Thinking of writing an essay on how brokerages make money since a) it comes up on HN a lot and the easy answer (commissions) is wrong and b) the revenue mix for different brokerages, even among discount brokerages, varies hugely.
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Glad to see the “payment for order flow” on there *cough* Robin Hood.
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Thanks for the reply. Sounds like brokerage businesses are more complex than they seem. A blog post seems warranted.
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