Your outrage is unwarranted. The proposed changes are:
1) Limiting PFOF because it creates possible conflicts of interest.
2) Limiting "gamification" of trading via engagement prompts.
3) Adding sub-penny prices to exchanges to harmonize them with market makers. This is to encourage more orders to be sent to exchanges instead of market makers.
How are any of these things capitulating to institutional investors?
1) Limiting PFOF because it creates possible conflicts of interest.
2) Limiting "gamification" of trading via engagement prompts.
3) Adding sub-penny prices to exchanges to harmonize them with market makers. This is to encourage more orders to be sent to exchanges instead of market makers.
How are any of these things capitulating to institutional investors?