PFOF price improvement might be hundredths of a cent (per-share) off of a 3-cent lit spread. But, if PFOF were banned and all that volume were lit instead, the lit spread might actually be 2 cents, so you'd be saving $0.005 in this universe compared to the one we live in.
PFOF price improvement might be hundredths of a cent (per-share) off of a 3-cent lit spread. But, if PFOF were banned and all that volume were lit instead, the lit spread might actually be 2 cents, so you'd be saving $0.005 in this universe compared to the one we live in.