Additionally, be sure to see Stacey Cunningham’s interview/quote here:
“…stocks that have a high level of retail participation, the vast majority of order flow can trade off of exchanges, which is problematic. That price formation is not really reflective of what supply and demand is.”
Also note that the European Union, in large part, has banned Payment-for-Order-Flow. In this video Gensler talks about that and that the EU is “looking” at banning it. In short, since this video has come out they have banned it with the stipulation that if individual “states” / countries want to allow it they can. Not sure where it stands past that, but considering much of the EU is more reasonable than the U.S., I doubt PFOF will get much traction.
See here for a little more: https://www.reuters.com/markets/europe/eu-agrees-deal-securities-rules-that-includes-ban-broker-commission-2023-06-29/