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 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
Apr
0.121	0.084	0.412	0.495	0.009
May
0.116	0.146	0.376	0.471	0.008
Jun
0.095	0.090	0.542	0.362	0.006

Detail 2nd Quarter 2024

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Apr
CPEM Rate Amount	86.853 - -	20.471 0.0016 109.07	90.159 0.0016 800.91	96.911 0.0016 1,286.13	0.000 0.0016 0.00
VALR Rate Amount	11.600 - -	64.706 0.0017 177.59	9.192 0.0017 125.16	3.069 0.0017 97.56	97.674 0.0017 9.75
VNDM Rate Amount	0.020 - -	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	2.326 0.0000 0.00
WALL Rate Amount	1.191 - -	14.118 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
OTHER Rate Amount	0.337 - -	0.706 0.0000 0.00	0.650 0.0000 0.00	0.020 0.0000 0.00	0.000 0.0000 0.00
May
COWN Rate Amount	0.135 - -	0.923 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	78.633 - -	40.454 0.0016 893.02	77.630 0.0016 698.61	92.552 0.0016 1,166.05	0.000 0.0016 0.00
SPDR Rate Amount	0.010 - -	0.071 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	18.255 - -	40.312 0.0017 205.01	21.790 0.0017 208.85	7.272 0.0017 82.91	100.000 0.0017 7.11
WALL Rate Amount	2.666 - -	18.240 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
OTHER Rate Amount	0.301 - -	0.000 0.0000 0.00	0.580 0.0000 0.00	0.176 0.0000 0.00	0.000 0.0000 0.00
Jun
COWN Rate Amount	0.012 - -	0.000 0.0000 0.00	0.021 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
CPEM Rate Amount	75.331 - -	9.266 0.0016 67.33	81.976 0.0016 653.44	83.184 0.0016 552.58	0.000 0.0016 0.00
INET Rate Amount	0.186 - -	0.129 0.0030 7.20	0.321 0.0030 15.00	0.000 0.0020 0.00	0.000 0.0000 0.00
SPDR Rate Amount	0.488 - -	5.405 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	21.221 - -	55.470 0.0017 57.73	17.681 0.0017 418.98	16.816 0.0017 121.71	87.273 0.0017 19.49
VNDM Rate Amount	0.081 - -	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	12.727 0.0000 0.00
WALL Rate Amount	2.682 - -	29.730 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00

Non S&P 500

Summary 2nd 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
Apr
0.036	0.274	0.325	0.393	0.009
May
0.039	0.269	0.280	0.440	0.011
Jun
0.039	0.268	0.268	0.448	0.016

