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When my favorite hockey team of my youth, the New York Islanders, moved into their new arena a couple of years ago, my college friend Jim was eager to attend. “This place is awesome!” he reported to me some 3,000 miles away. I believed him. I was a hockey player and a fan long before…

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Payment for Order Flow –What is it, who does it, why it matters

The SEC defines payment for order flow (PFOF) as “a method of transferring some of the trading profits from market making to the brokers that route customer orders to specialists for execution.”  This practice has been in the news lately, in part because of the recent scrutiny of trading practices at Robinhood – a firm…

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