1.3
APEX Clearing
2026
3
2026-10-30T15:32:41Z
2026
07
99.21
58.15
10.26
26.78
4.81
Virtu Americas, LLC
59.08
85.41
17.68
23.65
26.27
22700.06
17.9541
1420.15
19.8542
3059.73
29.7521
2292.49
16.2183
Apex Clearing Corporation (“APEX”) received payment from Virtu Americas, LLC (“Virtu”) for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 4:00 a.m. to 7:00 a.m. Eastern, the payment rate was $0.0010 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Virtu. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
CITADEL SECURITIES LLC
27.15
5.04
67.58
57.06
41.70
8232.56
19.9985
2007.20
21.5510
3909.99
29.2863
1848.68
24.3178
Apex Clearing Corporation (“APEX”) received payment from Citadel Securities, LLC ("Citadel") for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 4:00 a.m. to 7:00 a.m. Eastern, the payment rate was $0.0010 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. APEX received no payment for order flow from Citadel for orders executed in the overnight session, 8:00 p.m. to 4:00 a.m. Eastern. Citadel executed APEX's overnight orders without charge to APEX and did not pass any transaction fees or rebates to APEX. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Citadel. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
Jane Street Capital
7.74
4.03
9.22
12.86
21.01
7267.72
20.0036
1195.52
20.0000
1000.90
29.6521
1492.11
27.1544
Apex Clearing Corporation (“APEX”) received payment from Jane Street Capital (“Jane”) for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Jane Street. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
99.46
25.31
23.59
44.69
6.41
CITADEL SECURITIES LLC
48.24
10.97
65.52
61.25
41.09
125238.89
16.4359
349009.96
18.9986
137403.53
27.5623
100449.20
17.4997
Apex Clearing Corporation (“APEX”) received payment from Citadel Securities, LLC ("Citadel") for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 4:00 a.m. to 7:00 a.m. Eastern, the payment rate was $0.0010 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. APEX received no payment for order flow from Citadel for orders executed in the overnight session, 8:00 p.m. to 4:00 a.m. Eastern. Citadel executed APEX's overnight orders without charge to APEX and did not pass any transaction fees or rebates to APEX. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Citadel. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
Virtu Americas, LLC
32.65
66.89
18.40
21.06
30.76
259705.21
17.7106
317333.77
19.1058
44980.34
26.1744
72962.49
9.4651
Apex Clearing Corporation (“APEX”) received payment from Virtu Americas, LLC (“Virtu”) for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 4:00 a.m. to 7:00 a.m. Eastern, the payment rate was $0.0010 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Virtu. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
Jane Street Capital
11.46
8.73
11.62
12.22
16.38
101526.68
16.5742
208241.33
19.1405
15257.12
25.5040
104106.17
24.4573
Apex Clearing Corporation (“APEX”) received payment from Jane Street Capital (“Jane”) for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Jane Street. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
100.00
3.08
10.06
26.46
60.40
Instinet, LLC
21.62
13.79
6.37
5.68
31.54
0.00
0.0000
0.00
0.0000
0.00
0.0000
0.00
0.0000
Instinet is APEX's order routing technology provider and APEX also routes orders to Instinet brokerage services. All non-directed orders that APEX routed to Instinet were further routed to U.S. securities exchanges, alternative trading centers or single dealer platforms pursuant to Instinet’s order routing arrangements. APEX paid Instinet a technology fee for its order routing provider services which included routes to brokers, and APEX also paid Instinet for exchange fees and ATS fees (as applicable) for orders that Instinet further routed to an exchange or an ATS and received an execution. In certain instances, APEX paid Instinet a brokerage fee for other non-directed orders that resulted in execution on an exchange or ATS. Brokerage fees paid by APEX to Instinet are based upon volume tiers. Instinet rebated to APEX exchange fees and payment that it received from exchanges, ATS’ and single broker platforms. In turn, APEX distributed 100% of the options exchange rebates and other options payments received from Instinet to the applicable APEX client that sent such qualifying, non-directed orders resulting in execution. In turn, APEX distributed the exchange rebates and other payments received to the applicable APEX client that sent such qualifying, non-directed orders resulting in execution. https://www.instinet.com/order-disclosures
Dash/IMC Financial Markets
17.60
16.79
18.88
17.32
17.55
25797.08
26.3642
277616.67
30.3442
161505.48
33.4836
129498.60
35.5393
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Dash/IMC Financial Markets ("Dash/IMC"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
Wolverine Execution Services, LLC
16.62
6.18
8.01
10.28
21.35
10612.64
30.8265
136639.18
36.7158
94074.71
38.8342
284577.21
58.4849
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Wolverine Execution Services ("WEX"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
Jane Street Capital
15.85
21.48
21.41
19.45
13.05
30071.91
26.7899
368515.62
