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 2021

% 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
18.87	72.97	17.18	8.68	1.17

Detail 1st Quarter 2021

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jan
CPEM	5.99	6.61	1.39	10.71	0.00
IAEC	6.15	8.39	0.16	0.00	0.00
INET	0.01	0.00	0.07	0.00	0.00
Other	0.97	1.32	0.00	0.04	0.00
VALR	14.85	7.11	43.99	24.21	0.00
WABR	0.32	0.35	0.00	0.00	5.28
Feb
ARCA	0.05	0.00	0.07	0.49	0.00
CPEM	2.12	0.78	3.90	10.17	0.00
IAEC	10.93	14.58	0.13	3.02	0.00
INET	0.02	0.00	0.00	0.18	0.00
Other	0.45	0.61	0.04	0.00	0.00
VALR	9.98	9.40	14.27	6.57	8.25
WABR	1.07	1.15	0.11	1.69	5.94
Mar
ARCA	0.02	0.00	0.04	0.09	0.00
CPEM	8.25	8.56	3.57	15.99	0.00
IAEC	15.27	19.85	0.36	8.35	0.00
INET	0.01	0.00	0.00	0.09	0.00
Other	3.73	5.09	0.04	0.04	0.00
VALR	18.56	15.83	31.64	16.61	11.55
WABR	1.26	0.37	0.20	1.73	68.98

Non S&P 500

Summary 1st Quarter 2021

% 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
68.70	52.95	20.66	25.10	1.29

Detail 1st Quarter 2021

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jan
ARCA	0.04	0.00	0.02	0.16	0.00
CPEM	5.13	6.12	5.02	3.37	0.00
IAEC	5.14	7.35	1.26	3.92	0.00
INET	0.19	0.15	0.09	0.37	0.00
NITE	0.25	0.07	0.24	0.65	0.00
Other	0.14	0.05	0.32	0.19	0.00
VALR	14.69	15.21	19.28	9.57	19.78
WABR	1.86	0.99	1.39	3.64	10.70
Feb
ARCA	0.00	0.00	0.00	0.01	0.00
CPEM	12.84	9.20	5.85	26.93	0.00
IAEC	4.46	7.48	0.82	1.30	0.00
INET	0.15	0.21	0.06	0.10	0.00
NITE	0.31	0.05	0.31	0.86	0.00
Other	0.92	1.10	0.38	1.01	0.00
VALR	17.00	15.71	27.69	10.61	22.95
WABR	1.98	1.20	2.53	2.75	10.03
Mar
CPEM	7.27	6.28	4.23	12.24	0.00
IAEC	5.03	7.68	1.51	2.59	0.00
IFCS	0.17	0.25	0.15	0.04	0.00
INET	0.12	0.16	0.06	0.11	0.00
NITE	0.26	0.03	0.28	0.74	0.00
OPCO	0.06	0.00	0.02	0.24	0.00
Other	0.48	0.55	0.53	0.29	0.00
VALR	18.78	18.70	25.33	13.62	17.63
WABR	2.72	1.43	2.63	4.68	18.90

Options

Summary 1st Quarter 2021

% 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
1.06	18.55	51.29	30.16	0.00

Detail 1st Quarter 2021

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Jan
Other	27.07	32.88	25.41	26.32	0.00
Feb
Other	35.17	45.95	28.83	39.34	0.00
Mar
Other	37.76	21.17	45.77	34.35	0.00

Venue Rates

Venue	Market Orders	Marketable Lmt Orders	Non-Marketable Lmt Orders	Other Orders
ARCA	0.00325	0.00325	0.002	0.00325
CPEM	0.0013	0.0019	0.0003	0.0019
INET	0.001	0.003	0.002	0.003
IAEC	0.00171	0.00171	0.00171	0.00171
ITGI	0.00171	0.00171	0.00171	0.00171
VALR	0.00171	0.00171	0.00171	0.00171
WABR	0.0026	0.0026	0.0024	0.0026

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)
Wall Street Access (WABR)
Virtu/ITG (IAEC, ITGI, VALR)

S&P 500

Non S&P 500

Options

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