An estimated 130 million U.S. retail brokerage accounts exist — the vast majority at PFOF-dependent brokers routing orders to Citadel Securities.
130 million retail brokerage accounts at PFOF-dependent brokers, 13M+ Robinhood users alone, 30M+ at Schwab/TD Ameritrade combined — all routing to Citadel.
Young investors disproportionately use PFOF-dependent discount apps. Minority investors were specifically targeted by Robinhood marketing. Rural investors lack alternatives.
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