Electronic funds transfer systems. For example, in the United States, they may be referred to as "electronic checks" or "e-checks". In the United Kingdom, the term "bank transfer" and "bank payment" are used, while in several other European countries "giro transfer" is the common term. EFTs include, but are not limited to: Electronic funds transfer Electronic funds transfer (EFT) are electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff. According to the United States Electronic Fund Transfer Act of 1978 it is
Payment for order flow larger than they became after 2001 when the tick size in U.S. markets fell to one cent. Larry Harris reports that in 1997, 24% of E-Trade's transaction revenue came from payment for order flow, but that by the second quarter of 2001 such payments accounted for only 15% of transaction revenue. The benign view is that in competitive markets, the payments that brokers receive for selling uninformed order flow reduce commissions for retail investors so that the retail investors are no worse off. Payment for order flow may also allow smaller trading venues to compete more effectively with the NYSE.