1.2 Cobra Trading 2024 4 2025-01-29T14:38:15Z 2024 10 38.03 28.87 38.24 32.89 0.00 INSTINET (SMRT) 83.73 24.74 29.61 29.39 0.00 -123.60 -1.4300 -127.34 -1.4300 -40.88 -1.4300 0.0000 -1.4300 Cobra Trading LLC received an average of $0.0143 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) 11.25 3.90 5.94 1.41 0.00 93.62 3.1300 83.76 3.1300 5.91 3.1300 0.0000 3.1300 Cobra Trading LLC paid an average of $0.0313 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. MERRILL LYNCH PIERCE FENNER & SMITH, INC. (SMART) 2.18 0.00 1.40 0.78 0.00 0.00 25.0000 61.84 25.0000 11.79 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. VIRTU AMERICAS, LLC. (FAN) 1.45 0.01 0.86 0.57 0.00 0.02 10.7050 151.37 10.7050 24.17 10.7050 0.0000 10.7050 Cobra Trading LLC paid an average of $0.1071 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 (REBATE) 0.55 0.03 0.16 0.36 0.00 -0.61 -2.9100 -1.37 -2.9100 -3.17 -2.9100 0.0000 -2.9100 Cobra Trading LLC received an average of $0.0291 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) 0.26 0.00 0.16 0.10 0.00 0.00 -7.0000 -9.68 -7.0000 -1.35 -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. CODA MARKETS, INC. (PMID) 0.24 0.20 0.03 0.00 0.00 12.10 15.0000 5.27 15.0000 0.58 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 (SPDRX) 0.22 0.00 0.01 0.20 0.00 0.00 1.0200 0.09 1.0200 0.03 1.0200 0.0002 1.0200 Cobra Trading LLC paid an average of $0.0102 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. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 0.13 0.00 0.06 0.07 0.00 0.00 12.9400 2.59 12.9400 0.00 12.9400 0.0000 12.9400 Cobra Trading LLC paid an average of $0.1294 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. 37.72 15.74 34.61 49.65 0.00 INSTINET (SMRT) 69.84 10.41 21.07 38.36 0.00 -7730.50 -1.4300 -11844.78 -1.4300 -9493.54 -1.4300 -4.5760 -1.4300 Cobra Trading LLC received an average of $0.0143 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) 17.12 4.71 9.09 3.32 0.00 12120.62 3.1300 13426.66 3.1300 2962.99 3.1300 0.0000 3.1300 Cobra Trading LLC paid an average of $0.0313 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) 9.70 0.21 3.29 6.21 0.00 1008.64 10.7050 13285.49 10.7050 9197.24 10.7050 0.0000 10.7050 Cobra Trading LLC paid an average of $0.1071 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) 1.42 0.09 0.74 0.60 0.00 1136.78 25.0000 5771.97 25.0000 1765.88 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) 0.69 0.00 0.08 0.60 0.00 0.10 1.0200 8.25 1.0200 18.08 1.0200 1.3719 1.0200 Cobra Trading LLC paid an average of $0.0102 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. (PMID) 0.40 0.26 0.05 0.09 0.00 387.40 15.0000 161.87 15.0000 480.65 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. CODA MARKETS, INC. (PSMT) 0.37 0.00 0.17 0.20 0.00 -5.84 -7.0000 -824.98 -7.0000 -2393.17 -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) 0.35 0.04 0.09 0.23 0.00 -25.87 -2.9100 -43.03 -2.9100 -39.54 -2.9100 0.0000 -2.9100 Cobra Trading LLC received an average of $0.0291 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. CLEARPOOL EXECUTION SERVICES, LLC (DRK) 0.03 0.00 0.01 0.02 0.00 0.00 17.2100 42.49 17.2100 95.84 17.2100 0.0000 17.2100 Cobra Trading LLC paid an average of $0.1721 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. SPEEDROUTE, LLC (HEAT) 0.03 0.00 0.02 0.01 0.00 3.31 11.0200 30.17 11.0200 31.48 11.0200 0.0000 11.0200 Cobra Trading LLC paid an average of $0.1102 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) 0.02 0.00 0.01 0.01 0.00 0.00 12.9400 8.10 12.9400 1.57 12.9400 0.0000 12.9400 Cobra Trading LLC paid an average of $0.1294 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) 0.01 0.01 0.00 0.00 0.00 255.97 11.9000 0.00 11.9000 46.11 11.9000 0.0000 11.9000 Cobra Trading LLC paid an average of $0.119 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) 0.01 0.01 0.00 0.00 0.00 -31.52 -0.7400 0.00 -0.7400 -10.20 -0.7400 0.0000 -0.7400 Cobra Trading LLC received an average of $0.0074 per 100 shares from INSTINET (VWAP). 