Cryptocurrency exchange FTX is launching stock trading capabilities for its customers through its U.S. division. The company, helmed by co-founder and billionaire Sam Bankman-Fried, said in an announcement that its launch will start in private beta mode for a select group of customers chosen from a waitlist before a full rollout in late 2022. FTX, which is the second-largest crypto exchange in the world, says it will offer 'hundreds of U.S. exchange-listed securities, including common stocks and ETFs,' including fractional shares in certain securities. Notably, FTX plans to route all orders through Nasdaq rather than a third-party market maker. The exchange says it will not receive payment for order flow (PFOF), a method for order fulfillment Robinhood became notorious for that involves the exchange receiving payment from market makers for directing orders their way. It's a controversial way of clearing trades because it often means the investor doesn't receive their shares at the...
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