Robinhood Markets, Inc. (HOOD) filed a Form 8-K on October 31, 2025, primarily furnishing its unaudited Rule 606(a) Order Routing Reports for broker-dealer subsidiaries RHF and RHS for Q3 2025 (July through September). These disclosures do not represent consolidated financial results.
Order Routing and PFOF Mechanics: The internal routing structure involves RHF sending non-directed orders to affiliate RHS, which then routes them to third-party market centers. RHS shares 80% of the resulting Payment for Order Flow (PFOF) revenue with RHF. Significant order types, including all fractional s
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