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 (STRK) 0.00 0.00 0.00 0.00 0.00 0.00 12.9400 2.72 12.9400 0.26 12.9400 0.0000 12.9400 Cobra Trading LLC paid an average of $0.1294 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. 85.00 31.74 17.90 50.36 0.00 LAMPOST CAPITAL (LAMP) 65.20 16.28 13.88 35.05 0.00 -2006.27 -7.0000 -2732.73 -7.0000 -4810.68 -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) 34.80 15.46 4.02 15.32 0.00 541.52 3.5671 52.69 3.5671 62.78 3.5671 0.0000 3.5671 For Options, Cobra Trading LLC paid an average of $0.0357 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 11 42.70 28.66 37.83 33.50 0.01 INSTINET (SMRT) 86.57 26.31 32.24 28.03 0.00 -24.75 -0.4500 -24.53 -0.4500 -9.76 -0.4500 0.0000 -0.4500 Cobra Trading LLC received an average of $0.0045 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) 4.95 1.96 1.71 1.29 0.00 71.06 4.9100 39.66 4.9100 7.80 4.9100 0.0000 4.9100 Cobra Trading LLC paid an average of $0.0491 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) 4.87 0.06 2.75 2.06 0.00 10.90 13.2680 160.34 13.2680 33.55 13.2680 0.0000 13.2680 Cobra Trading LLC paid an average of $0.1327 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) 1.79 0.01 0.67 1.11 0.00 0.25 25.0000 16.16 25.0000 5.78 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) 0.56 0.00 0.19 0.37 0.00 0.00 -7.0000 -7.47 -7.0000 -2.12 -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) 0.38 0.01 0.10 0.27 0.00 0.01 1.4900 0.25 1.4900 0.20 1.4900 0.0000 1.4900 Cobra Trading LLC paid an average of $0.0149 per 100 shares to SPEEDROUTE, LLC (REBATE) 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) 0.28 0.28 0.00 0.00 0.00 8.77 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. SPEEDROUTE, LLC (HEAT) 0.26 0.02 0.14 0.10 0.00 0.01 10.3400 0.90 10.3400 0.06 10.3400 0.0000 10.3400 Cobra Trading LLC paid an average of $0.1034 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. SPEEDROUTE, LLC (SPDRX) 0.23 0.00 0.01 0.21 0.01 0.00 20.1700 1.07 20.1700 3.16 20.1700 2.0170 20.1700 Cobra Trading LLC paid an average of $0.2017 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. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 0.05 0.02 0.00 0.03 0.00 0.01 0.8600 0.00 0.8600 0.00 0.8600 0.0000 0.8600 Cobra Trading LLC paid an average of $0.0086 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. DASH FINANCIAL TECHNOLOGIES (STRK) 0.05 0.00 0.02 0.03 0.00 0.00 0.8599 0.17 0.8599 0.17 0.8599 0.0000 0.8599 Cobra Trading LLC paid an average of $0.0086 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. 33.82 16.53 34.07 49.39 0.01 INSTINET (SMRT) 68.19 11.26 20.81 36.12 0.00 -2166.55 -0.4500 -3772.56 -0.4500 -2568.98 -0.4500 -4.8510 -0.4500 Cobra Trading LLC received an average of $0.0045 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) 17.25 4.58 8.58 4.09 0.00 14795.48 4.9100 20268.77 4.9100 4223.73 4.9100 0.0000 4.9100 Cobra Trading LLC paid an average of $0.0491 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) 10.58 0.27 3.51 6.79 0.00 2336.45 13.2680 18168.43 13.2680 11123.74 13.2680 0.0000 13.2680 Cobra Trading