Gaps created by the lack of meaningful competition, transparency and simplicity have resulted in billions of dollars in annual Payment for Order Flow (PFOF) made from high-speed trading firms to brokers, while these firms generate multiples of this in revenue. But as more people earnestly participate in the markets than ever before, the opacity and complexity of markets has left them concerned that: markets are not adequately providing price discovery that too much power is concentrated in too few firms and that they cannot trust such a complex system that lacks appropriate transparency. In the last 18 months alone, 25 million new investors joined the stock market, and at their peak, retail investors made up more than 25% of the U.S.
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