1.   As spreads have shrunk over the last five years, payment for order flow has also decreased.

2.   Borrowing spreads shrank by about a third in the first quarter, according to Loan Pricing Corp.

3.   Market spreads have indeed shrunk, according to the study by Sugato Chakravarty of Purdue University and Robert A. Wood of the University of Memphis.

4.   Now spreads have shrunk so much that payment for order flow may be eliminated.

5.   The spread can shrink without sacrificing customers as long as Malt-O-Meal maintains some price advantage and quality equivalent to the larger brands.