1.2 Cobra Trading 2025 4 2026-01-28T14:46:25Z 2025 10 24.50 46.47 28.76 24.77 0.00 INSTINET (SMRTL) 53.53 0.00 28.76 24.77 0.00 0.00 -4.8912 -549.93 -4.8912 -91.57 -4.8912 -3.2279 -4.8912 Cobra Trading LLC received an average of $0..0307 per 100 shares from INSTINET (SMRTL). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRTM) 46.42 46.42 0.00 0.00 0.00 -251.73 -4.8912 0.00 -4.8912 0.00 -4.8912 -54.5938 -4.8912 Cobra Trading LLC received an average of $0.0307 per 100 shares from INSTINET (SMRTM). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (REB25) 0.04 0.04 0.00 0.00 0.00 0.00 -4.8912 0.00 -4.8912 0.00 -4.8912 -1.3951 -4.8912 Cobra Trading LLC received an average of $0..0307 per 100 shares from INSTINET (REB25). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. LAMPOST CAPITAL (LAMP) 0.01 0.01 0.00 0.00 0.00 0.00 5.3763 0.00 5.3763 0.00 5.3763 0.1320 5.3763 For Options, Cobra Trading LLC received an average of $3.60 per 100 contracs from LAMPOST CAPITAL (LAMP). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. For Equitied, Cobra Trading LLC paid an average of $0.05 per 100 shares to LAMPOST CAPITAL (LAMP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. 18.22 23.00 32.90 44.09 0.00 INSTINET (SMRTL) 76.94 0.00 32.89 44.05 0.00 -6.23 -4.8912 -73697.94 -4.8912 -33418.02 -4.8912 -5230.1042 -4.8912 Cobra Trading LLC received an average of $0.0307 per 100 shares from INSTINET (SMRTL). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRTM) 22.97 22.97 0.00 0.00 0.00 -21397.51 -4.8912 -2.98 -4.8912 0.00 -4.8912 -24888.2496 -4.8912 Cobra Trading LLC received an average of $0.0307 per 100 shares from INSTINET (SMRTM). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (REB25) 0.06 0.02 0.01 0.03 0.00 -0.24 -4.8912 -0.02 -4.8912 -0.03 -4.8912 -319.9903 -4.8912 Cobra Trading LLC received an average of $0.0307 per 100 shares from INSTINET (REB25). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. LAMPOST CAPITAL (LAMP) 0.01 0.01 0.00 0.00 0.00 0.02 5.3763 0.01 5.3763 0.00 5.3763 39.1846 5.3763 For Options, Cobra Trading LLC received an average of $3.60 per 100 contracs from LAMPOST CAPITAL (LAMP). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. For Equitied, Cobra Trading LLC paid an average of $0.05 per 100 shares to LAMPOST CAPITAL (LAMP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. VIRTU AMERICAS, LLC. (FAN) 0.01 0.01 0.00 0.00 0.00 0.08 9.1996 0.00 9.1996 0.00 9.1996 67.9467 9.1996 Cobra Trading LLC paid an average of $0.092 per 100 shares to VIRTU AMERICAS, LLC. (FAN) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRT) 0.01 0.00 0.00 0.01 0.00 -0.02 -4.8912 -4.76 -4.8912 -16.55 -4.8912 -315.1933 -4.8912 Cobra Trading LLC received an average of $0.0307 per 100 shares from INSTINET (SMRT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. 49.95 28.82 22.17 49.01 0.00 LAMPOST CAPITAL (LAMP) 100.00 28.82 22.17 49.01 0.00 -1892.43 -3.0597 -2195.67 -3.0597 -710.28 -3.0597 -481.8313 -3.0597 For Options, Cobra Trading LLC received an average of $3.60 per 100 contracs from LAMPOST CAPITAL (LAMP). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. For Equitied, Cobra Trading LLC paid an average of $0.05 per 100 shares to LAMPOST CAPITAL (LAMP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. 2025 11 23.86 44.41 32.47 23.12 0.00 INSTINET (SMRTL) 55.58 0.00 32.47 23.12 0.00 0.00 -3.9078 -171.36 -3.9078 -47.69 -3.9078 -1.6633 -3.9078 Cobra Trading LLC received an average of $0.039 per 100 shares from INSTINET (SMRTL). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRTM) 44.40 44.40 0.00 0.00 0.00 -184.20 -3.9078 0.00 -3.9078 0.00 -3.9078 -77.1074 -3.9078 Cobra Trading LLC received an average of $0.039 per 100 shares from INSTINET (SMRTM). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (REB25) 0.01 0.01 0.00 0.00 0.00 0.00 -3.9078 0.00 -3.9078 0.00 -3.9078 -2.3707 -3.9078 Cobra Trading LLC received an average of $0.039 per 100 shares from INSTINET (REB25). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. VIRTU AMERICAS, LLC. (FAN) 0.00 0.00 0.00 0.00 0.00 0.00 2.8008 0.00 2.8008 0.00 2.8008 0.0945 2.8008 Cobra Trading LLC paid an average of $0.092 per 100 shares to VIRTU AMERICAS, LLC. (FAN) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. 18.07 22.46 28.60 48.94 0.00 INSTINET (SMRTL) 77.47 0.00 28.59 48.88 0.00 -0.58 -3.9078 -32699.98 -3.9078 -19592.02 -3.9078 -2398.8613 -3.9078 Cobra Trading LLC received an average of $0.039 per 100 shares from INSTINET (SMRTL). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRTM) 22.43 22.43 0.00 0.00 0.00 -11944.43 -3.9078 -0.03 -3.9078 0.00 -3.9078 -12142.8459 -3.9078 Cobra Trading LLC received an average of $0.039 per 100 shares from INSTINET (SMRTM). