1.3 Tradestation Securities 2026 1 2026-04-21T17:54:12Z 2026 01 98.35 30.08 9.94 35.26 24.71 Citadel Securities, LLC 22.96 39.15 43.73 1.39 25.65 91360.56 72.4041 35990.89 61.3185 596.11 30.5276 48020.50 66.9365 TradeStation has arranged with Citadel Securities, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Hudson River Trading (HRT) 20.62 12.10 10.14 35.67 13.75 19989.07 61.5280 4788.77 52.3039 18624.37 30.1878 12808.68 42.1758 TradeStation has arranged with Hudson River Trading for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. G1 Execution Services, LLC 19.38 37.18 29.94 0.91 19.83 89370.92 75.4545 22716.78 64.6360 1725.25 93.8719 44764.73 80.0228 TradeStation has arranged with G1X Execution Services, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Virtu Americas, LLC 13.44 5.75 6.32 20.82 15.13 11119.10 69.5072 4672.04 66.9416 10587.67 30.1148 8674.73 34.1760 TradeStation has arranged with Virtu Americas, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Jane Street Capital 10.67 2.41 3.65 18.57 12.28 1659.80 38.4986 805.51 47.0335 9915.72 29.7091 6403.65 31.7947 TradeStation has arranged with Jane Street Capital for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Two Sigma Securities, LLC 6.28 1.93 1.67 13.13 3.65 3557.96 87.3822 917.76 86.3225 18032.86 82.8645 6156.99 86.6952 TradeStation has arranged with Two Sigma Securities, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. The Nasdaq Stock Market 1.94 0.42 1.11 2.26 3.67 -21.18 -9.1405 -3.95 -2.4584 731.65 22.9062 876.61 21.9909 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on The Nasdaq Stock Market, TradeStation pays 0.0030/share for removing liquidity and receives 0.0015/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ NYSE Arca, Inc. 1.72 0.38 0.69 1.83 3.59 -132.22 -29.1202 -446.51 -14.1509 968.28 28.1398 478.48 10.3378 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on NYSE Arca, TradeStation pays 0.0030/share for removing liquidity and receives 0.0020/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ Cboe BZX Exchange, Inc. 0.92 0.11 1.02 1.69 0.75 -105.40 -29.8759 -883.35 -24.7836 778.84 27.2456 43.01 2.2314 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on BATS BZX Exchange, LLC, TradeStation pays 0.0030/share for removing liquidity and receives 0.0020/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ Cboe EDGX Exchange, Inc. 0.91 0.11 1.01 1.70 0.74 -31.74 -11.9226 -580.69 -17.8843 697.91 30.0162 202.18 12.3724 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on Cboe EDGX Exchange, TradeStation pays 0.0030/share for removing liquidity and receives 0.0017/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ 99.47 42.47 16.43 19.95 21.15 Citadel Securities, LLC 29.13 40.73 43.05 1.59 20.97 258736.51 13.8178 249762.53 5.3764 3994.44 26.4537 92437.55 9.4086 TradeStation has arranged with Citadel Securities, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. G1 Execution Services, LLC 24.23 38.86 28.82 0.69 13.49 289036.64 15.8033 224551.92 5.0926 8651.32 120.5962 84106.74 9.9990 TradeStation has arranged with G1X Execution Services, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Hudson River Trading (HRT) 14.80 11.10 8.08 32.64 10.62 65125.48 13.8818 53703.19 5.0301 205024.44 28.3089 101583.67 20.9559 TradeStation has arranged with Hudson River Trading for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Virtu Americas, LLC 12.02 5.40 6.11 23.41 19.17 42653.92 18.5370 34049.10 5.9624 56379.38 25.7246 33925.43 6.8850 TradeStation has arranged with Virtu Americas, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Jane Street Capital 9.59 1.64 2.35 21.56 19.90 4104.32 7.6022 6214.69 1.1399 114781.48 26.8538 59423.23 10.6147 for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Two Sigma Securities, LLC 3.43 1.47 0.99 10.59 2.51 12135.82 24.8963 5628.68 5.7652 44837.49 35.1724 17417.08 34.2083 TradeStation has arranged with Two Sigma Securities, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. NYSE Arca, Inc. 2.33 0.20 3.57 2.13 5.84 -2331.54 -28.3172 -72950.63 -11.2413 2028.05 5.6031 -7355.57 -9.2435 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on NYSE Arca, TradeStation pays 0.0030/share for removing liquidity and receives 0.0020/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ The Nasdaq Stock Market 1.83 0.18 0.48 2.21 5.83 -157.32 -9.3421 -33.61 -6.9418 63.92 0.1480 4430.54 7.2893 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on The Nasdaq Stock Market, TradeStation pays 0.0030/share for removing liquidity and receives 0.0015/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ Cboe BZX Exchange, Inc. 0.78 0.10 1.97 1.49 0.56 -1027.83 -29.4429 -110296.45 -29.4747 3767.45 18.7665 -3406.08 -14.3818 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on BATS BZX Exchange, LLC, TradeStation pays 0.0030/share for removing liquidity and receives 0.0020/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://markets.cboe.com/us/equities/membership/fee_schedule/byx/ Cboe EDGX Exchange, Inc. 0.76 0.10 1.77 1.52 0.56 -436.40 -11.9776 -80079.87 -19.6725 3984.04 20.7617 -1416.04 -5.9480 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on Cboe EDGX Exchange, TradeStation pays 0.0030/share for removing liquidity and receives 0.0017/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ 99.45 28.61 12.58 32.80 26.01 Citadel Securities, LLC 33.36 36.92 36.70 44.17 14.20 282111.37 47.9064 230556.32 48.1846 397521.89 59.2976 108990.93 45.8226 For the month of January, TradeStation arranged for a cash payment of $0.50 per contract for single leg marketable, $0.64 per contract for non-marketable single leg and $0.60 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Citadel Securities, LLC is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. Jane Street Capital 21.12 30.03 30.28 5.79 26.21 219727.22 45.2556 139539.36 46.0464 79914.62 60.5414 124359.33 26.6982 For the month of January, TradeStation arranged for a cash payment of $0.50 per contract for single leg marketable, $0.64 per contract for non-marketable single leg and $0.60 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Jane Street Capital is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. Dash/IMC Financial Markets 16.84 3.02 3.00 35.67 14.98 24399.89 48.3933 17611.32 48.9502 333370.16 61.3310 150411.63 40.8031 For the month of January, TradeStation arranged for a cash payment of $0.50 per contract for single leg marketable, $0.64 per contract for non-marketable single leg and $0.60 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Dash/IMC Financial Markets is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. Pursuant to these arrangements, Dash routes TradeStation’s retail equity option orders to exchanges and preferences the liquidity providers consistent with exchange sponsored programs which are described in the fee schedules of the options exchanges. It is noted that these liquidity providers provide Dash with remuneration in connection with TradeStation’s retail equity options orders, including reciprocal order flow consideration or payment per contract in return for TradeStation’s retail equity options orders that Dash routes or directs. Global Execution Brokers LP 16.60 29.04 29.05 4.77 11.81 216878.72 48.0281 175169.04 49.9674 40142.54 58.0380 95183.96 46.3097 For the month of January, TradeStation arranged for a cash payment of $0.50 per contract for single leg marketable, $0.64 per contract for non-marketable single leg and $0.60 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Global Execution Brokers LP is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. Wolverine Execution Services, LLC 12.08 1.00 0.96 9.60 32.79 6861.04 47.5833 4637.92 47.6760 83672.84 60.1448 280377.88 37.7094 For the month of January, TradeStation arranged for a cash payment of $0.50 per contract for single leg marketable, $0.64 per contract for non-marketable single leg and $0.60 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Wolverine Execution Services, LLC is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. 2026 02 98.66 31.79 9.35 32.66 26.20 Citadel Securities, LLC 24.24 40.30 46.12 1.45 25.35 113317.56 68.8755 36909.00 82.6036 610.75 30.3652 58495.36 72.3995 TradeStation has arranged with Citadel Securities, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Hudson River Trading (HRT) 21.36 11.89 10.34 39.27 14.46 22136.50 52.4051 5248.18 61.2931 21626.77 30.5806 16030.50 44.5102 TradeStation has arranged with Hudson River Trading for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. G1 Execution Services, LLC 20.64 39.01 31.16 0.90 19.20 117398.31 71.4443 26546.10 76.0489 5498.78 318.4431 53834.07 81.3637 TradeStation has arranged with G1X Execution