In light of the recent market volatility brought on by social media and the meme stock frenzy, the Securities and Exchange Commission (SEC) is beginning to investigate whether rule changes are in order for the market structures which foster these situations. During a speech on June 9th, 2021, newly appointed SEC chairman Gary Gensler spoke of the SEC’s role in protecting individual investors who trade securities via brokerages like Robinhood, which utilize high-speed trading platforms called wholesalers to execute these trades.
In the wake of chairman Gensler’s remarks, shares of Virtu Financial, Inc., the second largest wholesaler by volume in the United States, fell 7.7% on the heels of a surge in share price during the meme stock craze of 2021. 
One system which the SEC has pointed to as in need of review is that of payment for order flow. Payment for order flow has ushered in market volatility in meme stocks like GameStop and AMC, because this system powers a good deal of app-based securities trading. It allows individual investors to trade at the current market price without paying commission on their orders. A familiar example exists within the app-based platform, Robinhood.