LLC paid an average of $0.1327 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) 1.23 0.03 0.52 0.69 0.00 456.69 25.0000 2454.25 25.0000 964.81 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) 1.06 0.00 0.11 0.94 0.01 3.97 20.1700 293.84 20.1700 410.86 20.1700 35.7614 20.1700 Cobra Trading LLC paid an average of $0.2017 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 (HEAT) 0.54 0.04 0.23 0.27 0.00 733.05 10.3400 332.87 10.3400 336.50 10.3400 0.0000 10.3400 Cobra Trading LLC paid an average of $0.1034 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. (PSMT) 0.53 0.00 0.24 0.29 0.00 -2.82 -7.0000 -865.25 -7.0000 -2429.89 -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. CODA MARKETS, INC. (PMID) 0.34 0.28 0.02 0.04 0.00 456.71 15.0000 43.31 15.0000 195.00 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 (REBATE) 0.20 0.05 0.03 0.12 0.00 49.43 1.4900 11.75 1.4900 33.87 1.4900 0.0000 1.4900 Cobra Trading LLC paid an average of $0.0149 per 100 shares to SPEEDROUTE, LLC (REBATE) 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 0.01 0.00 0.01 0.00 40.16 2.5000 0.00 2.5000 37.64 2.5000 0.0000 2.5000 Cobra Trading LLC paid an average of $0.025 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. DASH FINANCIAL TECHNOLOGIES (DFIN/DASH) 0.02 0.00 0.01 0.01 0.00 0.00 0.8600 4.18 0.8600 11.25 0.8600 0.0000 0.8600 Cobra Trading LLC paid an average of $0.0086 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. DASH FINANCIAL TECHNOLOGIES (STRK) 0.02 0.00 0.00 0.01 0.00 0.00 0.8599 0.25 0.8599 0.10 0.8599 0.0000 0.8599 Cobra Trading LLC paid an average of $0.0086 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 18.0000 0.90 18.0000 7.80 18.0000 0.0000 18.0000 Cobra Trading LLC paid an average of $0.18 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. INSTINET (VWAP) 0.00 0.00 0.00 0.00 0.00 67.23 6.4600 0.00 6.4600 88.12 6.4600 0.0000 6.4600 Cobra Trading LLC paid an average of $0.0646 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. 87.65 23.96 21.28 54.76 0.00 LAMPOST CAPITAL (LAMP) 62.37 10.14 15.16 37.07 0.00 -1161.72 -7.0000 -4331.11 -7.0000 -7593.67 -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) 37.63 13.82 6.12 17.69 0.00 -52.04 -0.3838 -76.19 -0.3838 -39.07 -0.3838 0.0000 -0.3838 For Options, Cobra Trading LLC received an average of $0.0038 per 100 contracts from DASH FINANCIAL TECHNOLOGIES (DFIN/DASH). 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. 2024 12 48.25 35.04 38.13 26.83 0.00 INSTINET (SMRT) 81.34 26.15 32.91 22.28 0.00 -51.70 -1.0100 -52.48 -1.0100 -12.81 -1.0100 0.0000 -1.0100 Cobra Trading LLC received an average of $0.0101 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) 12.47 8.49 2.16 1.82 0.00 182.63 4.3400 27.38 4.3400 3.88 4.3400 0.0000 4.3400 Cobra Trading LLC paid an average of $0.0434 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) 3.33 0.07 2.23 1.03 0.00 3.30 13.7070 52.22 13.7070 10.02 13.7070 0.0000 13.7070 Cobra Trading LLC paid an average of $0.1371 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) 2.02 0.00 0.71 1.31 0.00 0.00 25.0000 34.10 25.0000 11.67 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) 0.47 0.06 0.08 0.33 0.00 0.30 9.4800 0.82 9.4800 2.13 9.4800 0.0000 9.4800 Cobra Trading LLC paid an average of $0.0948 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. (PMID) 0.20 0.20 0.00 0.00 0.00 2.63 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. SPEEDROUTE, LLC (REBATE) 0.07 0.01 0.01 0.04 0.00 -0.05 -2.6600 -0.01 -2.6600 -0.07 -2.6600 0.0000 -2.6600 Cobra Trading LLC received an average of $0.0266 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) 0.05 0.05 0.00 0.00 0.00 -0.04 -0.8700 0.00 -0.8700 0.00 -0.8700 0.0000 -0.8700 Cobra Trading LLC received an average of $0.0087 per 100 shares from DASH FINANCIAL TECHNOLOGIES (DFIN/DASH). 