1.3 Charles Schwab 2026 2 2026-07-24T23:20:07Z 2026 04 99.93 29.06 9.32 49.77 11.85 CITADEL SECURITIES LLC 36.46 41.14 42.25 35.88 22.86 1030599.80 9.9863 345954.41 9.3497 1049969.14 28.5102 306450.42 12.4523 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 17.81 20.53 24.02 15.86 14.45 514458.60 9.9917 173408.26 8.6695 270172.06 23.2286 140037.47 10.1975 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 17.57 13.98 10.40 18.93 26.33 346664.45 9.8579 98382.48 9.9887 985044.76 32.3113 256255.32 15.3761 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 10.37 7.08 11.08 12.54 8.74 180682.18 10.0019 79019.90 8.6297 334828.19 25.4295 78720.91 12.4993 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Two Sigma Securities, LLC 9.38 3.85 3.60 13.04 12.11 97678.34 9.9925 34219.32 10.3790 639402.02 31.9723 110846.41 15.5564 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. G1 Execution Services, LLC 5.29 11.92 7.40 0.67 6.79 301412.72 9.9923 79031.36 9.9912 33300.90 32.8186 75107.96 10.4865 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 99.67 17.17 9.80 66.12 6.91 CITADEL SECURITIES LLC 33.92 40.91 42.14 32.25 20.84 6110677.90 9.5326 4650802.24 8.8738 5385245.56 24.3285 1414786.68 13.6246 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 21.29 14.02 9.85 24.14 28.25 2210739.44 9.8504 1128102.33 9.1583 4283576.25 27.9050 968550.98 14.9762 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 13.67 20.52 23.78 10.50 12.66 3196368.15 9.9977 2311779.98 8.5097 1190547.87 18.5274 483665.15 9.7783 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Two Sigma Securities, LLC 13.14 3.98 3.48 16.84 14.18 617581.10 9.9955 371470.39 10.0005 2522937.66 27.8259 316663.64 12.9939 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 10.52 7.16 12.42 11.26 9.03 1103320.54 9.6527 1242516.32 8.2153 1503161.41 19.5543 226256.51 10.5172 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 99.88 8.59 5.34 45.68 40.39 Dash/IMC Financial Markets 25.70 22.02 23.19 30.97 20.85 5463263.46 52.8627 5067337.66 49.5943 13084771.22 62.2349 3274686.63 31.5760 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. CITADEL SECURITIES LLC 21.70 38.89 37.47 15.18 23.33 9783688.90 52.8352 8644188.02 51.1684 6893083.88 60.2153 5265974.09 37.5232 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Wolverine Execution Services, LLC 20.25 1.01 1.45 14.14 33.73 259820.37 53.0216 358663.97 48.8778 5617704.85 62.2364 5051042.30 31.4512 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 19.25 24.01 23.88 22.79 13.64 5965054.14 52.7547 5279631.97 49.7145 9462244.27 62.1412 2338637.47 33.3406 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Global Execution Brokers LP 13.10 14.07 14.02 16.93 8.45 3512392.03 52.2298 3203437.70 47.6938 6609843.79 59.1545 1372291.88 33.2350 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 2026 05 99.93 28.37 9.73 51.25 10.65 CITADEL SECURITIES LLC 33.93 39.62 40.26 32.46 20.03 896862.12 9.9640 317251.10 9.3423 1027259.33 28.8837 209104.19 12.4653 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 17.80 18.95 24.30 16.96 12.81 419675.30 9.9853 168411.07 8.8681 329417.62 24.3663 95678.20 10.3331 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 15.85 11.15 8.36 17.68 26.37 248190.93 9.8260 75214.81 9.9862 1035729.78 32.4136 189941.06 15.8326 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 12.23 7.81 11.62 15.12 10.69 176162.61 10.0094 73707.32 8.6696 494282.82 26.9496 71952.56 13.3322 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Two Sigma Securities, LLC 9.97 4.78 4.10 13.41 12.65 104854.53 9.9947 34810.81 9.9968 713945.73 31.9854 95584.77 15.5288 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. G1 Execution Services, LLC 6.03 14.67 9.03 0.66 6.09 336392.97 9.9963 95643.78 9.9934 34046.69 32.8841 62734.47 10.4738 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 99.66 16.35 9.70 67.54 6.41 CITADEL SECURITIES LLC 30.88 39.44 39.77 28.70 18.48 6143869.60 9.6485 4729380.07 9.0877 5253935.74 25.6026 1356437.86 12.1276 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 19.86 11.23 8.25 22.84 28.05 1817844.70 9.8492 1062936.16 9.9719 4500837.37 29.0870 872810.95 14.3984 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 13.76 18.84 23.72 11.30 11.64 3015439.68 9.9868 2607833.39 8.8150 1458149.02 20.3055 514547.22 9.7679 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Two