[lldb]

It is not a win. In a recent study, Robinhood with Citadel has the worst price improvement (execution quality) of any brokerage on the market. I’ve personally observed this - Robinhood might “improve” by 1/10 of a cent from NBBO while Fidelity is frequently closer to the mid.

[loeg]

How is that not a win? Robinhood customers still got better execution than NBBO. If you don't like Robinhood getting a tiny kickback here, you're free to go to another brokerage.

[wrsh07]

This is just noting that different brokers give different performance

That doesn't really have anything to do with pfof (TD Ameritrade gives better execution and receives pfof)

https://news.ycombinator.com/item?id=42378516

[loeg]

Presumably a market maker would pay (PFOF) slightly more to deliver slightly worse execution (keeping the spread).

[wrsh07]

Sure that sounds plausible but it's literally not what happens in practice (see the other comment I linked that discusses research on this very thing)

[loeg]

Yeah, I've seen the Levine column on it.