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 3rd Quarter 2025

% 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
Jul
0.037	0.359	0.261	0.357	0.023
Aug
0.018	0.736	0.167	0.091	0.006
Sep
0.041	0.714	0.178	0.105	0.003

Detail 3rd Quarter 2025

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jul
COWN Rate Amount	8.606 - -	22.356 0.0000 0.00	2.210 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
CPEM Rate Amount	2.019 - -	1.339 0.0016 2.00	4.420 0.0016 4.88	1.077 0.0016 11.36	0.000 0.0016 0.00
NFSC Rate Amount	67.644 - -	53.280 0.0000 0.00	55.064 0.0000 0.00	95.559 0.0000 0.00	0.000 0.0000 0.00
VALR Rate Amount	21.731 - -	23.025 0.0017 24.97	38.306 0.0017 97.74	3.365 0.0017 7.53	100.000 0.0017 5.39
Aug
COWN Rate Amount	6.118 - -	8.043 0.0000 0.00	0.787 0.0000 0.00	0.725 0.0000 0.00	0.000 0.0000 0.00
CPEM Rate Amount	29.803 - -	38.963 0.0016 801.68	5.118 0.0016 3.60	2.899 0.0016 4.48	0.000 0.0016 0.00
INET Rate Amount	0.197 - -	0.000 0.0030 0.00	0.000 0.0030 0.00	2.174 0.0020 30.00	0.000 0.0000 0.00
NFSC Rate Amount	46.579 - -	35.478 0.0000 0.00	75.984 0.0000 0.00	85.507 0.0000 0.00	0.000 0.0000 0.00
VALR Rate Amount	17.171 - -	17.516 0.0017 144.55	17.323 0.0017 7.35	8.696 0.0017 31.81	100.000 0.0017 6.63
XOTH Rate Amount	0.132 - -	0.000 0.0000 0.00	0.787 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
Sep
CPEM Rate Amount	45.835 - -	62.377 0.0016 1,139.36	3.736 0.0016 1.76	5.948 0.0016 49.55	0.000 0.0016 0.00
NFSC Rate Amount	32.812 - -	24.808 0.0000 0.00	48.791 0.0000 0.00	60.967 0.0000 0.00	0.000 0.0000 0.00
VALR Rate Amount	21.236 - -	12.705 0.0017 110.39	47.473 0.0017 153.35	33.086 0.0017 98.37	85.714 0.0017 6.84
VNDM Rate Amount	0.039 - -	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	14.286 0.0000 0.00
WALL Rate Amount	0.078 - -	0.110 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 3rd Quarter 2025

% 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
Jul
0.022	0.425	0.273	0.286	0.016
Aug
0.036	0.429	0.169	0.385	0.017
Sep
0.016	0.457	0.174	0.358	0.012

