THE ETHICS REPORTER

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St. Louis Investor Alert

Citadel Securities and St. Louis Investors: Payment for Order Flow in Your City

Retail investors in St. Louis, Missouri — like investors across the country — route their stock orders to Citadel Securities through payment for order flow arrangements at major discount brokers. St. Louis financial and healthcare sectors generate retail investor activity.

St. Louis's Retail Investor Landscape

St. Louis is Midwest-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 St. Louis Investors

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

What St. Louis Investors Can Do

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