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Why would anyone want retail investor order data?Former market maker here.
Retail flow is low risk. If I buy $100mm of institutional flow, I could get a bunch of corporate hedging orders. Or I could make a single bet against George Soros. With retail, one tends to find lots of small orders. Even if there are some with high information, i.e. they're smart money and I'm going to lose money trading against them, they're small enough to be manageable.
Retail is also low information. At an old job, we bought a prominent retail broker's options flow. The number of in-the-money unexercised options that would come through that pipe was mind-blowing. (Today, whoever was buying Robinhood's flow likely got the same.)
