Research contextSee what supports this page, how current it is, and where comparable or historical context is available.
- Research date
- Sep 22, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
- Operating-model context
- 12 connected conceptsPart of the reviewed Online Brokerage Operating Model; issuer definitions remain distinct where disclosed.
- Company examples
- 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
Brokerage commission per order measures commission revenue associated with an issuer-defined commissionable customer order.
Interactive Brokers reports commission per cleared commissionable order, where a commissionable order is a customer order that generates commissions.
Why it matters
Commission per order helps separate commission revenue growth into trading activity and per-order monetization.
A simple analytical bridge is:
Commission Revenue ≈ Commissionable Orders × Commission per Order
Actual revenue can differ because of product mix, order size, pricing tiers, exchange fees, and customer mix.
Investor caution
This metric does not apply cleanly to zero-commission activity, payment-for-order-flow economics, spread-based crypto rebates, or subscription monetization.
Source:
Commission per order measures one trading-monetization channel, not total revenue per trade.
Part of the Online Brokerage Operating Model
Connect customer and asset growth, trading engagement, margin and cash balances, and recurring or per-customer monetization to understand online brokerage economics.
How the model fits together
- Customer scale and asset gathering: Account count shows customer-base scale, client assets show the economic base on platform, and net new assets or net deposits show customer funding flows under issuer-specific methodologies. Market appreciation can increase client assets without new customer funding, so asset growth should not be read as pure organic gathering.
- Trading engagement and transaction monetization: Daily average revenue trades measure trading flow, trades per account normalize activity by the eligible customer base, and commission per order measures one form of per-trade monetization. These measures are not fully comparable across brokers because order-counting rules and monetization channels differ.
- Cash, lending, and customer monetization: Client cash balances and cash sweep balances describe different customer-liquidity channels, while margin loans show collateralized customer borrowing. ARPU and paid subscription customers add customer-level and recurring monetization context. None of these measures alone captures total brokerage profitability, and issuer scopes remain distinct.
See It in Company Research
These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.
Continue Research
Continue from the concept into the Grizzly Bulls research surface that best matches the next question. These links are research continuations, not recommendations or required steps.
Compare stocks
Compare brokerage stocks
Continue into stock comparison for client assets, account growth, trading engagement, margin lending, cash balances, and customer monetization.
Explore more topics in the Financial Research Encyclopedia.