Robinhood Securities, LLC - Held NMS Stocks and Options Order Routing Public Report Generated on Tue Jan 31 2023 15:26:09 GMT-0500 (Eastern Standard Time) 4th Quarter, 2022 October 2022 S&P 500 Stocks Summary Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non- Directed Orders Non-Marketable Limit Orders as % of Non- Directed Orders Other Orders as % of Non-Directed Orders 100.00 25.87 18.70 8.20 47.23 Venues Venue - Non-directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) Virtu Americas, LLC 43.71 33.99 34.69 33.42 54.40 92,903.30 59.5002 50,298.88 47.1743 6,185.37 36.6871 216,922.41 102.1468 CITADEL SECURITIES LLC 36.97 29.11 30.39 29.76 45.13 92,185.30 24.4190 58,378.37 24.0002 9,522.68 21.6992 214,509.18 54.7860 G1 Execution Services, LLC 14.19 26.93 26.02 27.59 0.21 76,926.07 41.1717 48,399.09 37.8659 6,917.71 32.4722 2,020.35 42.6398 Material Aspects: Virtu Americas, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. CITADEL SECURITIES LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. G1 Execution Services, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement.
October 2022 Non-S&P 500 Stocks Summary Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non- Directed Orders Non-Marketable Limit Orders as % of Non- Directed Orders Other Orders as % of Non-Directed Orders 100.00 22.48 20.56 8.07 48.90 Venues Venue - Non-directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) CITADEL SECURITIES LLC 39.59 30.18 30.56 29.88 49.32 763,497.04 13.6809 513,791.62 9.4982 82,394.06 11.6552 1,180,628.49 13.1801 Virtu Americas, LLC 38.61 28.02 27.12 28.42 50.00 433,521.25 18.5104 297,767.07 11.8147 54,167.55 14.5325 751,950.19 15.1990 Jane Street Capital 11.43 20.61 24.00 21.71 0.23 638,741.82 17.1784 418,191.75 11.2408 78,914.94 15.3180 23,754.71 17.5907 G1 Execution Services, LLC 7.09 14.82 12.48 13.88 0.15 260,192.03 14.2474 179,542.89 10.2455 29,902.79 10.8606 11,394.82 14.4821 Material Aspects: CITADEL SECURITIES LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Virtu Americas, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Jane Street Capital: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. G1 Execution Services, LLC:
Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. October 2022 Options Summary Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non- Directed Orders Non-Marketable Limit Orders as % of Non- Directed Orders Other Orders as % of Non-Directed Orders 100.00 0.01 32.67 46.92 20.39 Venues Venue - Non-directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) CITADEL SECURITIES LLC 30.92 32.09 29.40 31.79 31.34 869.05 59.3613 8,207,006.05 61.2872 5,036,552.70 66.1698 1,276,385.70 49.8053 Wolverine Execution Services, LLC 20.29 21.38 20.48 19.89 20.88 1,097.45 71.5884 5,063,074.35 58.0818 3,054,865.20 61.3105 940,019.25 47.6469 Dash/IMC Financial Markets 18.05 24.61 19.41 17.00 18.29 740.90 59.1301 5,186,802.85 55.2000 2,667,687.35 57.5486 788,626.95 45.0755 Matrix Executions, LLC / Simplex Trading, LLC 16.96 7.57 16.82 17.65 15.61 170.60 64.8669 4,003,375.85 62.4567 2,232,372.85 67.2472 542,143.65 50.8851 Morgan Stanley & Co., LLC 8.92 9.57 9.01 8.80 9.04 237.15 50.7816 2,392,550.90 57.5224 1,332,014.70 61.0740 438,464.10 46.8963 Material Aspects: CITADEL SECURITIES LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In October, for single leg orders, RHS received a per contract rate of $.35, $.50, or $.60 for symbols assigned to one of three special buckets for symbols with relatively narrow average spreads, $.75 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.20 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.35, $.40, or $.50 for symbols assigned to one of three special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Wolverine Execution Services, LLC:
Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In October, for single leg orders, RHS received a per contract rate of $.35, $.50, or $.60 for symbols assigned to one of three special buckets for symbols with relatively narrow average spreads, $.75 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.20 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.35, $.40, or $.50 for symbols assigned to one of three special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Dash/IMC Financial Markets: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In October, for single leg orders, RHS received a per contract rate of $.35, $.50, or $.60 for symbols assigned to one of three special buckets for symbols with relatively narrow average spreads, $.75 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.20 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.35, $.40, or $.50 for symbols assigned to one of three special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Matrix Executions, LLC / Simplex Trading, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In October, for single leg orders, RHS received a per contract rate of $.35, $.50, or $.60 for symbols assigned to one of three special buckets for symbols with relatively narrow average spreads, $.75 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.20 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.35, $.40, or $.50 for symbols assigned to one of three special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Morgan Stanley & Co., LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In October, for single leg orders, RHS received a per contract rate of $.35, $.50, or $.60 for symbols assigned to one of three special buckets for symbols with relatively narrow average spreads, $.75 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.20 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.35, $.40, or $.50 for symbols assigned to one of three special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. November 2022 S&P 500 Stocks Summary Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non- Directed Orders Non-Marketable Limit Orders as % of Non- Directed Orders Other Orders as % of Non-Directed Orders 100.00 26.11 18.59 8.44 46.87 Venues Venue - Non-directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) Virtu Americas, LLC 48.94 40.97 44.04 39.53 57.02 79,195.05 49.4837 54,778.42 45.9832 7,064.72 36.7682 162,296.74 84.0808 CITADEL SECURITIES LLC 34.52 27.67 26.40 29.57 42.46 79,032.25 27.0415 50,066.95 26.2772 7,174.06 20.0339 155,409.27 53.1437
Venue - Non-directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) G1 Execution Services, LLC 10.84 20.30 19.92 20.88 0.17 54,310.56 42.5945 36,629.31 42.2721 4,995.69 31.7624 1,833.68 44.2030 Material Aspects: Virtu Americas, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. CITADEL SECURITIES LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. G1 Execution Services, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. November 2022 Non-S&P 500 Stocks Summary Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non- Directed Orders Non-Marketable Limit Orders as % of Non- Directed Orders Other Orders as % of Non-Directed Orders 100.00 22.41 20.90 7.79 48.90 Venues Venue - Non-directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) CITADEL SECURITIES LLC 40.31 31.19 31.73 31.42 49.57 791,913.94 13.0081 553,419.56 8.6022 91,380.31 11.6992 1,242,727.43 11.2734 Virtu Americas, LLC 38.31 27.91 26.60 27.82 49.75 434,896.05 16.8541 307,669.48 10.7839 53,998.79 15.0772 812,685.52 13.5894 Jane Street Capital 11.87 21.48 24.88 22.64 0.20 630,915.58 14.7422 437,832.75 9.4319 81,748.84 12.9427 20,138.73 13.2314
Venue - Non-directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) G1 Execution Services, LLC 5.94 12.38 10.57 11.46 0.13 243,028.61 11.8550 178,550.60 8.0232 27,063.63 8.7003 9,906.46 10.9857 Material Aspects: CITADEL SECURITIES LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Virtu Americas, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Jane Street Capital: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. G1 Execution Services, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. November 2022 Options Summary Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non- Directed Orders Non-Marketable Limit Orders as % of Non- Directed Orders Other Orders as % of Non-Directed Orders 100.00 0.01 32.57 47.12 20.30 Venues Venue - Non-directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) CITADEL SECURITIES LLC 35.75 34.54 32.49 37.99 35.79 583.60 54.5421 7,772,749.65 54.8880 5,396,543.50 63.5510 1,195,936.40 47.4210
Venue - Non-directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) Dash/IMC Financial Markets 21.46 21.06 22.75 20.78 20.99 368.25 46.1466 4,741,756.55 46.4250 2,749,302.75 52.1261 721,494.55 41.2569 Wolverine Execution Services, LLC 20.24 18.71 21.15 19.70 20.04 543.00 48.7433 4,443,742.75 49.5784 2,836,964.40 54.6222 796,461.10 42.3393 Global Execution Brokers, LP 12.75 14.98 13.79 11.73 13.43 564.80 46.8325 3,693,236.10 44.2233 2,008,909.20 48.4705 574,307.65 39.1416 Morgan Stanley & Co., LLC 9.80 10.70 9.82 9.80 9.75 174.65 54.4081 2,155,095.20 48.4618 1,338,009.50 54.9608 391,552.55 41.7865 Material Aspects: CITADEL SECURITIES LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In November, for single leg orders, RHS received a per contract rate of $.30, $.40, $.50, or $.60 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.75 