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 2022

% 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
0.645	0.029	0.583	0.387	0.000
Nov
0.614	0.018	0.640	0.341	0.001
Dec
0.862	0.013	0.649	0.338	0.000

Detail 4th Quarter 2022

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Oct
CPEM Rate Amount	97.105 - -	12.268 0.0016 1,022.40	99.782 0.0016 11,795.84	99.453 0.0016 11,968.05	0.000 0.0016 0.00
VALR Rate Amount	2.893 - -	87.732 0.0017 132.25	0.215 0.0017 53.36	0.547 0.0017 62.73	100.000 0.0017 7.70
OTHER Rate Amount	0.002 - -	0.000 0.0000 0.00	0.003 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
Nov
CPEM Rate Amount	98.092 - -	17.701 0.0016 683.12	99.571 0.0016 10,502.74	99.797 0.0016 7,547.05	0.000 0.0016 0.00
INET Rate Amount	0.001 - -	0.000 0.0030 0.00	0.000 0.0030 0.00	0.003 0.0020 4.00	0.000 0.0000 0.00
VALR Rate Amount	1.840 - -	82.299 0.0017 129.63	0.426 0.0017 55.24	0.200 0.0017 19.91	1.493 0.0017 0.86
WABR Rate Amount	0.064 - -	0.000 0.0026 0.00	0.000 0.0026 0.00	0.000 0.0024 0.00	98.507 0.0011 18.06
OTHER Rate Amount	0.002 - -	0.000 0.0000 0.00	0.003 0.0000 0.00	0.000 0.0000 0.00	0.000 0.0000 0.00
Dec
CPEM Rate Amount	99.029 - -	40.315 0.0016 1,040.72	99.828 0.0016 11,873.02	99.856 0.0016 8,079.30	0.000 0.0016 0.00
VALR Rate Amount	0.971 - -	59.685 0.0017 85.48	0.172 0.0017 43.96	0.144 0.0017 57.91	100.000 0.0017 17.10

Non S&P 500

Summary 4th Quarter 2022

% 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
0.225	0.077	0.531	0.391	0.001
Nov
0.143	0.165	0.477	0.356	0.002
Dec
0.179	0.104	0.497	0.397	0.001

