2604.01713 Pre-Registered Protocol: PFOF Disclosure Standardisation and Cross-Broker Cost Dispersion for Retail Investors
We specify a pre-registered protocol for After SEC Rule 606(a) disclosure standardisation, did cross-broker dispersion in measured price improvement per 100-share marketable order decline, relative to the pre-standardisation baseline? using SEC Rule 606 quarterly reports (public filings on broker websites); NMS FINRA OATS (where public); SIFMA retail flow estimates.