01Products & pricingTradeStation tied marketable-order payments to the spread; the old rate and new formula cross at 2.17 centsA fixed $0.0026-per-share payment became 12% of the quoted spread, lowering the formula at narrow spreads and increasing it at wider ones.10 Nov 2026Analysis10 min read
02Regulation & enforcementSeven Robinhood order categories sit outside its headline Rule 606 routing tablesFractional, dollar-based, recurring, overnight and managed-account orders are excluded from Robinhood’s public held-order percentages, leaving the scale and execution of those workflows unquantified.9 Nov 2026Analysis9 min read