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 policy change was disclosed in a regulatory filing earlier this year and received significant attention after The Wall Street Journal reported on it in late August. Online claims suggest the practice generates about $10 million a month, 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. Before the change, Fidelity accepted PFOF only on options trades and emphasized execution quality and price improvement for equities. The shift aligns Fidelity with competitors including Schwab, E*Trade and Robinhood, which accepted PFOF on stock trades after the industry’s move to zero-commission trading in 2019. The SEC (U.S. securities regulator), particularly under Chair Gary Gensler’s tenure, scrutinized PFOF over potential conflicts with brokers’ best-execution duties, while the European Union tightened related rules. PFOF remains legal in the US. Investors can monitor Fidelity’s quarterly Rule 606 reports, which disclose order-routing destinations and the compensation received.