Overview
Regulation NMS Order Protection Rule was designed to ensure best execution. Citadel PFOF model exploits its limitations.
citadel order protection rule
Analysis
The Order Protection Rule and Citadel Securities
The Order Protection Rule and Citadel Securities
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.