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 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.

  • 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 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 is very common and highly competitive in the United States.

  • 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.

  • CNMV, Payment for order flow: an analysis of the quality of execution of a zero-commission broker on Spanish stocks, working paper no.

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.

  • 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;

  • Depositor Order A written order or request, respectively, signed in the name of the Depositor by any one of its Executive Officers.

  • 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:

  • 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

  • Transfer Order means a transfer order issued pursuant to subsection 40(1) of the CCA transferring this Agreement from the LHIN to Ontario Health;

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

  • 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 schedule of Repayment Instalments in the agreed inserted into this Agreement in accordance with Clause 6.1 (Repayment) as Schedule 1 (Repayment Schedule), and as replaced from time to time pursuant to Clause 6.4;

  • Non-Acceptance of Proposal means another proposal was deemed more advantageous to the University or that all proposals were rejected.

  • 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.

  • 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.

  • Order Schedule means an MSC Order Schedule (or other order document) agreed to by Customer and MSC, and which incorporates this Agreement, by reference or otherwise, and sets forth, among other things, the Software, Maintenance and/or Services ordered.

  • Pricing Service means J.J. Kenny or any pricing service designated by the Board of Directors of the Corporation provided the Corporation obtains written assurance from S&P and Moody's that such designation will not impair the rating then assigned by S&P and Moody's to the AMPS.

  • Guarantor Order mean, respectively, a written request or order, as the case may be, signed in the name of the Guarantor by the Chairman of the Board, a Vice Chairman, the President or a Vice President, and by the Treasurer or an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Guarantor and delivered to the Trustee.