Looks like a stop loss order got hit earlier today
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Posted On: 10/18/2019 4:04:09 PM
Looks like a stop loss order got hit earlier today, which dropped it to 26c. Who got shaken out? Haven’t been able to watch today, but I’ve seen MMS walk it down before if someone has a stop loss. I never use those with otc.
Do you know cdel pays your broker to receive orders, yes pays them. Why could that be?
https://www.cnbc.com/2019/10/11/fidelitys-kat...-fees.html
Payment-for-order-flow refers to how market makers, like Citadel Securities or Virtu Financial, pay for the first crack at executing a stock order.
The practice has drawn scrutiny from regulators globally because it creates an incentive for brokers to send orders to whoever pays the most, rather than the place that might get the best outcome for customers.
In 2016, the Securities and Exchange Commission raised questions about the arrangement potentially creating “conflicts of interest for broker-dealers handling customer orders.” Payment-for-order-flow is banned in Canada.
Murphy argued that Fidelity, by forgoing this process, saves its clients more money than its competitors.
“We gave $17.20 on a 1,000 share order back to our customers, on average. The industry average is $2.89, so we gave $635 million back to our customers,” Murphy claimed.
Fidelity’s decision on Thursday to drop trading commissions put it in the same boat as Charles Schwab, E-Trade, TD Ameritrade and Interactive Brokers, all which recently announced similar moves. While Fidelity isn’t public, the other companies have seen their shares fall as the revenue drivers for the brokerages became even less clear.
While it is not the biggest income source for online brokers, payment-for-order-flow is an increasing revenue stream. Schwab made $139 million from selling its customers’ orders in 2018, up 22% from the previous year, according to regulatory filings analyzed by Reuters. TD Ameritrade was paid $458 million for customer orders in its last fiscal year, up from $320 million the year before.
Do you know cdel pays your broker to receive orders, yes pays them. Why could that be?
https://www.cnbc.com/2019/10/11/fidelitys-kat...-fees.html
Payment-for-order-flow refers to how market makers, like Citadel Securities or Virtu Financial, pay for the first crack at executing a stock order.
The practice has drawn scrutiny from regulators globally because it creates an incentive for brokers to send orders to whoever pays the most, rather than the place that might get the best outcome for customers.
In 2016, the Securities and Exchange Commission raised questions about the arrangement potentially creating “conflicts of interest for broker-dealers handling customer orders.” Payment-for-order-flow is banned in Canada.
Murphy argued that Fidelity, by forgoing this process, saves its clients more money than its competitors.
“We gave $17.20 on a 1,000 share order back to our customers, on average. The industry average is $2.89, so we gave $635 million back to our customers,” Murphy claimed.
Fidelity’s decision on Thursday to drop trading commissions put it in the same boat as Charles Schwab, E-Trade, TD Ameritrade and Interactive Brokers, all which recently announced similar moves. While Fidelity isn’t public, the other companies have seen their shares fall as the revenue drivers for the brokerages became even less clear.
While it is not the biggest income source for online brokers, payment-for-order-flow is an increasing revenue stream. Schwab made $139 million from selling its customers’ orders in 2018, up 22% from the previous year, according to regulatory filings analyzed by Reuters. TD Ameritrade was paid $458 million for customer orders in its last fiscal year, up from $320 million the year before.
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