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 2nd 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
Apr
0.024	0.560	0.294	0.115	0.031
May
0.014	0.455	0.310	0.193	0.042
Jun
0.024	0.604	0.217	0.176	0.003

Detail 2nd Quarter 2025

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Apr
COWN Rate Amount	0.361 - -	0.258 0.0000 0.00	0.737 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
CPEM Rate Amount	2.890 - -	5.161 0.0016 17.76	0.000 0.0016 0.00	0.000 0.0016 0.00	0.000 0.0016 0.00
NFSC Rate Amount	66.474 - -	70.194 0.0000 0.00	60.934 0.0000 0.00	80.503 0.0000 0.00	0.000 0.0000 0.00
VALR Rate Amount	30.275 - -	24.387 0.0017 20.18	38.329 0.0017 30.88	19.497 0.0017 33.60	100.000 0.0017 3.51
May
COWN Rate Amount	1.074 - -	2.362 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
CPEM Rate Amount	1.671 - -	2.887 0.0016 1.84	0.769 0.0016 0.32	0.617 0.0016 0.32	0.000 0.0016 0.00
NFSC Rate Amount	44.391 - -	41.732 0.0000 0.00	46.538 0.0000 0.00	56.790 0.0000 0.00	0.000 0.0000 0.00
VALR Rate Amount	52.864 - -	53.018 0.0017 9.03	52.692 0.0017 12.84	42.593 0.0017 37.00	100.000 0.0017 3.51
Jun
COWN Rate Amount	0.231 - -	0.000 0.0000 0.00	1.067 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
CPEM Rate Amount	7.972 - -	13.110 0.0016 32.84	0.000 0.0016 0.00	0.328 0.0016 1.60	0.000 0.0016 0.00
INET Rate Amount	0.058 - -	0.000 0.0030 0.00	0.000 0.0030 0.00	0.328 0.0020 0.50	0.000 0.0000 0.00
NFSC Rate Amount	49.740 - -	56.077 0.0000 0.00	45.333 0.0000 0.00	34.426 0.0000 0.00	0.000 0.0000 0.00
VALR Rate Amount	41.999 - -	30.813 0.0017 312.93	53.600 0.0017 188.96	64.918 0.0017 83.96	100.000 0.0017 1.71

Non S&P 500

Summary 2nd 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
Apr
0.036	0.415	0.225	0.321	0.040
May
0.020	0.519	0.193	0.283	0.005
Jun
0.035	0.467	0.200	0.326	0.007

