Where brokers route your orders
Standardized SEC Rule 606 reports show which venues receive non-directed customer orders and the net payments brokers receive or pay. ChartRow ingests the source filings directly and keeps the measurements separate from opinion.
Fidelity
Fidelity Brokerage Services LLC
Retail and registered-investment-adviser managed-account routing reported by Fidelity Brokerage Services.
- Equity payments
- $27.2M
- Options payments
- $83M
Charles Schwab
Charles Schwab & Co., Inc.
Held equity and listed-options order routing reported by Charles Schwab & Co.
- Equity payments
- $166.6M
- Options payments
- $331.4M
Interactive Brokers
Interactive Brokers LLC
Held equity and listed-options order routing reported by Interactive Brokers.
- Equity payments
- $24.9M
- Options payments
- $47.3M
Robinhood
Robinhood Securities, LLC
Held equity and listed-options order routing reported by Robinhood Securities.
- Equity payments
- $141.8M
- Options payments
- $356.6M
E*TRADE
Morgan Stanley Smith Barney LLC
Routing for E*TRADE from Morgan Stanley is reported by Morgan Stanley Smith Barney.
- Equity payments
- $38.6M
- Options payments
- $60.1M
What “net routing payments” means
The SEC field nets payment for order flow, profit-sharing payments, transaction fees paid and rebates received. Positive means the broker received money; negative means it paid a net fee. Neither tells you by itself whether customers received good execution.
What this is not
Total dollars scale with customer activity, so ChartRow does not turn them into a “best broker” score. Rule 606 also permits some small routes to be omitted. Every page identifies the legal entity, period, caveat and original report.