Robinhood Securities LLC - Held NMS Stocks and Options Order Routing Public Report
Generated on Mon Jan 25 2021 11:07:12 GMT-0500 (Eastern Standard Time)
4th Quarter, 2020
October 2020
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 28.09 22.39 10.89 38.63
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
Execution
Services
38.83 24.83 23.02 25.16 62.04 189,114.97 24.3994 114,667.16 24.5213 27,489.21 23.3446 481,546.30 55.9258
G1X
Execution
Services,
LLC
22.61 35.73 37.40 36.36 0.61 277,352.97 41.2455 183,121.69 39.0876 40,106.47 30.6193 8,467.15 37.7252
Two Sigma
Securities,
LLC
18.16 25.58 26.59 26.16 5.63 135,659.96 55.0710 86,822.02 50.2090 19,349.43 43.3423 11,410.83 74.5894
Virtu
Americas,
LLC
16.96 8.13 7.60 7.01 31.61 72,161.44 31.8656 46,385.16 30.8932 13,864.26 25.9409 280,345.96 68.1341
Wolverine
Securities
LLC
3.44 5.72 5.40 5.32 0.11 70,125.17 43.2034 44,162.29 41.5848 11,135.01 37.7928 2,497.10 53.0940
Material Aspects:
Citadel Execution Services:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Citadel Execution Services for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
G1X Execution Services, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from G1 Execution Services, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Two Sigma Securities, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Two Sigma Securities, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Virtu Americas, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Virtu Americas, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Wolverine Securities LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Wolverine Securities LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
October 2020
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 26.50 24.78 10.85 37.87
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
Execution
Services
45.14 32.19 31.71 35.06 65.89 2,463,173.35 23.8146 1,550,534.86 19.1145 327,576.59 21.6317 2,806,667.54 24.2989
Two Sigma
Securities,
LLC
18.19 26.88 28.02 25.64 3.56 1,111,584.76 25.6484 730,196.10 20.1565 146,136.82 20.8006 86,605.61 31.6872
G1X
Execution
Services,
LLC
16.92 27.63 26.66 25.59 0.58 1,665,318.64 35.2643 1,072,019.20 27.5428 222,410.05 27.0634 62,713.27 35.3752
Virtu
Americas,
LLC
16.55 8.13 8.60 8.77 29.86 980,535.13 22.0190 596,591.19 15.9920 148,384.92 18.8703 1,615,844.97 21.5036
Wolverine
Securities
LLC
3.19 5.18 5.01 4.94 0.11 618,764.84 18.7781 385,905.75 14.7439 91,123.97 17.5684 24,478.91 21.6037
Material Aspects:
Citadel Execution Services:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Citadel Execution Services for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Two Sigma Securities, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Two Sigma Securities, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
G1X Execution Services, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from G1 Execution Services, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Virtu Americas, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Virtu Americas, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Wolverine Securities LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Wolverine Securities LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
October 2020
Options
Summary
Non-Directed Orders
as % of All Orders
Market Orders as % of
Non-Directed Orders
Marketable Limit
Orders as % of Non-
Directed Orders
Non-Marketable Limit
Orders as % of Non-
Directed Orders
Other Orders as % of
Non-Directed Orders
100.00 0.02 13.07 62.34 24.57
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
Execution
Services
66.02 69.91 69.67 66.58 62.67 3,526.73 59.0050 8,539,738.88 59.0077 13,703,704.55 59.0077 115,379.09 59.0078
Global
Execution
Brokers, LP
16.71 13.93 14.68 16.49 18.36 1,558.49 58.0011 3,280,280.74 58.0020 4,785,071.76 58.0020 41,837.42 58.0020
Wolverine
Execution
Services, LLC
12.47 11.07 10.95 12.14 14.14 1,459.68 55.5645 2,099,618.56 55.5611 3,802,485.95 55.5611 37,301.36 55.5609
Morgan
Stanley &
Co., LLC
4.79 5.09 4.71 4.79 4.83 699.07 57.7744 716,545.63 57.7629 1,137,755.37 57.7629 11,290.16 57.7620
Material Aspects:
Citadel Execution Services:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The venues each pay Robinhood based on the same schedule. The schedules vary by groups of symbols. Differences
in average payments among venues are due to the mix of symbols executed at each venue.
