Payment for Order Flow im europäischen Finanzmarktrecht

Payment for Order Flow can give rise to conflicts of interest and thereby impair the proper functioning of the market for investment services. But does this finding – which applies to inducements in general as well – justify the ban on payment for order flow? This study demonstrates that its specific risks are already addressed by the general legal framework governing inducements. A blanket ban, however, prevents solutions that appropriately reflect the circumstances of individual cases. The objective pursued by Art. 39a MiFIR of strengthening investor protection in online brokerage could at most have been achieved by promoting competition for retail client orders.