Detail 4th Quarter 2022

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Oct
ARCA Rate Amount	0.001 - -	0.000 0.0030 0.000	0.001 0.0035 28.000	0.000 0.0020 0.000	0.000 0.0030 0.000
CPEM Rate Amount	91.260 - -	29.524 0.0016 1,698.661	97.104 0.0016 18,439.947	95.644 0.0016 24,082.544	0.000 0.0016 0.000
INET Rate Amount	0.557 - -	0.209 0.0030 836.490	0.463 0.0030 185.787	0.754 0.0020 748.656	0.000 0.0000 0.000
NITE Rate Amount	0.002 - -	0.000 0.0000 0.000	0.000 0.0000 0.000	0.005 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	7.707 - -	66.275 0.0017 1,024.028	2.426 0.0017 1,555.192	3.196 0.0017 1,832.841	91.176 0.0017 67.032
WABR Rate Amount	0.025 - -	0.064 0.0026 7.020	0.001 0.0026 0.260	0.035 0.0024 7.586	8.824 0.0011 8.388
OTHER Rate Amount	0.449 - -	3.928 0.0000 0.000	0.005 0.0000 0.000	0.367 0.0000 0.000	0.000 0.0000 0.000
Nov
CPEM Rate Amount	82.790 - -	42.058 0.0016 2,103.837	92.024 0.0016 9,549.362	89.802 0.0016 12,543.458	0.000 0.0016 0.000
INET Rate Amount	0.066 - -	0.033 0.0030 246.750	0.037 0.0030 10.743	0.122 0.0020 353.908	0.000 0.0000 0.000
NITE Rate Amount	0.012 - -	0.000 0.0000 0.000	0.025 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.004 - -	0.000 0.0000 0.000	0.000 0.0000 0.000	0.010 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	16.939 - -	57.669 0.0017 1,714.369	7.804 0.0017 1,657.813	10.032 0.0017 1,947.596	55.981 0.0017 74.385
WABR Rate Amount	0.096 - -	0.017 0.0026 14.300	0.006 0.0026 2.678	0.016 0.0024 15.960	44.019 0.0011 98.945
OTHER Rate Amount	0.093 - -	0.223 0.0000 0.000	0.104 0.0000 0.000	0.018 0.0000 0.000	0.000 0.0000 0.000
Dec
CPEM Rate Amount	90.036 - -	37.008 0.0016 3,825.718	95.468 0.0016 18,343.216	97.359 0.0016 26,054.840	0.000 0.0016 0.000
INET Rate Amount	0.249 - -	0.075 0.0030 135.891	0.284 0.0030 220.362	0.252 0.0020 102.752	0.000 0.0000 0.000
NITE Rate Amount	0.013 - -	0.082 0.0000 0.000	0.002 0.0000 0.000	0.010 0.0000 0.000	0.000 0.0000 0.000
OPCO Rate Amount	0.028 - -	0.007 0.0000 0.000	0.000 0.0000 0.000	0.069 0.0000 0.000	0.000 0.0000 0.000
TIAN Rate Amount	0.001 - -	0.000 0.0000 0.000	0.002 0.0000 0.000	0.000 0.0000 0.000	0.000 0.0000 0.000
VALR Rate Amount	9.510 - -	62.138 0.0017 1,098.967	4.130 0.0017 1,441.024	2.226 0.0017 1,371.712	100.000 0.0017 162.696
WABR Rate Amount	0.060 - -	0.135 0.0026 2,675.585	0.041 0.0026 27.040	0.065 0.0024 131.664	0.000 0.0011 0.000
OTHER Rate Amount	0.102 - -	0.554 0.0000 0.000	0.074 0.0000 0.000	0.020 0.0000 0.000	0.000 0.0000 0.000

Options

Summary 4th Quarter 2022

% 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
0.120	0.097	0.621	0.282	0.000
Nov
0.094	0.110	0.610	0.280	0.000
Dec
0.263	0.090	0.741	0.169	0.000

Detail 4th Quarter 2022

Venue	% Non Directed	% Market Orders	% Marketable Lmt Orders	% Non-Marketable Lmt Orders	% Other Orders
Oct
CMSP Rate Amount	14.029 0 -	0.000 0.0000 0.000	16.522 0.0000 0.000	13.376 0.0000 0.000	0.000 0.0000 0.000
DFIN Rate Amount	85.342 0 -	100.000 0.0000 0.000	82.754 0.0000 0.000	85.987 0.0000 0.000	0.000 0.0000 0.000
MATRIX Rate Amount	0.629 0 -	0.000 0.0000 0.000	0.725 0.0000 0.000	0.637 0.0000 0.000	0.000 0.0000 0.000
Nov
CMSP Rate Amount	25.576 0 -	0.000 0.0000 0.000	16.501 0.0000 0.000	55.411 0.0000 0.000	0.000 0.0000 0.000
DFIN Rate Amount	74.182 0 -	100.000 0.0000 0.000	83.300 0.0000 0.000	44.156 0.0000 0.000	0.000 0.0000 0.000
MATRIX Rate Amount	0.242 0 -	0.000 0.0000 0.000	0.199 0.0000 0.000	0.433 0.0000 0.000	0.000 0.0000 0.000
Dec
CMSP Rate Amount	20.172 0 -	0.000 0.0000 0.000	16.561 0.0000 0.000	46.759 0.0000 0.000	0.000 0.0000 0.000
DFIN Rate Amount	79.828 0 -	100.000 0.0000 0.000	83.439 0.0000 0.000	53.241 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
NITE
RQD (CMSP)
Virtu/ITG (IAEC, ITGI, VALR)
Wall Street Access (WABR)

S&P 500

Non S&P 500

Options

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