Detail 3rd Quarter 2025

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jul
COWN Rate Amount	18.441 - -	14.067 0.0000 0.000	11.131 0.0000 0.000	32.993 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	23.008 - -	23.837 0.0016 1,591.525	23.838 0.0016 1,144.795	22.301 0.0016 2,568.198	0.000 0.0016 0.000
INET Rate Amount	0.743 - -	1.042 0.0030 1,774.986	0.399 0.0030 198.600	0.671 0.0020 368.350	0.000 0.0000 0.000
JANY Rate Amount	0.006 - -	0.000 0.0000 0.000	0.022 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
NFSC Rate Amount	22.931 - -	18.359 0.0000 0.000	26.081 0.0000 0.000	28.029 0.0000 0.000	0.000 0.0000 0.000
NITE Rate Amount	0.006 - -	0.014 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.195 - -	0.000 0.0000 0.000	0.011 0.0000 0.000	0.671 0.0000 0.000	0.000 0.0000 0.000
TFAS Rate Amount	0.006 - -	0.000 0.0000 0.000	0.022 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	30.626 - -	36.078 0.0017 1,597.957	37.180 0.0017 2,473.943	13.075 0.0017 2,273.204	85.971 0.0017 440.411
VNDM Rate Amount	0.837 - -	0.056 0.0000 0.000	0.227 0.0000 0.000	1.827 0.0000 0.000	14.029 0.0000 0.000
WALL Rate Amount	1.044 - -	2.437 0.0000 0.000	0.000 0.0000 0.000	0.031 0.0000 0.000	0.000 0.0000 0.000
XOTH Rate Amount	2.114 - -	4.006 0.0000 0.000	1.089 0.0000 0.000	0.402 0.0000 0.000	0.000 0.0000 0.000
ZBTN Rate Amount	0.044 - -	0.104 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
Aug
COWN Rate Amount	15.050 - -	13.436 0.0000 0.000	5.640 0.0000 0.000	21.642 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	38.083 - -	42.120 0.0016 3,849.949	24.622 0.0016 1,710.014	41.167 0.0016 8,492.035	0.000 0.0016 0.000
INET Rate Amount	0.471 - -	0.507 0.0030 903.030	0.829 0.0030 79.803	0.293 0.0020 263.902	0.000 0.0000 0.000
LPSP Rate Amount	0.006 - -	0.000 0.0000 0.000	0.033 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
NFSC Rate Amount	19.947 - -	20.306 0.0000 0.000	25.565 0.0000 0.000	17.945 0.0000 0.000	0.000 0.0000 0.000
REDG Rate Amount	0.330 - -	0.000 0.0000 0.000	0.081 0.0000 0.000	0.822 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	22.959 - -	23.156 0.0017 1,150.691	40.614 0.0017 1,230.769	11.625 0.0017 2,148.702	99.836 0.0017 371.540
VNDM Rate Amount	2.767 - -	0.013 0.0000 0.000	1.918 0.0000 0.000	6.320 0.0000 0.000	0.164 0.0000 0.000
WALL Rate Amount	0.234 - -	0.456 0.0000 0.000	0.000 0.0000 0.000	0.100 0.0000 0.000	0.000 0.0000 0.000
XOTH Rate Amount	0.154 - -	0.006 0.0000 0.000	0.699 0.0000 0.000	0.086 0.0000 0.000	0.000 0.0000 0.000
Sep
COWN Rate Amount	11.231 - -	18.463 0.0000 0.000	4.049 0.0000 0.000	5.858 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	27.864 - -	27.598 0.0016 4,304.066	13.112 0.0016 1,012.920	36.267 0.0016 2,013.024	0.000 0.0016 0.000
INET Rate Amount	1.762 - -	1.031 0.0030 3,059.625	0.322 0.0030 84.318	3.451 0.0020 117.000	0.000 0.0000 0.000
JANY Rate Amount	0.003 - -	0.000 0.0000 0.000	0.017 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
JONE Rate Amount	0.006 - -	0.000 0.0000 0.000	0.034 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
LPSP Rate Amount	0.003 - -	0.000 0.0000 0.000	0.017 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
NFSC Rate Amount	28.337 - -	19.217 0.0000 0.000	41.843 0.0000 0.000	34.344 0.0000 0.000	0.000 0.0000 0.000
NITE Rate Amount	0.006 - -	0.000 0.0000 0.000	0.000 0.0000 0.000	0.016 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.062 - -	0.000 0.0000 0.000	0.000 0.0000 0.000	0.173 0.0000 0.000	0.000 0.0000 0.000
REDG Rate Amount	0.012 - -	0.000 0.0000 0.000	0.068 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
TFAS Rate Amount	0.012 - -	0.000 0.0000 0.000	0.068 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	25.955 - -	31.695 0.0017 1,419.336	36.880 0.0017 1,405.030	11.158 0.0017 1,212.941	92.695 0.0017 426.106
VNDM Rate Amount	2.515 - -	0.039 0.0000 0.000	1.237 0.0000 0.000	6.138 0.0000 0.000	7.305 0.0000 0.000
WALL Rate Amount	1.956 - -	1.958 0.0000 0.000	0.898 0.0000 0.000	2.531 0.0000 0.000	0.000 0.0000 0.000
XOTH Rate Amount	0.277 - -	0.000 0.0000 0.000	1.457 0.0000 0.000	0.066 0.0000 0.000	0.000 0.0000 0.000

Options

Summary 3rd Quarter 2025

% 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
Jul
0.150	0.232	0.653	0.081	0.033
Aug
0.122	0.221	0.602	0.122	0.055
Sep
0.141	0.146	0.754	0.057	0.043

Detail 3rd Quarter 2025

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jul
DFIN Rate Amount	53.090 0 -	25.227 0.0000 0.000	57.926 0.0000 0.000	74.783 0.0000 0.000	100.000 0.0000 0.000
NFSC Rate Amount	34.656 0 -	74.622 0.0000 0.000	26.169 0.0000 0.000	2.609 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	12.254 0 -	0.151 0.0000 0.000	15.905 0.0000 0.000	22.609 0.0000 0.000	0.000 0.0000 0.000
Aug
DFIN Rate Amount	64.143 0 -	11.842 0.0000 0.000	79.129 0.0000 0.000	68.942 0.0000 0.000	100.000 0.0000 0.000
NFSC Rate Amount	26.955 0 -	87.782 0.0000 0.000	11.610 0.0000 0.000	4.437 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	8.902 0 -	0.376 0.0000 0.000	9.261 0.0000 0.000	26.621 0.0000 0.000	0.000 0.0000 0.000
Sep
DFIN Rate Amount	29.480 0 -	20.800 0.0000 0.000	25.851 0.0000 0.000	46.667 0.0000 0.000	100.000 0.0000 0.000
NFSC Rate Amount	60.391 0 -	78.000 0.0000 0.000	62.926 0.0000 0.000	27.179 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	10.128 0 -	1.200 0.0000 0.000	11.223 0.0000 0.000	26.154 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); Speedroute (SPDR); Fidelity (NFSC); Oppenheimer & Co. (OPCO); Janney Montgomery Scott (JANY); (ARCD) Arcadia Securities; (TFAS) Tradition Securities and Derivatives; Other (XOTH).

S&P 500

Non S&P 500

Options

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