Detail 2nd Quarter 2025

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Apr
COWN Rate Amount	9.134 - -	17.071 0.0000 0.000	1.283 0.0000 0.000	5.491 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	14.336 - -	21.168 0.0016 738.950	12.802 0.0016 368.331	8.342 0.0016 487.782	0.000 0.0016 0.000
INET Rate Amount	1.627 - -	2.478 0.0030 1,682.805	0.503 0.0030 7.650	1.514 0.0020 191.184	0.000 0.0000 0.000
NFSC Rate Amount	36.399 - -	30.057 0.0000 0.000	30.458 0.0000 0.000	53.238 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	38.279 - -	28.995 0.0017 871.360	54.779 0.0017 895.695	31.151 0.0017 1,073.540	99.857 0.0017 370.130
VNDM Rate Amount	0.096 - -	0.000 0.0000 0.000	0.050 0.0000 0.000	0.246 0.0000 0.000	0.143 0.0000 0.000
WALL Rate Amount	0.096 - -	0.218 0.0000 0.000	0.000 0.0000 0.000	0.018 0.0000 0.000	0.000 0.0000 0.000
XOTH Rate Amount	0.034 - -	0.014 0.0000 0.000	0.126 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
May
ARCD Rate Amount	0.009 - -	0.000 0.0000 0.000	0.045 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
COWN Rate Amount	27.474 - -	51.332 0.0000 0.000	0.385 0.0000 0.000	2.678 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	19.460 - -	11.175 0.0016 791.066	20.118 0.0016 750.837	34.592 0.0016 1,488.982	0.000 0.0016 0.000
INET Rate Amount	0.774 - -	1.079 0.0030 2,950.200	0.385 0.0030 33.300	0.495 0.0020 290.510	0.000 0.0000 0.000
NFSC Rate Amount	22.295 - -	11.571 0.0000 0.000	31.060 0.0000 0.000	36.419 0.0000 0.000	0.000 0.0000 0.000
NITE Rate Amount	0.035 - -	0.000 0.0000 0.000	0.113 0.0000 0.000	0.046 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.569 - -	0.008 0.0000 0.000	0.045 0.0000 0.000	1.966 0.0000 0.000	0.000 0.0000 0.000
TFAS Rate Amount	0.004 - -	0.000 0.0000 0.000	0.023 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	26.559 - -	22.038 0.0017 733.159	45.718 0.0017 1,356.794	20.430 0.0017 1,077.876	98.347 0.0017 157.064
VNDM Rate Amount	1.133 - -	0.118 0.0000 0.000	1.178 0.0000 0.000	2.956 0.0000 0.000	1.653 0.0000 0.000
WALL Rate Amount	1.465 - -	2.671 0.0000 0.000	0.000 0.0000 0.000	0.279 0.0000 0.000	0.000 0.0000 0.000
XOTH Rate Amount	0.223 - -	0.008 0.0000 0.000	0.929 0.0000 0.000	0.139 0.0000 0.000	0.000 0.0000 0.000
Jun
COWN Rate Amount	19.718 - -	31.244 0.0000 0.000	10.401 0.0000 0.000	9.326 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	27.031 - -	21.397 0.0016 2,668.832	15.467 0.0016 4,441.976	42.776 0.0016 29,092.504	0.000 0.0016 0.000
INET Rate Amount	0.401 - -	0.689 0.0030 741.018	0.079 0.0030 11.700	0.194 0.0020 26.350	0.000 0.0000 0.000
NFSC Rate Amount	20.536 - -	18.479 0.0000 0.000	22.033 0.0000 0.000	23.000 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.035 - -	0.000 0.0000 0.000	0.016 0.0000 0.000	0.097 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	32.109 - -	27.982 0.0017 727.872	51.831 0.0017 1,676.051	24.492 0.0017 1,583.997	100.000 0.0017 84.816
VNDM Rate Amount	0.047 - -	0.000 0.0000 0.000	0.063 0.0000 0.000	0.107 0.0000 0.000	0.000 0.0000 0.000
WALL Rate Amount	0.092 - -	0.196 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
XOTH Rate Amount	0.032 - -	0.014 0.0000 0.000	0.110 0.0000 0.000	0.010 0.0000 0.000	0.000 0.0000 0.000

Options

Summary 2nd 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
Apr
0.101	0.393	0.461	0.061	0.085
May
0.127	0.202	0.646	0.095	0.058
Jun
0.099	0.183	0.653	0.123	0.042

Detail 2nd Quarter 2025

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Apr
DFIN Rate Amount	52.852 0 -	19.565 0.0000 0.000	68.155 0.0000 0.000	85.443 0.0000 0.000	100.000 0.0000 0.000
NFSC Rate Amount	38.766 0 -	80.435 0.0000 0.000	14.743 0.0000 0.000	6.329 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	8.382 0 -	0.000 0.0000 0.000	17.102 0.0000 0.000	8.228 0.0000 0.000	0.000 0.0000 0.000
May
DFIN Rate Amount	66.751 0 -	36.688 0.0000 0.000	70.419 0.0000 0.000	85.268 0.0000 0.000	100.000 0.0000 0.000
NFSC Rate Amount	30.672 0 -	59.119 0.0000 0.000	28.469 0.0000 0.000	4.018 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	2.577 0 -	4.193 0.0000 0.000	1.113 0.0000 0.000	10.714 0.0000 0.000	0.000 0.0000 0.000
Jun
DFIN Rate Amount	70.402 0 -	17.028 0.0000 0.000	80.486 0.0000 0.000	86.175 0.0000 0.000	100.000 0.0000 0.000
NFSC Rate Amount	25.071 0 -	82.353 0.0000 0.000	15.004 0.0000 0.000	1.843 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	4.527 0 -	0.619 0.0000 0.000	4.510 0.0000 0.000	11.982 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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