Payment for order flow definition

Payment for order flow means any monetary payment, service, prop- erty, or other benefit that results in re- muneration, compensation, or consid- eration to a broker or dealer from any broker or dealer, national securities exchange, registered securities associa- tion, or exchange member in return for the routing of customer orders by such broker or dealer to any broker or deal- er, national securities exchange, reg- istered securities association, or ex- change member for execution, includ- ing but not limited to: research, clear- ance, custody, products or services; re- ciprocal agreements for the provision of order flow; adjustment of a broker or dealer’s unfavorable trading errors; of- fers to participate as underwriter in public offerings; stock loans or shared interest accrued thereon; discounts, re- bates, or any other reductions of or credits against any fee to, or expense or other financial obligation of, the broker or dealer routing a customer order that exceeds that fee, expense or financial obligation.
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Payment for order flow means an arrangement where a person receives an incentive from another person, in exchange for sending their clients’ orders to that other person. These incentives can be in the form of direct cash payments or soft dollar incentives (e.g. the provision of free services such as research or technology).
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Examples of Payment for order flow in a sentence

  • Payment for order flow is considered to be compensation to Apex Clearing.

  • Payment for order flow includes any monetary payment, service, prop- erty, or other benefit that results in remuneration, com- pensation, or consideration to a broker-dealer from a broker-dealer.

  • Payment for order flow is becoming more common in the United Kingdom and the Financial Services Authority (FSA) has noted it as a serious concern.24 The FSA has stated that ‘…it is difficult to see any advantage in the [payment for order flow] arrangements for the end client’, inferring that it may actually result in the client receiving a worse overall outcome.

  • Payment for order flow is very common and highly competitive in the United States.

  • Payment for order flow has been used by broker-dealers for decades.

  • Payment for order flow was introduced in the US equities market in the 1980s.

  • Payment for order flow disclosures are not at issue in this case, nevertheless these cases instruct the application of preemption to securities matters.

  • Payment for order flow includes any monetary payment, service, property, or other benefit that results in remuneration, compensation, or consideration to a broker-dealer from a broker-dealer.

  • Reconciliation of Financial Measures (in millions) Three Months Ended Jun 30, 2008 Mar 31, 2008 Jun 30, 2007 Brokerage Services Commissions $ 33.1 $ 26.3 $ 16.7 Interest & dividends 6.2 7.7 5.0 Payment for order flow 7.9 6.6 4.0 Other revenue 1.7 1.9 1.2 Total thinkorswim, Inc.

  • Payment for order flow is payment by a broker, dealer, securities exchange, securities association or exchange member to a broker orconcerning soft dollar practices in a separate annual dealer in return for the routing of customer ordersreport.

Related to Payment for order flow

  • Freight forwarding services means the activity consisting of organising and monitoring shipment operations on behalf of shippers, through the acquisition of transport and related services, preparation of documentation and provision of business information.

  • payment initiation service means a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider;

  • Calling Name Delivery Service (CNDS means a service that enables a terminating End User to identify the calling Party by a displayed name before a call is answered. The calling Party’s name is retrieved from a calling name database and delivered to the End User’s premise between the first and second ring for display on compatible End User premises equipment.

  • Agent for Service of Process means every person now or hereafter appointed by the Contractor to be served or to accept service of process in any State of the United States. Without excluding any other method of service authorized by law, the Contractor agrees that every Agent for Service of Process is designated as its non-exclusive agent for service of process, summons, and complaint. The Contractor will instruct each Agent for Service of Process that after such agent receives the process, summons, or complaint, such agent shall promptly send it to the Contractor. This subsection (ii) does not apply while the Contractor maintains a registered agent in North Carolina with the office of the N. C. Secretary of State and such registered agent can be found with due diligence at the registered office.

  • Customer Order means, with respect to a Participant or Authorized Trader, an Order or Request for Quote that has been provided to such Participant or Authorized Trader, as applicable, by or on behalf of a Customer.

  • Final Test Certificate means the final test certificate issued by the owner within the provisions of the contract.

