<p><span>In the EU, Capital Markets Union (CMU) set to ban payment for order flow (</span><a href="https://www.risk.net/regulation/7946841/germany-has-enough-support-to-block-eus-pfof-ban">PFOF</a><span>), while Germany is trying to block it. This controversial matter stirs up debate in the US as well. One camp favors the SEC Chair Gensler’s hype about “order-by-order” competition published in a </span><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract id=4116944">paper</a><span> that clearly benefits auction markets, such as Apex CODA. Another group of academic </span><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract id=4189239">researchers</a><span> suggests ‘no evidence that PFOF harms price execution’. In an </span><a href="https://www.linkedin.com