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (REB25) 0.09 0.02 0.01 0.06 0.00 -0.22 -3.9078 -0.04 -3.9078 -0.06 -3.9078 -250.5911 -3.9078 Cobra Trading LLC received an average of $0.039 per 100 shares from INSTINET (REB25). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. VIRTU AMERICAS, LLC. (FAN) 0.01 0.01 0.00 0.00 0.00 0.00 2.8008 0.00 2.8008 0.00 2.8008 3.0681 2.8008 Cobra Trading LLC paid an average of $0.092 per 100 shares to VIRTU AMERICAS, LLC. (FAN) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. LAMPOST CAPITAL (LAMP) 0.00 0.00 0.00 0.00 0.00 0.00 2.3178 0.00 2.3178 0.00 2.3178 1.1438 2.3178 For Options, Cobra Trading LLC received an average of $3.60 per 100 contracs from LAMPOST CAPITAL (LAMP). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. For Equitied, Cobra Trading LLC paid an average of $0.05 per 100 shares to LAMPOST CAPITAL (LAMP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRT) 0.00 0.00 0.00 0.00 0.00 0.00 -3.9076 0.00 -3.9076 0.00 -3.9076 -0.6143 -3.9076 Cobra Trading LLC received an average of $0.039 per 100 shares from INSTINET (SMRT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PSMT) 0.00 0.00 0.00 0.00 0.00 60.05 23.27 23.74 52.99 0.00 LAMPOST CAPITAL (LAMP) 100.00 23.27 23.74 52.99 0.00 -211.84 -1.2626 -302.80 -1.2626 -263.64 -1.2626 -356.1018 -1.2626 For Options, Cobra Trading LLC received an average of $3.60 per 100 contracs from LAMPOST CAPITAL (LAMP). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. For Equitied, Cobra Trading LLC paid an average of $0.05 per 100 shares to LAMPOST CAPITAL (LAMP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. 2025 12 24.63 38.47 31.88 29.64 0.00 INSTINET (SMRTL) 61.53 0.00 31.88 29.64 0.00 0.00 -3.6142 -179.71 -3.6142 -63.03 -3.6142 -3.9346 -3.6142 Cobra Trading LLC received an average of $0.036 per 100 shares from INSTINET (SMRTL). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRTM) 38.47 38.47 0.00 0.00 0.00 -135.98 -3.6142 0.00 -3.6142 0.00 -3.6142 -26.1884 -3.6142 Cobra Trading LLC received an average of $0.036 per 100 shares from INSTINET (SMRTM). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PSMT) 0.01 0.01 0.00 0.00 0.00 17.46 19.04 29.30 51.65 0.00 INSTINET (SMRTL) 80.93 0.00 29.29 51.64 0.00 -0.09 -3.6142 -27299.48 -3.6142 -19663.60 -3.6142 -2491.1906 -3.6142 Cobra Trading LLC received an average of $0.036 per 100 shares from INSTINET (SMRTL). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRTM) 19.01 19.01 0.00 0.00 0.00 -9797.53 -3.6142 -0.40 -3.6142 -0.10 -3.6142 -8151.3788 -3.6142 Cobra Trading LLC received an average of $0.036 per 100 shares from INSTINET (SMRTM). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (REB25) 0.04 0.02 0.00 0.01 0.00 -0.18 -3.6142 -0.01 -3.6142 -0.01 -3.6142 -164.3705 -3.6142 Cobra Trading LLC received an average of $0.036 per 100 shares from INSTINET (REB25). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. LAMPOST CAPITAL (LAMP) 0.01 0.00 0.01 0.00 0.00 0.00 6.4200 0.01 6.4200 0.00 6.4200 14.9521 6.4200 For Options, Cobra Trading LLC received an average of $3.60 per 100 contracs from LAMPOST CAPITAL (LAMP). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. For Equitied, Cobra Trading LLC paid an average of $0.05 per 100 shares to LAMPOST CAPITAL (LAMP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. VIRTU AMERICAS, LLC. (FAN) 0.01 0.01 0.00 0.00 0.00 0.02 1.8155 0.00 1.8155 0.00 1.8155 10.3652 1.8155 Cobra Trading LLC paid an average of $0.092 per 100 shares to VIRTU AMERICAS, LLC. (FAN) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. INSTINET (SMRT) 0.01 0.01 0.00 0.00 0.00 0.00 -2.6430 0.00 -2.6430 0.00 -2.6430 -0.6145 -2.6430 Cobra Trading LLC received an average of $0.036 per 100 shares from INSTINET (SMRT). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. CODA MARKETS, INC. (PSMT) 0.00 0.00 0.00 0.00 0.00 56.02 22.19 23.02 54.80 0.00 LAMPOST CAPITAL (LAMP) 100.00 22.19 23.02 54.80 0.00 -626.26 -2.9128 -1138.39 -2.9128 -746.94 -2.9128 -1251.7625 -2.9128 For Options, Cobra Trading LLC received an average of $3.60 per 100 contracs from LAMPOST CAPITAL (LAMP). The amount reflects the net economic benefit to Cobra Trading in connection with the routing of customer orders to that venue. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions. For Equitied, Cobra Trading LLC paid an average of $0.05 per 100 shares to LAMPOST CAPITAL (LAMP) in connection with orders routed by the firm to that venue. The amount reflects the net economic cost to Cobra Trading of accessing that venue's order execution services. Payment levels may have varied during the period depending on order volume, order type, pricing tier, or other commercially negotiated terms that may have influenced routing decisions.