Cybercorp says they don't receive payment for order flow but
I just got my monthly brokerage statement, and I see a note,
required by the SEC (of course, otherwise they would've kept silent) from Penson Financial that says the following:
"Please be advised that Penson Financial Services, or its
correspondents receive remuneration for direction orders to
particular broker/dealers or market centers for execution."
Hmmm...is Cybercorp one of Penson's "correspondents"? If so,
then Cybercorp has been lying to traders about this. Maybe
this is why when I send an order via CyberXchange, it will
not hit certain ECNs, but will go to a market maker instead.
Cybercorp, if you don't deny this, on this thread, then I
will assume it is true. And if you no longer monitor this
thread, well, now I see why. You've run out of excuses. |
