Fidelity Investments has begun accepting payment for order flow, or PFOF, on equity trades, routing customer orders to wholesale market makers such as Citadel Securities in exchange for compensation. The change, disclosed in a regulatory filing earlier this year and reported by The Wall Street Journal in late August, reverses Fidelity’s long-standing refusal to accept equity PFOF. Bloomberg ETF analyst Eric Balchunas said the move generates about $10 million in monthly revenue, but no public regulatory filing has confirmed that figure. Fidelity’s Q2 2026 order-routing report shows compensation of up to $0.0008 per share for marketable equity orders and up to $0.003 per share for non-marketable orders. The shift aligns Fidelity with competitors including Schwab, E*Trade and Robinhood, while PFOF remains legal in the US despite scrutiny from the SEC and tighter European Union rules.