1.2
NATIONAL FINANCIAL SERVICES LLC
2021
03
2021-10-26T21:09:35Z
2021
07
7.39
45.47
50.58
3.82
0.13
National Financial Services LLC
XSTM
8.18
0.00
0.00
0.00
9.18
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Orders may be routed to NFS’s Alternative Trading System, CrossStream. NFS is not charged an explicit fee for orders executed in CrossStream but may receive a trading commission from the contra-side party against which the order executed.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Investors Exchange
IEXG
8.15
0.00
0.00
0.00
9.14
0
0.0000
0
0.0000
0
0.0000
-1195
-9.0000
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable.
Visit exchange websites directly for detailed price lists: https://exchange.iex.io/resources/trading/fee-schedule/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Credit Suisse Securities (USA) LLC
FBCO
6.83
0.00
32.94
23.81
6.87
0
0.0000
-12857
-23.4297
-73
-23.4297
-275
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by Credit Suisse Securities (USA) LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by Credit Suisse Securities (USA) LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
UBS Securities LLC - ATS
UBSA
6.11
0.00
0.00
0.00
6.85
0
0.0000
0
0.0000
0
0.0000
-1164
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
INTELLIGENT CROSS LLC
INCR
6.04
0.00
0.00
0.00
6.77
0
0.0000
0
0.0000
0
0.0000
-529
-8.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
EBX LLC
EBXL
5.98
0.00
0.00
0.00
6.71
0
0.0000
0
0.0000
0
0.0000
-172
-6.7075
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders may be routed through EBX LLC in which NFS or its affiliates have an interest.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Merrill Lynch, Pierce, Fenner & Smith Inc.
MLCO
5.90
0.00
0.00
0.00
6.62
0
0.0000
0
0.0000
0
0.0000
-145
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Goldman, Sachs & Co.
GSCO
5.67
0.00
0.00
0.00
6.36
0
0.0000
0
0.0000
0
0.0000
-1029
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
JP Morgan Securities LLC
JPMS
5.66
0.00
0.00
0.00
6.34
0
0.0000
0
0.0000
0
0.0000
-531
-12.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Morgan Stanley & Company LLC
MSCO
5.60
0.00
10.47
4.80
6.05
0
0.0000
-2913
-22.8626
-5
-22.8626
-3483
-20.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by Morgan Stanley & Co. LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by Morgan Stanley & Co. LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
NASDAQ Execution Services, LLC
NSDQ
4.93
0.01
0.02
0.92
5.52
-67
-1.5553
-1
-0.1972
84
33.0000
-87
-3.2730
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
Rebates are generally for limit orders required to be displayed on exchange per the SEC Limit Order Display Rule but may also include marketable orders executed on certain exchanges.
Economics associated with Market orders, Marketable Limit orders and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described on this report represent a mix of interactions on the exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Citadel Securities LLC
CDRG
4.50
47.89
14.75
27.73
0.00
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Barclays Capital, Inc.
LEHM
3.62
0.00
0.00
0.00
4.06
0
0.0000
0
0.0000
0
0.0000
-385
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
VIRTU Americas, LLC
NITE
2.96
30.11
14.51
26.89
0.00
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
VIRTU Americas LLC
KCGM
2.79
0.00
27.20
14.35
2.50
0
0.0000
-7361
-23.1884
-60
-23.1884
-64
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by VIRTU Americas LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by VIRTU Americas LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Deutsche Bank Securities Inc.
DBAB
2.33
0.00
0.00
0.00
2.62
0
0.0000
0
0.0000
0
0.0000
-49
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
CODA MARKETS, INC.
CODA
2.33
0.00
0.00
0.00
2.62
0
0.0000
0
0.0000
0
0.0000
-273
-5.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
BIDS Trading LP
BIDS
2.25
0.00
0.00
0.00
2.53
0
0.0000
0
0.0000
0
0.0000
-77
-15.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS is charged fees by BIDS Trading LP on a tiered price schedule based on volume thresholds.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Instinet LLC
INCA
2.18
0.00
0.00
0.00
2.44
0
0.0000
0
0.0000
0
0.0000
-30
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.
