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 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
Oct
3.274	49.198	31.343	16.363	3.096
Nov
1.450	46.904	15.322	31.457	6.316
Dec
0.813	84.211	12.440	2.632	0.718

Detail 4th Quarter 2025

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Oct
CPEM Rate Amount	29.243 - -	21.236 0.0016 320.00	59.612 0.0016 805.40	0.676 0.0016 59.43	0.000 0.0016 0.00
NFSC Rate Amount	51.299 - -	52.472 0.0000 0.00	33.686 0.0000 0.00	91.216 0.0000 0.00	0.000 0.0000 0.00
VALR Rate Amount	18.905 - -	25.169 0.0017 26.42	6.702 0.0017 20.56	8.108 0.0017 6.50	100.000 0.0017 4.28
WALL Rate Amount	0.553 - -	1.124 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
Nov
COWN Rate Amount	1.376 - -	2.933 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	1.251 - -	2.533 0.0016 2.88	0.408 0.0016 0.16	0.000 0.0016 0.00	0.000 0.0016 0.00
NFSC Rate Amount	55.222 - -	44.267 0.0000 0.00	33.469 0.0000 0.00	93.241 0.0000 0.00	0.000 0.0000 0.00
VALR Rate Amount	41.588 - -	50.267 0.0017 192.51	66.122 0.0017 58.82	6.759 0.0017 14.58	91.089 0.0017 10.43
VNDM Rate Amount	0.563 - -	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	8.911 0.0000 0.00
Dec
COWN Rate Amount	1.914 - -	2.273 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	34.211 - -	39.205 0.0016 54.76	3.846 0.0016 3.20	27.273 0.0016 4.80	0.000 0.0016 0.00
NFSC Rate Amount	61.483 - -	56.534 0.0000 0.00	96.154 0.0000 0.00	72.727 0.0000 0.00	0.000 0.0000 0.00
VALR Rate Amount	2.392 - -	1.989 0.0017 71.05	0.000 0.0017 0.00	0.000 0.0017 0.00	100.000 0.0017 14.54

Non S&P 500

Summary 4th 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
Oct
1.861	47.378	22.717	28.955	0.949
Nov
1.893	47.005	17.389	34.604	1.003
Dec
2.514	62.395	18.630	17.928	1.047

