1.2 RQD* Clearing LLC 2024 4 2025-01-31T20:52:00Z 2024 10 100.00 63.95 28.30 7.67 .08 Virtu Americas LLC NITE 11.87 18.56 0.00 0.00 0.00 501.31 17.0393 0.00 0.0000 0.00 0.0000 0.00 0.0000 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. Virtu Americas LLC paid RQD* Clearing LLC rebates on orders according to the below terms: A. Equity executions greater than $1 share will be paid a rebate of .0020 per share. B. Equity executions less than one share are executed without a rebate and without a cost to RQD* Clearing LLC. There is a potential conflict inherent to a market maker such as Virtu Americans LLC both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly from such anticipated profit a market maker such as Virtu Americas LLC can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market maker’s (such as Virtu’s) anticipated profit must be allocated among these three sub-categories such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and Virtu Americas LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD* Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to Virtu Americas LLC. Bank of America Merrill Lynch MLCO .01 0.00 0.00 .03 0.00 0.00 0.0000 0.00 0.0000 -.46 -23.4615 0.00 0.0000 Filled orders routed to Bank of America Merrill Lynch were charged a commission of .0005 per executed share by Bank of America Merrill Lynch to RQD* Clearing LLC. When routing orders to this market center for execution including client orders RQD* Clearing LLC paid fees and rebates realized by Bank of America Merrill Lynch that were passed back to RQD* Clearing LLC. RQD* Clearing LLC paid pass thru fees and receive credits in accordance with the execution venues published fee schedule. Generally, there is a credit when adding liquidity and a fee for removing liquidity. During the period of this report RQD* Clearing LLC only routed orders to Bank of America Merrill Lynch that added liquidity. During the month of October 2024 RQD* routed orders to Bank of America Merrill Lynch and had orders executed on the below exchanges and venues. NYSE Arca BATS CBOE BZX US EQUITIES EXCHANGE CHX NYSE CHICAGO MEMX MEMX LLC EQUITIES Jane Street Capital LLC JNST 88.04 81.44 100.00 99.97 0.00 2582.67 20.0019 380.11 20.0000 2241.25 31.9520 0.00 0.0000 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. Jane Street Capital LLC paid RQD* Clearing rebates on orders according to the below terms: A. US listed Security (NMS) non-marketable (add liquidity) orders executed equal to or over $1 per share rebate of .0032 per share B. US listed Security (NMS) marketable (remove liquidity) order executed equal to or over $1 per share rebate of .0020 per share C. US listed Security (NMS) non-marketable (add liquidity) orders executed under $1 rebate of .0015 notional amount of the trade (15 basis points) D. US listed Security (NMS) marketable (remove liquidity) order executed under $1 per share rebate of .0010 notional amount of the trade (10 basis points) There is a potential conflict inherent to a market maker such as Jane Street both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly, from such anticipated profit a market maker such as Jane Street can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market makers (such as Jane Street) anticipated profit must be allocated among these three sub-categories such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and Jane Street Capital, LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD* Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to Jane Street Capital, LLC. UBS Securities LLC UBSS .08 0.00 0.00 0.00 100.00 0.00 0.0000 0.00 0.0000 0.00 0.0000 5.16 25.0121 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. UBS Securities LLC paid RQD* Clearing rebates on orders according to the below terms: A. US listed (NMS) securities priced equal to or above $1 are paid a rebate of .0025 per share B. US listed (NMS) securities priced less than $1 are not paid a rebate There is a potential conflict inherent to a market maker such as UBS Securities LLC both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly from such anticipated profit a market maker such as UBS Securities LLC can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market maker’s (such as UBS’s) anticipated profit must be allocated among these three sub-categories such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and UBS Securities LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD* Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to UBS Securities LLC. 100.00 31.78 25.60 42.56 .06 Virtu Americas LLC NITE .98 3.80 .01 .01 0.0000 6731.07 19.7461 .10 9.2452 .02 5.7894 0.00 0.0000 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. Virtu