6.67
20.65
64.84
14.36
0.15
National Financial Services LLC
XSTM
7.63
0.00
0.00
0.00
7.94
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Orders may be routed to NFS’s Alternative Trading System, CrossStream. NFS is not charged an explicit fee for orders executed in CrossStream but may receive a trading commission from the contra-side party against which the order executed.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Credit Suisse Securities (USA) LLC
FBCO
6.93
0.00
20.61
5.48
6.92
0
0.0000
-15105
-23.4297
-43
-23.4297
-666
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by Credit Suisse Securities (USA) LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by Credit Suisse Securities (USA) LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
INTELLIGENT CROSS LLC
INCR
6.68
0.00
0.00
0.00
6.95
0
0.0000
0
0.0000
0
0.0000
-1082
-8.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
EBX LLC
EBXL
6.59
0.00
0.00
0.00
6.86
0
0.0000
0
0.0000
0
0.0000
-457
-6.7844
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders may be routed through EBX LLC in which NFS or its affiliates have an interest.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Investors Exchange
IEXG
6.53
0.00
0.00
0.00
6.79
0
0.0000
0
0.0000
0
0.0000
-1462
-9.0000
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable.
Visit exchange websites directly for detailed price lists: https://exchange.iex.io/resources/trading/fee-schedule/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Morgan Stanley & Company LLC
MSCO
6.52
0.00
7.32
1.79
6.69
0
0.0000
-4789
-22.8626
-3
-22.8626
-6335
-20.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by Morgan Stanley & Co. LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by Morgan Stanley & Co. LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
JP Morgan Securities LLC
JPMS
6.41
0.00
0.00
0.00
6.67
0
0.0000
0
0.0000
0
0.0000
-1194
-12.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Merrill Lynch, Pierce, Fenner & Smith Inc.
MLCO
6.37
0.00
0.00
0.00
6.63
0
0.0000
0
0.0000
0
0.0000
-280
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
UBS Securities LLC - ATS
UBSA
6.20
0.00
0.00
0.00
6.45
0
0.0000
0
0.0000
0
0.0000
-2419
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
NASDAQ Execution Services, LLC
NSDQ
5.83
0.08
0.03
1.24
6.06
-216
-4.7492
-16
-2.6210
444
30.2441
-68
-1.5171
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
Rebates are generally for limit orders required to be displayed on exchange per the SEC Limit Order Display Rule but may also include marketable orders executed on certain exchanges.
Economics associated with Market orders, Marketable Limit orders and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described on this report represent a mix of interactions on the exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Goldman, Sachs & Co.
GSCO
5.75
0.00
0.00
0.00
5.98
0
0.0000
0
0.0000
0
0.0000
-2047
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Barclays Capital, Inc.
LEHM
5.19
0.00
0.00
0.00
5.40
0
0.0000
0
0.0000
0
0.0000
-1182
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
VIRTU Americas LLC
KCGM
2.72
0.00
19.86
4.93
2.56
0
0.0000
-13848
-23.1884
-68
-23.1884
-153
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by VIRTU Americas LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by VIRTU Americas LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Deutsche Bank Securities Inc.
DBAB
2.58
0.00
0.00
0.00
2.69
0
0.0000
0
0.0000
0
0.0000
-104
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
CODA MARKETS, INC.
CODA
2.56
0.00
0.00
0.00
2.67
0
0.0000
0
0.0000
0
0.0000
-528
-5.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
BIDS Trading LP
BIDS
2.49
0.00
0.00
0.00
2.59
0
0.0000
0
0.0000
0
0.0000
-164
-15.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS is charged fees by BIDS Trading LP on a tiered price schedule based on volume thresholds.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Instinet LLC
INCA
2.43
0.00
0.00
0.00
2.53
0
0.0000
0
0.0000
0
0.0000
-66
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
ITG, Inc.
ITGI
1.94
0.00
0.00
0.00
2.01
0
0.0000
0
0.0000
0
0.0000
-164
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.
98.78
0.00
0.00
0.00
100.00
NYSE Arca Options
ARCA
24.69
0.00
0.00
0.00
24.69
0
0.0000
0
0.0000
0
0.0000
3117
30.3900
NFS may be charged fees or receive rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tiers based on volume thresholds.
Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf
Cboe BZX Options Exchange, Inc.
BATS
21.65
0.00
0.00
0.00
21.65
0
0.0000
0
0.0000
0
0.0000
1554
18.6600
NFS may be charged fees or receive rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tiers based on volume thresholds.
Visit exchange websites directly for detailed price lists: https://www.cboe.com/us/options/membership/fee_schedule/bzx/
NASDAQ Options Market
NSDQ
21.53
0.00
0.00
0.00
21.53
0
0.0000
0
0.0000
0
0.0000
865
8.2600
NFS may be charged fees or receive rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tiers based on volume thresholds.
Visit exchange websites directly for detailed price lists: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-options-7
Cboe Options Exchange
CBOE
17.84
0.00
0.00
0.00
17.84
0
0.0000
0
0.0000
0
0.0000
-1433
-20.4900
NFS may be charged fees or receive rebates for orders executed on specific options exchanges.
NFS does not negotiate, set rates for, or solicit payment for order flow on options orders. However, NFS may generate rebates (e.g. Marketing Fees) associated with the routing of orders to CBOE options exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tiers based on volume thresholds.
Visit exchange websites directly for detailed price lists: https://www.cboe.com/us/options/membership/fee_schedule/
Morgan Stanley & Company LLC
MSCO
14.18
0.00
0.00
0.00
14.18
0
0.0000
0
0.0000
0
0.0000
-4095
-10.0000
NFS may use broker Morgan Stanley and Company LLC for additional options routing.
Executions via this router are charged additional fees under a cost-plus agreement.
2021
08
7.18
48.98
47.70
3.23
0.09
Investors Exchange
IEXG
9.19
0.00
0.00
0.00
10.51
0
0.0000
0
0.0000
0
0.0000
-1030
-9.0000
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable.
Visit exchange websites directly for detailed price lists: https://exchange.iex.io/resources/trading/fee-schedule/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
National Financial Services LLC
XSTM
7.63
0.00
0.00
0.00
8.73
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Orders may be routed to NFS’s Alternative Trading System, CrossStream. NFS is not charged an explicit fee for orders executed in CrossStream but may receive a trading commission from the contra-side party against which the order executed.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
UBS Securities LLC - ATS
UBSA
6.47
0.00
0.00
0.00
7.40
0
0.0000
0
0.0000
0
0.0000
-1292
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Credit Suisse Securities (USA) LLC
FBCO
6.20
0.00
30.74
28.50
6.42
0
0.0000
-8949
-24.8863
-72
-24.8863
-195
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by Credit Suisse Securities (USA) LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by Credit Suisse Securities (USA) LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
INTELLIGENT CROSS LLC
INCR
5.83
0.00
0.00
0.00
6.66
0
0.0000
0
0.0000
0
0.0000
-384
-8.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Citadel Securities LLC
CDRG
5.48
47.94
17.89
23.58
0.00
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
EBX LLC
EBXL
5.46
0.00
0.00
0.00
6.24
0
0.0000
0
0.0000
0
0.0000
-112
-6.7755
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders may be routed through EBX LLC in which NFS or its affiliates have an interest.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Merrill Lynch, Pierce, Fenner & Smith Inc.
MLCO
5.40
0.00
0.00
0.00
6.18
0
0.0000
0
0.0000
0
0.0000
-72
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Goldman, Sachs & Co.
GSCO
5.18
0.00
0.00
0.00
5.92
0
0.0000
0
0.0000
0
0.0000
-722
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
JP Morgan Securities LLC
JPMS
5.15
0.00
0.00
0.00
5.90
0
0.0000
0
0.0000
0
0.0000
-402
-12.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Morgan Stanley & Company LLC
MSCO
5.09
0.00
9.08
6.24
5.63
0
0.0000
-2019
-25.4084
-2
-25.4084
-1873
-20.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by Morgan Stanley & Co. LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by Morgan Stanley & Co. LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Barclays Capital, Inc.
LEHM
4.74
0.00
0.00
0.00
5.42
0
0.0000
0
0.0000
0
0.0000
-462
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
NASDAQ Execution Services, LLC
NSDQ
4.63
0.02
0.03
0.69
5.30
-158
-13.5000
-46
-13.5000
48
30.8863
-146
-8.6266
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
Rebates are generally for limit orders required to be displayed on exchange per the SEC Limit Order Display Rule but may also include marketable orders executed on certain exchanges.
