The PFOF model is not unavoidable. IEX, direct exchange routing, and non-PFOF brokers provide better execution for retail investors.
IEX uses a 350-microsecond speed bump to prevent HFT advantages over retail investors, providing materially better execution than PFOF venues.
Fidelity does not accept PFOF for equity orders — the only major discount broker with this policy.
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
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.