The Minutes of Bill Gurley on payment for order flow https://minutesof.com/bill-gurley/on/payment-for-order-flow/ Everything Bill Gurley has said on payment for order flow: 3 verbatim quotes from May 2021, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:22:07 +0000 Gurley says over half of Robinhood's revenue comes from payment for order flow for options, which history show https://minutesof.com/q/f8d3cae2-6d9a-413e-a911-77f5423caa4a/ https://minutesof.com/q/f8d3cae2-6d9a-413e-a911-77f5423caa4a/ “Over half of the revenue that Robinhood has reported is payment for order flow for options.” — CNBC Television Wed, 12 May 2021 16:26:01 +0000 payment for order flow You know, it's interesting. I stumbled across a piece that Citadel had sent to the SEC in 2005, where they arg https://minutesof.com/q/04d390d1-677b-4a7c-8a71-7cef7733e4b1/ https://minutesof.com/q/04d390d1-677b-4a7c-8a71-7cef7733e4b1/ “You know, it's interesting. I stumbled across a piece that Citadel had sent to the SEC in 2005, where they argued that it should be illegal because of inherent conflicts of interest.” — CNBC Television Wed, 12 May 2021 16:26:01 +0000 payment for order flow Gurley notes Citadel argued to the SEC in 2005 that payment for order flow should be illegal. https://minutesof.com/q/76129b3f-2e8f-4c47-bd6f-b5d1ed647c70/ https://minutesof.com/q/76129b3f-2e8f-4c47-bd6f-b5d1ed647c70/ “I stumbled across a piece that Citadel had sent to the SEC in 2005, where they argued that it should be illegal because of inherent conflicts of interest.” — CNBC Television Wed, 12 May 2021 16:26:01 +0000 payment for order flow