Robinhood(US:HOOD)2025-10-31 20:05Order Flow and Market Orders - Non-directed orders accounted for 100% of all orders, with market orders representing 41.30% of non-directed orders[1] - The report highlights a significant reliance on non-directed order flow, emphasizing the importance of marketable orders in trading strategies[1] - The data reflects a competitive landscape among venues, with varying percentages of non-directed and directed orders across different firms[2] - Non-directed orders accounted for 100% of all orders, with market orders making up 37.66% of non-directed orders[9] - Non-directed orders accounted for 100% of all orders, with market orders representing 1.07% of non-directed orders[19] - Total non-directed orders accounted for 100% of all orders, with market orders as 1.14% of non-directed orders[44] - The overall non-directed orders as a percentage of all orders stood at 100%, with market orders comprising 42.68% of non-directed orders[54] - Non-directed orders accounted for 100% of all orders, with market orders making up 37.85% of non-directed orders[62] - Non-directed orders accounted for 100% of all orders, with market orders representing 28.28% of non-directed orders[71] Payments and Revenue - Virtu received net payments of $473,850.75 for market orders, with a payment rate of 56.35 cents per hundred shares[2] - Jane Street received net payments of $241,197.43 for market orders, with a payment rate of 73.59 cents per hundred shares[2] - CITADEL SECURITIES received net payments of $202,653.62 for market orders, with a payment rate of 28.94 cents per hundred shares[2] - Two Sigma Securities, LLC received net payments of $74,813.07 for market orders, with a payment rate of 50.52 cents per hundred shares[2] - The overall marketable limit orders received by CITADEL amounted to $109,002.12, with a payment rate of 58.95 cents per hundred shares[2] - The net payment received for market orders was $3.73 per hundred shares, reflecting a 7.1% increase from the previous quarter[4] - The net payment received for marketable limit orders by Citadel Securities was $17,014,342.53, with a payment rate of 44.86 cents per hundred shares[20] - The total net payment received for marketable orders was $15,988,036.40[72] - Citadel Securities LLC received net payments of $380,851.65 for market orders, translating to 30.7388 cents per hundred shares[74] Market Strategies and Future Outlook - Robinhood Financial LLC is committed to maintaining a competitive edge through innovative financial products and services tailored to customer needs[4] - Future guidance suggests a continued emphasis on increasing user engagement and transaction volumes, aiming for a 10% growth in active users by the end of 2025[4] - The company is focusing on expanding its market presence and enhancing its technology offerings to improve customer experience and order execution efficiency[4] - The company emphasizes customer discretion in the execution of certain orders, categorizing them as "not held" orders[61] - The company reported a significant increase in customer orders, reflecting a strong demand in the market[68] - Future outlook indicates continued growth in customer engagement and order volume[69] - The company is focusing on expanding its market presence through strategic partnerships and new product offerings[70] Execution and Order Routing - Robinhood Financial LLC routes customer orders to its affiliated clearing firm, Robinhood Securities, LLC, which passes 80% of the revenue received from third-party market centers to RHF[10] - RHS does not execute held orders in a principal capacity, thus excluded from the list of venues mentioned[5] - The amounts reported represent 80% of payments received by RHS for routing equity order flow on behalf of RHF[10] - The execution of fractional share-based and dollar-based customer orders is included in the routing statistics[61] - The revenue sharing agreement indicates that Robinhood Securities passes 80% of the revenue from third-party market centers to Robinhood Financial LLC[54] - Payments made or received by RHS can be found in its quarterly Rule 606(a) report, ensuring transparency in order routing practices[46] Market Order Characteristics - Marketable limit orders constituted 69.32% of market orders for Virtu, indicating a strong preference for liquidity[2] - Marketable limit orders constituted 15.69% of non-directed orders, while non-marketable limit orders represented 41.09%[9] - Marketable limit orders constituted 28.44% of non-directed orders, while non-marketable limit orders made up 53.94%[19] - Marketable limit orders accounted for 28.40% of non-directed orders, while non-marketable limit orders made up 53.77%[44] - The average received for market orders was $14.54 cents per hundred shares for Virtu, $15.02 cents for Jane Street, and $13.41 cents for Citadel[37][39][40]