All retail brokerages sell order flow to the wholesale brokerages, it is part of the market structure. Rule 606 disclosures enumerate each brokerage's arrangem

All retail brokerages sell order flow to the wholesale brokerages, it is part of the market structure. Rule 606 disclosures enumerate each brokerage's arrangement: eg. https://cdn.robinhood.com/assets/robinhood/legal/RHS%20SEC%20Rule%20606a%20and%20607%20Disclosure%20Report%20Q3%202020.pdf https://cdn.robinhood.com/assets/robinhood/legal/RHS%20SEC%2... from https://robinhood.com/us/en/about/legal/ https://robinhood.com/us/en/about/legal/ Fidelity: https://clearingcustody.fidelity.com/app/literature/item/9901330.html https://clearingcustody.fidelity.com/app/literature/item/990... from https://clearingcustody.fidelity.com/app/item/RD_13569_21696/sec-rule-606.html https://clearingcustody.fidelity.com/app/item/RD_13569_21696...