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Payment For Order Flow
Payment for order flow (PFOF) is the compensation that a stockbroker receives from a market maker in exchange for the broker routing its clients' trades to that market maker. The market maker profits from the bid-ask spread and rebates a portion of this profit to the routing broker as PFOF. Another fraction of a penny per share may be routed back to the consumer as price improvement. PFOF is a controversial practice that has been called a "Kickback (bribery), kickback" by its critics. Policymakers supportive of PFOF and several people in finance who have a favorable view of the practice have defended it for funding new investment apps, low-cost trading, and more efficient execution. Legality and usage United States In the United States, accepting PFOF is allowed only if no other Exchange (organized market), exchange is quoting a better price on the National Market System. The broker must disclose to the client that it accepts PFOF. Transactions must be executed at the ''best execut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stockbroker
A stockbroker is an individual or company that buys and sells stocks and other investments for a financial market participant in return for a commission, markup, or fee. In most countries they are regulated as a broker or broker-dealer and may need to hold a relevant license and may be a member of a stock exchange. They generally act as a financial advisor and investment manager. In this case they may also be licensed as a financial adviser such as a registered investment adviser (in the United States). Examples of professional designations held by individuals in this field, which affects the types of investments they are permitted to sell and the services they provide include chartered financial consultants, certified financial planners or chartered financial analysts (in the United States and UK), chartered financial planners (in the UK). In the United States, the Financial Industry Regulatory Authority provides an online tool designed to help understand professio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Webull
Webull Corporation, often stylized as simply Webull, is a US-based financial services holding company headquartered in St. Petersburg, Florida. It provides an electronic trading platform of the same name. The platform is accessible via its mobile app and through desktop and offers commission-free and low-cost trading of stocks, exchange traded funds (ETFs), options, margins, fixed income, cryptocurrency and futures. Webull was founded in 2016 by Wang Anquan and began operations under Hunan Fumi Information Technology, a Chinese holding company. Wang hired Anthony Denier as CEO of the U.S. Webull brokerage that same year. Hunan Fumi Information Technology received backing from Xiaomi, Shunwei Capital, and other private equity investors in China. In May 2017, Webull Financial LLC was established and, in January 2018, the Delaware-based LLC became a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC), FINRA, and all 53 states and territories within t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
TD Ameritrade
TD Ameritrade Holding Corporation was a stockbroker that offered an electronic trading platform for the trade of financial assets. The company was founded in 1975 as First Omaha Securities. In 2006, it acquired the United States operations of TD Waterhouse from Toronto-Dominion Bank and was renamed TD Ameritrade. In 2020, TD Ameritrade was acquired by Charles Schwab Corporation. History In 1975, the company was founded as First Omaha Securities by Joe Ricketts. In 1983, Ameritrade Clearing Inc. was established as a central counterparty clearing broker. In 1988, the company introduced the first quote and order entry system via the push-button telephone. In March 1997, the company became a public company via an initial public offering. In 2006, Ameritrade purchased the American operations of TD Waterhouse from TD Bank Group. The combined company was renamed TD Ameritrade, and TD Bank Group was given a 39% stake in the company. As part of the deal, Ameritrade sold its Canadian op ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Wall Street Journal
''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscription model, requiring readers to pay for access to most of its articles and content. The ''Journal'' is published six days a week by Dow Jones & Company, a division of News Corp. As of 2023, ''The'' ''Wall Street Journal'' is the List of newspapers in the United States, largest newspaper in the United States by print circulation, with 609,650 print subscribers. It has 3.17 million digital subscribers, the second-most in the nation after ''The New York Times''. The newspaper is one of the United States' Newspaper of record, newspapers of record. The first issue of the newspaper was published on July 8, 1889. The Editorial board at The Wall Street Journal, editorial page of the ''Journal'' is typically center-right in its positio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Carl Levin
Carl Milton Levin (June 28, 1934 – July 29, 2021) was an American attorney and politician who served as a List of United States senators from Michigan, United States senator from Michigan from 1979 to 2015. A member of the Democratic Party (United States), Democratic Party, he was the chair of the United States Senate Committee on Armed Services, Senate Armed Services Committee from 2001 to 2003 and again from 2007 to 2015. Born in Detroit, Levin graduated from Swarthmore College and Harvard Law School. He worked as the general counsel of the Michigan Civil Rights Commission from 1964 to 1967, and as a special assistant attorney general for the Michigan Attorney General, Michigan Attorney General's Office. Levin was a member of the Detroit City Council from 1969 to 1977, serving as the council's president for the last four of those years. In 1978 United States Senate election in Michigan, 1978, Levin ran for the United States Senate, defeating Republican Party (United States) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Senate Homeland Security Permanent Subcommittee On Investigations
The Permanent Subcommittee on Investigations (PSI), stood up in March 1941 as the "Truman Committee," is the oldest subcommittee of the United States Senate Committee on Homeland Security and Governmental Affairs (formerly the Committee on Government Operations). After the September 11 attacks, September 11, 2001, terrorist attacks in the United States, the Committee broadened its title to Homeland Security and Governmental Affairs Committee. PSI led the Committee's broad mandate to "investigate inefficiency, mismanagement, and corruption in Government." History The Truman Committee (itself successor to the Nye Committee 1934–1936) stood up from March 1941 to 1948. The Investigations Subcommittee of the United States Senate Committee on Homeland Security and Governmental Affairs, Committee on Expenditures in Executive Departments took over two key aspects of the Truman Committee. First, Investigations Subcommittee took the Truman Committee's investigation of war contracts and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
