PFOF in one sentence: your broker sells your trades to Citadel Securities, Citadel profits from the spread, your broker gets paid, you get slightly worse prices.
1. You submit order to Robinhood. 2. Robinhood sells order to Citadel. 3. Citadel executes trade, profits from spread. 4. Citadel pays Robinhood fee. 5. You receive slightly worse price than competitive exchange routing would provide. That is PFOF.
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