  • Permanent foster care placement means the place of residence in which a child resides and in

  • Permanent foster care means an out-of-home placement in which there is a long-term

  • Payment Schedule ’ means a schedule which sets out—

  • Strong Customer Authentication means an authentication based on the use of two or more elements categorised as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data;

  • Application for Final Payment means Contractor’s final invoice for payment that includes any portion of the Work that has been completed for which an invoice has not been submitted, amounts owing to adjustments to the final Contract Sum resulting from approved change orders, and release of remaining Contractor’s retainage.

  • Prepaid wireless calling service means a telecommunications service that provides the right to utilize mobile wireless service as well as other non-telecommunications services, including the download of digital products delivered electronically, content and ancillary services, which must be paid for in advance that is sold in predetermined units or dollars of which the number declines with use in a known amount.

  • IITK Purchase Order means the IITK’s official Purchase Order document;

  • Installment sale contract or "contract" means an agreement for the retail sale of a motor vehicle, or that has a similar purpose or effect, under which part or all of the price is payable in 2 or more scheduled payments subsequent to the making of the agreement or under which the obligor undertakes to make 2 or more scheduled payments or deposits that can be used to pay part or all of the purchase price, whether or not the seller has retained a security interest in the motor vehicle or has taken collateral security for the buyer's obligation, and any extension, deferment, renewal, or other revision of that agreement. The terms include a loan, mortgage, conditional sale contract, purchase-money chattel mortgage, hire-purchase agreement, or

  • Delivery Year means the Planning Period for which a Capacity Resource is committed pursuant to the auction procedures specified in Tariff, Attachment DD, or pursuant to an FRR Capacity Plan under Reliability Assurance Agreement, Schedule 8.1. Demand Bid:

  • mobility supplement means a supplement to which paragraph 9 of Schedule 4 refers;

  • Value-added nonvoice data service means a service:

  • Authentication of product history means, but is not limited to, identifying the purchasing source, the ultimate fate, and any intermediate handling of any component of a radiopharmaceutical.

  • Repayment Schedule means the repayment schedule set out in Schedule 6 (Repayment Schedule).

  • Placement for adoption or “Placement” means the assumption and retention by a person of a legal obligation for total or partial support of a child in anticipation of the adoption of the child.

  • Customer Service Agreement shall have the meaning as defined in the Master Agreement. “ Customer User” means an employee of Customer, a Customer Affiliate or Business Partner.

  • Appendix to Tender means the appendix comprised in the form of Tender annexed to these Conditions.

  • Final Acceptance Certificate means the certificate that shall be issued by the Engineer to the Contractor upon the satisfactory completion of the contract by the Contractor.

  • Additional Xxxx of Sale means each document, in the form of Attachment D hereto, executed by an authorized officer of VL Funding, the VL Funding Eligible Lender Trustee on behalf of VL Funding, Funding and the Interim Eligible Lender Trustee on behalf of Funding which shall: (i) set forth the list and certain terms of (a) Additional Loans offered by VL Funding and the VL Funding Eligible Lender Trustee on behalf of VL Funding and accepted for purchase by the Interim Eligible Lender Trustee for the benefit of Funding, including the Additional Loans Purchase Price for the Additional Loans being sold thereunder or (b) Substituted Loans substituted by VL Funding and (ii) sell, assign and convey to Funding and the Interim Eligible Lender Trustee, for the benefit of Funding, and their assignees, all right, title and interest of VL Funding and of the VL Funding Eligible Lender Trustee on behalf of VL Funding in the Additional Loans or Substituted Loans, as applicable, listed on the related Additional Xxxx of Sale and (iii) certify that the representations and warranties made by VL Funding and the VL Funding Eligible Lender Trustee on behalf of VL Funding pursuant to Sections 5(A) and (B) of these Master Terms, by the Servicer as set forth in Section 5(C) and by the Interim Eligible Lender Trustee as set forth in Section 5(D) are true and correct.

  • Operational Acceptance Tests means the tests specified in the Technical Requirements and Agreed Project Plan to be carried out to ascertain whether the System, or a specified Sub system, is able to attain the functional and performance requirements specified in the Technical Requirements and Agreed Project Plan, in accordance with the provisions of GCC Clause 27.2 (Operational Acceptance Test).

  • Acceptance Tests means those tests performed during the Performance Period which are intended to determine compliance of Equipment and Software with the specifications and all other Attachments incorporated herein by reference and to determine the reliability of the Equipment.