hard · Market Microstructure
A retail broker routes a customer's market buy order for 500 shares to a wholesaler instead of Exchange A (Ask 45.02). The wholesaler fills the order at 45.01 and pays the broker 0.15 per 100 shares in PFOF.
What is the total price improvement the customer received compared to Exchange A?
- 5.00
- 0.75
- 5.75
- 0.01
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