Every so often, the Securities and Exchange Commission (SEC) will introduce new rules to protect investors and ensure the fair, orderly operation of markets. The SEC recently proposed rules taking aim at the practice of payment for order flow (PFOF), which is when brokers sell their order flow to market-making firms.

These rules would impact brokerages like Robinhood (NASDAQ: HOOD) that rely on PFOF revenue. One company feeling the most significant effects will likely be the market-making firm Virtu Financial (NASDAQ: VIRT).

Last year the SEC declared that it wouldn't ban PFOF but instead would pursue disclosures and other methods to ensure customers get the best prices on their orders. These reforms could considerably impact Virtu's business and its high dividend yield. Here's what you need to know about the proposed changes and what happens from here.

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Source Fool.com