Americas LLC paid RQD* Clearing LLC rebates on orders according to the below terms: A. Equity executions greater than $1 share will be paid a rebate of .0020 per share. B. Equity executions less than one share are executed without a rebate and without a cost to RQD* Clearing LLC. There is a potential conflict inherent to a market maker such as Virtu Americans LLC both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly from such anticipated profit a market maker such as Virtu Americas LLC can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market maker’s (such as Virtu’s) anticipated profit must be allocated among these three sub-categories such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and Virtu Americas LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD* Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to Virtu Americas LLC. Bank of America Merrill Lynch MLCO .01 0.00 0.00 .01 0.00 0.00 0.0000 0.00 0.0000 -17.09 -23.5594 0.00 0.0000 Filled orders routed to Bank of America Merrill Lynch were charged a commission of .0005 per executed share by Bank of America Merrill Lynch to RQD* Clearing LLC. When routing orders to this market center for execution including client orders, RQD* Clearing LLC paid fees and rebates realized by Bank of America Merrill Lynch that were passed back to RQD* Clearing LLC. RQD Clearing LLC paid pass thru fees and receive credits in accordance with the execution venues published fee schedule. Generally, there is a credit when adding liquidity and a fee for removing liquidity. During the period of this report RQD* Clearing LLC only routed orders to Bank of America Merrill Lynch that added liquidity. During the month of October 2024 RQD* routed orders to Bank of America Merrill Lynch and had orders executed on the below exchanges and venues. NYSE Arca BATS CBOE BZX US EQUITIES EXCHANGE CHX NYSE CHICAGO MEMX MEMX LLC EQUITIES Jane Street Capital LLC JNST 98.95 96.20 99.99 99.98 0.00 101562.68 9.4700 36726.52 4.1200 130822.17 8.8830 0.00 0.0000 RQD* Clearing, LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. Jane Street Capital LLC paid RQD* Clearing rebates on orders according to the below terms: A. US listed Security (NMS) non-marketable (add liquidity) orders executed equal to or over $1 per share rebate of .0032 per share B. US listed Security (NMS) marketable (remove liquidity) order executed equal to or over $1 per share rebate of .0020 per share C. US listed Security (NMS) non-marketable (add liquidity) orders executed under $1 rebate of .0015 notional amount of the trade (15 basis points) D. US listed Security (NMS) marketable (remove liquidity) order executed under $1 per share rebate of .0010 notional amount of the trade (10 basis points) There is a potential conflict inherent to a market maker such as Jane Street both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing, LLC customer orders. Accordingly from such anticipated profit a market maker such as Jane Street can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market makers (such as Jane Street) anticipated profit must be allocated among these three sub-categories, such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and Jane Street Capital, LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD* Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to Jane Street Capital, LLC. UBS Securities LLC UBSS .06 0.00 0.00 0.00 100.00 0.00 0.0000 0.00 0.0000 0.00 0.0000 410.72 20.1793 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. UBS Securities LLC paid RQD* Clearing rebates on orders according to the below terms: A. Equity executions priced equal to or above $1 are paid a rebate of .0025 per share B. Equity executions priced less than $1 are not paid a rebate There is a potential conflict inherent to a market maker such as UBS Securities LLC both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly from such anticipated profit a market maker such as UBS Securities LLC can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market maker’s (such as UBS’s) anticipated profit must be allocated among these three sub-categories such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and UBS Securities LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to UBS Securities LLC. 100.00 13.75 26.46 24.94 34.85 RQD* Clearing LLC CMSP 100.00 13.75 26.46 24.94 34.85 -54.84 -7.5537 436.34 21.7516 -339.35 -51.0293 -339.43 -2.0775 Orders routed to CMSP are directed to the firm's options agency platform for execution. The fees and rebates incurred on these orders are those associated with routing directly to exchanges. In general, removing liquidity incurs a fee, while adding liquidity earns a rebate for equity option orders. 