Payment for Order Flow

As a way to attract orders from brokers, some exchanges or market-makers will pay your broker's firm for routing your order to them – perhaps a penny or more per share. This is called "payment for order flow." Payment for order flow is one of the ways your broker's firm can make money from executing your trade. The firm can also make money by internalizing your order.

Additional Insight »

Order preferencing and market quality on NASDAQ before and after decimalization [An article from: Journal of Financial Economics]

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Internalization

Brokerage

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