1.2 Cobra Trading 2024 2 2024-07-24T13:52:05Z 2024 4 46.86 29.71 38.33 31.93 0.03 INSTINET (SMRT) 81.93 27.77 29.68 24.44 0.03 -229.20 -3.3000 -310.03 -3.3000 -105.54 -3.3000 -0.0340 -3.3000 Cobra Trading LLC received an average of $0.033 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. LAMPOST CAPITAL (LAMP) 9.13 1.89 5.05 2.20 0.00 32.29 2.4700 39.43 2.4700 6.36 2.4700 0.0000 2.4700 Cobra Trading LLC paid an average of $0.0247 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) 5.47 0.01 2.62 2.84 0.00 0.39 13.1480 325.78 13.1480 103.06 13.1480 0.0000 13.1480 Cobra Trading LLC paid an average of $0.1315 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. MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 2.35 0.01 0.76 1.58 0.00 0.50 25.0000 30.47 25.0000 38.69 25.0000 0.0000 25.0000 Cobra Trading LLC paid an average of $0.25 per 100 shares to MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 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. SPEEDROUTE, LLC (SPDRX) 0.53 0.01 0.09 0.44 0.00 0.19 9.3500 3.09 9.3500 6.17 9.3500 0.0000 9.3500 Cobra Trading LLC paid an average of $0.0935 per 100 shares to SPEEDROUTE, LLC (SPDRX) 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. SPEEDROUTE, LLC (REBATE) 0.45 0.02 0.04 0.38 0.00 -0.38 -5.1700 -0.88 -5.1700 -3.12 -5.1700 0.0000 -5.1700 Cobra Trading LLC received an average of $0.0517 per 100 shares from SPEEDROUTE, LLC (REBATE). 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) 0.12 0.00 0.08 0.04 0.00 -0.07 -7.0000 -0.09 -7.0000 -0.03 -7.0000 0.0000 -7.0000 Cobra Trading LLC received an average of $0.07 per 100 shares from CODA MARKETS, INC. (PSMT). 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. SPEEDROUTE, LLC (HEAT) 0.02 0.00 0.01 0.01 0.00 0.00 12.3000 0.38 12.3000 0.12 12.3000 0.0000 12.3000 Cobra Trading LLC paid an average of $0.123 per 100 shares to SPEEDROUTE, LLC (HEAT) 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. CODA MARKETS, INC. (PMID) 0.00 0.00 0.00 0.00 0.00 0.00 15.0000 0.04 15.0000 0.00 15.0000 0.0000 15.0000 Cobra Trading LLC paid an average of $0.15 per 100 shares to CODA MARKETS, INC. (PMID) 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. 34.77 14.78 32.09 53.12 0.01 INSTINET (SMRT) 67.27 10.91 19.49 36.86 0.01 -8650.10 -3.3000 -15375.19 -3.3000 -10911.33 -3.3000 -26.7082 -3.3000 Cobra Trading LLC received an average of $0.033 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. LAMPOST CAPITAL (LAMP) 16.17 3.42 7.59 5.16 0.00 2516.01 2.4700 5926.30 2.4700 1354.42 2.4700 0.0000 2.4700 Cobra Trading LLC paid an average of $0.0247 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) 12.15 0.14 3.45 8.56 0.00 1379.87 13.1480 21743.95 13.1480 19028.00 13.1480 0.0000 13.1480 Cobra Trading LLC paid an average of $0.1315 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. SPEEDROUTE, LLC (SPDRX) 1.76 0.02 0.47 1.27 0.00 5.52 9.3500 644.38 9.3500 522.07 9.3500 0.0000 9.3500 Cobra Trading LLC paid an average of $0.0935 per 100 shares to SPEEDROUTE, LLC (SPDRX) 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. MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 1.50 0.10 0.63 0.77 0.00 583.31 25.0000 1938.75 25.0000 1274.12 25.0000 0.0000 25.0000 Cobra Trading LLC paid an average of $0.25 per 100 shares to MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 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. CODA MARKETS, INC. (PSMT) 0.60 0.02 0.33 0.26 0.00 -118.15 -7.0000 -1586.66 -7.0000 -2707.74 -7.0000 0.0000 -7.0000 Cobra Trading LLC received an average of $0.07 per 100 shares from CODA MARKETS, INC. (PSMT). 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. SPEEDROUTE, LLC (REBATE) 0.24 0.01 0.07 0.16 0.00 -8.89 -5.1700 -40.06 -5.1700 -49.28 -5.1700 0.0000 -5.1700 Cobra Trading LLC received an average of $0.0517 per 100 shares from SPEEDROUTE, LLC (REBATE). 