2024 11 100.00 72.90 5.73 21.25 .12 Virtu Americas LLC NITE 13.82 18.96 0.00 0.00 0.00 663.65 17.8078 0.00 0.0000 0.00 0.0000 0.00 0.0000 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. Virtu Americas LLC paid RQD* Clearing LLC rebates on orders according to the below terms: A. Equity executions greater than than $1 share will be paid a rebate of .0020 per share. B. Equity executions less than one share are executed without a rebate and without a cost to RQD* Clearing LLC.There is a potential conflict inherent to a market maker such as Virtu Americans LLC both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly from such anticipated profit a market maker such as Virtu Americas LLC can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market maker’s (such as Virtu’s) anticipated profit must be allocated among these three sub-categories such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and Virtu Americas LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD* Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to Virtu Americas LLC. Bank of America Merrill Lynch MLCO .08 0.00 0.00 .36 0.00 0.00 0.0000 0.00 0.0000 -1.02 -5.0000 0.00 0.0000 Filled orders routed to Bank of America Merrill Lynch were charged a commission of .0005 per executed share by Bank of America Merrill Lynch to RQD* Clearing LLC. When routing orders to this market center for execution, including client orders, RQD* Clearing LLC paid fees and rebates realized by Bank of America Merrill Lynch that were passed back to RQD Clearing LLC. RQD Clearing LLC paid pass thru fees and receive credits in accordance with the execution venues published fee schedule. Generally, there is a credit when adding liquidity and a fee for removing liquidity. During the period of this report RQD* Clearing LLC only routed orders to Bank of America Merrill Lynch that added liquidity. During the month of November 2024 RQD routed orders to Bank of America Merrill Lynch and had orders executed on the below exchanges and venues. NYSE Arca BATS CBOE BZX US EQUITIES EXCHANGE EDGA CBOE EDGA US EQUITIES EXCHANGE EDGX CBOE EDGX US EQUITIES EXCHANGE GS SIGMA X2 IEX INVESTORS EXCHANGE NASDAQ NYSE Jane Street Capital LLC JNST 85.97 81.04 100.00 99.64 0.00 3185.55 19.9999 316.83 20.0000 1821.26 31.9081 0.00 0.0000 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. Jane Street Capital LLC paid RQD* Clearing rebates on orders according to the below terms: A. US listed Security (NMS) non-marketable (add liquidity) orders equal to or over $1 per share rebate of .0032 per share B. US listed Security (NMS) marketable (remove liquidity) order equal to or over $1 per share rebate of .0020 per share C. US listed Security (NMS) non-marketable (add liquidity) orders under $1 rebate of .0015 notional amount of the trade (15 basis points) D. US listed Security (NMS) marketable (remove liquidity) order under $1 per share rebate of .0010 notional amount of the trade (10 basis points) There is a potential conflict inherent to a market maker such as Jane Street both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly from such anticipated profit a market maker such as Jane Street can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market makers (such as Jane Street) anticipated profit must be allocated among these three sub-categories, such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and Jane Street Capital, LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD* Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to Jane Street Capital, LLC. UBS Securities LLC UBSS .13 0.00 0.00 0.00 100.00 0.00 0.0000 0.00 0.0000 0.00 0.0000 8.83 25.0000 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. UBS Securities LLC paid RQD* Clearing rebates on orders according to the below terms: A. US listed (NMS) securities priced equal to or above $1 are paid a rebate of .0025 per share B. US listed (NMS) securities priced less than $1 are not paid a rebate There is a potential conflict inherent to a market maker such as UBS Securities LLC both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly from such anticipated profit a market maker such as UBS Securities LLC can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market maker’s (such as UBS’s) anticipated profit must be allocated among these three sub-categories such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and UBS Securities LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to UBS Securities LLC. 100.00 28.28 25.43 46.22 0.07 Virtu Americas LLC NITE .75 2.65 0.01 0.00 0.00 6077.47 19.6545 11.82 19.9359 0.00 0.0000 0.00 0.0000 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. Virtu Americas LLC paid RQD* Clearing