1.3 Charles Schwab 2026 1 2026-04-17T06:07:12Z 2026 01 99.93 29.68 8.71 50.23 11.38 CITADEL SECURITIES LLC 37.95 42.51 44.59 37.58 22.62 1174850.36 9.9964 397198.55 9.4491 975343.04 28.5939 357679.37 11.7266 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 17.45 15.29 18.30 18.98 15.65 422691.60 9.9931 151740.59 9.3001 482570.70 29.2978 150458.53 11.3862 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 15.62 7.85 7.11 20.36 21.48 218449.73 9.8718 62200.81 9.9796 1120863.52 32.4242 206896.83 16.9414 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 9.90 9.00 12.57 10.78 6.29 242156.97 10.0087 103976.39 8.8117 260042.90 26.2354 77966.24 11.3776 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Two Sigma Securities, LLC 7.16 5.13 3.99 7.63 12.82 141348.50 9.9953 40007.61 9.9996 375426.86 31.8798 92452.12 12.6806 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. G1 Execution Services, LLC 6.13 13.14 8.06 0.62 10.71 356705.05 9.9962 94754.90 9.9959 31210.30 32.8645 101815.89 10.3115 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 99.67 21.30 10.82 60.12 7.76 CITADEL SECURITIES LLC 35.90 42.41 44.81 34.21 18.72 7017265.65 9.9407 5525323.64 9.2831 6109179.15 25.4246 1516097.27 12.0310 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 18.91 7.67 6.72 24.38 24.40 1349374.81 9.8517 853354.21 9.9952 5562325.67 29.2299 881452.84 16.7304 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 16.29 15.31 17.63 16.47 15.68 2517648.11 9.9991 1873430.14 9.1940 2350610.81 25.4561 534089.31 10.5595 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 9.95 9.23 13.92 10.04 5.66 1480843.20 10.0029 1484637.99 8.6489 1343106.65 21.3133 241218.80 10.6215 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Two Sigma Securities, LLC 8.09 5.18 3.86 9.07 14.39 871878.37 9.9966 559228.88 9.9996 1802510.25 29.1009 358615.07 11.4877 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. G1 Execution Services, LLC 4.93 13.34 7.81 0.73 10.33 2193780.06 9.9965 1311437.53 9.9985 137363.08 29.7118 401751.10 10.2454 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 99.88 7.47 6.38 46.88 39.26 Wolverine Execution Services, LLC 28.56 8.15 8.70 22.86 42.48 1179513.91 43.0251 1656042.74 40.9240 8317476.51 57.3118 5469650.42 29.1146 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. CITADEL SECURITIES LLC 25.85 39.18 38.09 19.30 29.14 5688944.17 42.9146 7665258.32 42.3606 7247715.35 54.7321 5423509.96 34.0857 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Dash/IMC Financial Markets 21.52 19.18 20.44 29.99 12.02 2799490.73 43.2593 3774031.24 41.3863 11157872.57 57.0168 1534403.89 29.1919 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 13.73 14.79 14.71 13.93 13.13 2147720.49 42.7586 2621469.27 40.3557 5421322.30 57.1470 1654144.58 28.0712 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Global Execution Brokers LP 10.35 18.70 18.05 13.92 3.24 2734516.42 42.8106 3338752.24 39.0053 4547492.47 51.2673 415320.23 29.3807 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 2026 02 99.93 30.34 9.08 48.66 11.92 CITADEL SECURITIES LLC 36.87 39.62 42.12 37.69 22.49 1079807.63 9.9960 363907.10 9.4028 1016756.55 28.5468 332237.16 11.8888 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 18.38 18.88 20.83 18.01 16.74 517462.04 9.9944 167279.44 9.3254 385341.72 27.3566 166117.24 10.8181 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 16.76 9.46 9.38 21.15 23.08 252373.45 9.8723 84975.81 9.9900 1070231.37 32.4728 217320.27 16.2604 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 10.71 13.17 14.27 9.03 8.61 364898.99 10.0071 125065.52 9.1071 177905.93 23.0956 102170.47 10.5842 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Two Sigma Securities, LLC 7.72 4.10 4.18 9.67 11.67 111845.48 9.9961 38046.46 10.0047 426969.92 31.7717 90318.57 13.5812 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. G1 Execution Services, LLC 5.83 12.38 6.92 0.68 9.33 341690.73 9.9955 85559.82 9.9898 32716.22 32.8629 97345.01 10.3931 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 99.65 19.95 10.31 62.12 7.62 CITADEL SECURITIES LLC 35.03 39.43 41.90 34.22 20.74 6342573.12 9.8887 5523019.77 9.3065 5750229.19 25.5935 1760741.38 12.9597 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 20.99 9.42 9.31 26.12 25.25 1550982.27 9.8588 1260060.24 9.9981 4992485.94 29.1278 1050589.87 17.3633 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 16.15 18.80 20.17 14.63 16.09 3022664.26 9.9991 2294397.72 9.2961 1740894.24 23.8848 626708.31 10.2835 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Two Sigma Securities, LLC 9.62 4.26 4.29 11.83 12.90 