Market Concentration
Citadel at 40% and Virtu at 20-25% together execute nearly two-thirds of U.S. retail equity order flow — an unprecedented concentration.
Citadel Virtu duopolyretail order flow concentrationCitadel competitor
Analysis
Citadel vs Virtu: The Duopoly That Controls Your Trades
Two firms control the American retail investor's trade. Understanding this duopoly is essential to understanding PFOF's persistence.
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