THE ETHICS REPORTER

← Citadel Securities Investigation
Albuquerque Investor Alert

Citadel Securities and Albuquerque Investors: Payment for Order Flow in Your City

Retail investors in Albuquerque, New Mexico — like investors across the country — route their stock orders to Citadel Securities through payment for order flow arrangements at major discount brokers. Albuquerque government and energy sectors create retail investor activity.

Albuquerque's Retail Investor Landscape

Albuquerque is Southwest-based financial community. Local retail investors — from professionals and business owners to working families saving for retirement — use discount brokers that route orders to Citadel Securities through PFOF arrangements. These investors receive marginally inferior execution prices on each trade compared to what competitive exchange routing would provide.

How PFOF Affects Albuquerque Investors

When a Albuquerque resident places a stock order on Robinhood, TD Ameritrade, E*Trade, Schwab, or Webull, that order is routed to Citadel Securities through PFOF. Citadel executes the trade, capturing a spread, and pays the broker a per-share fee. The net result for the Albuquerque investor: a slightly worse execution price compared to what a competitive exchange-routed order would achieve.

What Albuquerque Investors Can Do

Related Coverage

Support Independent Accountability Journalism

The Ethics Reporter is the only independent news organization systematically tracking how Kenneth Griffin's political spending relates to the regulatory environment that protects Citadel Securities' business model. This reporting serves retail investors across every state in the country.

We are reader-funded and accept no money from financial industry advertisers. If this reporting is valuable — if you believe retail investors deserve transparency about who controls their trades — please support us.

Reader Supported

This journalism is free because readers like you make it possible.

We don't have corporate advertisers. We don't take money from law firms. Every investigation you read here is funded entirely by readers. Even $1 keeps us going.

Join 47 readers who donated this month

47% toward our monthly goal of 100 supporters

Secure checkout via Stripe. Cancel your monthly gift anytime.

← Back to Citadel Investigation Hub