Services, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Jane Street Capital 12.61 2.21 3.32 22.81 15.82 2286.77 44.6995 697.72 48.1186 11197.15 30.8295 5839.77 21.7387 TradeStation has arranged with Jane Street Capital for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Two Sigma Securities, LLC 4.75 2.43 2.31 8.98 3.18 5798.61 62.2686 1463.12 79.9535 14602.30 92.0026 5911.37 74.5231 TradeStation has arranged with Two Sigma Securities, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. The Nasdaq Stock Market 4.68 0.63 1.22 7.90 6.82 -35.58 -7.9053 -13.87 -6.5404 3183.79 29.4542 2070.55 23.6659 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on The Nasdaq Stock Market, TradeStation pays 0.0030/share for removing liquidity and receives 0.0015/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ Virtu Americas, LLC 4.65 2.27 2.51 6.69 5.74 5121.27 59.8265 1457.23 65.3955 3240.21 30.1796 3849.44 32.7766 TradeStation has arranged with Virtu Americas, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. NYSE Arca, Inc. 4.40 0.60 0.77 7.09 6.98 -224.47 -27.3265 95.75 10.1768 3071.50 26.8973 1861.59 18.2579 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on NYSE Arca, TradeStation pays 0.0030/share for removing liquidity and receives 0.0020/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ Cboe BZX Exchange, Inc. 0.77 0.10 0.89 1.44 0.70 -217.65 -29.4461 -81.07 -8.3834 717.28 28.5046 133.74 8.2493 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on BATS BZX Exchange, LLC, TradeStation pays 0.0030/share for removing liquidity and receives 0.0020/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ Cboe EDGX Exchange, Inc. 0.76 0.10 0.82 1.43 0.69 -30.59 -11.1781 -141.95 -13.4757 576.09 29.7852 205.07 12.8955 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on Cboe EDGX Exchange, TradeStation pays 0.0030/share for removing liquidity and receives 0.0017/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ 99.39 37.73 16.66 25.58 20.03 Citadel Securities, LLC 26.89 41.38 40.46 1.64 20.55 221790.19 8.8828 200017.08 3.3454 3255.49 21.0488 85325.95 4.7933 TradeStation has arranged with Citadel Securities, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. G1 Execution Services, LLC 22.26 39.74 27.60 0.49 12.68 357720.10 15.0474 290206.25 5.2135 19450.10 210.7642 159926.96 10.9342 TradeStation has arranged with G1X Execution Services, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Hudson River Trading (HRT) 14.19 11.43 7.46 23.38 13.27 82440.61 13.3947 68945.62 5.1711 246708.88 28.4946 139303.99 18.9516 TradeStation has arranged with Hudson River Trading for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Jane Street Capital 11.66 1.82 1.66 24.59 22.00 3404.69 5.5992 6729.11 1.1789 80583.09 25.0762 38548.03 6.3941 for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. The Nasdaq Stock Market 7.82 0.34 2.69 20.61 9.86 -213.07 -5.1859 -3.14 -0.4778 7332.13 9.1876 2221.19 1.3082 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on The Nasdaq Stock Market, TradeStation pays 0.0030/share for removing liquidity and receives 0.0015/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ NYSE Arca, Inc. 4.78 0.38 4.16 7.64 9.94 -4070.86 -28.0857 -155351.51 -11.8960 4369.10 5.0127 -30158.01 -14.8615 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on NYSE Arca, TradeStation pays 0.0030/share for removing liquidity and receives 0.0020/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ Virtu Americas, LLC 4.52 2.15 2.40 7.23 7.26 17165.03 15.3634 14416.31 5.0161 18470.03 23.9297 11835.74 6.3896 TradeStation has arranged with Virtu Americas, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Two Sigma Securities, LLC 2.86 2.33 1.52 4.75 2.56 24310.02 16.0302 13766.79 4.9190 35596.57 41.1281 21961.77 20.6834 TradeStation has arranged with Two Sigma Securities, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Cboe EDGX Exchange, Inc. 1.94 0.10 4.59 4.00 0.59 -592.76 -7.2385 -208626.16 -20.7969 2475.74 20.0817 -36239.36 -27.1709 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on Cboe EDGX Exchange, TradeStation pays 0.0030/share for removing liquidity and receives 0.0017/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ Cboe BZX Exchange, Inc. 1.87 0.10 4.34 3.88 0.59 -742.73 -28.9303 -216668.69 -29.7545 2028.62 18.2272 -27478.22 -27.6003 