They have to report the exact fraction of orders they sell, to whom, and for how much, so no need to speculate: https://content.schwab.com/drupal_dependencies/p

They have to report the exact fraction of orders they sell, to whom, and for how much, so no need to speculate: https://content.schwab.com/drupal_dependencies/psr/606/2020-Q2-Schwab-Quarterly-Report.pdf https://content.schwab.com/drupal_dependencies/psr/606/2020-... TL;DR: they primarily sell to Citadel and Virtu.