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H.R. 4617: To require the Securities and Exchange Commission to carry out a study on payment for order flow, to require the Investor Advocate of the Commission to provide recommendations on payment for order flow, and for other purposes.


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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jul 22, 2021.


This bill directs the Securities and Exchange Commission (SEC) to study and report on payment for order flow (payment received by a stock brokerage firm for directing orders to another firm that buys and sells stock). The SEC must study, among other topics, conflicts arising from these payment arrangements, the impact on trade execution quality and pricing, and how firms disclose this arrangement to customers. The SEC must revise its rules, subject to notice and comment, consistent with the results of the study.