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 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
Jan
0.023	0.264	0.436	0.300	0.000
Feb
0.038	0.653	0.225	0.068	0.055
Mar
0.019	0.553	0.154	0.281	0.012

Detail 1st Quarter 2025

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jan
COWN Rate Amount	1.773 - -	5.381 0.0000 0.00	0.542 0.0000 0.00	0.394 0.0000 0.00	0.000 0.0000 0.00
CPEM Rate Amount	3.723 - -	8.072 0.0016 13.60	3.252 0.0016 2.48	0.591 0.0016 3.36	0.000 0.0016 0.00
INET Rate Amount	0.118 - -	0.448 0.0030 1.20	0.000 0.0030 0.00	0.000 0.0020 0.00	0.000 0.0000 0.00
NFSC Rate Amount	57.565 - -	29.821 0.0000 0.00	63.144 0.0000 0.00	73.819 0.0000 0.00	0.000 0.0000 0.00
SPDR Rate Amount	3.960 - -	0.000 0.0000 0.00	0.271 0.0000 0.00	12.795 0.0000 0.00	0.000 0.0000 0.00
VALR Rate Amount	30.201 - -	46.188 0.0017 73.27	32.791 0.0017 111.05	12.402 0.0017 78.48	0.000 0.0017 0.00
OTHER Rate Amount	2.660 - -	10.090 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
Feb
COWN Rate Amount	19.273 - -	29.519 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	3.835 - -	1.602 0.0016 2.72	12.195 0.0016 10.24	0.735 0.0016 2.40	0.000 0.0016 0.00
NFSC Rate Amount	27.191 - -	28.223 0.0000 0.00	11.973 0.0000 0.00	89.706 0.0000 0.00	0.000 0.0000 0.00
VALR Rate Amount	47.610 - -	37.605 0.0017 76.98	75.388 0.0017 93.96	9.559 0.0017 68.97	100.000 0.0017 25.14
OTHER Rate Amount	2.092 - -	3.051 0.0000 0.00	0.443 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
Mar
COWN Rate Amount	0.844 - -	1.336 0.0000 0.00	0.000 0.0000 0.00	0.375 0.0000 0.00	0.000 0.0000 0.00
CPEM Rate Amount	20.728 - -	0.095 0.0016 0.48	16.781 0.0016 10.72	64.353 0.0016 100.96	0.000 0.0016 0.00
INET Rate Amount	0.053 - -	0.000 0.0030 0.00	0.000 0.0030 0.00	0.188 0.0020 2.00	0.000 0.0000 0.00
NFSC Rate Amount	42.932 - -	54.771 0.0000 0.00	36.986 0.0000 0.00	24.765 0.0000 0.00	0.000 0.0000 0.00
OPCO Rate Amount	0.105 - -	0.000 0.0000 0.00	0.000 0.0000 0.00	0.375 0.0000 0.00	0.000 0.0000 0.00
VALR Rate Amount	27.690 - -	35.782 0.0017 51.00	44.178 0.0017 72.02	1.501 0.0017 13.77	56.522 0.0017 8.04
VNDM Rate Amount	0.527 - -	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	43.478 0.0000 0.00
OTHER Rate Amount	7.120 - -	8.015 0.0000 0.00	2.055 0.0000 0.00	8.443 0.0000 0.00	0.000 0.0000 0.00

Non S&P 500

Summary 1st 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
Jan
0.022	0.372	0.230	0.365	0.032
Feb
0.030	0.427	0.212	0.333	0.029
Mar
0.029	0.505	0.148	0.331	0.016