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. (PMID) 0.16 0.12 0.01 0.03 0.00 205.87 15.0000 50.24 15.0000 70.10 15.0000 0.0000 15.0000 Cobra Trading LLC paid an average of $0.15 per 100 shares to CODA MARKETS, INC. (PMID) 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. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 0.05 0.00 0.02 0.03 0.00 0.00 8.3300 652.24 8.3300 1730.51 8.3300 0.0000 8.3300 Cobra Trading LLC paid an average of $0.0833 per 100 shares to DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 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. SPEEDROUTE, LLC (HEAT) 0.05 0.00 0.02 0.02 0.00 3.69 12.3000 11.41 12.3000 1.92 12.3000 0.0000 12.3000 Cobra Trading LLC paid an average of $0.123 per 100 shares to SPEEDROUTE, LLC (HEAT) 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 (TWAP) 0.03 0.02 0.00 0.01 0.00 83.53 6.0200 0.06 6.0200 65.67 6.0200 0.0000 6.0200 Cobra Trading LLC paid an average of $0.0602 per 100 shares to INSTINET (TWAP) 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 (VWAP) 0.02 0.02 0.00 0.00 0.00 1441.54 20.7300 0.21 20.7300 64.96 20.7300 0.0000 20.7300 Cobra Trading LLC paid an average of $0.2073 per 100 shares to INSTINET (VWAP) 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. CLEARPOOL EXECUTION SERVICES, LLC (DRK) 0.00 0.00 0.00 0.00 0.00 0.00 18.0300 2.16 18.0300 5.40 18.0300 0.0000 18.0300 Cobra Trading LLC paid an average of $0.1803 per 100 shares to CLEARPOOL EXECUTION SERVICES, LLC (DRK) 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. DASH FINANCIAL TECHNOLOGIES (STRK) 0.00 0.00 0.00 0.00 0.00 0.00 8.3333 0.00 8.3333 0.00 8.3333 0.0000 8.3333 Cobra Trading LLC paid an average of $0.0833 per 100 shares to DASH FINANCIAL TECHNOLOGIES (STRK) 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. 95.39 29.18 23.24 47.59 0.00 LAMPOST CAPITAL (LAMP) 79.63 28.73 15.42 35.48 0.00 -10005.73 -7.0000 -3625.37 -7.0000 -2423.89 -7.0000 0.0000 -7.0000 For Options, Cobra Trading LLC received an average of $0.07 per 100 contracts 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. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 20.37 0.45 7.81 12.11 0.00 734.78 10.6290 605.11 10.6290 383.18 10.6290 0.0000 10.6290 For Options, Cobra Trading LLC paid an average of $0.1063 per 100 contracts to DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 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. 2024 5 46.39 34.92 36.19 28.86 0.03 INSTINET (SMRT) 81.60 31.33 29.24 21.00 0.03 -80.84 -1.1700 -80.61 -1.1700 -24.89 -1.1700 -0.0068 -1.1700 Cobra Trading LLC received an average of $0.0117 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. LAMPOST CAPITAL (LAMP) 9.50 2.90 3.55 3.05 0.00 78.54 4.8900 67.87 4.8900 10.07 4.8900 0.0000 4.8900 Cobra Trading LLC paid an average of $0.0489 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) 5.90 0.02 2.27 3.61 0.00 10.39 13.9500 312.31 13.9500 86.26 13.9500 0.0000 13.9500 Cobra Trading LLC paid an average of $0.1395 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. MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 1.44 0.60 0.30 0.54 0.00 69.80 25.0000 12.48 25.0000 13.73 25.0000 0.0000 25.0000 Cobra Trading LLC paid an average of $0.25 per 100 shares to MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 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. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 0.75 0.00 0.52 0.22 0.00 0.00 17.6300 38.15 17.6300 2.13 17.6300 0.0000 17.6300 Cobra Trading LLC paid an average of $0.1763 per 100 shares to DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 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. SPEEDROUTE, LLC (SPDRX) 0.67 0.05 0.22 0.39 0.01 0.46 13.4800 7.84 13.4800 2.38 13.4800 0.2561 13.4800 Cobra Trading LLC paid an average of $0.1348 per 100 shares to SPEEDROUTE, LLC (SPDRX) 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. CODA MARKETS, INC. (PSMT) 0.09 0.00 0.06 0.03 0.00 0.00 -7.0000 -0.48 -7.0000 -0.04 -7.0000 0.0000 -7.0000 Cobra Trading LLC received an average of $0.07 per 100 shares from CODA MARKETS, INC. (PSMT). 