30.4122
212700.49
35.6121
130936.14
50.3184
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Jane Street Capital ("JANE"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
CITADEL SECURITIES LLC
12.87
14.07
15.00
16.75
10.75
18555.90
27.6793
298212.26
33.6381
177587.82
39.5018
109614.28
57.5869
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Citadel Securities LLC ("Citadel"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
Global Execution Brokers LP
9.16
19.24
20.82
23.04
0.62
20017.26
27.0635
304443.79
33.4919
160769.60
38.3365
1047.79
25.6874
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Global Execution Brokers ("G1X"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
Matrix Executions, LLC
6.30
8.44
9.52
7.47
5.14
0.00
0.0000
126499.55
27.7323
92342.34
33.3496
42716.69
52.0923
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Matrix Executions, LLC ("Matrix"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
2026
08
99.63
56.20
9.25
28.94
5.62
Virtu Americas, LLC
59.04
85.79
20.36
25.65
26.96
24631.51
18.2237
1862.94
19.8864
3493.67
29.7718
2959.21
20.1525
Apex Clearing Corporation (“APEX”) received payment from Virtu Americas, LLC (“Virtu”) for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 4:00 a.m. to 7:00 a.m. Eastern, the payment rate was $0.0010 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Virtu. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
CITADEL SECURITIES LLC
22.66
4.49
61.71
43.08
35.05
7821.37
20.0000
2226.44
21.7460
4405.24
29.1790
2537.16
24.1251
Apex Clearing Corporation (“APEX”) received payment from Citadel Securities, LLC ("Citadel") for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 4:00 a.m. to 7:00 a.m. Eastern, the payment rate was $0.0010 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. APEX received no payment for order flow from Citadel for orders executed in the overnight session, 8:00 p.m. to 4:00 a.m. Eastern. Citadel executed APEX's overnight orders without charge to APEX and did not pass any transaction fees or rebates to APEX. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Citadel. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
Jane Street Capital
11.17
3.73
12.61
22.81
23.36
6624.80
20.0024
1150.89
20.0000
1007.33
29.7214
2025.83
26.7615
Apex Clearing Corporation (“APEX”) received payment from Jane Street Capital (“Jane”) for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Jane Street. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
99.59
27.94
23.41
42.32
6.33
CITADEL SECURITIES LLC
41.16
10.55
61.99
51.02
33.44
100972.72
14.7454
258302.25
18.1484
68594.62
25.5156
90451.58
14.8383
Apex Clearing Corporation (“APEX”) received payment from Citadel Securities, LLC ("Citadel") for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 4:00 a.m. to 7:00 a.m. Eastern, the payment rate was $0.0010 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. APEX received no payment for order flow from Citadel for orders executed in the overnight session, 8:00 p.m. to 4:00 a.m. Eastern. Citadel executed APEX's overnight orders without charge to APEX and did not pass any transaction fees or rebates to APEX. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Citadel. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
Virtu Americas, LLC
34.83
66.01
20.19
22.70
32.43
252124.82
17.1322
244104.20
18.7423
37994.73
24.0980
69212.90
9.3298
Apex Clearing Corporation (“APEX”) received payment from Virtu Americas, LLC (“Virtu”) for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 4:00 a.m. to 7:00 a.m. Eastern, the payment rate was $0.0010 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Virtu. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
Jane Street Capital
15.19
8.62
13.39
19.63
21.18
71110.08
15.6598
149101.36
18.7146
12194.41
25.0786
96401.48
22.1011
Apex Clearing Corporation (“APEX”) received payment from Jane Street Capital (“Jane”) for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Jane Street. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
100.00
2.56
9.28
24.34
63.82
Dash/IMC Financial Markets
19.22
18.24
21.20
19.39
18.90
23983.13
29.0272
323678.66
29.0821
174647.72
36.2511
145370.24
41.3379
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Dash/IMC Financial Markets ("Dash/IMC"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
Instinet, LLC
19.00
14.77
6.22
5.33
26.24
0.00
0.0000
0.00
0.0000
0.00
0.0000
0.00
0.0000
Instinet is APEX's order routing technology provider and APEX also routes orders to Instinet brokerage services. All non-directed orders that APEX routed to Instinet were further routed to U.S. securities exchanges, alternative trading centers or single dealer platforms pursuant to Instinet’s order routing arrangements. APEX paid Instinet a technology fee for its order routing provider services which included routes to brokers, and APEX also paid Instinet for exchange fees and ATS fees (as applicable) for orders that Instinet further routed to an exchange or an ATS and received an execution. In certain instances, APEX paid Instinet a brokerage fee for other non-directed orders that resulted in execution on an exchange or ATS. Brokerage fees paid by APEX to Instinet are based upon volume tiers. Instinet rebated to APEX exchange fees and payment that it received from exchanges, ATS’ and single broker platforms. In turn, APEX distributed 100% of the options exchange rebates and other options payments received from Instinet to the applicable APEX client that sent such qualifying, non-directed orders resulting in execution. In turn, APEX distributed the exchange rebates and other payments received to the applicable APEX client that sent such qualifying, non-directed orders resulting in execution. https://www.instinet.com/order-disclosures
