avoid yesterday’s rules and require new rules tomorrow." “The SEC does not have to ban payment for order flow or other specific anti-investor, conflict-ridden market practices if it requires best execution to be the best available price at the time given order characteristics and market conditions," Dennis Kelleher, head of investor advocacy group Better Markets, told Yahoo Finance in an email. Rather than banning PFOF, the SEC would be wise to focus on price transparency and requiring brokers to execute trades at the best price possible at the time. In reality, it's tough to find many in favor of an all-out ban on PFOF aside from meme stock aficionados who populate Twitter and Reddit. The argument against PFOF is that the practice poses a conflict because, in theory, brokerages should be aiming to make money for their customers - not market makers like Citadel Securities. That’s a practice in which brokerages process customers’ trades through wholesalers, in a way that critics say saddle individual traders with hidden fees. Bloomberg reports the agency has decided not to ban payment for order flow, known as PFOF. The Securities and Exchange Commission is apparently deciding they are not - or at least that the SEC isn't going to do anything about it even if they are. So, on to another crucial question: Are zero-commission brokerages ripping you off? ![]() Who else is sick of talking about the Fed? Of course, the Federal Reserve and its battle against inflation using higher interest rates is vitally important. in Economics from University of California at Berkeley.Today's newsletter is by Julie Hyman, anchor and correspondent at Yahoo Finance. Mack holds an MBA from the Anderson School at U.C.L.A. He has extensive experience in corporate finance and mergers and acquisitions for finance companies, financial technology companies, depository institutions and other financial intermediaries. and three years in strategic planning at Union Bank of California. He spent five years in the Investment Banking Group of Merrill Lynch with a focus on financial institutions, two years in corporate finance at Security Pacific Corp. He served as the Managing Director in the financial services group at Montgomery Securities for three years, where he focused on corporate finance and mergers and acquisitions for finance companies, depository institutions and other financial intermediaries. He also served as Managing Director and Co-Director of Investment Banking of JMP Securities LLC. He served as Co-President from 2007 through 2010 and Director of Investment Banking from 1999 through 2010 at JMP Securities LLC. He serves as a Director of JMP Group Inc. Previously, he served as Managing Director of JMP Group LLC until August 19, 2015. Mack has been the President at JMP Group LLC since January 2011. from the New York University School of Law and a BA degree from the University of Illinois. Lehmann is a Certified Public Accountant. He has been a Director of JMP Group LLC since August 2004. Lehmann serves as a Director of JMP Holdings. He has been a Director of JMP Group Inc., since August 2004. Lehmann was founding partner of Baypoint Trading. He served as both the Global Director of Institutional Sales and the Global Director of Equity Research at Banc of America Securities after serving as its institutional salesperson and its predecessor, Montgomery Securities, for 10 years. ![]() Piper Jaffray, where he initiated and managed its middle-market sales effort. Lehmann served as a Managing Director at U.S. He served as a Co-President and Director of Equities of JMP Securities LLC from February 2007 to January 2011. ![]() Lehmann served as the Managing Director of JMP Group Inc. Lehmann serves as President of JMP Securities at JMP Group LLC since January 2011 and serves as its Head of Equity Capital Markets. ![]()
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