Spread Math
A $0.01 spread on 100 shares = $1 per trade. At 500 trades per year, that is $500 per investor. Across 50 million active accounts = $25 billion annually.
bid ask spread CitadelPFOF spread extraction math
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Bid-Ask Spreads and Citadel: How the Math Harms Retail Investors
Fractions of cents per share multiply to billions in annual Citadel revenue at retail investors expense.
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