This podcast details why payment for order flow and gamification are in the news, and how regulators and the industry in general are addressing related issues and concerns.
The episode features Brattle Senior Consultant and Broker-Dealers & Financial Services Practice Leader Hollie Mason, MS, JD, who is joined by Carlton Fields Shareholder and former FINRA Senior Director Justin Chretien, Esq.

Hollie M. Mason, MS, JD

Broker-Dealers & Financial Services Practice Leader | Chicago
The Brattle Group

With more than 14 years of financial industry experience, involving securities litigation and regulation, Ms. Mason provides expert testimony and analysis as well as consulting services concerning securities trading and markets, customary practice, regulatory compliance, and risk management. Ms. Mason also provides consulting support across the entire lifecycle of securities investigations and litigation matters, including initial case evaluation, discovery, risk assessments, expert reports and testimony, and damages analysis.


Justin Chretien, Esq.

Shareholder | Washington, DC
Carlton Fields

Justin Chretien is a litigator with decades of experience handling high-stakes regulatory investigations, formal disciplinary proceedings, and litigation on behalf of the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission. He was most recently a FINRA enforcement senior director who oversaw hundreds of cases against broker-dealers and associated persons involving all manner of violations of federal securities laws and the rules of FINRA and US stock exchanges.


Regulators Consider Payment for Order Flow and the Gamification of Trading After GameStop

The US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have been busy of late in efforts to address alleged compliance issues associated with payment for order flow (PFOF), gamification of trading, and the consequences of the trading halt in GameStop last January.  Here is what broker-dealers need to know about PFOF and gamification under the current regulatory framework and what to expect after GameStop.

Regulation Best Interest: What You Need to Know and What’s Next

The purpose of Regulation Best Interest (Reg BI), according to the SEC, is to make clear that a BD may not put its own financial interests ahead of the best interests of a retail customer when making recommendations. FINRA has updated its suitability rule to apply when Reg BI doesn’t and thus an indicator of when Reg BI may not apply. Here are the basics and what you need to know about the future of Reg BI.

SEC Targets Payment for Order Flow: What Broker-Dealers and Wholesale Market Makers Should Know

In January 2021, the GameStop trading halt exploded across the headlines. Consumer advocates and the financial press pointed fingers at a number of industry players, paying particular attention to the model of payment for order flow (PFOF) from wholesale market makers to online brokers. This article provides an overview of PFOF and summarizes what the regulators are doing, how the industry has responded, and what the industry should focus on going forward.


The Brattle Group answers complex economic, finance, and regulatory questions for corporations, law firms, and governments around the world. We are distinguished by the clarity of our insights and the credibility of our experts, which include leading international academics and industry specialists. Brattle has over 500 talented professionals across four continents.



Carlton Fields has more than 330 attorneys and government and financial services consultants serving clients from offices in California, Connecticut, Florida, Georgia, New Jersey, New York, and Washington, DC. The firm is known for its national litigation practice, including class action defense, trial practice, white-collar representation, and high-stakes appeals; its insurance practice, including life and financial lines, property and casualty, reinsurance, and title insurance; its regulatory practice; and its handling of sophisticated business transactions and corporate counseling for domestic and international clients. For additional information, visit (Carlton Fields practices law in California through Carlton Fields, LLP.)