LLC rebates on orders according to the below terms: A. Equity executions greater than $1 share will be paid a rebate of .0020 per share. B. Equity executions less than one share are executed without a rebate and without a cost to RQD* Clearing LLC. There is a potential conflict inherent to a market maker such as Virtu Americans LLC both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly from such anticipated profit a market maker such as Virtu Americas LLC can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market maker’s (such as Virtu’s) anticipated profit must be allocated among these three sub-categories such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and Virtu Americas LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD* Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to Virtu Americas LLC. Bank of America Merrill Lynch MLCO .01 0.00 0.00 .01 0.00 0.00 0.0000 0.00 0.0000 -13.47 -5.0000 0.00 0.0000 Filled orders routed to Bank of America Merrill Lynch were charged a commission of .0005 per executed share by Bank of America Merrill Lynch to RQD* Clearing LLC. When routing orders to this market center for execution, including client orders, RQD* Clearing LLC paid fees and rebates realized by Bank of America Merrill Lynch that were passed back to RQD Clearing LLC. RQD Clearing LLC paid pass thru fees and receive credits in accordance with the execution venues published fee schedule. Generally, there is a credit when adding liquidity and a fee for removing liquidity. During the period of this report RQD* Clearing LLC only routed orders to Bank of America Merrill Lynch that added liquidity. During the month of November 2024 RQD routed orders to Bank of America Merrill Lynch and had orders executed on the below exchanges and venues. NYSE Arca BATS CBOE BZX US EQUITIES EXCHANGE EDGA CBOE EDGA US EQUITIES EXCHANGE EDGX CBOE EDGX US EQUITIES EXCHANGE GS SIGMA X2 IEX INVESTORS EXCHANGE NASDAQ NYSE Jane Street Capital LLC JNST 99.18 97.35 99.99 99.99 0.00 90143.00 7.9439 31772.10 3.0311 116878.00 6.1355 0.00 0.0000 RQD* Clearing, LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. Jane Street Capital LLC paid RQD* Clearing rebates on orders according to the below terms: A. US listed Security (NMS) non-marketable (add liquidity) orders executed equal to or over $1 per share rebate of .0032 per share B. US listed Security (NMS) marketable (remove liquidity) order executed equal to or over $1 per share rebate of .0020 per share C. US listed Security (NMS) non-marketable (add liquidity) orders executed under $1 rebate of .0015 notional amount of the trade (15 basis points) D. US listed Security (NMS) marketable (remove liquidity) order executed under $1 per share rebate of .0010 notional amount of the trade (10 basis points) There is a potential conflict inherent to a market maker such as Jane Street both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing, LLC customer orders. Accordingly from such anticipated profit a market maker such as Jane Street can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market makers (such as Jane Street) anticipated profit must be allocated among these three sub-categories, such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and Jane Street Capital, LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to Jane Street Capital, LLC. UBS Securities LLC UBSS .06 0.00 0.00 0.00 100.00 0.00 0.0000 0.00 0.0000 0.00 0.0000 95.58 3.8592 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. UBS Securities LLC paid RQD* Clearing rebates on orders according to the below terms: A. Equity shares priced equal to or above $1 are paid a rebate of .0025 per share B. Equity shares securities priced less than $1 are not paid a rebate There is a potential conflict inherent to a market maker such as UBS Securities LLC both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly from such anticipated profit a market maker such as UBS Securities LLC can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market maker’s (such as UBS’s) anticipated profit must be allocated among these three sub-categories such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and UBS Securities LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to UBS Securities LLC. 100.00 22.25 9.37 27.23 41.15 RQD* Clearing LLC CMSP 67.51 12.81 37.54 20.11 29.54 -17.14 -6.5904 -82.28 -8.3274 -172.89 -46.6018 -1418.62 -21.1292 Orders routed to CMSP are directed to the firm's options agency platform for execution. The fees and rebates incurred on these orders are those associated with routing directly to exchanges. In general, removing liquidity incurs a fee, while adding liquidity earns a rebate for equity option orders. Bank