![]() PFOF is banned in Canada, the UK, and Australia. Some retail brokerages, including Charles Schwab Corp (SCHW.N) and Robinhood, accept PFOF, while others, including Fidelity and, do not. PFOF, which is disclosed in quarterly regulatory filings, has been a growing source of revenue for many brokers as retail trading volumes have surged. Most retail brokers also accept rebates, or payments, from wholesalers in return for their customers' orders. Retail brokerages send the majority of their customers' orders to wholesale brokers, rather than to exchanges, because wholesalers generally execute the orders at a slightly better price than available on exchanges.
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