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 4th 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
Oct
0.055	0.186	0.538	0.266	0.010
Nov
0.026	0.673	0.159	0.127	0.042
Dec
0.133	0.117	0.519	0.361	0.004

Detail 4th Quarter 2024

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Oct
COWN Rate Amount	1.586 - -	6.820 0.0000 0.00	0.354 0.0000 0.00	0.476 0.0000 0.00	0.000 0.0000 0.00
CPEM Rate Amount	59.546 - -	22.592 0.0016 135.39	62.961 0.0016 425.29	80.703 0.0016 447.69	0.000 0.0016 0.00
REDG Rate Amount	0.032 - -	0.171 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
VALR Rate Amount	25.864 - -	40.494 0.0017 144.09	25.450 0.0017 303.13	13.877 0.0017 176.89	95.238 0.0017 10.00
VNDM Rate Amount	0.048 - -	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	4.762 0.0000 0.00
OTHER Rate Amount	12.924 - -	29.923 0.0000 0.00	11.236 0.0000 0.00	4.943 0.0000 0.00	0.000 0.0000 0.00
Nov
COWN Rate Amount	2.935 - -	2.746 0.0000 0.00	6.849 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
CPEM Rate Amount	17.717 - -	10.743 0.0016 26.64	25.000 0.0016 35.86	51.502 0.0016 42.14	0.000 0.0016 0.00
INET Rate Amount	0.054 - -	0.000 0.0030 0.00	0.000 0.0030 0.00	0.429 0.0020 0.56	0.000 0.0000 0.00
VALR Rate Amount	36.250 - -	38.288 0.0017 70.06	47.260 0.0017 32.11	23.176 0.0017 29.89	1.299 0.0017 17.10
VNDM Rate Amount	4.130 - -	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	98.701 0.0000 0.00
OTHER Rate Amount	38.913 - -	48.223 0.0000 0.00	20.890 0.0000 0.00	24.893 0.0000 0.00	0.000 0.0000 0.00
Dec
COWN Rate Amount	0.814 - -	6.250 0.0000 0.00	0.000 0.0000 0.00	0.229 0.0000 0.00	0.000 0.0000 0.00
CPEM Rate Amount	81.389 - -	10.181 0.0016 148.00	92.180 0.0016 1,127.96	89.794 0.0016 644.50	0.000 0.0016 0.00
VALR Rate Amount	8.374 - -	29.738 0.0017 27.19	6.501 0.0017 83.32	3.238 0.0017 123.26	96.774 0.0017 8.55
VNDM Rate Amount	0.012 - -	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	3.226 0.0000 0.00
WALL Rate Amount	0.342 - -	2.823 0.0000 0.00	0.000 0.0000 0.00	0.033 0.0000 0.00	0.000 0.0000 0.00
OTHER Rate Amount	9.069 - -	51.008 0.0000 0.00	1.318 0.0000 0.00	6.706 0.0000 0.00	0.000 0.0000 0.00

Non S&P 500

Summary 4th 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
Oct
0.023	0.320	0.301	0.357	0.021
Nov
0.034	0.219	0.384	0.394	0.003
Dec
0.027	0.436	0.262	0.291	0.011

