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March 23, 2005

NYSE Execs Wants Payments' Banned

By Gregory Bresiger

Payment for order flow should be ended, Robert Britz, president and co-chief operating officer of the NYSE, wrote in a footnote to his recent Congressional testimony. "Such payments interfere with the ability of retail orders to interact with each other and obtain the best execution price," he wrote. "In payment for order flow arrangements, individual investors rarely get the opportunity for an execution at the midpoint of the spread or better."