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...

Editorial

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...

Retail

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...

Retail

Citadel Securities, IMC paid US$420m for retail flows as options surged

Retail hunger for US options trading in Q3 has spiked further, with payment for order flow from brokers to market makers up by 40%...

Editorial

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...

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