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.20 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.30, $.40, $.40, or $.50 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Dash/IMC Financial Markets: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In November, for single leg orders, RHS received a per contract rate of $.30, $.40, $.50, or $.60 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.75 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.20 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.30, $.40, $.40, or $.50 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Wolverine Execution Services, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In November, for single leg orders, RHS received a per contract rate of $.30, $.40, $.50, or $.60 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.75 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.20 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.30, $.40, $.40, or $.50 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Global Execution Brokers, LP: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In November, for single leg orders, RHS received a per contract rate of $.30, $.40, $.50, or $.60 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.75 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.20 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.30, $.40, $.40, or $.50 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Morgan Stanley & Co., LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In November, for single leg orders, RHS received a per contract rate of $.30, $.40, $.50, or $.60 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.75 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.20 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.30, $.40, $.40, or $.50 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement.
December 2022 S&P 500 Stocks Summary Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non- Directed Orders Non-Marketable Limit Orders as % of Non- Directed Orders Other Orders as % of Non-Directed Orders 100.00 25.54 18.60 8.55 47.31 Venues Venue - Non-directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) Virtu Americas, LLC 52.57 41.60 44.26 39.55 64.12 69,270.55 44.2051 42,046.75 40.1725 5,374.13 30.4826 146,928.37 74.1080 CITADEL SECURITIES LLC 27.30 20.23 18.48 23.14 35.33 55,628.30 24.9516 30,152.73 22.5684 5,103.76 16.7583 110,063.94 50.7677 G1 Execution Services, LLC 14.70 27.57 28.35 26.80 0.20 67,271.58 38.3438 40,043.16 35.4611 5,453.92 28.2680 2,125.07 41.5240 Material Aspects: Virtu Americas, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. CITADEL SECURITIES LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. G1 Execution Services, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. December 2022 Non-S&P 500 Stocks
Summary Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non- Directed Orders Non-Marketable Limit Orders as % of Non- Directed Orders Other Orders as % of Non-Directed Orders 100.00 23.19 20.49 7.55 48.77 Venues Venue - Non-directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) CITADEL SECURITIES LLC 39.89 30.60 30.33 30.87 49.72 769,377.56 11.1592 472,427.32 7.6974 74,391.60 10.3189 1,160,616.07 9.2440 Virtu Americas, LLC 37.51 26.50 25.47 26.61 49.50 459,064.71 13.5960 287,245.00 9.2908 53,948.03 13.5816 840,471.03 10.4060 Jane Street Capital 12.60 22.75 26.57 23.49 0.22 667,520.20 11.9791 416,916.93 7.7700 78,032.92 11.6125 22,346.33 12.3982 G1 Execution Services, LLC 5.93 12.39 10.38 11.41 0.13 232,977.48 8.8604 147,358.18 6.2929 24,002.99 7.9207 9,516.97 7.7557 Material Aspects: CITADEL SECURITIES LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Virtu Americas, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Jane Street Capital: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. G1 Execution Services, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The amounts above represent payments received by RHS. RHS receives payment from this venue for routing equity order flow to it. The payment varies based upon a fixed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution (12.35% of the spread during regular market hours and 9% of the spread during extended hours). The fixed percentage is the same for all non-exchange third-party market centers to which RHS routes equity order flow. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. December 2022 Options
