Robinhood CEO defends payment for order flow, says practice is 'here to stay'
Publishing timestamp: 2023-12-01 11:51:46
Summary
Robinhood CEO Vlad Tenev defends payment for order flow (PFOF) and believes it is here to stay in the United States, despite calls for a ban. PFOF is controversial due to the conflict of interest it creates between brokers and clients. Robinhood's revenue from PFOF is a small portion of its overall income, and the company has diversified its business. The race to zero commission fees by Robinhood has caused major players in the wealth management industry to slash their own fees or consolidate.
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Keywords: breaking news: technology, business news, robinhood markets inc, fintech, technology, markets, breaking news: markets, ceo,
Source: https://www.cnbc.com/2023/12/01/robinhood-ceo-says-payment-for-order-flow-is-here-to-stay.html