Economics associated with Market orders, Marketable Limit orders and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described on this report represent a mix of interactions on the exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
VIRTU Americas, LLC
NITE
3.55
29.96
17.54
22.80
0.00
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
VIRTU Americas LLC
KCGM
2.58
0.00
24.61
17.44
2.43
0
0.0000
-5413
-26.0750
-53
-26.0750
-45
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by VIRTU Americas LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by VIRTU Americas LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Deutsche Bank Securities Inc.
DBAB
2.19
0.00
0.00
0.00
2.51
0
0.0000
0
0.0000
0
0.0000
-36
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
BIDS Trading LP
BIDS
2.16
0.00
0.00
0.00
2.47
0
0.0000
0
0.0000
0
0.0000
-51
-15.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS is charged fees by BIDS Trading LP on a tiered price schedule based on volume thresholds.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Instinet LLC
INCA
2.00
0.00
0.00
0.00
2.29
0
0.0000
0
0.0000
0
0.0000
-13
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
ITG, Inc.
ITGI
1.77
0.00
0.00
0.00
2.02
0
0.0000
0
0.0000
0
0.0000
-40
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.
9.54
12.08
61.02
26.81
0.08
Investors Exchange
IEXG
7.90
0.00
0.00
0.00
8.05
0
0.0000
0
0.0000
0
0.0000
-1668
-9.0000
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable.
Visit exchange websites directly for detailed price lists: https://exchange.iex.io/resources/trading/fee-schedule/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
NASDAQ Execution Services, LLC
NSDQ
7.38
0.05
0.06
0.70
7.53
-442
-13.5000
-94
-13.4806
189
22.6921
-1168
-15.2816
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
Rebates are generally for limit orders required to be displayed on exchange per the SEC Limit Order Display Rule but may also include marketable orders executed on certain exchanges.
Economics associated with Market orders, Marketable Limit orders and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described on this report represent a mix of interactions on the exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2
[Insert discussion of the material aspects of the relationship with this venue pursuant to rule 606(a)(1)(iv).]
National Financial Services LLC
XSTM
6.65
0.00
0.00
0.00
6.78
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Orders may be routed to NFS’s Alternative Trading System, CrossStream. NFS is not charged an explicit fee for orders executed in CrossStream but may receive a trading commission from the contra-side party against which the order executed.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Credit Suisse Securities (USA) LLC
FBCO
6.17
0.00
20.80
7.79
6.16
0
0.0000
-13687
-24.8863
-80
-24.8863
-582
-10.000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by Credit Suisse Securities (USA) LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by Credit Suisse Securities (USA) LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
INTELLIGENT CROSS LLC
INCR
6.15
0.00
0.00
0.00
6.28
0
0.0000
0
0.0000
0
0.0000
-1016
-8.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Morgan Stanley & Company LLC
MSCO
5.94
0.00
7.20
2.19
6.02
0
0.0000
-4620
-25.4084
-4
-25.4084
-4486
-20.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by Morgan Stanley & Co. LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by Morgan Stanley & Co. LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
EBX LLC
EBXL
5.88
0.00
0.00
0.00
5.99
0
0.0000
0
0.0000
0
0.0000
-406
-6.6119
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders may be routed through EBX LLC in which NFS or its affiliates have an interest.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Merrill Lynch, Pierce, Fenner & Smith Inc.
MLCO
5.85
0.00
0.00
0.00
5.97
0
0.0000
0
0.0000
0
0.0000
-264
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
UBS Securities LLC - ATS
UBSA
5.85
0.00
0.00
0.00
5.97
0
0.0000
0
0.0000
0
0.0000
-2473
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
JP Morgan Securities LLC
JPMS
5.81
0.00
0.00
0.00
5.93
0
0.0000
0
0.0000
0
0.0000
-1144
-12.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Goldman, Sachs & Co.
GSCO
5.33
0.00
0.00
0.00
5.44
0
0.0000
0
0.0000
0
0.0000
-2220
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Barclays Capital, Inc.
LEHM
2.98
0.00
0.00
0.00
3.04
0
0.0000
0
0.0000
0
0.0000
-1204
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
VIRTU Americas LLC
KCGM
2.27
0.00
19.19
6.55
2.19
0
0.0000
-12088
-26.0750
-79
-26.0750
-149
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by VIRTU Americas LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by VIRTU Americas LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Deutsche Bank Securities Inc.