Detail 4th Quarter 2025

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Oct
COWN Rate Amount	8.137 - -	15.663 0.0000 0.000	0.912 0.0000 0.000	1.756 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	19.553 - -	18.418 0.0016 1,973.032	14.792 0.0016 2,607.667	25.787 0.0016 2,311.278	0.000 0.0016 0.000
INET Rate Amount	0.445 - -	0.613 0.0030 1,728.900	0.029 0.0030 4.869	0.512 0.0020 514.904	0.000 0.0000 0.000
NFSC Rate Amount	29.289 - -	18.685 0.0000 0.000	46.384 0.0000 0.000	34.190 0.0000 0.000	0.000 0.0000 0.000
NITE Rate Amount	0.068 - -	0.032 0.0000 0.000	0.096 0.0000 0.000	0.106 0.0000 0.000	0.000 0.0000 0.000
TFAS Rate Amount	0.002 - -	0.000 0.0000 0.000	0.010 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	35.903 - -	45.830 0.0017 2,043.178	35.847 0.0017 1,870.790	17.784 0.0017 1,887.686	94.483 0.0017 519.113
VNDM Rate Amount	0.596 - -	0.009 0.0000 0.000	0.384 0.0000 0.000	1.560 0.0000 0.000	5.517 0.0000 0.000
WALL Rate Amount	5.894 - -	0.746 0.0000 0.000	1.201 0.0000 0.000	18.191 0.0000 0.000	0.000 0.0000 0.000
XOTH Rate Amount	0.113 - -	0.005 0.0000 0.000	0.346 0.0000 0.000	0.113 0.0000 0.000	0.000 0.0000 0.000
Nov
BIGP Rate Amount	0.008 - -	0.000 0.0000 0.000	0.048 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
COWN Rate Amount	12.405 - -	4.186 0.0000 0.000	4.713 0.0000 0.000	27.795 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	19.024 - -	23.391 0.0016 881.958	12.608 0.0016 330.386	16.867 0.0016 1,088.814	0.000 0.0016 0.000
INET Rate Amount	0.154 - -	0.257 0.0030 438.525	0.000 0.0030 0.000	0.096 0.0020 46.100	0.000 0.0000 0.000
NFSC Rate Amount	33.193 - -	35.578 0.0000 0.000	36.005 0.0000 0.000	29.502 0.0000 0.000	0.000 0.0000 0.000
NITE Rate Amount	0.033 - -	0.009 0.0000 0.000	0.096 0.0000 0.000	0.036 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.416 - -	0.000 0.0000 0.000	0.048 0.0000 0.000	1.178 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	32.203 - -	36.428 0.0017 1,135.797	44.833 0.0017 905.772	19.247 0.0017 1,232.505	62.241 0.0017 122.522
VNDM Rate Amount	1.032 - -	0.009 0.0000 0.000	0.144 0.0000 0.000	1.803 0.0000 0.000	37.759 0.0000 0.000
WALL Rate Amount	1.252 - -	0.124 0.0000 0.000	0.024 0.0000 0.000	3.438 0.0000 0.000	0.000 0.0000 0.000
XOTH Rate Amount	0.279 - -	0.018 0.0000 0.000	1.483 0.0000 0.000	0.036 0.0000 0.000	0.000 0.0000 0.000
Dec
COWN Rate Amount	5.301 - -	7.118 0.0000 0.000	1.803 0.0000 0.000	2.920 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	21.933 - -	22.712 0.0016 2,341.136	19.133 0.0016 757.654	23.412 0.0016 1,217.414	0.000 0.0016 0.000
INET Rate Amount	0.445 - -	0.517 0.0030 4,003.605	0.047 0.0030 9.000	0.633 0.0020 3.550	0.000 0.0000 0.000
NFSC Rate Amount	30.532 - -	26.467 0.0000 0.000	28.946 0.0000 0.000	48.114 0.0000 0.000	0.000 0.0000 0.000
REDG Rate Amount	1.867 - -	0.000 0.0000 0.000	10.023 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	38.739 - -	42.424 0.0017 2,751.511	39.087 0.0017 1,187.061	23.436 0.0017 730.536	75.000 0.0017 52.839
VNDM Rate Amount	0.419 - -	0.000 0.0000 0.000	0.234 0.0000 0.000	0.633 0.0000 0.000	25.000 0.0000 0.000
WALL Rate Amount	0.729 - -	0.748 0.0000 0.000	0.632 0.0000 0.000	0.803 0.0000 0.000	0.000 0.0000 0.000
XOTH Rate Amount	0.035 - -	0.014 0.0000 0.000	0.094 0.0000 0.000	0.049 0.0000 0.000	0.000 0.0000 0.000

Options

Summary 4th 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
Oct
11.920	11.263	76.474	11.497	0.766
Nov
10.294	28.963	55.781	12.336	2.920
Dec
76.145	0.745	83.249	15.924	0.082

Detail 4th Quarter 2025

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Oct
DFIN Rate Amount	30.019 0 -	17.391 0.0000 0.000	29.148 0.0000 0.000	43.519 0.0000 0.000	100.000 0.0000 0.000
NFSC Rate Amount	51.756 0 -	81.285 0.0000 0.000	49.916 0.0000 0.000	38.519 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	18.224 0 -	1.323 0.0000 0.000	20.935 0.0000 0.000	17.963 0.0000 0.000	0.000 0.0000 0.000
Nov
DFIN Rate Amount	61.800 0 -	4.527 0.0000 0.000	84.829 0.0000 0.000	83.092 0.0000 0.000	100.000 0.0000 0.000
NFSC Rate Amount	31.406 0 -	90.329 0.0000 0.000	8.120 0.0000 0.000	5.797 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	6.794 0 -	5.144 0.0000 0.000	7.051 0.0000 0.000	11.111 0.0000 0.000	0.000 0.0000 0.000
Dec
DFIN Rate Amount	5.623 0 -	20.952 0.0000 0.000	5.633 0.0000 0.000	4.369 0.0000 0.000	100.000 0.0000 0.000
NFSC Rate Amount	87.580 0 -	70.952 0.0000 0.000	90.602 0.0000 0.000	73.005 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	6.798 0 -	8.095 0.0000 0.000	3.765 0.0000 0.000	22.626 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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