Detail 4th Quarter 2024

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Oct
COWN Rate Amount	13.137 - -	18.315 0.0000 0.000	3.526 0.0000 0.000	17.398 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	24.531 - -	18.454 0.0016 437.880	23.183 0.0016 1,446.170	32.608 0.0016 2,022.422	0.000 0.0016 0.000
INET Rate Amount	0.901 - -	2.006 0.0030 1,430.787	0.295 0.0030 27.000	0.476 0.0020 274.862	0.000 0.0000 0.000
NITE Rate Amount	0.040 - -	0.000 0.0000 0.000	0.027 0.0000 0.000	0.091 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.914 - -	0.000 0.0000 0.000	0.322 0.0000 0.000	2.289 0.0000 0.000	0.000 0.0000 0.000
REDG Rate Amount	2.732 - -	0.000 0.0000 0.000	9.064 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
SPDR Rate Amount	3.007 - -	9.107 0.0000 0.000	0.268 0.0000 0.000	0.023 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	38.327 - -	30.613 0.0017 811.262	53.419 0.0017 1,548.725	28.845 0.0017 3,213.545	99.058 0.0017 224.600
VNDM Rate Amount	0.085 - -	0.000 0.0000 0.000	0.067 0.0000 0.000	0.125 0.0000 0.000	0.942 0.0000 0.000
WALL Rate Amount	0.198 - -	0.492 0.0000 0.000	0.013 0.0000 0.000	0.102 0.0000 0.000	0.000 0.0000 0.000
OTHER Rate Amount	16.128 - -	21.014 0.0000 0.000	9.815 0.0000 0.000	18.044 0.0000 0.000	0.000 0.0000 0.000
Nov
COWN Rate Amount	4.823 - -	3.405 0.0000 0.000	3.123 0.0000 0.000	7.303 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	54.542 - -	24.431 0.0016 1,455.107	66.742 0.0016 5,606.560	59.794 0.0016 6,391.910	0.000 0.0016 0.000
INET Rate Amount	0.261 - -	0.931 0.0030 889.035	0.035 0.0030 5.874	0.111 0.0020 132.082	0.000 0.0000 0.000
JANY Rate Amount	0.003 - -	0.000 0.0000 0.000	0.009 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
NITE Rate Amount	0.010 - -	0.000 0.0000 0.000	0.026 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
REDG Rate Amount	0.157 - -	0.000 0.0000 0.000	0.410 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
SPDR Rate Amount	0.385 - -	0.443 0.0000 0.000	0.087 0.0000 0.000	0.646 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	21.186 - -	37.532 0.0017 686.057	19.456 0.0017 961.603	13.263 0.0017 1,233.243	95.062 0.0017 78.831
VNDM Rate Amount	0.265 - -	0.137 0.0000 0.000	0.192 0.0000 0.000	0.374 0.0000 0.000	4.938 0.0000 0.000
OTHER Rate Amount	18.366 - -	33.120 0.0000 0.000	9.920 0.0000 0.000	18.509 0.0000 0.000	0.000 0.0000 0.000
Dec
COWN Rate Amount	4.718 - -	8.729 0.0000 0.000	2.778 0.0000 0.000	0.623 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	31.182 - -	16.508 0.0016 1,476.824	54.887 0.0016 2,490.955	33.013 0.0016 2,473.923	0.000 0.0016 0.000
INET Rate Amount	0.245 - -	0.328 0.0030 1,854.495	0.000 0.0030 0.000	0.350 0.0020 468.390	0.000 0.0000 0.000
NITE Rate Amount	0.445 - -	0.026 0.0000 0.000	0.187 0.0000 0.000	1.323 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.321 - -	0.000 0.0000 0.000	0.000 0.0000 0.000	1.103 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	47.090 - -	57.658 0.0017 1,298.923	36.260 0.0017 1,093.750	39.642 0.0017 2,690.635	83.045 0.0017 63.270
VNDM Rate Amount	0.626 - -	0.277 0.0000 0.000	0.043 0.0000 0.000	1.064 0.0000 0.000	16.955 0.0000 0.000
WALL Rate Amount	0.083 - -	0.121 0.0000 0.000	0.000 0.0000 0.000	0.104 0.0000 0.000	0.000 0.0000 0.000
OTHER Rate Amount	15.289 - -	16.353 0.0000 0.000	5.844 0.0000 0.000	22.779 0.0000 0.000	0.000 0.0000 0.000

Options

Summary 4th 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
Oct
0.073	0.209	0.541	0.250	0.000
Nov
0.263	0.041	0.761	0.198	0.000
Dec
0.072	0.222	0.621	0.157	0.000

Detail 4th Quarter 2024

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Oct
DFIN Rate Amount	75.024 0 -	92.991 0.0000 0.000	78.739 0.0000 0.000	51.953 0.0000 0.000	0.000 0.0000 0.000
NFSC Rate Amount	4.585 0 -	7.009 0.0000 0.000	5.766 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	20.390 0 -	0.000 0.0000 0.000	15.495 0.0000 0.000	48.047 0.0000 0.000	0.000 0.0000 0.000
Nov
DFIN Rate Amount	18.337 0 -	89.865 0.0000 0.000	13.747 0.0000 0.000	21.229 0.0000 0.000	0.000 0.0000 0.000
NFSC Rate Amount	6.877 0 -	10.135 0.0000 0.000	8.089 0.0000 0.000	1.536 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	74.786 0 -	0.000 0.0000 0.000	78.165 0.0000 0.000	77.235 0.0000 0.000	0.000 0.0000 0.000
Dec
DFIN Rate Amount	95.305 0 -	94.180 0.0000 0.000	95.652 0.0000 0.000	95.522 0.0000 0.000	0.000 0.0000 0.000
NFSC Rate Amount	4.108 0 -	5.820 0.0000 0.000	3.781 0.0000 0.000	2.985 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	0.587 0 -	0.000 0.0000 0.000	0.567 0.0000 0.000	1.493 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).

S&P 500

Non S&P 500

Options

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