Norfolk Investor Alert

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

Retail investors in Norfolk, Virginia — like investors across the country — route their stock orders to Citadel Securities through payment for order flow arrangements at major discount brokers. Norfolk military presence creates significant retirement savings and retail investor activity.

Norfolk's Retail Investor Landscape

Norfolk is Mid-Atlantic-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 Norfolk Investors

When a Norfolk 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 Norfolk investor: a slightly worse execution price compared to what a competitive exchange-routed order would achieve.

What Norfolk Investors Can Do

Access your broker's SEC Rule 606 report to see how your orders are routed
Consider switching to Fidelity (no PFOF for equity orders) or Interactive Brokers direct routing
File a complaint with the Virginia securities regulator
Contact the Virginia Attorney General

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