Largest brokers saw a 59% increase in payments from trading firms for order flow

Quick Take

  • In aggregate, PFOF payments to E*Trade, TDAmeritrade and its clearing subsidiary, Charles Schwab and Robinhood increased from $428.2 million during Q1 20 to $678.8 million in Q2 20, a 59% increase
  • An 86% quarter over quarter increase in options payments for Robinhood helped it surpass TD Ameritrade in terms of total payments received
  • Charles Schwab and E*Trade had the lowest increase in PFOF from Q1 to Q2, 16%, and 21% respectively
  • There was a 110% increase in options order flow from the beginning of Q1 to end the end of Q2
Payments for retail broker order flow continued to grow at a fast clip during the second quarter of 2020 as markets continued to digest the Covid-19 financial and health crisis, according to data compiled by The Block Research. 

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