Jane Street Capital
17.48
21.46
21.47
19.44
16.00
28360.43
27.4656
377209.27
29.0146
190882.02
36.8277
151743.84
51.7886
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Jane Street Capital ("JANE"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
Wolverine Execution Services, LLC
17.08
5.34
7.38
9.44
21.87
7946.74
33.9793
120769.78
34.6042
76990.84
39.1657
227341.52
56.7717
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Wolverine Execution Services ("WEX"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
CITADEL SECURITIES LLC
12.11
12.83
12.65
14.86
10.95
14652.58
29.1049
242156.86
31.4184
142429.02
39.5778
106859.70
58.8593
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Citadel Securities LLC ("Citadel"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
Global Execution Brokers LP
8.73
19.47
21.61
24.33
0.47
19432.90
28.3945
297273.43
31.0433
153897.86
40.0886
1009.06
24.9459
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Global Execution Brokers ("G1X"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
Matrix Executions, LLC
6.38
7.89
9.46
7.20
5.56
0.00
0.0000
120971.01
25.8475
75799.57
34.2376
38840.27
49.6038
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Matrix Executions, LLC ("Matrix"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
2026
09
99.43
65.59
6.81
22.25
5.35
Virtu Americas, LLC
67.51
89.19
20.63
28.34
24.29
24925.64
18.3695
2616.77
19.9378
3409.92
29.7586
2434.74
21.4844
Apex Clearing Corporation (“APEX”) received payment from Virtu Americas, LLC (“Virtu”) for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 4:00 a.m. to 7:00 a.m. Eastern, the payment rate was $0.0025 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Virtu. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
CITADEL SECURITIES LLC
16.49
2.99
58.38
37.72
40.40
4106.72
20.0000
2754.06
20.6601
4530.40
29.2625
2368.69
25.5372
Apex Clearing Corporation (“APEX”) received payment from Citadel Securities, LLC ("Citadel") for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 4:00 a.m. to 7:00 a.m. Eastern, the payment rate was $0.0025 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. APEX received no payment for order flow from Citadel for orders executed in the overnight session, 8:00 p.m. to 4:00 a.m. Eastern. Citadel executed APEX's overnight orders without charge to APEX and did not pass any transaction fees or rebates to APEX. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Citadel. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
Jane Street Capital
8.34
2.74
11.78
20.43
22.30
4388.90
20.0014
1943.38
20.0000
805.45
29.8143
1806.96
27.9843
Apex Clearing Corporation (“APEX”) received payment from Jane Street Capital (“Jane”) for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Jane Street. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
99.69
29.97
19.95
43.67
6.40
Virtu Americas, LLC
36.95
67.54
20.67
24.17
31.61
232473.62
16.6441
267828.55
19.0157
33767.07
25.3749
57678.65
11.2457
Apex Clearing Corporation (“APEX”) received payment from Virtu Americas, LLC (“Virtu”) for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 4:00 a.m. to 7:00 a.m. Eastern, the payment rate was $0.0025 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Virtu. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
CITADEL SECURITIES LLC
34.35
9.19
55.20
42.23
33.39
63761.70
12.5358
249806.41
18.6009
94782.11
26.3584
96010.12
16.1208
Apex Clearing Corporation (“APEX”) received payment from Citadel Securities, LLC ("Citadel") for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 4:00 a.m. to 7:00 a.m. Eastern, the payment rate was $0.0025 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. APEX received no payment for order flow from Citadel for orders executed in the overnight session, 8:00 p.m. to 4:00 a.m. Eastern. Citadel executed APEX's overnight orders without charge to APEX and did not pass any transaction fees or rebates to APEX. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Citadel. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
Jane Street Capital
16.71
8.16
16.16
22.17
21.19
50482.83
12.5762
192571.04
19.3021
10331.28
25.0600
85234.23
22.8267
Apex Clearing Corporation (“APEX”) received payment from Jane Street Capital (“Jane”) for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. For extended hours orders from 7:00 a.m. to 9:30 a.m. and from 4:00 p.m. to 8:00 p.m. Eastern, the rate was $0.0025 per share for all order types. Payment was not received for executions priced less than $1 in any session. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to Jane Street. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality.