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. SPEEDROUTE, LLC (REBATE) 0.04 0.02 0.01 0.01 0.00 -0.13 -2.7200 -0.04 -2.7200 0.00 -2.7200 0.0000 -2.7200 Cobra Trading LLC received an average of $0.0272 per 100 shares from SPEEDROUTE, LLC (REBATE). 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. (PMID) 0.02 0.01 0.00 0.01 0.00 0.30 15.0000 0.15 15.0000 0.00 15.0000 0.0000 15.0000 Cobra Trading LLC paid an average of $0.15 per 100 shares to CODA MARKETS, INC. (PMID) 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. SPEEDROUTE, LLC (HEAT) 0.01 0.00 0.01 0.00 0.00 0.00 3.0500 0.92 3.0500 0.00 3.0500 0.0000 3.0500 Cobra Trading LLC paid an average of $0.0305 per 100 shares to SPEEDROUTE, LLC (HEAT) 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. DASH FINANCIAL TECHNOLOGIES (STRK) 0.00 0.00 0.00 0.00 0.00 0.00 18.0000 0.00 18.0000 0.00 18.0000 0.0000 18.0000 Cobra Trading LLC paid an average of $0.18 per 100 shares to DASH FINANCIAL TECHNOLOGIES (STRK) 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 (TWAP) 0.00 0.00 0.00 0.00 0.00 0.00 -7.3200 0.00 -7.3200 0.00 -7.3200 0.0000 -7.3200 Cobra Trading LLC received an average of $0.0732 per 100 shares from INSTINET (TWAP). 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. 34.30 17.83 33.78 48.37 0.02 INSTINET (SMRT) 68.87 13.07 20.77 35.01 0.01 -5159.67 -1.1700 -10976.91 -1.1700 -6411.86 -1.1700 -10.4554 -1.1700 Cobra Trading LLC received an average of $0.0117 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. LAMPOST CAPITAL (LAMP) 14.83 3.45 7.21 4.17 0.00 10612.79 4.8900 22079.50 4.8900 5259.97 4.8900 0.0000 4.8900 Cobra Trading LLC paid an average of $0.0489 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) 11.03 0.19 3.99 6.85 0.00 2498.49 13.9500 40708.80 13.9500 30767.14 13.9500 0.0000 13.9500 Cobra Trading LLC paid an average of $0.1395 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. MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 2.09 0.95 0.50 0.64 0.00 1746.72 25.0000 3060.63 25.0000 2155.08 25.0000 0.0000 25.0000 Cobra Trading LLC paid an average of $0.25 per 100 shares to MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 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. SPEEDROUTE, LLC (SPDRX) 1.65 0.03 0.70 0.92 0.01 12.07 13.4800 753.10 13.4800 770.66 13.4800 2.6610 13.4800 Cobra Trading LLC paid an average of $0.1348 per 100 shares to SPEEDROUTE, LLC (SPDRX) 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. CODA MARKETS, INC. (PSMT) 0.84 0.00 0.37 0.47 0.00 -0.72 -7.0000 -2627.92 -7.0000 -10879.18 -7.0000 0.0000 -7.0000 Cobra Trading LLC received an average of $0.07 per 100 shares from CODA MARKETS, INC. (PSMT). 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. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 0.21 0.00 0.13 0.08 0.00 0.00 17.6300 875.85 17.6300 359.24 17.6300 0.0000 17.6300 Cobra Trading LLC paid an average of $0.1763 per 100 shares to DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 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. CODA MARKETS, INC. (PMID) 0.21 0.09 0.06 0.06 0.00 346.69 15.0000 381.13 15.0000 429.72 15.0000 0.0000 15.0000 Cobra Trading LLC paid an average of $0.15 per 100 shares to CODA MARKETS, INC. (PMID) 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. SPEEDROUTE, LLC (REBATE) 0.13 0.02 0.02 0.09 0.00 -4.51 -2.7200 -29.73 -2.7200 -63.12 -2.7200 0.0000 -2.7200 Cobra Trading LLC received an average of $0.0272 per 100 shares from SPEEDROUTE, LLC (REBATE). 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. SPEEDROUTE, LLC (HEAT) 0.09 0.00 0.03 0.05 0.00 0.00 3.0500 176.52 3.0500 785.11 3.0500 0.0000 3.0500 Cobra Trading LLC paid an average of $0.0305 per 100 shares to SPEEDROUTE, LLC (HEAT) 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 (TWAP) 0.03 0.02 0.00 0.01 0.00 -135.36 -7.3200 0.00 -7.3200 -62.24 -7.3200 0.0000 -7.3200 Cobra Trading LLC received an average of $0.0732 per 100 shares from INSTINET (TWAP). 