Steven A Comment On Regulatory Notice 21-19
Seeing new regulatory rules and requirements is a good step, however they are only as powerful as their own enforcement. FINRA is apparently aware of PFOF, naked shorts, dark pool trading (of up to 89% total daily volume), etc. The rules recently put in place, as well as this request for comment(s) make this obvious. However, the retail investor trades continue to have minimal effect on actual price of stocks and the MMs/Hedge Funds (e.g. Citadel) have near complete control.