Rule 606 Report

Triad Securities Corp. has prepared these reports pursuant to SEC Reg NMS Rule 606 requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The reports provide information on the routing of "non-directed orders". This is any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, Triad has selected the execution venue on behalf of its customers.

Pursuant to this rule, customers can request details on the identity of the venue to which the customer's orders were routed for execution. It is important to note that Triad does not have a program for internalizing order flow, accepting payment for order flow, or participating in a profit sharing relationship with any venue...

S&P 500

Summary 1st Quarter 2024

% Non-Directed of All Orders	% Market of Non-Directed Orders	% Marketable Lmt of Non-Directed Orders	% Non-Marketable Lmt of Non-Directed Orders	% Other of Non-Directed Orders
Jan
0.087	0.198	0.452	0.295	0.055
Feb
0.149	0.149	0.493	0.331	0.027
Mar
0.124	0.066	0.374	0.549	0.011

Detail 1st Quarter 2024

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jan
CPEM Rate Amount	58.592 - -	25.902 0.0016 193.03	67.131 0.0016 299.85	78.472 0.0016 219.64	0.000 0.0016 0.00
INET Rate Amount	0.022 - -	0.109 0.0030 3.00	0.000 0.0030 0.00	0.000 0.0020 0.00	0.000 0.0000 0.00
VALR Rate Amount	40.108 - -	73.989 0.0017 211.11	32.869 0.0017 92.91	21.528 0.0017 101.62	76.863 0.0017 35.40
VNDM Rate Amount	1.278 - -	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	23.137 0.0000 0.00
Feb
CPEM Rate Amount	68.127 - -	19.842 0.0016 161.58	76.676 0.0016 667.44	82.641 0.0016 726.46	0.000 0.0016 0.00
VALR Rate Amount	28.525 - -	59.175 0.0017 92.34	23.244 0.0017 306.49	16.884 0.0017 231.91	99.024 0.0017 22.57
VNDM Rate Amount	0.026 - -	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	0.976 0.0000 0.00
OTHER Rate Amount	3.322 - -	20.983 0.0000 0.00	0.080 0.0000 0.00	0.474 0.0000 0.00	0.000 0.0000 0.00
Mar
CPEM Rate Amount	73.543 - -	23.448 0.0016 166.23	69.918 0.0016 434.96	83.565 0.0016 761.54	0.000 0.0016 0.00
VALR Rate Amount	25.374 - -	66.437 0.0017 113.80	30.082 0.0017 189.01	16.435 0.0017 184.24	63.014 0.0017 3.25
VNDM Rate Amount	0.412 - -	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	36.986 0.0000 0.00
OTHER Rate Amount	0.671 - -	10.115 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00

Non S&P 500

Summary 1st Quarter 2024

% Non-Directed of All Orders	% Market of Non-Directed Orders	% Marketable Lmt of Non-Directed Orders	% Non-Marketable Lmt of Non-Directed Orders	% Other of Non-Directed Orders
Jan
0.041	0.488	0.196	0.311	0.005
Feb
0.050	0.422	0.274	0.297	0.008
Mar
0.027	0.367	0.235	0.384	0.015

Detail 1st Quarter 2024

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jan
CPEM Rate Amount	39.359 - -	39.480 0.0016 1,835.645	32.245 0.0016 962.934	44.263 0.0016 18,268.762	0.000 0.0016 0.000
INET Rate Amount	0.756 - -	0.822 0.0030 650.085	0.505 0.0030 331.500	0.822 0.0020 149.700	0.000 0.0000 0.000
NITE Rate Amount	0.260 - -	0.000 0.0000 0.000	0.739 0.0000 0.000	0.368 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	49.679 - -	54.135 0.0017 1,420.093	64.451 0.0017 1,920.651	32.924 0.0017 2,427.945	78.400 0.0017 75.240
VNDM Rate Amount	0.107 - -	0.008 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000	21.600 0.0000 0.000
WALL Rate Amount	0.309 - -	0.587 0.0000 0.000	0.000 0.0000 0.000	0.074 0.0000 0.000	0.000 0.0000 0.000
OTHER Rate Amount	9.531 - -	4.968 0.0000 0.000	2.060 0.0000 0.000	21.549 0.0000 0.000	0.000 0.0000 0.000
Feb
CPEM Rate Amount	38.945 - -	23.510 0.0016 1,354.923	46.926 0.0016 1,266.067	54.479 0.0016 4,822.904	1.931 0.0016 0.480
INET Rate Amount	0.519 - -	0.644 0.0030 1,854.390	0.694 0.0030 127.950	0.193 0.0020 68.700	0.000 0.0000 0.000
NITE Rate Amount	0.039 - -	0.014 0.0000 0.000	0.055 0.0000 0.000	0.061 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	52.307 - -	66.726 0.0017 2,055.647	47.565 0.0017 1,831.940	35.537 0.0017 3,494.811	77.606 0.0017 93.623
VNDM Rate Amount	1.339 - -	0.007 0.0000 0.000	0.386 0.0000 0.000	3.606 0.0000 0.000	20.463 0.0000 0.000
WALL Rate Amount	0.238 - -	0.558 0.0000 0.000	0.000 0.0000 0.000	0.010 0.0000 0.000	0.000 0.0000 0.000
OTHER Rate Amount	6.613 - -	8.540 0.0000 0.000	4.374 0.0000 0.000	6.114 0.0000 0.000	0.000 0.0000 0.000
Mar
CPEM Rate Amount	30.636 - -	20.328 0.0016 869.451	30.658 0.0016 481.960	41.630 0.0016 1,695.968	1.433 0.0016 1.280
INET Rate Amount	0.240 - -	0.452 0.0030 802.425	0.111 0.0030 7.023	0.125 0.0020 14.642	0.000 0.0000 0.000
NITE Rate Amount	0.388 - -	0.012 0.0000 0.000	1.096 0.0000 0.000	0.330 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.174 - -	0.000 0.0000 0.000	0.019 0.0000 0.000	0.443 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	33.287 - -	26.787 0.0017 392.926	51.059 0.0017 958.590	26.105 0.0017 1,238.440	96.848 0.0017 136.456
VNDM Rate Amount	0.432 - -	0.048 0.0000 0.000	0.149 0.0000 0.000	0.921 0.0000 0.000	1.719 0.0000 0.000
WALL Rate Amount	0.937 - -	0.797 0.0000 0.000	1.895 0.0000 0.000	0.523 0.0000 0.000	0.000 0.0000 0.000
OTHER Rate Amount	33.906 - -	51.576 0.0000 0.000	15.013 0.0000 0.000	29.924 0.0000 0.000	0.000 0.0000 0.000

