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In this 198-page, 273-exhibit, 33,000-word case study, “The Robinhood Effect,” Alphacution brings together data and modeling from 25 entities - 11 retail brokers and 14 wholesale market makers - to explain a new phenomenon that now lives at the center of the US capital markets ecosystem. Alphacution's most ambitious research project to date, this report covers the governing liquidity economics framework that defines PFOF rates, the mechanics of Robinhood's aggressive retail brokerage model, the transformation of the retail brokerage industry, the sophisticated strategy architectures of wholesale market makers, and the "retail flow factors" that impact all market actors in the ecosystem - among many other themes and avenues for future research. An executive summary is available for review and download by open subscribers (w/ free registration). The complete case study is available to premium subscribers or via individual report purchase.