DBAB
2.25
0.00
0.00
0.00
2.29
0
0.0000
0
0.0000
0
0.0000
-156
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
BIDS Trading LP
BIDS
2.17
0.00
0.00
0.00
2.21
0
0.0000
0
0.0000
0
0.0000
-209
-15.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS is charged fees by BIDS Trading LP on a tiered price schedule based on volume thresholds.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Instinet LLC
INCA
2.10
0.00
0.00
0.00
2.14
0
0.0000
0
0.0000
0
0.0000
-77
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Cboe BZX U.S. Equities Exchange
BATS
2.01
0.00
0.01
1.56
2.05
0
0.0000
0
0.0000
5144
17.9396
-164
-29.1596
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
Rebates are generally for limit orders required to be displayed on exchange per the SEC Limit Order Display Rule but may also include marketable orders executed on certain exchanges.
Economics associated with Market orders, Marketable Limit orders and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described on this report represent a mix of interactions on the exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists:
https://www.cboe.com/us/equities/membership/fee_schedule/bzx/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
NYSE Arca
ARCA
2.01
0.00
0.01
0.05
2.05
0
0.0000
-10
-29.1365
0
0.0000
-547
-12.0534
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
Rebates are generally for limit orders required to be displayed on exchange per the SEC Limit Order Display Rule but may also include marketable orders executed on certain exchanges.
Economics associated with Market orders, Marketable Limit orders and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described on this report represent a mix of interactions on the exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Cboe EDGX US Equities Exchange
EDGX
2.01
0.00
0.01
0.59
2.05
0
0.0000
0
0.0000
396
31.8533
-260
-24.5725
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
Rebates are generally for limit orders required to be displayed on exchange per the SEC Limit Order Display Rule but may also include marketable orders executed on certain exchanges.
Economics associated with Market orders, Marketable Limit orders and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described on this report represent a mix of interactions on the exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists:
https://www.cboe.com/us/equities/membership/fee_schedule/edgx/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Cboe BYX U.S. Equities Exchange
YBAT
2.01
0.00
0.00
0.00
2.05
0
0.0000
0
0.0000
0
0.0000
0
0.0000
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
NFS orders sent to Cboe BYX U.S. Equities Exchange usually interact in ways that do not incur economics including but not limited to: removing non-displayed orders or removing mid-point peg liquidity
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists:
https://www.cboe.com/us/equities/membership/fee_schedule/byx/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Cboe EDGA U.S. Equities Exchange
EDGA
2.01
0.00
0.00
0.00
2.05
0
0.0000
0
0.0000
0
0.0000
0
0.0000
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
NFS orders sent to Cboe EDGA US Equities Exchange usually interact in ways that do not incur economics including but not limited to: removing non-displayed orders or removing mid-point peg liquidity
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists:
https://www.cboe.com/us/equities/membership/fee_schedule/edga/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.
98.79
0.00
0.00
0.00
100.00
NYSE Arca Options
ARCA
24.40
0.00
0.00
0.00
24.40
0
0.0000
0
0.0000
0
0.0000
3359
32.2100
NFS may be charged fees or receive rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tiers based on volume thresholds.
Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf
NASDAQ Options Market
NSDQ
22.33
0.00
0.00
0.00
22.33
0
0.0000
0
0.0000
0
0.0000
231
2.9600
NFS may be charged fees or receive rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tiers based on volume thresholds.
Visit exchange websites directly for detailed price lists: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-options-7
Cboe BZX Options Exchange, Inc.
BATS
21.27
0.00
0.00
0.00
21.27
0
0.0000
0
0.0000
0
0.0000
1425
21.3900
NFS may be charged fees or receive rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tiers based on volume thresholds.
Visit exchange websites directly for detailed price lists: https://www.cboe.com/us/options/membership/fee_schedule/bzx/
Cboe Options Exchange
CBOE
16.56
0.00
0.00
0.00
16.56
0
0.0000
0
0.0000
0
0.0000
-900
-16.7900
NFS may be charged fees or receive rebates for orders executed on specific options exchanges.
NFS does not negotiate, set rates for, or solicit payment for order flow on options orders. However, NFS may generate rebates (e.g. Marketing Fees) associated with the routing of orders to CBOE options exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tiers based on volume thresholds.
Visit exchange websites directly for detailed price lists: https://www.cboe.com/us/options/membership/fee_schedule/
Morgan Stanley & Company LLC
MSCO
15.13
0.00
0.00
0.00
15.13
0
0.0000
0
0.0000
0
0.0000
-2874
-10.0000
NFS may use broker Morgan Stanley and Company LLC for additional options routing.
