Building off the call for more transparency in our industry, Public ended its participation in Payment for Order Flow on equities (Stock & ETF) trades and introduced an optional contribution feature in early 2021. With the help of our clearing firm, Apex Clearing, we route US-listed registered equity orders directly to exchanges and market centers to try to get you the best price on an order-by-order basis—in turn, taking the conflict of interest out of our business model. This decision better aligns our incentives with the interests of our community.
How does the optional contribution work?
Before you submit an order, you'll be given the opportunity to contribute. At the bottom of the screen, you will see a checkbox. If you choose to contribute, you will leave the check box checked and then click submit. The contribution amount will be deducted from your buying power and will be returned to buying power if the order is canceled, rejected, or reversed. If you decide you do not want to contribute, you will just uncheck that box and then click submit.
Is the contribution required?
Nope! And contributing won't change anything about how your order is executed.
Can I change my contribution amount?
No. The contribution amount shown cannot be adjusted.
Is the contribution considered a commission or sales charge for cost-basis reporting?
Contributions are added to the cost or proceeds of the trade and adjust the cost basis based on the value of the contribution. Since contributions are added at the time of placing and executing the trade, they will also be reflected in your official trade confirmation.
Why did you launch contributions?
The short version: because we think it's a better, more transparent, more aligned way to make money (than payment for order flow, which we've stopped accepting). Read more about that here.
Can I contribution on crypto transactions on Public?
There is not an option to add a contribution to crypto trades at this time.
Contribution Terms & Conditions
● Contribution Overview
○ Before you submit an order (to buy or sell a security), you may be prompted to leave a contribution for Public.
○ Leaving a contribution for Public is fully optional.
○ Your decision to contribute or not to contribute does not impact your order routing, execution, or any other aspect of the order.
● Contribution Mechanics
○ If you leave a contribution, the contribution is immediately deducted from your buying power and is held in your account as a “pending contribution.”
○ Pending contributions are visible in your account detail and history -- and will be deducted from your account upon trade execution.
○ If there’s sufficient buying power to execute your order but not to fulfill the contribution amount, we will still execute your order. We will take the contribution only to the amount of available buying power.
● Contributions as an Optional Service Charge
○ Contributions do not constitute a commission for trading.
○ Contributions do not constitute a gift to any person, principal, proprietor, employee, agent, or representative of another person.
○ Contributions appear on your trade confirmation as an “additional fee” associated with the trade.
All contribution terms and conditions are subject to change without notice.