Robinhood's payment for order flow won't be challenged by the SEC. We're living in Robinhood's world now.

Robinhood's payment for order flow won't be challenged by the SEC. We're living in Robinhood's world now.

The old way a financial brokerage made money was to charge a fee whenever someone bought or sold stock. A company like TD Ameritrade or Charles Schwab would charge $4.95 or $6.95 (or whatever) in exchange for facilitating the buying and selling. That was a big cost of trading, and it was in addition to the user paying fractionally more than the last price to buy, or getting fractionally less than the last price to sell. Maybe this was a …