Global Execution Brokers, LP:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The venues each pay Robinhood based on the same schedule. The schedules vary by groups of symbols. Differences
in average payments among venues are due to the mix of symbols executed at each venue.
Wolverine Execution Services, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The venues each pay Robinhood based on the same schedule. The schedules vary by groups of symbols. Differences
in average payments among venues are due to the mix of symbols executed at each venue.
Morgan Stanley & Co., LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The venues each pay Robinhood based on the same schedule. The schedules vary by groups of symbols. Differences
in average payments among venues are due to the mix of symbols executed at each venue.
November 2020
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 32.13 21.80 9.84 36.23
Venues
Venue -
Non-
directed
Order Flow
Non-
Directed
Orders (%)
Market
Orders
(%)
Marketable
Limit Orders
(%)
Non-
Marketable
Limit Orders
(%)
Other
Orders
(%)
Net Payment
Paid/Received for
Market
Orders(USD)
Net Payment Paid/
Received for Market
Orders(cents per
hundred shares)
Net Payment Paid/
Received for
Marketable Limit
Orders(USD)
Net Payment Paid/
Received for
Marketable Limit
Orders(cents per
hundred shares)
Net Payment Paid/
Received for Non-
Marketable Limit
Orders(USD)
Net Payment Paid/
Received for Non-
Marketable Limit
Orders(cents per
hundred shares)
Net Payment
Paid/Received for
Other
Orders(USD)
Net Payment Paid/
Received for Other
Orders(cents per
hundred shares)
Citadel
Execution
Services
29.82 19.29 18.94 18.13 48.87 161,863.71 22.9500 91,648.09 22.8400 19,221.51 21.9369 410,192.24 50.5511
G1X
Execution
Services,
LLC
22.09 34.01 33.73 36.32 0.65 332,749.35 43.8285 200,210.75 43.3549 47,511.26 32.9344 9,837.01 43.7340
Virtu
Americas,
LLC
21.90 8.65 8.92 8.50 45.10 90,812.89 44.7866 52,578.74 43.8195 12,162.18 33.9619 339,647.72 82.3071
Two Sigma
Securities,
LLC
19.77 28.04 28.44 27.07 5.23 179,212.13 61.9021 103,102.51 59.4430 21,508.86 49.8628 10,022.25 71.7347
Wolverine
Securities
LLC
6.43 10.01 9.97 9.97 0.16 103,650.13 49.7906 60,984.67 54.0010 13,999.67 42.5601 3,347.41 50.1017
Material Aspects:
Citadel Execution Services:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Citadel Execution Services for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
G1X Execution Services, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from G1 Execution Services, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Virtu Americas, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Virtu Americas, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Two Sigma Securities, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Two Sigma Securities, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Wolverine Securities LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Wolverine Securities LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
November 2020
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
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 30.07 27.39 9.69 32.86
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
Execution
Services
39.95 30.23 31.27 32.69 58.22 4,126,197.24 22.3098 2,492,103.47 16.2427 476,354.94 19.1398 3,810,377.06 23.0214
Two Sigma
Securities,
LLC
19.82 28.06 27.69 26.94 3.62 1,666,393.86 25.2171 979,450.93 18.2469 195,437.40 20.0883 107,742.15 25.9307
Virtu
Americas,
LLC
18.94 9.72 10.19 9.92 37.31 1,302,390.00 16.8837 757,276.01 11.4460 158,751.02 13.6261 2,071,490.22 18.9570
G1X
Execution
Services,
LLC
14.84 22.15 21.48 21.64 0.61 2,033,082.95 33.2231 1,245,590.37 26.0672 245,830.94 26.5235 70,454.03 32.3642
Wolverine
Securities
LLC
6.46 9.83 9.37 8.81 0.24 1,184,870.43 17.2057 683,440.60 12.1525 147,448.27 14.4155 41,494.81 15.7818
Material Aspects:
Citadel Execution Services:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Citadel Execution Services for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Two Sigma Securities, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Two Sigma Securities, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Virtu Americas, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Virtu Americas, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
