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Robinhood, Schwab took in US$281m of cash-equity PFOF in Q4 2025

Etienne Mercuriali
By Etienne Mercuriali

Cash-equity payment for order flow (PFOF) paid by major market makers rose 8.6% quarter on quarter (QoQ) to US$414.8m in Q4 2025. Robinhood’s stock PFOF climbed 58.1% year on year […]

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