715136.15 9.9957 593161.72 10.0019 1848391.92 28.8537 339398.08 12.2413 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 9.44 13.23 14.93 7.51 7.74 2197030.42 9.9996 1977188.73 9.0864 888056.61 19.2783 373387.80 10.1157 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 99.88 8.73 6.24 47.01 38.02 Wolverine Execution Services, LLC 25.27 5.39 6.12 20.19 39.26 948068.20 50.8677 1236029.35 48.1239 7117408.43 60.1896 4853406.29 29.4435 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. CITADEL SECURITIES LLC 24.69 41.29 39.44 18.21 26.48 7272155.26 50.6917 8052120.81 48.0486 6611799.47 57.8499 4586278.08 34.5269 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Dash/IMC Financial Markets 23.61 16.52 17.98 32.65 14.99 2935729.99 51.0329 3416326.11 47.1217 11821580.49 59.6921 1621624.67 26.8647 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 15.68 17.76 17.94 16.77 13.48 3149514.81 50.6042 3377259.89 46.5327 6127342.38 59.9693 1609611.23 28.4216 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Global Execution Brokers LP 10.75 19.04 18.52 12.18 5.79 3351907.64 50.6072 3489943.40 44.3664 3901073.40 53.8804 686759.36 29.2775 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 2026 03 99.93 30.51 8.22 49.85 11.42 CITADEL SECURITIES LLC 38.65 41.42 42.93 39.58 24.07 1225538.67 9.9940 306430.45 9.7719 1001458.75 31.4466 353654.17 12.2642 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 18.68 21.44 23.20 16.84 16.10 637525.53 9.9952 175354.42 9.3446 320604.41 26.4396 176916.38 10.3138 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 16.66 11.29 9.85 19.28 24.44 332443.34 9.8730 92488.29 9.9889 1040497.51 32.4196 242513.78 15.5399 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 10.13 10.12 12.37 10.10 8.71 299402.54 10.0027 92569.19 8.9637 235897.43 25.7221 93731.99 11.1901 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Two Sigma Securities, LLC 8.36 3.96 4.17 11.00 11.56 117628.35 9.9934 36264.17 9.9956 544123.69 32.1521 103835.25 14.3443 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 99.67 19.20 9.81 64.03 6.97 CITADEL SECURITIES LLC 36.77 41.21 43.07 36.02 22.55 7290090.90 9.6841 5348382.03 9.6479 5240468.22 27.8842 1619604.23 12.1669 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 20.47 11.25 9.14 24.36 26.12 2058689.19 9.8460 1542116.81 9.9961 4967054.84 28.6816 1052394.79 15.6405 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 15.53 21.46 22.96 12.66 15.05 3934752.56 9.9991 3029081.40 9.3008 1722664.68 21.7992 712479.65 10.0069 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Two Sigma Securities, LLC 11.02 4.04 3.93 13.99 12.88 742941.73 9.9954 619386.41 9.9998 2488063.04 28.5177 366720.58 12.4576 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 9.50 10.31 13.86 8.69 8.61 1909720.29 9.9991 1970596.07 8.9595 1338564.93 20.2578 366692.87 10.4006 Schwab receives payment for listed equity order flow routed to market makers. For marketable orders the payment rate is $0.001 per share or less, for non-marketable orders the rate is $0.0033 per share or less, and for extended hours orders the rate is $0.0006 per share or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. 99.88 9.14 5.70 44.04 41.11 Dash/IMC Financial Markets 24.76 19.12 20.57 32.82 17.97 4521510.42 53.9052 4509950.70 49.2700 13683305.62 61.6180 2440174.55 27.1419 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. CITADEL SECURITIES LLC 24.04 41.90 40.11 16.25 26.18 9855521.47 53.6913 9352260.99 50.3545 6965809.72 59.3062 5429522.36 33.7112 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Wolverine Execution Services, LLC 22.96 2.15 2.68 17.16 36.62 524584.43 53.2986 657813.98 50.7730 6820286.26 61.6871 5164963.95 27.6342 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 16.27 20.78 20.87 19.80 10.86 4889837.86 53.5362 4564112.23 48.6981 8228181.18 61.3937 1697258.62 29.1480 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality. Global Execution Brokers LP 11.96 16.05 15.77 13.97 8.38 3814635.97 53.6510 3439295.19 46.0235 5433054.66 58.3677 1181730.71 28.0872 Schwab receives payment for multi-listed option order flow routed to market makers. For complex orders the payment rate is $0.60 per contract or less. For marketable orders the payment rate is $0.67 per contract or less. For non-marketable orders the payment rate is $0.61 per contract or less. All market makers pay the same rate to Schwab for any given order flow type. Schwab does not negotiate payment as a condition for sending more order flow to a market maker nor does Schwab negotiate a tradeoff between payment and price improvement/execution quality.