Payment for order flow

Payment for order flow is compensation a broker receives for directing customer orders to a particular market maker. It is legal in the United States, disclosed, and contested — but it is not manipulation.

instruments and markets · updated 2026-09-08

See also

• Order routing — Order routing is the decision about where to send an order for execution. Because routing decisions can be influenced by rebates a…
• Best execution — Best execution is a broker's obligation to seek the most favourable terms reasonably available for a customer order. It is the dut…

Terms that refer here

Order routing

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