Executions via this router are charged additional fees under a cost-plus agreement.
2021
09
8.08
57.23
39.68
2.91
0.19
Investors Exchange
IEXG
7.91
0.00
0.00
0.00
9.36
0
0.0000
0
0.0000
0
0.0000
-683
-9.0000
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable.
Visit exchange websites directly for detailed price lists: https://exchange.iex.io/resources/trading/fee-schedule/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
National Financial Services LLC
XSTM
7.72
0.00
0.00
0.00
9.14
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Orders may be routed to NFS’s Alternative Trading System, CrossStream. NFS is not charged an explicit fee for orders executed in CrossStream but may receive a trading commission from the contra-side party against which the order executed.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Citadel Securities LLC
CDRG
6.96
47.71
17.45
35.99
0.00
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
UBS Securities LLC - ATS
UBSA
6.34
0.00
0.00
0.00
7.51
0
0.0000
0
0.0000
0
0.0000
-1386
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Credit Suisse Securities (USA) LLC
FBCO
6.04
0.00
33.31
16.66
6.53
0
0.0000
-7482
-25.9307
-64
-25.9307
-203
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by Credit Suisse Securities (USA) LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by Credit Suisse Securities (USA) LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
INTELLIGENT CROSS LLC
INCR
5.60
0.00
0.00
0.00
6.63
0
0.0000
0
0.0000
0
0.0000
-344
-8.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
EBX LLC
EBXL
5.24
0.00
0.00
0.00
6.20
0
0.0000
0
0.0000
0
0.0000
-136
-6.6950
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders may be routed through EBX LLC in which NFS or its affiliates have an interest.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Merrill Lynch, Pierce, Fenner & Smith Inc.
MLCO
5.21
0.00
0.00
0.00
6.17
0
0.0000
0
0.0000
0
0.0000
-78
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Goldman, Sachs & Co.
GSCO
5.10
0.00
0.00
0.00
6.04
0
0.0000
0
0.0000
0
0.0000
-920
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
JP Morgan Securities LLC
JPMS
5.01
0.00
0.00
0.00
5.94
0
0.0000
0
0.0000
0
0.0000
-436
-12.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Morgan Stanley & Company LLC
MSCO
4.97
0.00
8.71
2.95
5.73
0
0.0000
-1397
-26.1796
-20
-26.1796
-2310
-20.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by Morgan Stanley & Co. LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by Morgan Stanley & Co. LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Barclays Capital, Inc.
LEHM
4.93
0.00
0.00
0.00
5.84
0
0.0000
0
0.0000
0
0.0000
-534
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
VIRTU Americas, LLC
NITE
4.59
30.36
16.96
35.08
0.00
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
NASDAQ Execution Services, LLC
NSDQ
4.27
0.02
0.07
0.24
5.05
-275
-13.5000
0
0.0000
-11
-3.7541
-200
-10.7070
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
Rebates are generally for limit orders required to be displayed on exchange per the SEC Limit Order Display Rule but may also include marketable orders executed on certain exchanges.
Economics associated with Market orders, Marketable Limit orders and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described on this report represent a mix of interactions on the exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
VIRTU Americas LLC
KCGM
2.67
0.00
23.08
7.89
2.76
0
0.0000
-3894
-26.5446
-58
-26.5446
-50
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by VIRTU Americas LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by VIRTU Americas LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
BIDS Trading LP
BIDS
2.34
0.00
0.00
0.00
2.77
0
0.0000
0
0.0000
0
0.0000
-59
-15.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS is charged fees by BIDS Trading LP on a tiered price schedule based on volume thresholds.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Instinet LLC
INCA
2.23
0.00
0.00
0.00
2.65
0
0.0000
0
0.0000
0
0.0000
-22
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
ITG, Inc.
ITGI
2.11
0.00
0.00
0.00
2.50
0
0.0000
0
0.0000
0
0.0000
-51
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
JANE STREET CAPITAL, LLC
JNST
2.07
15.25
0.09
0.07
0.00
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.
8.58
17.73
58.37
22.56
1.34
Investors Exchange
IEXG
7.59
0.00
0.00
0.00
7.83
0
0.0000
0
0.0000
0
0.0000
-1443
-9.0000
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable.
