TD Ameritrade begins disclosing order-routing revenue

Responding to the hubbub over high-frequency trading, TD Ameritrade (AMTD -0.2%) today began disclosing order-routing revenue and said it will continue to do so each quarter.

In 2013, the company received $236M for routing trade orders to certain venues for execution, up from $184M in 2012. Less than half of 2013's revenue-sharing came from stock transactions, notes Ameritrade.

CEO Fred Tomczyk: "The facts show that execution quality for retail investors has never been better ... Costs are lower than ever, spreads have narrowed significantly, liquidity has increased, and execution speed has improved. But it can be better."

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