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Disclaimer: Ironclad Research provides educational content only. Nothing on this platform is financial advice, a recommendation, or an offer to buy or sell any security. Always do your own research and consider professional advice before making financial decisions.

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  1. Home
  2. Glossary
  3. Payment for Order Flow
GlossaryMarket Structure

Payment for Order Flow

Payment a broker receives for routing customer orders to a particular market maker — a common revenue source behind 'commission-free' trading.

Appears in these guides

  • What Is Payment For Order Flow?Brokers & Accounts
  • CommissionsBrokers & Accounts
  • How Brokers Make MoneyBrokers & Accounts
  • What Is A Broker?Brokers & Accounts
  • What Is Market Structure?Market Structure

Related terms

Cede & CoClearing HouseDark PoolDRSDTCCExchangeHigh-Frequency TradingLiquidityMarket MakerNBBO

Related lessons

intermediateMarket Structure

What Is DRS?

A clear, balanced guide to the Direct Registration System: how shares are normally held in street name, what it means to register directly in your own name, the genuine benefits and real trade-offs, and how to think about it.

Ironclad Research provides educational content only. Nothing on this platform is financial advice, a recommendation, or an offer to buy or sell any security. Always do your own research and consider professional advice before making financial decisions.