Detail 1st Quarter 2025

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jan
COWN Rate Amount	18.310 - -	8.679 0.0000 0.000	22.301 0.0000 0.000	27.217 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	8.201 - -	7.782 0.0016 593.554	7.467 0.0016 317.813	9.809 0.0016 919.013	0.000 0.0016 0.000
INET Rate Amount	0.344 - -	0.736 0.0030 751.935	0.020 0.0030 1.500	0.178 0.0020 228.100	0.000 0.0000 0.000
LPSP Rate Amount	0.005 - -	0.000 0.0000 0.000	0.020 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
NFSC Rate Amount	13.629 - -	8.230 0.0000 0.000	23.512 0.0000 0.000	14.104 0.0000 0.000	0.000 0.0000 0.000
NITE Rate Amount	0.042 - -	0.000 0.0000 0.000	0.081 0.0000 0.000	0.064 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.042 - -	0.000 0.0000 0.000	0.000 0.0000 0.000	0.114 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	38.867 - -	44.083 0.0017 1,570.833	45.873 0.0017 1,117.278	24.003 0.0017 1,307.962	97.395 0.0017 315.416
VNDM Rate Amount	0.353 - -	0.000 0.0000 0.000	0.141 0.0000 0.000	0.648 0.0000 0.000	2.605 0.0000 0.000
WALL Rate Amount	0.204 - -	0.486 0.0000 0.000	0.020 0.0000 0.000	0.051 0.0000 0.000	0.000 0.0000 0.000
OTHER Rate Amount	20.005 - -	30.004 0.0000 0.000	0.565 0.0000 0.000	23.812 0.0000 0.000	0.000 0.0000 0.000
Feb
COWN Rate Amount	20.183 - -	28.187 0.0000 0.000	5.515 0.0000 0.000	21.007 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	14.555 - -	13.547 0.0016 502.246	9.643 0.0016 568.627	20.240 0.0016 1,705.579	0.000 0.0016 0.000
INET Rate Amount	0.996 - -	0.634 0.0030 948.450	1.055 0.0030 58.677	1.509 0.0020 272.174	0.000 0.0000 0.000
LPSP Rate Amount	0.008 - -	0.000 0.0000 0.000	0.037 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
NFSC Rate Amount	11.140 - -	9.488 0.0000 0.000	17.768 0.0000 0.000	10.008 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.004 - -	0.000 0.0000 0.000	0.019 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	36.290 - -	31.007 0.0017 812.715	64.631 0.0017 1,157.980	19.958 0.0017 964.310	94.573 0.0017 679.811
VNDM Rate Amount	0.886 - -	0.018 0.0000 0.000	0.463 0.0000 0.000	1.874 0.0000 0.000	5.427 0.0000 0.000
WALL Rate Amount	0.890 - -	1.341 0.0000 0.000	0.333 0.0000 0.000	0.743 0.0000 0.000	0.000 0.0000 0.000
OTHER Rate Amount	15.048 - -	15.779 0.0000 0.000	0.537 0.0000 0.000	24.661 0.0000 0.000	0.000 0.0000 0.000
Mar
COWN Rate Amount	8.707 - -	12.091 0.0000 0.000	8.406 0.0000 0.000	4.097 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	19.732 - -	20.395 0.0016 817.618	10.607 0.0016 324.224	23.744 0.0016 1,139.960	0.000 0.0016 0.000
INET Rate Amount	0.421 - -	0.677 0.0030 1,017.990	0.000 0.0030 0.000	0.239 0.0020 98.100	0.000 0.0000 0.000
NFSC Rate Amount	13.516 - -	7.361 0.0000 0.000	26.384 0.0000 0.000	17.763 0.0000 0.000	0.000 0.0000 0.000
NITE Rate Amount	0.064 - -	0.000 0.0000 0.000	0.334 0.0000 0.000	0.045 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.391 - -	0.000 0.0000 0.000	0.133 0.0000 0.000	1.121 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	35.848 - -	37.874 0.0017 669.952	52.668 0.0017 912.071	22.802 0.0017 839.471	87.025 0.0017 159.201
VNDM Rate Amount	0.570 - -	0.020 0.0000 0.000	0.100 0.0000 0.000	1.032 0.0000 0.000	12.975 0.0000 0.000
WALL Rate Amount	0.163 - -	0.029 0.0000 0.000	0.000 0.0000 0.000	0.449 0.0000 0.000	0.000 0.0000 0.000
OTHER Rate Amount	20.588 - -	21.553 0.0000 0.000	1.368 0.0000 0.000	28.708 0.0000 0.000	0.000 0.0000 0.000

Options

Summary 1st 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
Jan
0.100	0.188	0.579	0.186	0.046
Feb
0.142	0.155	0.608	0.199	0.038
Mar
0.151	0.066	0.673	0.207	0.054

Detail 1st Quarter 2025

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jan
DFIN Rate Amount	97.178 0 -	92.952 0.0000 0.000	99.570 0.0000 0.000	93.304 0.0000 0.000	100.000 0.0000 0.000
NFSC Rate Amount	1.245 0 -	5.286 0.0000 0.000	0.287 0.0000 0.000	0.446 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	1.577 0 -	1.762 0.0000 0.000	0.143 0.0000 0.000	6.250 0.0000 0.000	0.000 0.0000 0.000
Feb
DFIN Rate Amount	92.939 0 -	95.157 0.0000 0.000	92.738 0.0000 0.000	90.466 0.0000 0.000	100.000 0.0000 0.000
NFSC Rate Amount	6.355 0 -	3.134 0.0000 0.000	6.899 0.0000 0.000	8.426 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	0.706 0 -	1.709 0.0000 0.000	0.363 0.0000 0.000	1.109 0.0000 0.000	0.000 0.0000 0.000
Mar
DFIN Rate Amount	35.225 0 -	77.155 0.0000 0.000	25.763 0.0000 0.000	35.635 0.0000 0.000	100.000 0.0000 0.000
NFSC Rate Amount	13.691 0 -	22.845 0.0000 0.000	17.797 0.0000 0.000	0.967 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	51.084 0 -	0.000 0.0000 0.000	56.441 0.0000 0.000	63.398 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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