1.2 Cobra Trading 2025 3 2025-10-31T13:46:32Z 2025 7 26.55 48.60 27.29 24.11 0.00 INSTINET (SMRTL) 51.39 0.00 27.28 24.11 0.00 0.00 -4.1949 -311.64 -4.1949 -75.34 -4.1949 -1.0281 -4.1949 Cobra Trading LLC received an average of $0.0419 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) 48.58 48.58 0.00 0.00 0.00 -777.44 -4.1949 0.00 -4.1949 0.00 -4.1949 0.0000 -4.1949 Cobra Trading LLC received an average of $0.0419 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) 0.03 0.02 0.01 0.00 0.00 0.00 -4.1949 0.00 -4.1949 0.00 -4.1949 -1.8885 -4.1949 Cobra Trading LLC received an average of $0.0419 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. 18.39 23.15 32.09 44.76 0.00 INSTINET (SMRTL) 76.77 0.00 32.08 44.69 0.00 -16.86 -4.1949 -49538.50 -4.1949 -19791.31 -4.1949 -2676.7474 -4.1949 Cobra Trading LLC received an average of $0.0419 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) 23.10 23.10 0.00 0.00 0.00 -34951.75 -4.1949 0.00 -4.1949 -0.03 -4.1949 -0.2936 -4.1949 Cobra Trading LLC received an average of $0.0419 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. STOX (FREE25) 0.08 0.00 0.01 0.07 0.00 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.0000 0.0000 Cobra Trading LLC paid an average of $0 per 100 shares to STOX (FREE25) 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 (REB25) 0.04 0.04 0.00 0.00 0.00 -0.34 -4.1949 -0.01 -4.1949 0.00 -4.1949 -222.2360 -4.1949 Cobra Trading LLC received an average of $0.0419 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 0.8090 0.00 0.8090 0.00 0.8090 3.1546 0.8090 Cobra Trading LLC paid an average of $0.0081 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. MLCO (NSDQ) 0.00 0.00 0.00 0.00 0.00 0.02 25.0000 0.00 25.0000 0.00 25.0000 8.8238 25.0000 Cobra Trading LLC paid an average of $0.25 per 100 shares to MLCO (NSDQ) 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 0.04 15.0000 0.00 15.0000 0.00 15.0000 4.8692 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. LAMPOST CAPITAL (LAMP) 0.00 0.00 0.00 0.00 0.00 0.03 5.3763 0.00 5.3763 0.00 5.3763 26.5904 5.3763 Cobra Trading LLC paid an average of $0.0538 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. 46.43 48.40 17.13 34.47 0.00 LAMPOST CAPITAL (LAMP) 100.00 48.40 17.13 34.47 0.00 -1950.99 -7.0000 -2277.37 -7.0000 -1240.27 -7.0000 -2714.5215 -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. 2025 8 32.69 57.14 18.01 24.85 0.00 INSTINET (SMRTM) 57.10 57.10 0.00 0.00 0.00 -1103.32 -4.8655 0.00 -4.8655 0.00 -4.8655 -0.0034 -4.8655 Cobra Trading LLC received an average of $0.0487 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 (SMRTL) 42.87 0.01 18.01 24.85 0.00 -0.28 -4.8655 -350.66 -4.8655 -108.33 -4.8655 -6.5692 -4.8655 Cobra Trading LLC received an average of $0.0487 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 (REB25) 0.04 0.03 0.00 0.00 0.00 0.00 -4.8655 0.00 -4.8655 0.00 -4.8655 -4.7591 -4.8655 Cobra Trading LLC received an average of $0.0487 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. 23.20 15.47 24.26 60.27 0.00 INSTINET (SMRTL) 84.42 0.00 24.24 60.18 0.00 -1.05 -4.8655 -49918.51 -4.8655 -25458.15 -4.8655 -3118.7397 -4.8655 Cobra Trading LLC received an average of $0.0487 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) 15.43 15.43 0.00 0.00 0.00 -39915.82 -4.8655 0.00 -4.8655 -0.97 -4.8655 -1.4596 -4.8655 Cobra Trading LLC received an average of $0.0487 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) 0.14 0.03 0.02 0.09 0.00 -1.08 -4.8655 -0.42 -4.8655 -0.26 -4.8655 -549.0119 -4.8655 Cobra Trading LLC received an average of $0.0487 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 0.01 2.3178 0.03 2.3178 0.00 2.3178 18.3311 2.3178 Cobra Trading LLC paid an average of $0.0232 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) 0.00 0.00 0.00 0.00 0.00 0.00 2.7200 0.00 2.7200 0.00 2.7200 2.6753 2.7200 Cobra Trading LLC paid an average of $0.0272 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) 0.00 0.00 0.00 0.00 0.00 0.00 -4.8656 0.00 -4.8656 0.00 -4.8656 -0.7957 -4.8656 Cobra Trading LLC received an average of $0.0487 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. 40.07 34.79 22.73 42.47 0.00 LAMPOST CAPITAL (LAMP) 100.00 34.79 22.73 42.47 0.00 -785.31 -7.0000 -1295.66 -7.0000 -900.33 -7.0000 -3132.2178 -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. 2025 9 31.25 52.09 31.22 16.69 0.00 INSTINET (SMRTM) 52.07 52.07 0.00 0.00 0.00 -625.78 -5.5890 0.00 -5.5890 0.00 -5.5890 0.0000 -5.5890 Cobra Trading LLC received an average of $0.0559 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 (SMRTL) 47.89 0.00 31.20 16.69 0.00 0.00 -5.5890 -916.89 -5.5890 -84.10 -5.5890 -2.5065 -5.5890 Cobra Trading LLC received an average of $0.0559 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 (REB25) 0.03 0.01 0.02 0.00 0.00 0.00 -5.5890 0.00 -5.5890 0.00 -5.5890 -2.1900 -5.5890 Cobra Trading LLC received an average of $0.0559 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) 0.02 0.02 0.00 0.00 0.00 0.00 6.4200 0.00 6.4200 0.00 6.4200 0.5609 6.4200 Cobra Trading LLC paid an average of $0.0642 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. 17.85 20.83 33.97 45.20 0.00 INSTINET (SMRTL) 79.08 0.00 33.94 45.13 0.00 -1.34 -5.5890 -67451.07 -5.5890 -34175.55 -5.5890 -3481.4665 -5.5890 Cobra Trading LLC received an average of $0.0559 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) 20.78 20.78 0.00 0.00 0.00 -42729.53 -5.5890 0.00 -5.5890 -0.61 -5.5890 -201.9969 -5.5890 Cobra Trading LLC received an average of $0.0559 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) 0.11 0.03 0.02 0.07 0.00 -0.83 -5.5890 -0.09 -5.5890 -0.11 -5.5890 -505.1660 -5.5890 Cobra Trading LLC received an average of $0.0559 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) 0.03 0.01 0.01 0.00 0.00 0.01 6.4200 0.19 6.4200 0.00 6.4200 91.9993 6.4200 Cobra Trading LLC paid an average of $0.0642 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 0.07 3.9150 0.00 3.9150 0.00 3.9150 38.3335 3.9150 Cobra Trading LLC paid an average of $0.0391 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. 38.89 30.58 23.34 46.09 0.00 LAMPOST CAPITAL (LAMP) 100.00 30.58 23.34 46.09 0.00 -983.29 -7.0000 -2627.41 -7.0000 -1455.24 -7.0000 -2784.7709 -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.