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 2023

% 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
0.308	0.145	0.514	0.341	0.000
Feb
0.573	0.037	0.618	0.345	0.000
Mar
0.498	0.033	0.578	0.387	0.002

Detail 1st Quarter 2023

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jan
CPEM Rate Amount	85.935 - -	17.951 0.0016 147.20	96.893 0.0016 1,452.38	98.269 0.0016 1,081.10	0.000 0.0016 0.00
INET Rate Amount	0.007 - -	0.000 0.0030 0.00	0.000 0.0030 0.00	0.021 0.0020 2.00	0.000 0.0000 0.00
VALR Rate Amount	14.057 - -	82.049 0.0017 254.10	3.107 0.0017 102.09	1.710 0.0017 54.25	0.000 0.0017 0.00
Feb
CPEM Rate Amount	94.436 - -	30.629 0.0016 150.87	97.224 0.0016 3,030.38	96.212 0.0016 2,363.73	0.000 0.0016 0.00
VALR Rate Amount	5.561 - -	69.371 0.0017 69.89	2.776 0.0017 294.25	3.788 0.0017 271.21	0.000 0.0017 0.00
WABR Rate Amount	0.003 - -	0.000 0.0026 0.00	0.000 0.0026 0.00	0.000 0.0024 0.00	100.000 0.0011 2.75
Mar
CPEM Rate Amount	96.935 - -	36.818 0.0016 1,606.22	99.065 0.0016 12,529.01	99.414 0.0016 10,596.31	0.000 0.0016 0.00
INET Rate Amount	0.007 - -	0.000 0.0030 0.00	0.004 0.0030 2.40	0.013 0.0020 1.20	0.000 0.0000 0.00
VALR Rate Amount	3.052 - -	63.182 0.0017 453.84	0.927 0.0017 124.76	0.573 0.0017 187.47	98.477 0.0017 130.82
WABR Rate Amount	0.003 - -	0.000 0.0026 0.00	0.000 0.0026 0.00	0.000 0.0024 0.00	1.523 0.0011 6.93
OTHER Rate Amount	0.003 - -	0.000 0.0000 0.00	0.005 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00

Non S&P 500

Summary 1st Quarter 2023

% 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
0.056	0.389	0.208	0.395	0.008
Feb
0.140	0.133	0.367	0.498	0.002
Mar
0.130	0.161	0.427	0.408	0.004