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) 0.05 0.00 0.04 0.01 0.00 0.00 -7.0000 -1.33 -7.0000 0.00 -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. 34.59 14.54 34.85 50.61 0.00 INSTINET (SMRT) 75.75 11.01 24.77 39.97 0.00 -5139.96 -1.0100 -12933.46 -1.0100 -7640.60 -1.0100 -30.6157 -1.0100 Cobra Trading LLC received an average of $0.0101 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) 12.22 2.68 6.45 3.09 0.00 7490.01 4.3400 17240.91 4.3400 2678.00 4.3400 0.0000 4.3400 Cobra Trading LLC paid an average of $0.0434 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) 8.84 0.23 2.79 5.82 0.00 3380.66 13.7070 20216.58 13.7070 12715.55 13.7070 0.0000 13.7070 Cobra Trading LLC paid an average of $0.1371 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) 1.13 0.00 0.17 0.96 0.00 1.24 9.4800 618.87 9.4800 846.97 9.4800 2.3700 9.4800 Cobra Trading LLC paid an average of $0.0948 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) 1.02 0.06 0.45 0.51 0.00 343.75 25.0000 2252.08 25.0000 817.08 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. CODA MARKETS, INC. (PMID) 0.56 0.52 0.02 0.02 0.00 973.09 15.0000 56.22 15.0000 110.13 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. CODA MARKETS, INC. (PSMT) 0.28 0.00 0.16 0.11 0.00 -1.72 -7.0000 -658.11 -7.0000 -1137.08 -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) 0.10 0.02 0.02 0.06 0.00 -13.87 -2.6600 -14.68 -2.6600 -28.68 -2.6600 0.0000 -2.6600 Cobra Trading LLC received an average of $0.0266 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) 0.05 0.00 0.02 0.03 0.00 -0.01 -0.8700 -17.45 -0.8700 -22.91 -0.8700 0.0000 -0.8700 Cobra Trading LLC received an average of $0.0087 per 100 shares from DASH FINANCIAL TECHNOLOGIES (DFIN/DASH). 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 (TWAP) 0.01 0.01 0.00 0.01 0.00 82.39 11.9000 0.00 11.9000 219.69 11.9000 0.0000 11.9000 Cobra Trading LLC paid an average of $0.119 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. CLEARPOOL EXECUTION SERVICES, LLC (DRK) 0.01 0.00 0.00 0.01 0.00 0.00 20.7500 0.00 20.7500 86.39 20.7500 0.0000 20.7500 Cobra Trading LLC paid an average of $0.2075 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. SPEEDROUTE, LLC (HEAT) 0.01 0.00 0.00 0.00 0.00 0.00 9.0200 38.41 9.0200 28.40 9.0200 0.0000 9.0200 Cobra Trading LLC paid an average of $0.0902 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) 0.01 0.00 0.00 0.01 0.00 0.00 -0.8698 -0.11 -0.8698 -0.09 -0.8698 0.0000 -0.8698 Cobra Trading LLC received an average of $0.0087 per 100 shares from DASH FINANCIAL TECHNOLOGIES (STRK). 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 -1.89 -0.0480 0.00 -0.0480 -0.48 -0.0480 0.0000 -0.0480 Cobra Trading LLC received an average of $0.0005 per 100 shares from INSTINET (VWAP). 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. 94.42 11.35 20.33 68.33 0.00 LAMPOST CAPITAL (LAMP) 66.34 7.54 14.66 44.14 0.00 -473.27 -7.0000 -3109.54 -7.0000 -3832.22 -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) 33.66 3.81 5.67 24.18 0.00 -230.75 -16.2500 -1910.35 -16.2500 -2358.20 -16.2500 0.0000 -16.2500 For Options, Cobra Trading LLC received an average of $0.1625 per 100 contracts from DASH FINANCIAL TECHNOLOGIES (DFIN/DASH). 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.