TD Ameritrade Payment For Order Flow; HFT Relationship

TD Ameritrade Holding Corp. (NYSE:AMTD) revealed its order-routing revenue was $236 million in 2013, up from $184 million in 2012, according to a report in the Wall Street Journal. TD Ameritrade ‘s payment for order flow Independent analysis shows just how dependent the firm is on what is considered payment for order flow. With TD Ameritrade Holding Corp. (NYSE:AMTD)’s net revenue of $752 million in 2013, at first glance payment for order flow provided TD Ameritrade over 30 percent of its revenue. This is a consistent percentage with other firms.  The CME Group Inc (NASDAQ:CME), for instance, generates anywhere from…