I would be interested in your source for that comment, as I think it is untrue (at least for US exchanges, I don&#x27;t know rules in other countries).<p>I am not saying payment-for-order-flow doesn&#x27;t exist, but the buyers are firms like Citadel and other &quot;internalizers&quot;, not exchanges.<p>If by &quot;paying&quot; you are referring to the maker&#x2F;taker rebate model, that is paid to any market participant, not just retail brokers.