Visit exchange websites directly for detailed price lists: https://exchange.iex.io/resources/trading/fee-schedule/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
NASDAQ Execution Services, LLC
NSDQ
7.13
0.07
0.14
1.02
7.35
-561
-13.4941
-39
-5.6878
17
1.9847
-907
-15.4430
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
Rebates are generally for limit orders required to be displayed on exchange per the SEC Limit Order Display Rule but may also include marketable orders executed on certain exchanges.
Economics associated with Market orders, Marketable Limit orders and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described on this report represent a mix of interactions on the exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
National Financial Services LLC
XSTM
6.69
0.00
0.00
0.00
6.91
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Orders may be routed to NFS’s Alternative Trading System, CrossStream. NFS is not charged an explicit fee for orders executed in CrossStream but may receive a trading commission from the contra-side party against which the order executed.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Credit Suisse Securities (USA) LLC
FBCO
6.04
0.00
11.83
5.47
6.12
0
0.0000
-11376
-25.9307
-155
-25.9307
-603
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by Credit Suisse Securities (USA) LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by Credit Suisse Securities (USA) LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
INTELLIGENT CROSS LLC
INCR
6.02
0.00
0.00
0.00
6.21
0
0.0000
0
0.0000
0
0.0000
-1014
-8.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
EBX LLC
EBXL
5.78
0.00
0.00
0.00
5.96
0
0.0000
0
0.0000
0
0.0000
-384
-6.6336
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders may be routed through EBX LLC in which NFS or its affiliates have an interest.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Morgan Stanley & Company LLC
MSCO
5.77
0.00
3.94
1.48
5.92
0
0.0000
-3320
-26.1796
-9
-26.1796
-4827
-20.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by Morgan Stanley & Co. LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by Morgan Stanley & Co. LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Merrill Lynch, Pierce, Fenner & Smith Inc.
MLCO
5.74
0.00
0.00
0.00
5.92
0
0.0000
0
0.0000
0
0.0000
-235
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
JP Morgan Securities LLC
JPMS
5.48
0.00
0.00
0.00
5.65
0
0.0000
0
0.0000
0
0.0000
-1111
-12.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
UBS Securities LLC - ATS
UBSA
5.43
0.00
0.00
0.00
5.60
0
0.0000
0
0.0000
0
0.0000
-2954
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Goldman, Sachs & Co.
GSCO
5.29
0.00
0.00
0.00
5.46
0
0.0000
0
0.0000
0
0.0000
-2343
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Barclays Capital, Inc.
LEHM
3.68
0.00
0.00
0.00
3.80
0
0.0000
0
0.0000
0
0.0000
-1359
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
VIRTU Americas LLC
KCGM
2.32
0.00
10.82
4.24
2.29
0
0.0000
-10329
-26.5446
-113
-26.5446
-111
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS may route orders for additional routing to Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, and VIRTU Americas LLC.
Orders routed further by VIRTU Americas LLC are sent to exchanges which incur fees and rebates based on the exchange rules, subject to SEC approval, and are non-negotiable.
Execution fees and rebates incurred by VIRTU Americas LLC for routing these orders are passed back to NFS plus an additional router fee.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
BIDS Trading LP
BIDS
2.26
0.00
0.00
0.00
2.33
0
0.0000
0
0.0000
0
0.0000
-187
-15.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
NFS is charged fees by BIDS Trading LP on a tiered price schedule based on volume thresholds.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Instinet LLC
INCA
2.17
0.00
0.00
0.00
2.23
0
0.0000
0
0.0000
0
0.0000
-46
-10.0000
NFS may be charged fees for orders executed in Alternative Trading Systems. These fees are agreed upon between NFS and the Alternative Trading Systems or directly set by the Alternative Trading Systems.
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Cboe EDGX US Equities Exchange
EDGX
2.16
0.00
0.11
1.41
2.22
0
0.0000
0
0.0000
138
9.6546
-188
-28.2422
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
Rebates are generally for limit orders required to be displayed on exchange per the SEC Limit Order Display Rule but may also include marketable orders executed on certain exchanges.
