Payments a market maker makes to a broker for sending it customer orders to execute.
PFOF is what lets many US brokers offer commission-free trading. The wholesaler must fill orders at or better than the best public quote, and often provides small price improvement. Critics point to conflicts of interest and argue that routing to competitive exchanges could do better. PFOF is legal but must be disclosed in the US; the EU has banned it since 30 June 2026.