For a time the big retail brokers ignored the plucky upstart and continued to charge commissions and fees.

有一段时间，大型零售经纪商并没有重视这种大胆的新模式，他们继续收取佣金和费用。

He wants to change the settlement system to reduce the risk facing retail brokers.

他想改变结算系统以降低零售经纪人面临的风险。

The transition to self-directed 401K retirement plans, registered investment advisers and retail brokers was at first accompanied by wide trading spreads and meaty fees.

起初，向自我导向的401K退休计划、注册投资顾问和零售经纪人的转变，都伴随着巨大的交易差价和巨额费用。

New rules are imminent on the structure of stockmarkets and the process by which retail brokers direct stock orders to intermediaries (known as payment by order flow).

即将对股票市场的结构和零售经纪人将股票订单发送给中介机构的流程（称为订单流支付）制定新的规则。

In 2013 Baiju Bhatt and Vlad Tenev, Robinhood's founders and former employees of marketmakers, saw that it might be possible for a retail broker to make money by offering consumers commission-free stock trading.

2013年，Robinhood的创始人拜菊·巴特(Baiju Bhatt)和弗拉德·特涅夫(Vlad Tenev)发现，零售经纪商或许可以通过向消费者提供免佣金的股票交易来赚钱。