Economics associated with Market orders, Marketable Limit orders and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described on this report represent a mix of interactions on the exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists:
https://www.cboe.com/us/equities/membership/fee_schedule/edgx/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
NYSE Arca
ARCA
2.16
0.00
0.04
0.81
2.23
0
0.0000
0
0.0000
0
0.0000
-639
-25.6315
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
Rebates are generally for limit orders required to be displayed on exchange per the SEC Limit Order Display Rule but may also include marketable orders executed on certain exchanges.
Economics associated with Market orders, Marketable Limit orders and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described on this report represent a mix of interactions on the exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Cboe BZX U.S. Equities Exchange
BATS
2.16
0.00
0.04
1.78
2.22
0
0.0000
0
0.0000
1151
16.8597
-147
-27.2837
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
Rebates are generally for limit orders required to be displayed on exchange per the SEC Limit Order Display Rule but may also include marketable orders executed on certain exchanges.
Economics associated with Market orders, Marketable Limit orders and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described on this report represent a mix of interactions on the exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists:
https://www.cboe.com/us/equities/membership/fee_schedule/bzx/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Members Exchange
MEMX
2.16
0.00
0.13
2.08
2.22
0
0.0000
0
0.0000
4
27.0651
-25
-28.0000
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
Rebates are generally for limit orders required to be displayed on exchange per the SEC Limit Order Display Rule but may also include marketable orders executed on certain exchanges.
Economics associated with Market orders, Marketable Limit orders and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described on this report represent a mix of interactions on the exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://info.memxtrading.com/fee-schedule/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Cboe BYX U.S. Equities Exchange
YBAT
2.15
0.00
0.00
0.00
2.22
0
0.0000
0
0.0000
0
0.0000
0
0.0000
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
NFS orders sent to Cboe BYX U.S. Equities Exchange usually interact in ways that do not incur economics including but not limited to: removing non-displayed orders or removing mid-point peg liquidity
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists:
https://www.cboe.com/us/equities/membership/fee_schedule/byx/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.”
Cboe EDGA U.S. Equities Exchange
EDGA
2.15
0.00
0.00
0.01
2.22
0
0.0000
0
0.0000
0
0.0000
0
0.0000
NFS may be charged fees or receive rebates for orders executed on specific equities exchanges
NFS orders sent to Cboe EDGA US Equities Exchange usually interact in ways that do not incur economics including but not limited to: removing non-displayed orders or removing mid-point peg liquidity
Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists:
https://www.cboe.com/us/equities/membership/fee_schedule/edga/
Orders to each venue are classified according to the parameters of the child order routed to the venue, not the parent order. For example, a customer market order routed to an ATS as a mid-point peg order will be classified as “Other,” not as “Market.
97.38
0.00
0.00
0.00
100.00
NYSE Arca Options
ARCA
28.40
0.00
0.00
0.00
28.40
0
0.0000
0
0.0000
0
0.0000
5230
44.3700
NFS may be charged fees or receive rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tiers based on volume thresholds.
Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf
NASDAQ Options Market
NSDQ
20.80
0.00
0.00
0.00
20.80
0
0.0000
0
0.0000
0
0.0000
933
18.3100
NFS may be charged fees or receive rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tiers based on volume thresholds.
Visit exchange websites directly for detailed price lists: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-options-7
Cboe Options Exchange
CBOE
18.92
0.00
0.00
0.00
18.92
0
0.0000
0
0.0000
0
0.0000
-1050
-16.1900
NFS may be charged fees or receive rebates for orders executed on specific options exchanges.
NFS does not negotiate, set rates for, or solicit payment for order flow on options orders. However, NFS may generate rebates (e.g. Marketing Fees) associated with the routing of orders to CBOE options exchange.
Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tiers based on volume thresholds.
Visit exchange websites directly for detailed price lists: https://www.cboe.com/us/options/membership/fee_schedule/
Cboe BZX Options Exchange, Inc.
BATS
16.30
0.00
0.00
0.00
16.30
0
0.0000
0
0.0000
0
0.0000
1917
34.3600
NFS may be charged fees or receive rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tiers based on volume thresholds.
Visit exchange websites directly for detailed price lists: https://www.cboe.com/us/options/membership/fee_schedule/bzx/
Morgan Stanley & Company LLC
MSCO
15.10
0.00
0.00
0.00
15.10
0
0.0000
0
0.0000
0
0.0000
-2690
-10.0000
NFS may use broker Morgan Stanley and Company LLC for additional options routing.
Executions via this router are charged additional fees under a cost-plus agreement.