of America Merrill Lynch BCEX 32.49 39.78 28.13 22.23 9.86 89.66 2.6370 118.85 21.4918 -56.46 -1.3743 -10.46 -20.1153 Filled orders routed to Bank of America Merrill Lynch were charged a commission of .02 per executed contract by Bank of America Merrill Lynch to RQD* Clearing LLC. When routing orders to this market center for execution, including client orders, RQD* Clearing LLC paid fees and rebates realized by Bank of America Merrill Lynch that were passed back to RQD* Clearing LLC. RQD* Clearing LLC paid pass thru fees and receive credits in accordance with the execution venues published fee schedule. Option orders executed durning this month were filled at the below destiantions when routing when routing to Bank of America Merrill Lynch. AMCO - NYSE AMEX OPTIONS ARCO - NYSE ARCA OPTIONS BATO - CBOE BZX OPTIONS EXCHANGE C2XO - CBOE C2 OPTIONS EXCHANGE EDGO - CBOE EDGX OPTIONS EXCHANGE GMNI - ISE GEMINI EXCHANGE MCRY - ISE MERCURY LLC MPRL - MIAX PEARL LLC MXOP - MEMX LLC OPTIONS SPHR - MIAX SAPPHIRE LLC XBOX - BOX OPTIONS EXCHANGE XBXO - NASDAQ OMX BX OPTIONS XCBO - CBOE GLOBAL MARKETS INC XISX - INTERNATIONAL SECURITIES EXCHANGE LLC XMIO - MIAMI INTERNATIONAL SECURITIES EXCHANGE XNDQ - NASDAQ OPTIONS MARKET XPHO - PHILADELPHIA OPTIONS EXCHANGE 2024 12 100.00 52.65 11.02 36.25 .08 Virtu Americas LLC NITE 10.34 19.64 0.00 0.00 0.00 425.57 .1673 0.00 0.0000 0.00 0.0000 0.00 0.0000 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. Virtu Americas LLC paid RQD* Clearing LLC rebates on orders according to the below terms: A. US listed Security (NMS) non-marketable (add liquidity) orders executed equal to or over $1 per share rebate of .0032 per share and execution quantity is equal to or greater than one share. B. US listed Security (NMS) marketable (remove liquidity) order executed equal to or over $1 per share rebate of .0020 per share and execution quantity is equal to or greater than one share. C. US listed Security (NMS) non-marketable (add liquidity) orders executed under $1 a rebate of .0015 notional amount of the trade (15 basis points) and execution quantity is equal to or greater than one share. D. US listed Security (NMS) marketable (remove liquidity) orders executed under $1 per share rebate of .0010 notional amount of the trade (10 basis points) and execution quantity is equal to or greater than one share. E. US listed (NMS) securities executions less than one share are executed without a rebate and without a cost to RQD Clearing LLC. There is a potential conflict inherent to a market maker such as Virtu Americans LLC both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly from such anticipated profit a market maker such as Virtu Americas LLC can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market maker’s (such as Virtu’s) anticipated profit must be allocated among these three sub-categories such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and Virtu Americas LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to Virtu Americas LLC. Bank of America Merrill Lynch MLCO .04 0.00 0.00 .12 0.00 0.00 0.0000 0.00 0.0000 -1.09 -9.9990 0.00 0.0000 Filled orders routed to Bank of America Merrill Lynch were charged a commission of .0005 per executed share by Bank of America Merrill Lynch to RQD Clearing LLC. When routing orders to this market center for execution, including client orders, RQD Clearing LLC paid fees and rebates realized by Bank of America Merrill Lynch that were passed back to RQD Clearing LLC. RQD Clearing LLC paid pass thru fees and receive credits in accordance with the execution venues published fee schedule. Generally, there is a credit when adding liquidity and a fee for removing liquidity. During the period of this report RQD* Clearing LLC only routed orders to Bank of America Merrill Lynch that added liquidity. During the month of December 2024 RQD routed orders to Bank of America Merrill Lynch and had orders executed on the below exchanges and venues. AMEX NYSE MKT LLC NYSE Arca BATS CBOE BZX US EQUITIES EXCHANGE CHX NYSE CHICAGO EDGX CBOE EDGX US EQUITIES EXCHANGE GS SIGMA X2 IEX INVESTORS EXCHANGE MEMX MEMX EQUITIES LLC NASDAQ NYSE UBS Jane Street Capital LLC JNST 89.54 80.36 100.00 99.88 0.00 2082.18 20.0000 542.12 20.0000 2848.50 31.9730 0.00 0.0000 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. Jane Street Capital LLC paid RQD* Clearing rebates on orders according to the below terms: A. US listed Security (NMS) non-marketable (add liquidity) orders executed equal to or over $1 per share rebate of .0032 per share B. US listed Security (NMS) marketable (remove liquidity) order executed equal to or over $1 per share rebate of .0020 per share C. US listed Security (NMS) non-marketable (add liquidity) orders executed under $1 rebate of .0015 notional amount of the trade (15 basis points) D. US listed Security (NMS) marketable (remove liquidity) order executed under $1 per share rebate of .0010 notional amount of the trade (10 basis points) There is a potential conflict inherent to a market maker such as Jane Street both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing, LLC customer orders. Accordingly from such anticipated profit a market maker such as Jane Street can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market makers (such as Jane Street) anticipated profit must be allocated among these three sub-categories, such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and Jane Street Capital, LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to Jane Street Capital, LLC. UBS Securities LLC UBSS .08 0.00 0.00 0.00 100.00 0.00 0.0000 0.00 0.0000 0.00 0.0000 5.05 25.0247 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. UBS Securities LLC paid RQD* Clearing rebates on orders according to the below terms: A. US listed (NMS) securities priced equal to or above $1 are paid a rebate of .0025 per share B. US listed (NMS) securities priced less than $1 are not paid a rebate There is a potential conflict inherent to a market maker such as UBS Securities LLC both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly from such anticipated profit a market maker such as UBS Securities LLC can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market maker’s (such as UBS’s) anticipated profit must be allocated among these three sub-categories such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and UBS Securities LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to UBS Securities LLC. 100.00 30.65 24.18 45.09 .08 Virtu Americas LLC NITE 1.34 4.36 0.00 0.00 0.00 14805.13 19.7729 0.00 0.0000 0.00 0.0000 0.00 0.0000 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. Virtu Americas LLC paid RQD* Clearing LLC rebates on orders according to the below terms: A. US listed Security (NMS) non-marketable (add liquidity) orders executed equal to or over $1 per share rebate of .0032 per share and execution quantity is equal to or greater than one share. B. US listed Security (NMS) marketable (remove liquidity) order executed equal to or over $1 per share rebate of .0020 per share and execution quantity is equal to or greater than one share. C. US listed Security (NMS) non-marketable (add liquidity) orders executed under $1 a rebate of .0015 notional amount of the trade (15 basis points) and execution quantity is equal to or greater than one share. D. US listed Security (NMS) marketable (remove liquidity) orders executed under $1 per share rebate of .0010 notional amount of the trade (10 basis points) and execution quantity is equal to or greater than one share. E. US listed (NMS) securities executions less than one share are executed without a rebate and without a cost to RQD Clearing LLC. There is a potential conflict inherent to a market maker such as Virtu Americans LLC both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly from such anticipated profit a market maker such as Virtu Americas LLC can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market maker’s (such as Virtu’s) anticipated profit must be allocated among these three sub-categories such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and Virtu Americas LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD* Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to Virtu Americas LLC. Bank of America Merrill Lynch MLCO .01 0.00 0.00 .01 0.00 0.00 0.0000 0.00 0.0000 -3.97 -9.9987 0.00 0.0000 Filled orders routed to Bank of America Merrill Lynch were charged a commission of .0005 per executed share by Bank of America Merrill Lynch to RQD Clearing LLC. When routing orders to this market center for execution, including client orders, RQD Clearing LLC paid fees and rebates realized by Bank of America Merrill Lynch that were passed back to RQD Clearing LLC. RQD Clearing LLC paid pass thru fees and receive credits in accordance with the execution venues published fee schedule. Generally, there is a credit when adding liquidity and a fee for removing liquidity. During the period of this report RQD* Clearing LLC only routed orders to Bank of America Merrill Lynch that added liquidity. During the month of December 2024 RQD routed orders to Bank of America Merrill Lynch and had orders executed on the below exchanges and venues. AMEX NYSE MKT LLC NYSE Arca BATS CBOE BZX US EQUITIES EXCHANGE CHX NYSE CHICAGO EDGX CBOE EDGX US EQUITIES EXCHANGE GS SIGMA X2 IEX INVESTORS EXCHANGE MEMX MEMX EQUITIES LLC NASDAQ NYSE UBS Jane Street Capital LLC JNST 98.57 95.64 100.00 99.99 0.00 170882.00 10.4111 63015.90 4.6538 233748.00 9.2577 0.00 0.0000 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. Jane Street Capital LLC paid RQD* Clearing rebates on orders according to the below terms: A. US listed Security (NMS) non-marketable (add liquidity) orders executed equal to or over $1 per share rebate of .0032 per share B. US listed Security (NMS) marketable (remove liquidity) order executed equal to or over $1 per share rebate of .0020 per share C. US listed Security (NMS) non-marketable (add liquidity) orders executed under $1 rebate of .0015 notional amount of the trade (15 basis points) D. US listed Security (NMS) marketable (remove liquidity) order executed under $1 per share rebate of .0010 notional amount of the trade (10 basis points) There is a potential conflict inherent to a market maker such as Jane Street both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing, LLC customer orders. Accordingly from such anticipated profit a market maker such as Jane Street can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market makers (such as Jane Street) anticipated profit must be allocated among these three sub-categories, such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and Jane Street Capital, LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to Jane Street Capital, LLC. UBS Securities LLC UBSS .08 0.00 0.00 0.00 100.00 0.00 0.0000 0.00 0.0000 0.00 0.0000 1172.99 24.8357 RQD* Clearing LLC receives revenue from third-party liquidity providers based on the order flow execution received at each destination. UBS Securities LLC paid RQD* Clearing rebates on orders according to the below terms: A. US listed (NMS) securities priced equal to or above $1 are paid a rebate of .0025 per share B. US listed (NMS) securities priced less than $1 are not paid a rebate There is a potential conflict inherent to a market maker such as UBS Securities LLC both paying for order flow and providing price improvement as the potential source of funds for each is the same namely the anticipated profit the market maker seeks to earn from executing or facilitating the execution of RQD* Clearing LLC customer orders. Accordingly from such anticipated profit a market maker such as UBS Securities LLC can (i) forgo a portion of such anticipated profit to provide price improvement; (ii) forgo a portion of such anticipated profit to pay for order flow; or (iii) retain a larger portion of anticipated profit and not provide (or provide less) price improvement or not provide (or provide less) payment for order flow. A market maker’s (such as UBS’s) anticipated profit must be allocated among these three sub-categories such that an increased allocation to any one subcategory will result in a decreased allocation to one or more of the other categories. Furthermore, RQD* Clearing LLC and UBS Securities LLC do not have any arrangements: - that require RQD* Clearing LLC to meet certain volume thresholds or that provide incentives to RQD* Clearing LLC for meeting or exceeding certain volume thresholds; - that require RQD* Clearing LLC to meet certain minimum volume thresholds or that provide disincentives to RQD Clearing LLC for failing to meet certain minimum volume thresholds; - for volume-based tiered payment schedules; or - that requires RQD* Clearing LLC to route any orders or a minimum number of orders to UBS Securities LLC. 100.00 50.41 20.96 23.53 5.10 Bank of America Merrill Lynch BCEX 100.00 50.41 20.96 23.53 5.10 -.99 -.0120 31.60 0.8947 358.98 9.0514 -114.94 -13.3650 Filled orders routed to Bank of America Merrill Lynch were charged a commission of .02 per executed contract by Bank of America Merrill Lynch to RQD* Clearing LLC. When routing orders to this market center for execution, including client orders, RQD* Clearing LLC paid fees and rebates realized by Bank of America Merrill Lynch that were passed back to RQD* Clearing LLC. RQD* Clearing LLC paid pass thru fees and receive credits in accordance with the execution venues published fee schedule. Option orders executing during this month were filled at the below destiantions when routing when routing to Bank of America Merrill Lynch. AMCO - NYSE AMEX OPTIONS ARCO - NYSE ARCA OPTIONS BATO - CBOE BZX OPTIONS EXCHANGE C2XO - CBOE C2 OPTIONS EXCHANGE EDGO - CBOE EDGX OPTIONS EXCHANGE EMLD - MIAX EMERALD LLC GMNI - ISE GEMINI EXCHANGE MCRY - ISE MERCURY LLC MPRL - MIAX PEARL LLC MXOP - MEMX LLC OPTIONS SPHR - MIAX SAPPHIRE LLC XBOX - BOX OPTIONS EXCHANGE XBXO - NASDAQ OMX BX OPTIONS XISX - INTERNATIONAL SECURITIES EXCHANGE LLC XMIO - MIAMI INTERNATIONAL SECURITIES EXCHANGE XNDQ - NASDAQ OPTIONS MARKET XPHO - PHILADELPHIA OPTIONS EXCHANGE