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on BATS BZX Exchange, LLC, TradeStation pays 0.0030/share for removing liquidity and receives 0.0020/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://markets.cboe.com/us/equities/membership/fee_schedule/byx/ 99.59 30.67 11.82 32.41 25.09 Citadel Securities, LLC 31.67 37.15 36.94 38.12 14.15 400544.32 51.2457 129113.63 49.3275 311434.05 61.1858 101798.10 46.5731 For the month of February, TradeStation arranged for a cash payment of $0.525 per contract for single leg marketable, $0.66 per contract for non-marketable single leg and $0.61 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Citadel Securities, LLC is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. Global Execution Brokers LP 20.69 36.83 36.84 4.63 14.07 401022.90 51.5926 116213.52 49.7236 34499.20 59.3882 99949.48 47.9774 For the month of February, TradeStation arranged for a cash payment of $0.525 per contract for single leg marketable, $0.66 per contract for non-marketable single leg and $0.61 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Global Execution Brokers LP is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. Dash/IMC Financial Markets 18.86 2.96 2.99 40.20 18.21 33796.17 51.5091 9366.30 50.2188 341064.07 63.1774 149450.51 38.7013 For the month of February, TradeStation arranged for a cash payment of $0.525 per contract for single leg marketable, $0.66 per contract for non-marketable single leg and $0.61 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Dash/IMC Financial Markets is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. Pursuant to these arrangements, Dash routes TradeStation’s retail equity option orders to exchanges and preferences the liquidity providers consistent with exchange sponsored programs which are described in the fee schedules of the options exchanges. It is noted that these liquidity providers provide Dash with remuneration in connection with TradeStation’s retail equity options orders, including reciprocal order flow consideration or payment per contract in return for TradeStation’s retail equity options orders that Dash routes or directs. Jane Street Capital 16.93 22.02 22.22 7.42 20.51 232491.91 49.8945 72851.38 46.9576 114216.87 63.8568 101156.61 29.4377 For the month of February, TradeStation arranged for a cash payment of $0.525 per contract for single leg marketable, $0.66 per contract for non-marketable single leg and $0.61 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Jane Street Capital is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. Wolverine Execution Services, LLC 11.86 1.03 1.02 9.63 33.06 10375.95 51.2291 7848.07 51.5880 78528.68 62.2399 247815.66 36.9171 For the month of February, TradeStation arranged for a cash payment of $0.525 per contract for single leg marketable, $0.66 per contract for non-marketable single leg and $0.61 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Wolverine Execution Services, LLC is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. 2026 03 98.18 29.80 10.05 34.66 25.49 Hudson River Trading (HRT) 30.21 18.95 17.95 49.60 21.84 33546.92 61.9117 8939.14 49.6150 29457.05 30.0472 24349.94 42.9842 TradeStation has arranged with Hudson River Trading for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. G1 Execution Services, LLC 21.87 42.87 33.97 1.07 20.82 113801.76 87.1171 26098.86 68.4724 4248.91 222.1906 56281.53 77.3865 TradeStation has arranged with G1X Execution Services, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Jane Street Capital 14.33 2.10 3.05 24.91 18.69 2022.48 56.5373 1324.51 44.6089 13288.25 29.8299 6850.80 22.5224 TradeStation has arranged with Jane Street Capital for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Citadel Securities, LLC 13.02 21.58 24.38 1.77 13.84 55841.18 88.1298 16089.22 69.7334 1170.24 30.2248 31494.65 82.0150 TradeStation has arranged with Citadel Securities, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Two Sigma Securities, LLC 6.64 4.65 4.28 10.34 4.85 9022.73 68.7412 2867.47 76.9458 15754.34 83.3009 7929.05 66.4380 TradeStation has arranged with Two Sigma Securities, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Virtu Americas, LLC 6.33 8.00 12.81 1.75 8.07 16704.69 67.7162 6996.51 51.1770 844.83 30.0519 10116.94 43.9237 TradeStation has arranged with Virtu Americas, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. NYSE