Summary Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non- Directed Orders Non-Marketable Limit Orders as % of Non- Directed Orders Other Orders as % of Non-Directed Orders 100.00 0.03 33.76 45.29 20.92 Venues Venue - Non-directed Order Flow Non- Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) Non- Marketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/ Received for Market Orders(cents per hundred shares) Net Payment Paid/ Received for Marketable Limit Orders(USD) Net Payment Paid/ Received for Marketable Limit Orders(cents per hundred shares) Net Payment Paid/ Received for Non- Marketable Limit Orders(USD) Net Payment Paid/ Received for Non- Marketable Limit Orders(cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/ Received for Other Orders(cents per hundred shares) Dash/IMC Financial Markets 34.34 33.46 34.23 35.49 32.04 1,667.30 66.6653 5,624,373.33 48.1923 3,321,390.72 54.6381 880,146.43 43.3296 CITADEL SECURITIES LLC 26.81 24.56 23.75 28.36 28.42 1,300.45 53.7376 5,953,255.20 50.2135 3,698,433.90 58.2311 998,153.72 45.2755 Wolverine Execution Services, LLC 18.69 23.61 21.35 16.71 18.68 453.10 47.4450 3,615,732.00 43.2297 2,011,009.25 46.3438 762,606.33 39.9237 Global Execution Brokers, LP 11.00 10.65 11.56 10.29 11.61 602.25 42.6523 3,100,273.37 42.4684 1,531,364.30 46.2356 545,813.45 38.8698 Morgan Stanley & Co., LLC 9.16 7.72 9.11 9.15 9.24 234.30 57.0073 1,864,819.77 45.9396 1,083,962.35 51.8563 379,220.55 41.2563 Material Aspects: Dash/IMC Financial Markets: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In December, for single leg orders, RHS received a per contract rate of $.30, $.375, $.475, or $.575 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.725 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.15 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.30, $.40, $.40, or $.50 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. CITADEL SECURITIES LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In December, for single leg orders, RHS received a per contract rate of $.30, $.375, $.475, or $.575 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.725 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.15 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.30, $.40, $.40, or $.50 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Wolverine Execution Services, LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In December, for single leg orders, RHS received a per contract rate of $.30, $.375, $.475, or $.575 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.725 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.15 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.30, $.40, $.40, or $.50 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Global Execution Brokers, LP:
Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In December, for single leg orders, RHS received a per contract rate of $.30, $.375, $.475, or $.575 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.725 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.15 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.30, $.40, $.40, or $.50 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement. Morgan Stanley & Co., LLC: Revenue that Robinhood Securities, LLC (“RHS”) receives from third-party market centers is shared with Robinhood Financial LLC (“RHF”) pursuant to a revenue and cost allocation agreement. RHS passes 80% of such revenue to RHF. The venues each pay Robinhood based on the same schedule. For single leg orders, RHS receives a per contract rate that depends on (1) the average closing VIX price over the preceding ten trading days as of the first of the month and (2) the average spread for the symbol traded. For multi-leg orders, RHS receives a per contract rate that depends on the average spread for the symbol traded. In December, for single leg orders, RHS received a per contract rate of $.30, $.375, $.475, or $.575 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.725 for other symbols that can be quoted and traded in minimum increments of $.01, and $1.15 for all other symbols. For multi-leg orders, RHS received a per contract rate of $.30, $.40, $.40, or $.50 for symbols assigned to one of four special buckets for symbols with relatively narrow average spreads, $.60 for other symbols that can be quoted and traded in minimum increments of $.01, and $.90 for all other symbols. Differences in average payments among venues are due to the mix of symbols executed at each venue. RHS attests to the retail nature of the orders RHS routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. There may be a potential tradeoff between the payments received by RHS and execution quality insofar as any payments made to RHS are not provided to customers in the form of price improvement.