G1X Execution Services, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from G1 Execution Services, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Wolverine Securities LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Wolverine Securities LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
November 2020
Options
Summary
Non-Directed Orders
as % of All Orders
Market Orders as % of
Non-Directed Orders
Marketable Limit
Orders as % of Non-
Directed Orders
Non-Marketable Limit
Orders as % of Non-
Directed Orders
Other Orders as % of
Non-Directed Orders
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 0.02 14.26 65.85 19.86
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
Execution
Services
62.41 69.17 64.20 62.74 60.00 8,402.84 64.0607 9,862,572.87 64.0619 15,379,997.54 64.0619 103,054.75 64.0621
Global
Execution
Brokers, LP
18.25 15.13 17.07 18.34 18.78 4,141.89 60.8475 4,711,771.07 60.8439 6,397,941.72 60.8438 46,563.40 60.8441
Wolverine
Execution
Services, LLC
11.12 8.07 10.58 10.82 12.52 1,818.94 58.3555 2,360,551.55 58.3598 3,937,717.73 58.3598 34,371.95 58.3594
Morgan
Stanley &
Co., LLC
8.23 7.63 8.15 8.10 8.69 2,420.07 60.9129 1,572,211.21 60.9080 2,383,626.17 60.9080 18,458.47 60.9070
Material Aspects:
Citadel Execution Services:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The venues each pay Robinhood based on the same schedule. The schedules vary by groups of symbols. Differences
in average payments among venues are due to the mix of symbols executed at each venue.
Global Execution Brokers, LP:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The venues each pay Robinhood based on the same schedule. The schedules vary by groups of symbols. Differences
in average payments among venues are due to the mix of symbols executed at each venue.
Wolverine Execution Services, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The venues each pay Robinhood based on the same schedule. The schedules vary by groups of symbols. Differences
in average payments among venues are due to the mix of symbols executed at each venue.
Morgan Stanley & Co., LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The venues each pay Robinhood based on the same schedule. The schedules vary by groups of symbols. Differences
in average payments among venues are due to the mix of symbols executed at each venue.
December 2020
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 30.74 22.57 9.83 36.86
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)
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
50.03 36.99 36.66 38.82 72.07 204,790.70 52.9002 124,666.46 48.9279 23,634.84 42.3557 325,010.16 78.3354
Citadel
Execution
Services
20.17 17.84 17.20 16.53 24.89 154,508.58 20.1260 89,533.78 19.4147 18,026.10 19.9215 197,342.20 32.1663
G1X
Execution
Services,
LLC
14.53 22.08 23.33 23.88 0.36 180,648.39 31.5733 113,499.23 30.9642 26,455.22 27.7537 4,730.55 29.6080
Two Sigma
Securities,
LLC
12.76 19.10 18.96 16.75 2.61 98,829.22 45.1703 59,621.79 42.9393 12,506.91 40.3336 4,723.23 48.9531
Wolverine
Securities
LLC
2.51 3.99 3.85 4.02 0.07 46,032.30 33.1125 27,701.60 33.3813 7,464.13 29.8887 1,764.26 40.8153
Material Aspects:
Virtu Americas, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Virtu Americas, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Citadel Execution Services:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Citadel Execution Services for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
G1X Execution Services, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from G1 Execution Services, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Two Sigma Securities, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Two Sigma Securities, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Wolverine Securities LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Wolverine Securities LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
