Philadelphia Stock Exchange (PHLX) has reiterated its
opposition to exchange-sponsored payment for order flow
schemes, but insisted it could not suspend its own scheme until
competing exchanges do so.
The comments came in a letter from PHLX chairman Sandy
Frucher, responding to calls for a halt to the practice from
outgoing Securities and Exchange Commission (SEC) head Harvey
PHLX reinstated a payment for order flow programme this year
"when the other exchanges continued operating their programmes
with [SEC's] acquiescence," Frucher said.
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