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 (VWAP) 0.03 0.02 0.00 0.01 0.00 158.49 2.4200 0.00 2.4200 9.60 2.4200 0.0000 2.4200 Cobra Trading LLC paid an average of $0.0242 per 100 shares to INSTINET (VWAP) 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. DASH FINANCIAL TECHNOLOGIES (STRK) 0.00 0.00 0.00 0.00 0.00 0.00 18.0000 0.00 18.0000 0.00 18.0000 0.0000 18.0000 Cobra Trading LLC paid an average of $0.18 per 100 shares to DASH FINANCIAL TECHNOLOGIES (STRK) 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. CLEARPOOL EXECUTION SERVICES, LLC (DRK) 0.00 0.00 0.00 0.00 0.00 0.00 -150.0000 -0.02 -150.0000 -0.02 -150.0000 0.0000 -150.0000 Cobra Trading LLC received an average of $1.5 per 100 shares from CLEARPOOL EXECUTION SERVICES, LLC (DRK). 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. 84.73 28.11 18.56 53.33 0.00 LAMPOST CAPITAL (LAMP) 83.09 27.25 14.44 41.40 0.00 -1632.26 -7.0000 -4454.87 -7.0000 -6700.33 -7.0000 0.0000 -7.0000 For Options, Cobra Trading LLC received an average of $0.07 per 100 contracts 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. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 16.91 0.87 4.11 11.93 0.00 1.19 0.1966 16.59 0.1966 6.05 0.1966 0.0000 0.1966 For Options, Cobra Trading LLC paid an average of $0.002 per 100 contracts to DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 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. 2024 6 50.72 34.94 37.23 27.78 0.05 INSTINET (SMRT) 74.86 28.46 26.05 20.30 0.05 -331.36 -2.1800 -243.26 -2.1800 -98.01 -2.1800 -0.0724 -2.1800 Cobra Trading LLC received an average of $0.0218 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. LAMPOST CAPITAL (LAMP) 15.01 6.04 5.56 3.40 0.00 323.50 5.7100 141.05 5.7100 18.60 5.7100 0.0000 5.7100 Cobra Trading LLC paid an average of $0.0571 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) 6.43 0.04 4.31 2.08 0.00 9.65 10.4100 897.09 10.4100 122.46 10.4100 0.0000 10.4100 Cobra Trading LLC paid an average of $0.1041 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. MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 1.49 0.25 0.51 0.73 0.00 31.77 25.0000 46.24 25.0000 12.95 25.0000 0.0000 25.0000 Cobra Trading LLC paid an average of $0.25 per 100 shares to MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 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. CODA MARKETS, INC. (PSMT) 0.70 0.03 0.32 0.35 0.00 -1.09 -7.0000 -24.44 -7.0000 -8.97 -7.0000 0.0000 -7.0000 Cobra Trading LLC received an average of $0.07 per 100 shares from CODA MARKETS, INC. (PSMT). 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. SPEEDROUTE, LLC (SPDRX) 0.66 0.00 0.17 0.49 0.00 0.20 20.4900 16.73 20.4900 12.53 20.4900 0.0000 20.4900 Cobra Trading LLC paid an average of $0.2049 per 100 shares to SPEEDROUTE, LLC (SPDRX) 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. SPEEDROUTE, LLC (REBATE) 0.39 0.05 0.09 0.26 0.00 -0.24 -2.1900 -0.49 -2.1900 -0.62 -2.1900 0.0000 -2.1900 Cobra Trading LLC received an average of $0.0219 per 100 shares from SPEEDROUTE, LLC (REBATE). 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. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 0.33 0.00 0.21 0.12 0.00 0.00 15.9500 18.53 15.9500 1.69 15.9500 0.0000 15.9500 Cobra Trading LLC paid an average of $0.1595 per 100 shares to DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 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. CODA MARKETS, INC. (PMID) 0.06 0.06 0.00 0.00 0.00 4.27 15.0000 0.00 15.0000 0.00 15.0000 0.0000 15.0000 Cobra Trading LLC paid an average of $0.15 per 100 shares to CODA MARKETS, INC. (PMID) 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 (TWAP) 0.04 0.00 0.00 0.04 0.00 0.00 -1.8000 0.00 -1.8000 -0.02 -1.8000 0.0000 -1.8000 Cobra Trading LLC received an average of $0.018 per 100 shares from INSTINET (TWAP). 