Detail 1st Quarter 2023

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jan
CPEM Rate Amount	61.199 - -	46.818 0.0016 1,697.720	51.694 0.0016 2,909.854	81.627 0.0016 10,496.646	0.000 0.0016 0.000
INET Rate Amount	0.173 - -	0.250 0.0030 384.960	0.117 0.0030 8.235	0.131 0.0020 1,713.210	0.000 0.0000 0.000
NITE Rate Amount	0.021 - -	0.000 0.0000 0.000	0.102 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
REDG Rate Amount	0.052 - -	0.000 0.0000 0.000	0.029 0.0000 0.000	0.116 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	37.050 - -	52.760 0.0017 1,098.401	47.590 0.0017 4,791.531	14.976 0.0017 1,905.836	87.879 0.0017 312.716
WABR Rate Amount	0.599 - -	0.094 0.0026 142.740	0.102 0.0026 10.335	1.125 0.0024 385.795	12.121 0.0011 8.030
OTHER Rate Amount	0.906 - -	0.078 0.0000 0.000	0.365 0.0000 0.000	2.026 0.0000 0.000	0.000 0.0000 0.000
Feb
CPEM Rate Amount	82.991 - -	51.300 0.0016 1,902.662	82.904 0.0016 7,719.720	91.929 0.0016 23,915.480	0.000 0.0016 0.000
INET Rate Amount	0.101 - -	0.527 0.0030 1,437.720	0.000 0.0030 0.000	0.062 0.0020 238.650	0.000 0.0000 0.000
REDG Rate Amount	0.006 - -	0.018 0.0000 0.000	0.003 0.0000 0.000	0.005 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	15.853 - -	43.206 0.0017 1,049.432	16.757 0.0017 2,885.211	7.658 0.0017 3,314.426	60.804 0.0017 62.672
WABR Rate Amount	0.320 - -	0.028 0.0026 3.380	0.161 0.0026 216.835	0.324 0.0024 784.927	39.196 0.0011 16.517
OTHER Rate Amount	0.729 - -	4.921 0.0000 0.000	0.174 0.0000 0.000	0.022 0.0000 0.000	0.000 0.0000 0.000
Mar
CPEM Rate Amount	78.747 - -	33.696 0.0016 2,486.522	85.742 0.0016 8,900.528	90.030 0.0016 13,422.098	0.000 0.0016 0.000
INET Rate Amount	0.181 - -	0.193 0.0030 600.150	0.106 0.0030 54.672	0.258 0.0020 76.726	0.000 0.0000 0.000
NITE Rate Amount	0.010 - -	0.000 0.0000 0.000	0.005 0.0000 0.000	0.019 0.0000 0.000	0.000 0.0000 0.000
REDG Rate Amount	0.009 - -	0.000 0.0000 0.000	0.003 0.0000 0.000	0.019 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	20.359 - -	65.844 0.0017 1,589.424	13.773 0.0017 2,497.785	8.753 0.0017 1,976.924	73.096 0.0017 114.912
WABR Rate Amount	0.557 - -	0.151 0.0026 89.180	0.111 0.0026 53.420	0.903 0.0024 693.173	26.904 0.0011 22.110
OTHER Rate Amount	0.137 - -	0.117 0.0000 0.000	0.259 0.0000 0.000	0.019 0.0000 0.000	0.000 0.0000 0.000

Options

Summary 1st Quarter 2023

% 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
0.090	0.155	0.608	0.238	0.000
Feb
0.156	0.073	0.753	0.174	0.000
Mar
0.160	0.127	0.615	0.258	0.000

Detail 1st Quarter 2023

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jan
CMSP Rate Amount	30.971 0 -	0.000 0.0000 0.000	39.525 0.0000 0.000	29.282 0.0000 0.000	0.000 0.0000 0.000
DFIN Rate Amount	67.848 0 -	100.000 0.0000 0.000	60.043 0.0000 0.000	66.851 0.0000 0.000	0.000 0.0000 0.000
MATRIX Rate Amount	1.181 0 -	0.000 0.0000 0.000	0.432 0.0000 0.000	3.867 0.0000 0.000	0.000 0.0000 0.000
Feb
CMSP Rate Amount	26.689 0 -	0.000 0.0000 0.000	27.380 0.0000 0.000	34.902 0.0000 0.000	0.000 0.0000 0.000
DFIN Rate Amount	72.150 0 -	100.000 0.0000 0.000	72.620 0.0000 0.000	58.431 0.0000 0.000	0.000 0.0000 0.000
MATRIX Rate Amount	1.160 0 -	0.000 0.0000 0.000	0.000 0.0000 0.000	6.667 0.0000 0.000	0.000 0.0000 0.000
Mar
CMSP Rate Amount	47.539 0 -	0.000 0.0000 0.000	49.756 0.0000 0.000	65.734 0.0000 0.000	0.000 0.0000 0.000
DFIN Rate Amount	51.921 0 -	100.000 0.0000 0.000	49.951 0.0000 0.000	32.867 0.0000 0.000	0.000 0.0000 0.000
MATRIX Rate Amount	0.540 0 -	0.000 0.0000 0.000	0.293 0.0000 0.000	1.399 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)
DFIN
Matrix (REDG)
NITE
RQD (CMSP)
Virtu/ITG (IAEC, ITGI, VALR)
Wall Street Access (WABR)

S&P 500

Non S&P 500

Options

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