Market Structure & Order Execution

What we’ve seen

Retail investors in the U.S. today have unprecedented access to capital markets, benefiting from low costs and innovative tools that enhance their investing and trading experience. This vibrant retail participation plays a crucial role in the depth and liquidity of U.S. capital markets, which are the most robust in the world.

What we’re doing

Robinhood pioneered commission-free, no-minimum investing in the U.S., reshaping the industry. According to a study commissioned by Robinhood, this shift saved investors over $17 billion in 2020 and 2021 alone, while also bringing over $8 billion in price improvement relative to the National Best Bid and Offer (NBBO) for our customers. Our model has dramatically lowered the costs of investing, welcoming millions of new investors into the market at a historically low price point. As market dynamics evolve, we remain focused on advocating for policies that prioritize investor protection, innovation, and accessibility. We work closely with policymakers to ensure that any new regulations enhance transparency and fairness without imposing unnecessary costs and burdens on retail investors.

Robinhood’s position

Robinhood envisions a market environment that remains open, competitive, and inclusive for all investors. We support regulatory changes that are grounded in data, carefully calibrated, and designed to enhance market efficiency and investor outcomes. We encourage the SEC to take a long-term, holistic, and collaborative approach to market structure—leveraging insights from market participants and considering the long-term impacts on retail investors. Robinhood is committed to being an active voice in these discussions, championing the interests of millions of Americans who rely on accessible, affordable investing opportunities.

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