![]() ![]() Members do not receive any portion of the interest. Apex then provides us with a portion of the interest they receive as a rebate against our clearing and custody fees. Those borrowers pay a market-driven interest rate to Apex. If a member of Public is enrolled in the program, Apex can loan out their shares to other investors and institutions (e.g., retail investors, banks, market makers, institutional investors). Our clearing firm, Apex Clearing Corporation, operates its Fully Paid Securities Lending Program. You can find more information on Optional Tipping on our FAQ page. Importantly, Tipping is completely optional whether and how much to tip is entirely up to the member. Tipping is a transparent way for us to monetize and puts control in the hands of our members. Public offers optional tipping for members who want to support our decision to reject PFOF as a source of revenue for our business. In the interest of aligning our business model with the best interests of our growing community of investors, we no longer accept PFOF. ![]() 16, 2021, Public is officially PFOF-free. PFOF is problematic because it is non-transparent and also creates a conflict of interest the brokerage is paid to send trades to market makers, but those market makers may not offer the best prices for the member.Īs of Feb. PFOF is a much-debated practice where brokerages send their customers’ trades to market makers for execution in exchange for rebates from those market makers. Without commissions, most other retail brokers now rely on Payment for Order Flow (PFOF) to make money. Many retail brokers, including Public, don’t charge commissions to place your trades.* Over the past thirty years, investing has become much more accessible thanks to the advent of zero-commission trading. ![]()
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