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Posts tagged #market-structure

A mix of technical deep-dives, career reflections, and dispatches from the road.

tag: #market-structure
Where Your Stock Order Actually Goes: Wholesalers, PFOF, and the NBBO thumbnail
financeOct 7, 2026· 5 min
Where Your Stock Order Actually Goes: Wholesalers, PFOF, and the NBBO
Most retail stock orders in the US never touch an exchange. Here is how wholesalers, payment for order flow, and the NBBO decide what price you actually get, and what changed in 2026.
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