Why a California Bartender Won’t Stop Trolling Citadel’s Ken Griffin

Institutional Investor – In a story about Citadel and Meme stocks, Healthy Markets Executive Director Tyler Gellasch is quoted saying “It’s a really simple conflict of interest,” says Tyler Gellasch, executive director of the Healthy Markets Association, which represents U.S. and Canadian institutional investors including such big pensions as CalPERS, the Arizona State Retirement System, and the State of Wisconsin Investment Board. “Is your broker routing your order to someone who makes the broker the most money or to the place that gets you, the investor, the best price? That’s the conflict. That happens in retail trading. It happens in institutional trading. Is the broker looking out for you to get the best prices or for their own pocketbook? That’s it.”

Gellasch says it’s important to change the current way of doing things because “the existing payment for order flow practices hurt investors and the market overall.” But, he points out, “you don’t need a new rule from the SEC to end the abuses of payment for order flow. You could just enforce best execution in a way that ends the current practices.” (Full Story).

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