Assertion Supported AI assessment confidence: 90% certainty 4/5 debate potential 3/5

Tenev: All market makers pay Robinhood the exact same order flow rate

Vlad Tenev · Robinhood: Vlad Tenev · Apr 12, 2021 · at 54:17

Robinhood co-founder Vlad Tenev responds to Guy Raz regarding criticism over payment for order flow (PFOF) and potential conflicts of interest.

0:00 / 0:09exact quote · 9.1s

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“Well, I mean, I would first say they all pay the same rate. We work with the largest firms and you know, the stuff is all highly regulated.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

All third-party market maker firms that Robinhood routes customer orders to pay Robinhood the exact same rate for order flow.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

Robinhood's regulatory filings and disclosures as of April 2021 confirm that all third-party market maker counterparties paid Robinhood under the exact same pricing rate formula. Under Robinhood Securities LLC's Rule 606 and Rule 607 disclosures (Q4 2020–Q2 2021), payment for order flow (PFOF) for equities and ETFs was paid as a fixed percentage of the bid-ask spread that was identical across all non-exchange third-party market makers, while options were compensated at uniform symbol-specific flat rates across venues. While aggregate realized revenue per 100 shares in quarterly Rule 606 reports varied slightly across venues due to the underlying mix of symbols and spread widths filled, the contractual rate charged to and paid by all market makers was identical.

SEC Rule 606/607 disclosures (2020–2021) confirmed that the fixed percentage rate of the spread for equities and ETFs was uniform across all non-exchange third-party market makers.
Options PFOF was structured at identical flat rates per contract by underlying symbol across all market maker counterparties.
Robinhood public disclosures from March 5, 2021, reiterated that all market makers were routed to and paid at the exact same rate across equities, ETFs, and options.

Checked against

[1] robinhood.com [2] robinhood.com [3] sec.gov [4] innreg.com [5] fraconference.com [6] fraconference.com [7] nber.org [8] robinhood.com

"Robinhood" "Rule 606" "Citadel" "Virtu" "Two Sigma" rate per share 2020 OR 2021 "Robinhood" "SEC Rule 606" OR "SEC Rule 607" "percentage of the spread" "same rate" Robinhood S-1 "payment for order flow" "rate" market maker "same rate" "Robinhood" "SEC" "Rule 606" rate market maker payment for order flow same rate "Securities Exchange Act Release No. 90694" "rate" OR "percentage" OR "market maker" SEC order Robinhood December 2020 payment for order flow rate market makers "In the matter of Robinhood Financial LLC" "Administrative Proceeding" "order flow" "rate" "spread"

assessed as of 2026-09-03

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

Mentioned

payment for order flow Robinhood

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