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Did you read the SEC release?

“But the SEC’s order finds that two algorithms used by Citadel Securities did not internalize retail orders at the best price observed nor sought to obtain the best price in the marketplace”



Presumably

> [...] the best price observed [...]

> [...] the best price in the marketplace [...]

refers to the prices that they can get through all sources (ie. including PFOF firms aka market makers), not just NBBO.


Doesn’t this still mean Citadel Securities are not offering retail the best price, and are netting more as a result?


When did the goalposts get moved? Your original argument was citadel/robinhood was "front running trades". That's a more serious accusation than robinhood/citadel not getting the best price.




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