Arca, Inc. 2.02 0.31 0.38 2.16 4.45 -135.28 -29.6425 -48.44 -9.8359 1021.68 28.7869 688.41 13.2533 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on NYSE Arca, TradeStation pays 0.0030/share for removing liquidity and receives 0.0020/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ The Nasdaq Stock Market 2.01 0.33 0.55 2.24 4.24 -37.81 -9.1980 -1.63 -0.9822 1064.02 28.9758 874.09 22.0929 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on The Nasdaq Stock Market, TradeStation pays 0.0030/share for removing liquidity and receives 0.0015/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ Cboe EDGX Exchange, Inc. 0.97 0.13 0.79 1.79 0.90 -91.13 -20.2337 -203.02 -19.1076 1046.92 30.1316 214.83 16.7834 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on Cboe EDGX Exchange, TradeStation pays 0.0030/share for removing liquidity and receives 0.0017/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ Cboe BZX Exchange, Inc. 0.97 0.16 0.83 1.75 0.90 -151.04 -29.9107 -330.50 -26.6170 1015.63 29.3562 155.91 10.5549 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on BATS BZX Exchange, LLC, TradeStation pays 0.0030/share for removing liquidity and receives 0.0020/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ 99.24 31.33 17.44 30.46 20.77 G1 Execution Services, LLC 21.78 43.56 30.88 0.54 12.44 406005.36 15.7946 392332.68 5.2021 37879.11 338.1649 161879.87 10.5448 TradeStation has arranged with G1X Execution Services, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Hudson River Trading (HRT) 20.40 18.19 13.48 28.60 17.54 148203.83 14.5350 133724.99 4.7547 314046.57 28.4099 162300.40 17.8424 TradeStation has arranged with Hudson River Trading for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Jane Street Capital 15.69 1.65 1.65 28.90 29.27 4853.48 7.2860 7009.43 3.9175 70936.93 26.0393 39381.26 8.2517 for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Citadel Securities, LLC 14.18 23.25 21.47 2.11 12.05 151438.67 10.4799 120471.80 3.0162 6283.08 26.3449 47556.63 4.3700 TradeStation has arranged with Citadel Securities, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Virtu Americas, LLC 6.58 7.88 10.21 2.21 8.00 68104.68 15.2413 69119.59 5.6851 5607.62 15.9365 26438.66 9.0597 TradeStation has arranged with Virtu Americas, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. The Nasdaq Stock Market 5.21 0.18 3.66 9.66 7.56 -61.91 -5.1408 15.50 1.8726 3441.93 13.9563 1291.70 1.4553 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on The Nasdaq Stock Market, TradeStation pays 0.0030/share for removing liquidity and receives 0.0015/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ Two Sigma Securities, LLC 4.19 4.40 3.27 5.21 3.16 44728.52 19.2371 31773.15 4.5290 49488.79 40.7310 23780.20 14.6199 TradeStation has arranged with Two Sigma Securities, LLC for a cash payment on nearly all marketable orders of 12% of the “spread.” The “spread” is defined as the difference between the National Best Bid and Offer (NBBO) at the time of execution, $0.0030 per share for non-marketable orders, and $0.0010 per share for orders executed outside of the “core trading session” (i.e., pre- and post-market orders). The core trading session is from 9:30 am ET to 4:00 pm ET. With respect to non-marketable and pre-and post-market orders, TradeStation only receives payment for such orders executed at a price at or above $1.00 per share. To encourage competition amongst non-exchange routing venues to which orders are routed and executed, TradeStation has established the same per share rate/percentage, based on order type and time of execution. Execution quality and price improvement opportunities are influenced by a number of factors, including but not limited to, payment for order flow, market volatility, market volume, economic factors and the firm’s mix of symbols traded. Cboe EDGX Exchange, Inc. 3.94 0.11 5.06 9.38 0.82 -800.50 -10.4586 -84074.18 -18.9503 5304.95 22.8660 317.81 1.8389 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on Cboe EDGX Exchange, TradeStation pays 0.0030/share for removing liquidity and receives 0.0017/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ Cboe BZX Exchange, Inc. 3.72 0.11 4.95 8.72 0.81 -1740.59 -29.5582 -101011.70 -29.3389 5164.31 21.8087 -1919.55 -11.3610 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on