December 2020
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 29.75 27.99 10.48 31.78
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)
Virtu
Americas,
LLC
43.69 35.05 36.05 33.52 61.85 3,750,382.65 30.3444 2,228,358.11 20.9076 428,005.57 25.8232 3,417,727.56 22.8099
Citadel
Execution
Services
25.43 20.21 20.11 24.89 35.18 4,780,624.90 27.8964 2,866,988.41 21.3316 540,369.60 24.9599 3,717,172.77 24.0927
Two Sigma
Securities,
LLC
15.72 22.49 22.52 18.92 2.34 2,104,027.57 25.2030 1,244,940.34 17.3626 236,258.60 20.8768 151,483.85 25.5904
G1X
Execution
Services,
LLC
11.87 17.50 16.75 17.30 0.49 2,671,113.72 35.1045 1,580,171.48 25.1951 300,829.90 27.8768 102,304.74 34.3184
Wolverine
Securities
LLC
3.30 4.75 4.57 5.38 0.14 1,307,953.11 16.6293 779,101.75 11.5901 157,269.29 15.1828 52,460.38 15.9003
Material Aspects:
Virtu Americas, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Virtu Americas, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Citadel Execution Services:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Citadel Execution Services for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Two Sigma Securities, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Two Sigma Securities, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
G1X Execution Services, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from G1 Execution Services, LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
Wolverine Securities LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The per share amounts represent the total amount of payments received by Robinhood Securities. Robinhood
Securities receives payment from Wolverine Securities LLC for directing equity order ow to this venue. The payment varied based upon a xed percentage of the spread between the National Best Bid and National Best Offer for the security at the time of order execution.
December 2020
Options
Summary
Non-Directed Orders
as % of All Orders
Market Orders as % of
Non-Directed Orders
Marketable Limit
Orders as % of Non-
Directed Orders
Non-Marketable Limit
Orders as % of Non-
Directed Orders
Other Orders as % of
Non-Directed Orders
100.00 0.05 14.48 63.02 22.45
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
Execution
Services
55.34 53.15 56.73 55.75 53.30 9,360.52 65.8218 11,304,200.98 65.8198 16,661,113.10 65.8198 110,093.20 65.8196
Global
Execution
Brokers, LP
22.55 21.44 22.23 22.55 22.76 6,373.28 62.2391 6,757,667.93 62.2399 8,607,825.11 62.2399 61,687.38 62.2401
Wolverine
Execution
Services,
LLC
13.55 16.67 12.66 13.22 15.05 3,061.52 60.4446 3,522,720.26 60.4497 5,282,510.02 60.4497 42,282.10 60.4496
Morgan
Stanley &
Co., LLC
8.56 8.74 8.38 8.48 8.90 1,201.79 61.7887 1,998,419.24 61.7841 2,841,357.55 61.7841 23,381.98 61.7835
Material Aspects:
Citadel Execution Services:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The venues each pay Robinhood based on the same schedule. The schedules vary by groups of symbols. Differences
in average payments among venues are due to the mix of symbols executed at each venue.
Global Execution Brokers, LP:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The venues each pay Robinhood based on the same schedule. The schedules vary by groups of symbols. Differences
in average payments among venues are due to the mix of symbols executed at each venue.
Wolverine Execution Services, LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The venues each pay Robinhood based on the same schedule. The schedules vary by groups of symbols. Differences
in average payments among venues are due to the mix of symbols executed at each venue.
Morgan Stanley & Co., LLC:
Revenue that Robinhood Securities receives from the third-party market venues is shared pursuant to a fully-disclosed clearing agreement with Robinhood Financial LLC. The venues each pay Robinhood based on the same schedule. The schedules vary by groups of symbols. Differences
in average payments among venues are due to the mix of symbols executed at each venue.
XML Data for this report can be found at: http://public.s3.com/rule606/hood/