Germany fights for neobrokers’ PFOF rights

Leaked document shows Germany wants to protect ‘anti-competitive’ practice

It was almost a model display of European unity – almost.

While the US is still debating whether to ban payment for order flow (PFOF) – where brokers sell retail order flow to specific market-makers – European countries largely agree the controversial practice should be prohibited.

All except Germany. The country is home to a new breed of online-only neobrokers that offer low-commission trading for retail customers. Trade Republic, Germany’s largest fintech, has become a poster child for PFOF

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