Options

Summary 1st Quarter 2024

% Non-Directed of All Orders	% Market of Non-Directed Orders	% Marketable Lmt of Non-Directed Orders	% Non-Marketable Lmt of Non-Directed Orders	% Other of Non-Directed Orders
Jan
0.103	0.165	0.553	0.281	0.000
Feb
0.085	0.106	0.644	0.250	0.000
Mar
0.077	0.174	0.652	0.173	0.000

Detail 1st Quarter 2024

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jan
CMSP Rate Amount	14.919 0 -	0.000 0.0000 0.000	14.946 0.0000 0.000	23.636 0.0000 0.000	0.000 0.0000 0.000
DFIN Rate Amount	84.655 0 -	100.000 0.0000 0.000	84.900 0.0000 0.000	75.152 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	0.426 0 -	0.000 0.0000 0.000	0.154 0.0000 0.000	1.212 0.0000 0.000	0.000 0.0000 0.000
Feb
CMSP Rate Amount	22.367 0 -	0.000 0.0000 0.000	25.532 0.0000 0.000	23.699 0.0000 0.000	0.000 0.0000 0.000
DFIN Rate Amount	70.635 0 -	100.000 0.0000 0.000	70.549 0.0000 0.000	58.382 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	6.999 0 -	0.000 0.0000 0.000	3.919 0.0000 0.000	17.919 0.0000 0.000	0.000 0.0000 0.000
Mar
DFIN Rate Amount	99.621 0 -	100.000 0.0000 0.000	99.612 0.0000 0.000	99.270 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	0.379 0 -	0.000 0.0000 0.000	0.388 0.0000 0.000	0.730 0.0000 0.000	0.000 0.0000 0.000

Triad Securities Corp. (“Triad”) is a broker-dealer which executes customer orders as agent and receives remuneration for performing these execution services. In an effort to seek best execution, Triad routes client orders to national securities exchanges and other broker-dealers (venues or market centers). Based upon the fee schedule of those venues, certain market centers assess charges/fees for orders that take liquidity from their books and offer credits/rebates on a per share basis for orders that provide liquidity to their books (i.e. the maker/taker model). In some cases, it is possible that the credits/rebates offered by a market center to a broker-dealer to which Triad routes customer orders may exceed the charges/fees assessed over a period to that broker-dealer; such cases constitute payment for order flow. At times these destinations may share a portion of these payments with Triad. This does not affect Triad’s policy to route customer orders to the trading center where it believes clients will receive the best execution, taking into account price, reliability, market depth, quality of service, speed and efficiency. The trading centers that share a portion of their payments may provide the opportunity for execution of orders at prices better than the National Best Bid or National Best Offer.

Material aspects of relationships with the venues to which customer orders are routed:

NYSE ARCA
Fees and rebates are non-negotiable and are set by the exchange. The fee schedule may contain tiers based on volume thresholds. For NYSE ARCA a detailed fee schedule is available at the following url:
https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf

NASDAQ (INET)
Fees and rebates are non-negotiable and are set by the exchange. The fee schedule may contain tiers based on volume thresholds. For NASDAQ a detailed fee schedule is available at the following url:
https://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2

Triad's agreements with the following broker-dealers do not contain volume-based tiers or minimum order flow requirements. Their fees listed above are a blended rate derived from exchange pass-thru fees/credits, clearing fees, liquidity fees and execution fees.

Clearpool (CPEM); Dash Financial (DFIN); Knight Securities (NITE); Matrix (REDG); Matrix Options (RSKY); PTR Inc. (PTR); RQD (CMSP); Trademax NYSE (WALL); Virtu/ITG (IAEC, ITGI, VALR); Wall Street Access (VNDM, WABR); Cowen and Company (COWN).

S&P 500

Non S&P 500

Options

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