Most don't, but most aren't the most valuable brokerage firm in the US. Interactive Brokers does. TD does. ETrade didn't, but Citadel owned a huge stake in ETra

Most don't, but most aren't the most valuable brokerage firm in the US. Interactive Brokers does. TD does. ETrade didn't, but Citadel owned a huge stake in ETrade. The main reason RH hasn't done it is that they have this free model, and whenever you route your own flow, it costs money--too much money for RH to swallow and make back on margin interest. So instead of creating a backup that makes them unbeholden to the order routers, they just hoped the problem would never occur by diversifying the places they route flow to.