January 2023
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 |
53.93 |
5.41 |
36.38 |
4.29 |
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) |
42.62 |
45.37 |
43.10 |
39.62 |
32.76 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
24.16 |
26.86 |
24.36 |
21.06 |
16.32 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
23.53 |
20.51 |
22.98 |
26.43 |
37.47 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
9.69 |
7.26 |
9.56 |
12.88 |
13.44 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane (Jane) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
G1 Execution Services, LLC (ETMM):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Virtu Americas, LLC (NITE):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
UBS Securities LLC (UBSS):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Jane (Jane):
[Insert discussion of the material aspects of the relationship with this venue pursuant to rule 606(a)(1)(iv).]
January 2023
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 |
58.85 |
5.75 |
31.52 |
3.89 |
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 (NITE) |
35.44 |
35.43 |
36.37 |
34.88 |
38.61 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Citadel Securities (CDRG) |
28.63 |
27.19 |
29.40 |
31.05 |
29.79 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
28.40 |
32.37 |
26.93 |
22.39 |
19.24 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
7.53 |
5.00 |
7.30 |
11.68 |
12.36 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane (Jane) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Virtu Americas, LLC (NITE):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
G1 Execution Services, LLC (ETMM):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
UBS Securities LLC (UBSS):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Jane (Jane):
[Insert discussion of the material aspects of the relationship with this venue pursuant to rule 606(a)(1)(iv).]
January 2023
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 |
0.12 |
22.00 |
72.01 |
5.87 |
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) |
| Citadel Securities (CDRG) |
61.18 |
67.64 |
63.05 |
59.88 |
69.99 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Susquehanna International Group, LLP (SUSQ) |
28.21 |
21.68 |
26.66 |
29.22 |
21.71 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Wolverine Execution Svc. (WEXX) |
10.61 |
10.68 |
10.29 |
10.90 |
8.30 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Susquehanna International Group, LLP (SUSQ):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Wolverine Execution Svc. (WEXX):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
February 2023
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 |
52.71 |
5.42 |
37.66 |
4.20 |
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) |
42.81 |
45.30 |
43.36 |
40.32 |
33.22 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
24.14 |
26.83 |
24.30 |
21.21 |
16.46 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
22.97 |
19.92 |
22.78 |
25.66 |
37.39 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
8.46 |
5.91 |
8.06 |
11.67 |
12.30 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane (Jane) |
1.62 |
2.04 |
1.50 |
1.15 |
0.64 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Citadel Group, Options (CDEL) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
G1 Execution Services, LLC (ETMM):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Virtu Americas, LLC (NITE):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
UBS Securities LLC (UBSS):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Jane (Jane):
[Insert discussion of the material aspects of the relationship with this venue pursuant to rule 606(a)(1)(iv).]
Citadel Group, Options (CDEL):
[Insert discussion of the material aspects of the relationship with this venue pursuant to rule 606(a)(1)(iv).]
February 2023
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 |
57.02 |
5.90 |
33.29 |
3.79 |
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 (NITE) |
37.69 |
38.74 |
37.20 |
35.85 |
38.81 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
29.54 |
34.11 |
27.92 |
23.14 |
19.47 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Citadel Securities (CDRG) |
25.03 |
21.84 |
27.34 |
29.58 |
29.41 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
7.53 |
5.00 |
7.43 |
11.35 |
12.27 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane (Jane) |
0.22 |
0.32 |
0.11 |
0.08 |
0.05 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Citadel Group, Options (CDEL) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Virtu Americas, LLC (NITE):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
G1 Execution Services, LLC (ETMM):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
UBS Securities LLC (UBSS):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Jane (Jane):
[Insert discussion of the material aspects of the relationship with this venue pursuant to rule 606(a)(1)(iv).]
Citadel Group, Options (CDEL):
[Insert discussion of the material aspects of the relationship with this venue pursuant to rule 606(a)(1)(iv).]
February 2023
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 |
0.10 |
23.03 |
71.61 |
5.26 |
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) |
61.65 |
63.04 |
63.99 |
60.23 |
70.72 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Susquehanna International Group, LLP (SUSQ) |
27.79 |
27.39 |
25.76 |
28.91 |
21.50 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Wolverine Execution Svc. (WEXX) |
10.55 |
9.57 |
10.25 |
10.86 |
7.78 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Susquehanna International Group, LLP (SUSQ):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Wolverine Execution Svc. (WEXX):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
March 2023
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 |
50.61 |
6.45 |
38.93 |
4.01 |
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) |
43.72 |
46.31 |
44.64 |
41.22 |
33.72 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
23.63 |
26.07 |
24.49 |
20.97 |
17.18 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
20.79 |
17.53 |
19.44 |
23.73 |
35.68 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
7.94 |
5.08 |
7.33 |
11.38 |
11.65 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane (Jane) |
3.92 |
5.01 |
4.09 |
2.70 |
1.77 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Citadel Group, Options (CDEL) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
G1 Execution Services, LLC (ETMM):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Virtu Americas, LLC (NITE):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
UBS Securities LLC (UBSS):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Jane (Jane):
[Insert discussion of the material aspects of the relationship with this venue pursuant to rule 606(a)(1)(iv).]
Citadel Group, Options (CDEL):
[Insert discussion of the material aspects of the relationship with this venue pursuant to rule 606(a)(1)(iv).]
March 2023
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 |
55.52 |
6.36 |
34.69 |
3.44 |
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 (NITE) |
36.10 |
36.65 |
36.03 |
34.95 |
38.89 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
26.54 |
30.76 |
24.49 |
21.01 |
18.09 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Citadel Securities (CDRG) |
25.89 |
22.70 |
28.38 |
30.20 |
29.26 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
7.68 |
5.15 |
7.39 |
11.38 |
11.91 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane (Jane) |
3.79 |
4.75 |
3.71 |
2.45 |
1.86 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Virtu Americas, LLC (NITE):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
G1 Execution Services, LLC (ETMM):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
UBS Securities LLC (UBSS):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Jane (Jane):
[Insert discussion of the material aspects of the relationship with this venue pursuant to rule 606(a)(1)(iv).]
March 2023
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 |
0.13 |
21.54 |
73.16 |
5.17 |
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) |
61.64 |
64.67 |
63.78 |
60.39 |
70.41 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Susquehanna International Group, LLP (SUSQ) |
27.91 |
23.91 |
26.09 |
28.86 |
22.15 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Wolverine Execution Svc. (WEXX) |
10.44 |
11.41 |
10.13 |
10.75 |
7.44 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Susquehanna International Group, LLP (SUSQ):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.
Wolverine Execution Svc. (WEXX):
Vanguard Brokerage Services does not receive any payment for order flow.
Vanguard Brokerage
Services does not receive any monetary payments, services, property, or other direct or indirect benefit
that would result in remuneration,
compensation, or consideration in return for the routing of customer
orders.