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. SPEEDROUTE, LLC (HEAT) 0.00 0.00 0.00 0.00 0.00 0.00 11.5400 1.09 11.5400 0.41 11.5400 0.0000 11.5400 Cobra Trading LLC paid an average of $0.1154 per 100 shares to SPEEDROUTE, LLC (HEAT) 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. 40.07 16.20 28.41 55.38 0.01 INSTINET (SMRT) 67.95 11.17 17.91 38.86 0.01 -7453.87 -2.1800 -14603.12 -2.1800 -11770.59 -2.1800 -5.2167 -2.1800 Cobra Trading LLC received an average of $0.0218 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. LAMPOST CAPITAL (LAMP) 19.42 3.13 6.66 9.64 0.00 8467.27 5.7100 16367.06 5.7100 5656.44 5.7100 0.0000 5.7100 Cobra Trading LLC paid an average of $0.0571 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) 7.97 0.16 2.76 5.05 0.00 803.14 10.4100 16023.97 10.4100 22780.85 10.4100 0.0000 10.4100 Cobra Trading LLC paid an average of $0.1041 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. MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 2.76 1.62 0.49 0.64 0.00 3025.83 25.0000 2051.45 25.0000 2232.91 25.0000 0.0000 25.0000 Cobra Trading LLC paid an average of $0.25 per 100 shares to MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 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. SPEEDROUTE, LLC (SPDRX) 0.93 0.00 0.30 0.63 0.00 1.02 20.4900 1224.89 20.4900 355.50 20.4900 25.8256 20.4900 Cobra Trading LLC paid an average of $0.2049 per 100 shares to SPEEDROUTE, LLC (SPDRX) 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. CODA MARKETS, INC. (PSMT) 0.53 0.01 0.16 0.35 0.00 -4.84 -7.0000 -2608.75 -7.0000 -10637.06 -7.0000 0.0000 -7.0000 Cobra Trading LLC received an average of $0.07 per 100 shares from CODA MARKETS, INC. (PSMT). 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. SPEEDROUTE, LLC (REBATE) 0.15 0.02 0.04 0.09 0.00 -8.65 -2.1900 -8.68 -2.1900 -26.84 -2.1900 0.0000 -2.1900 Cobra Trading LLC received an average of $0.0219 per 100 shares from SPEEDROUTE, LLC (REBATE). 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. (PMID) 0.11 0.05 0.02 0.04 0.00 112.59 15.0000 38.32 15.0000 91.48 15.0000 0.0000 15.0000 Cobra Trading LLC paid an average of $0.15 per 100 shares to CODA MARKETS, INC. (PMID) 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. SPEEDROUTE, LLC (HEAT) 0.10 0.02 0.04 0.04 0.00 19.49 11.5400 2119.22 11.5400 2383.24 11.5400 0.0000 11.5400 Cobra Trading LLC paid an average of $0.1154 per 100 shares to SPEEDROUTE, LLC (HEAT) 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. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 0.06 0.00 0.03 0.02 0.00 0.00 15.9500 32.84 15.9500 26.16 15.9500 0.0000 15.9500 Cobra Trading LLC paid an average of $0.1595 per 100 shares to DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 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 (TWAP) 0.02 0.02 0.00 0.01 0.00 -20.02 -1.8000 0.00 -1.8000 -12.91 -1.8000 0.0000 -1.8000 Cobra Trading LLC received an average of $0.018 per 100 shares from INSTINET (TWAP). 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 (VWAP) 0.01 0.01 0.00 0.00 0.00 779.59 7.3500 0.00 7.3500 50.41 7.3500 0.0000 7.3500 Cobra Trading LLC paid an average of $0.0735 per 100 shares to INSTINET (VWAP) 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. 89.63 23.15 19.06 57.80 0.00 LAMPOST CAPITAL (LAMP) 81.47 22.30 15.75 43.42 0.00 -2180.08 -7.0000 -6334.02 -7.0000 -7985.60 -7.0000 0.0000 -7.0000 For Options, Cobra Trading LLC received an average of $0.07 per 100 contracts 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. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 18.53 0.85 3.31 14.37 0.00 171.36 11.8507 290.58 11.8507 222.20 11.8507 0.0000 11.8507 For Options, Cobra Trading LLC paid an average of $0.1185 per 100 contracts to DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 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.