BATS BZX Exchange, LLC, TradeStation pays 0.0030/share for removing liquidity and receives 0.0020/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://markets.cboe.com/us/equities/membership/fee_schedule/byx/ NYSE Arca, Inc. 2.84 0.22 3.01 2.31 7.43 -1711.07 -28.9298 -64839.19 -10.5399 4176.53 15.7570 -2971.98 -4.0712 TradeStation receives a rebate or is charged a fee for order flow on a per share basis. The per share rebate or fee is calculated based upon a variety of factors including, but not limited to, order size and whether an order provides or removes liquidity. For the most common client orders executed on NYSE Arca, TradeStation pays 0.0030/share for removing liquidity and receives 0.0020/share for adding liquidity. For more detailed information, please see the exchange’s fee schedule https://www.tradestation.com/important-information/sec-rule-606-report-exchange-fees/ 99.68 31.17 11.73 30.29 26.81 Citadel Securities, LLC 31.54 36.93 36.92 39.42 14.00 310605.85 51.2348 251480.13 51.2456 315620.15 62.1388 107386.20 46.6359 For the month of March, TradeStation arranged for a cash payment of $0.525 per contract for single leg marketable, $0.66 per contract for non-marketable single leg and $0.61 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Citadel Securities, LLC is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. Global Execution Brokers LP 21.12 37.16 37.07 4.84 13.89 320484.45 51.4434 258564.55 53.3881 37100.43 60.0875 110403.03 45.7800 For the month of March, TradeStation arranged for a cash payment of $0.525 per contract for single leg marketable, $0.66 per contract for non-marketable single leg and $0.61 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Global Execution Brokers LP is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. Dash/IMC Financial Markets 17.48 2.98 2.97 40.64 14.50 26286.93 51.4180 20109.44 51.3533 334959.82 63.1153 125178.36 31.6345 For the month of March, TradeStation arranged for a cash payment of $0.525 per contract for single leg marketable, $0.66 per contract for non-marketable single leg and $0.61 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Dash/IMC Financial Markets is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. Pursuant to these arrangements, Dash routes TradeStation’s retail equity option orders to exchanges and preferences the liquidity providers consistent with exchange sponsored programs which are described in the fee schedules of the options exchanges. It is noted that these liquidity providers provide Dash with remuneration in connection with TradeStation’s retail equity options orders, including reciprocal order flow consideration or payment per contract in return for TradeStation’s retail equity options orders that Dash routes or directs. Jane Street Capital 17.22 21.91 22.02 4.91 23.57 178228.29 49.9701 156401.42 50.1406 38981.45 59.4900 110002.28 24.1287 For the month of March, TradeStation arranged for a cash payment of $0.525 per contract for single leg marketable, $0.66 per contract for non-marketable single leg and $0.61 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Jane Street Capital is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers. Wolverine Execution Services, LLC 12.65 1.01 1.01 10.19 34.05 8878.99 51.3979 7552.77 51.5618 82640.45 62.5917 263392.22 32.0408 For the month of March, TradeStation arranged for a cash payment of $0.525 per contract for single leg marketable, $0.66 per contract for non-marketable single leg and $0.61 per contract for multi-leg orders. The cash payment for all order types was established pursuant to an Options Rebate Schedule that calculates the cash payment per contract based on the prior month’s average quoted spread for marketable single leg orders, provided by S3, a global provider of regulatory compliance reporting and trade analytics software. TradeStation established the same per contract rate, based on order type, with all non-exchange routing venues to which it routed orders. TradeStation’s arrangement with Wolverine Execution Services, LLC is not based, in any respect, on volume thresholds. Execution quality and price improvement opportunities are influenced by a number of factors, including, but not limited to, payment for order flow, market volatility, market volume, economic factors and the mix of symbols traded by TradeStation customers.