Peter Stolcers, director of marketing at Chicago-based Terra Nova Trading LLC, agrees.
"When you route a trade through a company like Ameritrade, they often choose to route trades to third a party because they will pay them for that," he
says."The profit might only be one or two pennies per share but that's $20 for 1000 shares." Stolcers
says 15% of e-trade revenues over the past four years have come from "payment-for-order" fees."There are millions of dollars at stake," he