This is the Gator Daily Podcast for Wednesday, March 29th,

2023. I'm Caleb Brown. In the interplay among stock exchanges,

wholesalers, and retail investors.

Are the retail investors getting ripped off,

paying higher prices than they otherwise would?

The SEC seems to think so,

and there are big plans in the works to try to fix it. He does Jennifer Schulp says not so fast.

The SEC, the leadership of the SEC, many of them believe that retail investors are getting

ripped off.

Who's ripping them off and what is the SEC proposed to do about it?

So leadership of the SEC and specifically Gary Gensler, have proposed that retail investors are not getting the best

deal.

And the problem making them not get the best deal is payment for order flow and the fact that wholesalers like

Citadel or Virtue are in the middle of their transactions and because of that retail investors could get better

prices or better execution of their trades if they follow the SEC's new rules that

they've proposed on that top.

Okay, so let's think about how trades occur,

because it is a sort of a complicated process.

When you talk about wholesalers, wholesalers deal with the retailers.

So wholesalers deal with Schwab or fidelity, that sort of thing.

Yeah, you're right that it's a complicated process.

And when you or I make a trade on our phone we don't do a lot of

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