Detail 2nd Quarter 2024

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Apr
CPEM Rate Amount	67.518 - -	52.100 0.0016 1,369.669	67.712 0.0016 1,802.574	79.615 0.0016 3,445.712	0.000 0.0016 0.000
INET Rate Amount	0.568 - -	1.514 0.0030 506.025	0.133 0.0030 3.834	0.279 0.0020 36.330	0.000 0.0000 0.000
NITE Rate Amount	0.047 - -	0.000 0.0000 0.000	0.060 0.0000 0.000	0.070 0.0000 0.000	0.000 0.0000 0.000
REDG Rate Amount	0.071 - -	0.000 0.0000 0.000	0.157 0.0000 0.000	0.050 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	22.353 - -	18.286 0.0017 513.687	28.813 0.0017 1,121.917	18.320 0.0017 989.309	91.855 0.0017 71.478
VNDM Rate Amount	0.153 - -	0.029 0.0000 0.000	0.097 0.0000 0.000	0.110 0.0000 0.000	8.145 0.0000 0.000
WALL Rate Amount	0.450 - -	1.300 0.0000 0.000	0.000 0.0000 0.000	0.239 0.0000 0.000	0.000 0.0000 0.000
OTHER Rate Amount	8.840 - -	26.771 0.0000 0.000	3.028 0.0000 0.000	1.317 0.0000 0.000	0.000 0.0000 0.000
May
COWN Rate Amount	1.020 - -	3.269 0.0000 0.000	0.275 0.0000 0.000	0.146 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	58.514 - -	18.698 0.0016 849.973	63.329 0.0016 1,559.144	80.984 0.0016 3,565.355	10.256 0.0016 8.640
INET Rate Amount	0.574 - -	0.610 0.0030 702.255	0.229 0.0030 58.350	0.786 0.0020 191.250	0.000 0.0000 0.000
NITE Rate Amount	0.226 - -	0.000 0.0000 0.000	0.348 0.0000 0.000	0.291 0.0000 0.000	0.000 0.0000 0.000
REDG Rate Amount	0.008 - -	0.000 0.0000 0.000	0.018 0.0000 0.000	0.006 0.0000 0.000	0.000 0.0000 0.000
SPDR Rate Amount	0.646 - -	0.010 0.0000 0.000	0.092 0.0000 0.000	1.403 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	29.118 - -	52.368 0.0017 1,139.980	31.742 0.0017 1,962.348	12.291 0.0017 2,138.206	67.366 0.0017 81.268
VNDM Rate Amount	1.002 - -	0.019 0.0000 0.000	0.238 0.0000 0.000	1.555 0.0000 0.000	22.378 0.0000 0.000
WALL Rate Amount	0.597 - -	0.820 0.0000 0.000	0.027 0.0000 0.000	0.838 0.0000 0.000	0.000 0.0000 0.000
OTHER Rate Amount	8.295 - -	24.207 0.0000 0.000	3.701 0.0000 0.000	1.700 0.0000 0.000	0.000 0.0000 0.000
Jun
COWN Rate Amount	4.637 - -	8.175 0.0000 0.000	2.608 0.0000 0.000	3.898 0.0000 0.000	0.000 0.0000 0.000
CPEM Rate Amount	47.726 - -	26.398 0.0016 645.152	50.813 0.0016 881.645	59.859 0.0016 1,847.139	13.626 0.0016 17.600
INET Rate Amount	0.403 - -	1.189 0.0030 521.205	0.041 0.0030 1.500	0.164 0.0020 87.700	0.000 0.0000 0.000
NITE Rate Amount	0.004 - -	0.014 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.011 - -	0.000 0.0000 0.000	0.000 0.0000 0.000	0.025 0.0000 0.000	0.000 0.0000 0.000
SPDR Rate Amount	6.612 - -	15.325 0.0000 0.000	1.871 0.0000 0.000	4.471 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	40.095 - -	48.421 0.0017 1,373.559	44.531 0.0017 1,351.943	31.469 0.0017 1,847.457	67.667 0.0017 301.986
VNDM Rate Amount	0.345 - -	0.000 0.0000 0.000	0.027 0.0000 0.000	0.090 0.0000 0.000	18.707 0.0000 0.000
WALL Rate Amount	0.117 - -	0.424 0.0000 0.000	0.000 0.0000 0.000	0.008 0.0000 0.000	0.000 0.0000 0.000
OTHER Rate Amount	0.051 - -	0.055 0.0000 0.000	0.109 0.0000 0.000	0.016 0.0000 0.000	0.000 0.0000 0.000

Options

Summary 2nd 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
Apr
0.058	0.240	0.637	0.123	0.000
May
0.062	0.176	0.602	0.223	0.000
Jun
0.131	0.095	0.643	0.262	0.000

Detail 2nd Quarter 2024

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Apr
DFIN Rate Amount	98.880 0 -	100.000 0.0000 0.000	99.246 0.0000 0.000	94.805 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	1.120 0 -	0.000 0.0000 0.000	0.754 0.0000 0.000	5.195 0.0000 0.000	0.000 0.0000 0.000
May
DFIN Rate Amount	97.143 0 -	100.000 0.0000 0.000	99.500 0.0000 0.000	88.514 0.0000 0.000	0.000 0.0000 0.000
RSKY Rate Amount	2.857 0 -	0.000 0.0000 0.000	0.500 0.0000 0.000	11.486 0.0000 0.000	0.000 0.0000 0.000
Jun
CMSP Rate Amount	20.767 0 -	0.000 0.0000 0.000	19.796 0.0000 0.000	30.714 0.0000 0.000	0.000 0.0000 0.000
DFIN Rate Amount	79.233 0 -	100.000 0.0000 0.000	80.204 0.0000 0.000	69.286 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).

S&P 500

Non S&P 500

Options

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