TechCrunch Disrupt NY 2016 - Day 2 (26902081436) (2)
TechCrunch is an American global online newspaper focusing on topics regarding high-tech and startup companies. It was founded in June 2005 by Archimedes Ventures, led by partners Michael Arrington and Keith Teare. In 2010, AOL acquired the company for approximately $25 million. Following the 2015 acquisition of AOL and Yahoo! by Verizon, the site was owned by Verizon Media from 2015 through 2021. In 2021, Verizon sold its media assets, including AOL, Yahoo!, and TechCrunch, to the private equity firm Apollo Global Management. Apollo integrated them into a new entity called Yahoo! Inc. In addition to its news reporting, TechCrunch is also known for its annual Disrupt conference, a technology event hosted in several cities across the United States, Europe, and China. History TechCrunch was founded in June 2005 by Archimedes Ventures, led by partners Michael Arrington and Keith Teare. In 2010, AOL acquired the company for approximately $25 million. TechCrunch was available ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Insider
''Business Insider'' (stylized in all caps: BUSINESS INSIDER; known from 2021 to 2023 as INSIDER) is a New York City–based multinational financial and business news website founded in 2007. Since 2015, a majority stake in ''Business Insider''s parent company Insider Inc. has been owned by the international publishing house Axel Springer. It operates several international editions, including one in the United Kingdom. ''Insider'' publishes original reporting and aggregates material from other outlets. it maintained a liberal policy on the use of anonymous sources. It has also published native advertising and granted sponsors editorial control of its content. The outlet has been nominated for several awards, but has also been criticized for using factually incorrect clickbait headlines to attract viewership. In 2015, Axel Springer SE acquired 88 percent of the stake in Insider Inc. for $343 million (€306 million), implying a total valuation of $442 million. From ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Vanguard Group
The Vanguard Group, Inc. is an American registered investment adviser founded on May 1, 1975, and based in Malvern, Pennsylvania, with about $10.4 trillion in global assets under management as of 31 January 2025. It is the largest provider of mutual funds and the second-largest provider of exchange-traded funds (ETFs) in the world after BlackRock's iShares. In addition to mutual funds and ETFs, Vanguard offers brokerage services, educational account services, financial planning, asset management, and trust services. Several mutual funds managed by Vanguard are ranked at the top of the list of US mutual funds by assets under management. Along with BlackRock and State Street, Vanguard is considered to be one of the Big Three index fund managers that play a dominant role in retail investing. Founder and former chairman John C. Bogle is credited with the creation of the first index fund available to individual investors and was a proponent and major enabler of low-cost inves ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fidelity Investments
Fidelity Investments, formerly known as Fidelity Management & Research (FMR), owned by FMR LLC and headquartered in Boston, Massachusetts, provides financial services. Established in 1946, the company is one of the largest asset managers in the world, with $5.8 trillion in discretionary assets under management, and $15.1 trillion in assets under administration, . Fidelity operates a brokerage firm, manages mutual funds, provides fund distribution and investment advice, retirement services, index funds, wealth management, securities execution and clearance, asset custody, and life insurance. It offers brokerage clearing and back office support and software products for financial services firms. It also offers a donor-advised fund, Fidelity Charitable, for clients seeking to donate securities. It processes 3.5 million daily average trades. It is one of the largest providers of 401(k) plans and manages employee benefit programs for more than 28,800 businesses. Abig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merrill Edge
Merrill Edge is an electronic trading platform and investment advisory service that provides self-directed and guided investment options for individuals and businesses. It is a subsidiary of Bank of America and was launched in 2010 after the merger between Merrill Lynch and Bank of America. Merrill Edge offers a wide range of investment products, including stocks, bonds, exchange-traded funds (ETFs), margin lending, mutual funds, and options. As of 2025, Merrill Edge holds $500 billion in assets from 4+ million clients, and employed 4,000 advisors working in bank branches and call centers. The firm focuses on the mass affluent market. Merrill Edge receives revenue from interest income on cash and margin balances, commissions for order execution, management services, and it does not engage in payment for order flow. History Launched on June 21, 2010, Merrill Edge is a "a no-frills brokerage unit" of parent company Bank of America's retail banking division. Created after Merr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interactive Brokers
Interactive Brokers, Inc. (IB) is an American multinational corporation, multinational brokerage firm headquartered in Greenwich, Connecticut, Greenwich, Connecticut. It operates the largest electronic trading platform in the United States by number of wikt:daily average revenue trades, daily average revenue trades. In 2024, the platform processed an average of 2.6 million trades per trading day. Interactive Brokers is the largest foreign exchange market broker and is one of the largest prime brokers servicing commodity brokers. The company brokers stocks, Option (finance), options, futures contracts, exchange of futures for physicals, options on futures, Bond (finance), bonds, mutual funds, currency, cryptocurrency, contracts for difference, derivative (finance), derivatives, and trading in prediction markets. Interactive Brokers offers direct market access, Omnibus Customer Securities Accounts, omnibus and non-disclosed broker accounts, and provides Clearing (finance), clearin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
