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At https://investor.vanguard.com/investing/online-trading/orders https://investor.vanguard.com/investing/online-trading/order..., if you follow the "View the qu
by perennate 8y ago
At https://investor.vanguard.com/investing/online-trading/orders https://investor.vanguard.com/investing/online-trading/order..., if you follow the "View the quarterly reports" link, it shows that Vanguard routes orders to these companies: Citadel Securities, VIRTU Americas LLC, G1 Execution Services, UBS Securities LLC, Susquehanna Capital Group, Citigroup Global Markets.
It also says "Vanguard Brokerage does not receive compensation for directing order flow in equity securities".
But the SeekingAlpha article criticizes Robinhood for routing to Citadel, calling it a "market makers that also have high frequency trading arms". So Vanguard routes to similar companies, but doesn't receive compensation? That doesn't really seem better for the customer to me. What am I missing?