Sigma Securities, LLC 13.75 4.93 4.15 17.22 14.29 801463.62 9.9983 503398.21 9.9984 2889267.95 29.0421 342770.85 12.3789 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 12.73 7.88 12.76 14.04 11.29 1288386.09 10.0034 1322073.21 8.6495 2200339.99 22.5632 296459.50 10.7001 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 99.88 7.91 5.33 48.91 37.85 Dash/IMC Financial Markets 26.56 23.08 24.42 33.78 18.26 4940034.60 52.3086 5622717.96 51.3700 15745746.07 63.0496 2818800.88 32.1556 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. CITADEL SECURITIES LLC 23.56 38.14 36.98 17.92 25.90 8280987.75 52.2055 9052692.59 52.6714 8617921.10 61.4214 5314928.60 36.8660 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 19.26 24.07 24.05 20.14 16.44 5155820.24 52.1123 5606147.00 51.2889 9401957.45 63.0741 2826099.34 33.6215 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Wolverine Execution Services, LLC 17.68 3.72 3.65 11.16 30.99 817266.10 51.9055 891225.98 52.1015 4860209.39 62.8259 4611767.33 32.3567 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Global Execution Brokers LP 12.95 11.00 10.90 17.00 8.40 2388598.64 51.7070 2681133.98 49.5826 7405533.10 60.1308 1343969.74 33.1060 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 2026 06 99.94 28.62 9.32 51.11 10.95 CITADEL SECURITIES LLC 31.39 37.44 38.45 29.28 19.38 871002.65 9.8989 305496.33 9.2508 830163.94 28.7987 212177.85 12.0374 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 18.73 21.43 25.85 17.02 13.66 520963.21 9.9892 174257.89 8.4814 304363.07 23.9645 116709.06 10.1093 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 15.79 8.97 7.10 19.18 25.16 217215.79 9.8415 63432.26 9.9822 1020147.00 32.3807 195484.30 16.0143 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 11.63 5.95 10.56 15.30 10.23 144415.14 10.0065 63540.22 8.7837 451443.24 26.3971 68330.81 13.2112 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Two Sigma Securities, LLC 10.40 4.83 4.23 14.05 13.13 117367.86 9.9916 39969.37 9.9972 713523.42 32.1077 100952.69 14.8377 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. G1 Execution Services, LLC 7.13 17.47 10.83 0.70 6.96 431245.16 9.9913 123386.68 9.9913 37121.62 32.8786 85030.82 10.3714 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 99.72 14.29 8.39 71.36 5.96 CITADEL SECURITIES LLC 27.44 37.23 38.68 24.95 17.95 7623708.23 9.3611 6306774.55 8.6500 5606737.07 22.5487 1889169.27 11.8745 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 21.96 8.99 6.71 25.86 27.80 2092574.91 9.8944 1009063.21 8.0467 5559133.70 26.9022 1098806.34 13.4967 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Two Sigma Securities, LLC 15.02 4.95 4.09 18.30 15.18 1065394.49 9.9965 688022.88 9.9844 3378146.83 26.6656 463742.36 11.9179 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 13.33 21.44 25.45 10.43 11.66 4768233.37 9.9971 3653861.80 8.2613 1694013.16 15.4395 862552.44 9.8254 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 11.94 6.00 11.79 13.22 10.96 1313270.40 9.5365 1535014.32 8.1494 2417617.01 17.8072 350897.94 10.3993 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. G1 Execution Services, LLC 4.29 17.49 10.39 0.89 4.72 3830326.01 9.9975 2289242.39 9.9987 178001.10 29.3524 677269.44 10.1300 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 99.90 8.28 5.23 48.47 38.02 Dash/IMC Financial Markets 26.53 20.30 21.72 33.97 19.07 5307843.29 58.0122 5220055.58 55.2448 16360696.90 65.0847 3166147.71 33.5287 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. CITADEL SECURITIES LLC 25.80 35.33 34.51 20.92 28.74 9311600.15 57.9611 8728620.65 56.5551 10566423.70 63.8868 5974043.84 38.2358 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 19.83 25.10 25.17 22.87 14.08 6569948.46 57.8068 6071978.10 55.0822 10898149.48 65.0034 2604885.74 35.4696 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Wolverine Execution Services, LLC 15.32 6.61 6.24 8.03 27.76 1761579.61 57.7932 1569774.38 56.2718 3654118.67 64.7594 3956582.73 32.2736 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Global Execution Brokers LP 12.52 12.65 12.36 14.21 10.35 3333716.46 57.1162 3099668.20 52.7006 6613426.42 63.5788 1718672.11 34.5063 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.64 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.71 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality.