September 2025
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 |
0.00 |
0.00 |
0.00 |
100.00 |
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) |
| Pershing LLC (PERX) |
100.00 |
0.00 |
0.00 |
0.00 |
100.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Pershing LLC (PERX):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution and does not receive any payment for order flow from these venues. These broker-dealers and market centers may include dealers who make markets in these securities. BKCM and Pershing LLC are affiliated broker-dealers and subsidiaries of The Bank of New York Mellon Corporation. Pershing LLC may receive payment for order flow routed to these venues. BKCM does not receive any payments from Pershing LLC on its order flow.
September 2025
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 |
10.89 |
52.48 |
1.98 |
34.65 |
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) |
| The Nasdaq Stock Market LLC (NSDQ) |
51.49 |
0.00 |
94.34 |
100.00 |
0.00 |
0 |
0.0000 |
1,707 |
3,000.0000 |
0 |
-2,000.0000 |
0 |
0.0000 |
| Pershing LLC (PERX) |
44.55 |
90.91 |
0.00 |
0.00 |
100.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
3.96 |
9.09 |
5.66 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
The Nasdaq Stock Market LLC (NSDQ):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution. These broker-dealers and market centers may include dealers who make markets in these securities.
Pershing LLC (PERX):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution and does not receive any payment for order flow from these venues. These broker-dealers and market centers may include dealers who make markets in these securities. BKCM and Pershing LLC are affiliated broker-dealers and subsidiaries of The Bank of New York Mellon Corporation. Pershing LLC may receive payment for order flow routed to these venues. BKCM does not receive any payments from Pershing LLC on its order flow.
Virtu Americas, LLC (NITE):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution. These broker-dealers and market centers may include dealers who make markets in these securities.
September 2025
Option Contracts
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 |
11.92 |
3.11 |
34.20 |
50.78 |
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 Financial Technologies LLC (DFIN) |
37.82 |
0.00 |
0.00 |
0.00 |
74.49 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Citadel Securities (CDRG) |
25.91 |
39.13 |
50.00 |
45.45 |
8.16 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Susquehanna International Group, LLP (SUSQ) |
21.76 |
39.13 |
33.33 |
31.82 |
10.20 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Wolverine Execution Svc. (WEXX) |
14.51 |
21.74 |
16.67 |
22.73 |
7.14 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
DASH Financial Technologies LLC (DFIN):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution. These broker-dealers and market centers may include dealers who make markets in these securities.
Citadel Securities (CDRG):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution and does not receive any payment for order flow from these venues. These broker-dealers and market centers may include dealers who make markets in these securities. BKCM and Pershing LLC are affiliated broker-dealers and subsidiaries of The Bank of New York Mellon Corporation. Pershing LLC may receive payment for order flow routed to these venues. BKCM does not receive any payments from Pershing LLC on its order flow.
Susquehanna International Group, LLP (SUSQ):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution. These broker-dealers and market centers may include dealers who make markets in these securities.
Wolverine Execution Svc. (WEXX):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution. These broker-dealers and market centers may include dealers who make markets in these securities.
July 2025
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 |
0.00 |
0.00 |
0.00 |
100.00 |
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) |
| Pershing LLC (PERX) |
100.00 |
0.00 |
0.00 |
0.00 |
100.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Pershing LLC (PERX):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution and does not receive any payment for order flow from these venues. These broker-dealers and market centers may include dealers who make markets in these securities. BKCM and Pershing LLC are affiliated broker-dealers and subsidiaries of The Bank of New York Mellon Corporation. Pershing LLC may receive payment for order flow routed to these venues. BKCM does not receive any payments from Pershing LLC on its order flow.
July 2025
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 |
0.00 |
81.08 |
0.00 |
18.92 |
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) |
| The Nasdaq Stock Market LLC (NSDQ) |
81.08 |
0.00 |
100.00 |
0.00 |
0.00 |
0 |
0.0000 |
1,668 |
3,000.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Pershing LLC (PERX) |
18.92 |
0.00 |
0.00 |
0.00 |
100.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
The Nasdaq Stock Market LLC (NSDQ):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution. These broker-dealers and market centers may include dealers who make markets in these securities.
Pershing LLC (PERX):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution and does not receive any payment for order flow from these venues. These broker-dealers and market centers may include dealers who make markets in these securities. BKCM and Pershing LLC are affiliated broker-dealers and subsidiaries of The Bank of New York Mellon Corporation. Pershing LLC may receive payment for order flow routed to these venues. BKCM does not receive any payments from Pershing LLC on its order flow.
July 2025
Option Contracts
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 |
6.54 |
5.14 |
35.98 |
52.34 |
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 Financial Technologies LLC (DFIN) |
40.65 |
0.00 |
0.00 |
0.00 |
77.68 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Citadel Securities (CDRG) |
27.10 |
42.86 |
45.45 |
50.65 |
7.14 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Susquehanna International Group, LLP (SUSQ) |
21.03 |
42.86 |
36.36 |
24.68 |
14.29 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Wolverine Execution Svc. (WEXX) |
11.21 |
14.29 |
18.18 |
24.68 |
0.89 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
DASH Financial Technologies LLC (DFIN):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution. These broker-dealers and market centers may include dealers who make markets in these securities.
Citadel Securities (CDRG):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution and does not receive any payment for order flow from these venues. These broker-dealers and market centers may include dealers who make markets in these securities. BKCM and Pershing LLC are affiliated broker-dealers and subsidiaries of The Bank of New York Mellon Corporation. Pershing LLC may receive payment for order flow routed to these venues. BKCM does not receive any payments from Pershing LLC on its order flow.
Susquehanna International Group, LLP (SUSQ):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution. These broker-dealers and market centers may include dealers who make markets in these securities.
Wolverine Execution Svc. (WEXX):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution. These broker-dealers and market centers may include dealers who make markets in these securities.
August 2025
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 |
0.00 |
0.00 |
0.00 |
100.00 |
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) |
| Pershing LLC (PERX) |
100.00 |
0.00 |
0.00 |
0.00 |
100.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Pershing LLC (PERX):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution and does not receive any payment for order flow from these venues. These broker-dealers and market centers may include dealers who make markets in these securities. BKCM and Pershing LLC are affiliated broker-dealers and subsidiaries of The Bank of New York Mellon Corporation. Pershing LLC may receive payment for order flow routed to these venues. BKCM does not receive any payments from Pershing LLC on its order flow.
August 2025
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 |
0.72 |
10.07 |
0.00 |
89.21 |
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) |
| Pershing LLC (PERX) |
89.93 |
100.00 |
0.00 |
0.00 |
100.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| The Nasdaq Stock Market LLC (NSDQ) |
10.07 |
0.00 |
100.00 |
0.00 |
0.00 |
0 |
0.0000 |
111 |
3,000.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Pershing LLC (PERX):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution and does not receive any payment for order flow from these venues. These broker-dealers and market centers may include dealers who make markets in these securities. BKCM and Pershing LLC are affiliated broker-dealers and subsidiaries of The Bank of New York Mellon Corporation. Pershing LLC may receive payment for order flow routed to these venues. BKCM does not receive any payments from Pershing LLC on its order flow.
The Nasdaq Stock Market LLC (NSDQ):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution. These broker-dealers and market centers may include dealers who make markets in these securities.
August 2025
Option Contracts
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 |
0.84 |
5.46 |
47.48 |
46.22 |
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 (CDRG) |
32.35 |
100.00 |
15.38 |
59.29 |
5.45 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| DASH Financial Technologies LLC (DFIN) |
31.93 |
0.00 |
0.00 |
0.00 |
69.09 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Susquehanna International Group, LLP (SUSQ) |
23.11 |
0.00 |
61.54 |
25.66 |
16.36 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Wolverine Execution Svc. (WEXX) |
12.61 |
0.00 |
23.08 |
15.04 |
9.09 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution and does not receive any payment for order flow from these venues. These broker-dealers and market centers may include dealers who make markets in these securities. BKCM and Pershing LLC are affiliated broker-dealers and subsidiaries of The Bank of New York Mellon Corporation. Pershing LLC may receive payment for order flow routed to these venues. BKCM does not receive any payments from Pershing LLC on its order flow.
DASH Financial Technologies LLC (DFIN):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution. These broker-dealers and market centers may include dealers who make markets in these securities.
Susquehanna International Group, LLP (SUSQ):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution. These broker-dealers and market centers may include dealers who make markets in these securities.
Wolverine Execution Svc. (WEXX):
BNY Mellon Capital Markets, LLC (“BKCM”) routes non-directed equity orders to broker-dealers or market centers (i.e., primary exchanges or electronic communication networks (“ECNs”)) for execution. These broker-dealers and market centers may include dealers who make markets in these securities.