I’m not sure what the objections to PFOF are. Do you think you get worse execution than the public market?
If so, it’s easy to prove: compare the price you got to the public markets price at that time. I don’t think you’ll see a worse price.
You should be insulted that somebody is willing to pay for the privilege of trading with you. You can reasonably object to the amount of PFOF vs. price improvement. But it’s not unethical to say “we want your business so much we’ll pay for it”.
If so, it’s easy to prove: compare the price you got to the public markets price at that time. I don’t think you’ll see a worse price.
You should be insulted that somebody is willing to pay for the privilege of trading with you. You can reasonably object to the amount of PFOF vs. price improvement. But it’s not unethical to say “we want your business so much we’ll pay for it”.