Hudson River Trading (HRT)
5.10
6.58
3.58
4.31
8.23
103944.58
12.5527
460201.99
18.9826
26945.86
27.1953
54651.87
13.6584
Apex Clearing Corporation (“APEX”) received payment from Hudson River Trading (“HRT”) for directing NMS order flow that resulted in executions. For the regular session, 9:30 a.m. to 4:00 p.m. Eastern, the payment rate was $0.0020 per share for marketable orders and $0.0030 per share for non-marketable orders. Payment was not received for executions priced less than $1 in any session. The rates set forth above applied uniformly and did not vary with the volume of order flow APEX directed to HRT. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-offs of payment or other incentives or disincentives for price improvement or other execution quality
100.00
2.79
9.86
24.01
63.34
Instinet, LLC
22.06
14.58
6.81
6.12
30.80
0.00
0.0000
0.00
0.0000
0.00
0.0000
0.00
0.0000
Instinet is APEX's order routing technology provider and APEX also routes orders to Instinet brokerage services. All non-directed orders that APEX routed to Instinet were further routed to U.S. securities exchanges, alternative trading centers or single dealer platforms pursuant to Instinet’s order routing arrangements. APEX paid Instinet a technology fee for its order routing provider services which included routes to brokers, and APEX also paid Instinet for exchange fees and ATS fees (as applicable) for orders that Instinet further routed to an exchange or an ATS and received an execution. In certain instances, APEX paid Instinet a brokerage fee for other non-directed orders that resulted in execution on an exchange or ATS. Brokerage fees paid by APEX to Instinet are based upon volume tiers. Instinet rebated to APEX exchange fees and payment that it received from exchanges, ATS’ and single broker platforms. In turn, APEX distributed 100% of the options exchange rebates and other options payments received from Instinet to the applicable APEX client that sent such qualifying, non-directed orders resulting in execution. In turn, APEX distributed the exchange rebates and other payments received to the applicable APEX client that sent such qualifying, non-directed orders resulting in execution. https://www.instinet.com/order-disclosures
Dash/IMC Financial Markets
19.90
19.99
22.47
20.45
19.29
27157.27
28.9628
469879.53
28.7608
202740.28
37.3787
160215.94
38.0107
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Dash/IMC Financial Markets ("Dash/IMC"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
Jane Street Capital
15.29
20.86
20.65
18.37
13.04
28077.23
26.9730
477588.13
27.2908
201826.15
36.7465
132091.23
49.9460
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Jane Street Capital ("JANE"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
Wolverine Execution Services, LLC
15.25
4.96
6.42
8.39
19.68
8680.14
31.5160
118243.88
35.4085
75982.11
40.4433
234364.82
54.0331
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Wolverine Execution Services ("WEX"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
CITADEL SECURITIES LLC
12.71
12.98
13.46
15.54
11.51
16935.62
29.7968
314047.80
29.1384
152856.80
39.1869
128267.35
55.3779
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Citadel Securities LLC ("Citadel"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
Global Execution Brokers LP
8.71
18.58
21.00
24.04
0.54
17698.77
29.9431
359206.12
29.7166
155051.63
41.1127
1250.40
26.1809
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Global Execution Brokers ("G1X"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.
Matrix Executions, LLC
6.09
8.05
9.18
7.10
5.14
0.00
0.0000
174149.89
25.6883
73256.05
34.1261
48122.19
48.7308
For all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Matrix Executions, LLC ("Matrix"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. For one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity.
All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.