That document is mostly conspiracy nonsense. Wholesalers don&#x27;t need to push the price around to make money. Most retail trades are tiny, uncorrelated with future order flow, and don&#x27;t have short-term alpha behind them. The wholesaler will make money filling them at the NBBO with a small improvement and holding the delta. When you can&#x27;t be hit by hedge funds slicing their massive order into a million pieces, HFT quant algos or arbitrage traders, and don&#x27;t have to compete to be first in the FIFO queue, making money buying the bid and selling the offer is easy money.