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Payment for order flow

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Payment for order flow

Citadel Securities paid US$943m for retail US equity, options order flow in nine months

Large market makers are paying billions to access retail orders in stocks and options, a controversial practice banned in most countries outside the US.  Citadel...
Payment for order flow

Citadel routing argument vs IEX “doesn’t hold weight”, academics say

Citadel Securities and its allies are desperate to stop IEX Options’ market launch, but academics and industry experts who spoke to Global Trading dismiss...
Payment for order flow

Payments for US retail flow reach record high, led by Citadel Securities & IMC

Market makers are paying more than $4.9 bn a year for US equity and options order flow as retail participation cushions markets from tariff...
Payment for order flow

Robinhood, Schwab led US$340m retail order flow payment bonanza in May

Payments for order flow are soaring, reaching about US$953 million in the second quarter of 2025, and the spoils are concentrated among a handful of...
Execution quality

Six market makers delivered $461m price improvement for US retail in April

Citadel, Jane Street, Hudson River, Susquehanna, Two Sigma and Virtu filled half their retail orders close to mid-price, while for the entire market 5%...
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