Common use of Payment for Order Flow Clause in Contracts

Payment for Order Flow. Securities which are traded in your account may be executed in more than one marketplace. Consistent with the principles of best execution and applicable regulatory requirements, you agree that we may use our discretion in selecting the routing destination. We receive payment for order flow from some market centers where your orders may be routed. We route customer orders for over-the- counter and listed equity securities to selected market makers and exchanges for execution. We consider a number of factors when determining where to send customer orders including execution speed, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing orders. We regularly review transactions for quality of execution, generally by measuring execution prices versus the relevant national best bid and offer. We do not receive payment for order flow for routing market and marketable limit orders. We do receive payment for order flow in the form of rebate payments up to $0.0035 per share for routing non-marketable limit orders that are subsequently executed (orders that "make" liquidity). Typically, orders that we receive from our customers are either market orders or limit orders. A market order specifies no particular price and instructs us to execute the order immediately at the best available price. A limit order is an order to buy or sell at a specific price, or better. A limit order that is immediately executable (i.e., in- line with the current market price) is handled as a marketable limit order. We route most of our market and marketable limit orders in over-the-counter and listed equity securities to selected broker-dealers that act as market maker to execute our orders, and we attempt to systematically route a greater number of these orders to market centers that consistently execute orders at prices superior to the national best bid or offer, with improvement amounts greater than that available at competing venues. Non- marketable limit orders are generally not eligible for price improvement opportunities, and we therefore attempt to systematically route these orders to exchanges and broker- dealers based on the likelihood of these orders being executed. We may receive payments from a market center for routing non-marketable limit orders, but these payments are only a factor when all other best execution factors are comparable. We route customer option orders to selected broker-dealers' smart routers and option exchanges for execution. In the event we receive compensation for directing option orders to specific market centers for execution, such compensation may include cash payments as well as noncash items, such as discounts, rebates, reductions, or credits against fees that would otherwise be payable in full. We consider a number of factors when determining where to send customer option orders, including, but not limited to, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing option orders. We regularly review transactions for quality and execution. The source and amount of any compensation received in connection with your transactions will be disclosed upon written request. Please contact your financial advisor for further information. impact to our introducing firms or their clients. In keeping with the regulatory requirements, the business continuity plan for First Clearing is designed to address key areas of concern, including, but not limited to, the following: • Data backup and recovery; • Mission critical systems; • Financial and operational assessments;

Payment for Order Flow. NMS Securities which are traded in your account may be executed in more than one marketplacemarketplace including on or through any exchange, market, platform, broker-dealer or venue we select. Consistent with the principles of best execution and applicable regulatory requirements, you agree that we the Clearing Firm may use our discretion in selecting the routing destination. We receive Clearing Firm receives payment for order flow from some market centers where your orders may be routed. We route customer orders for over-the- counter and listed equity securities to selected market makers and makers, broker-dealers, alternative trading systems, and/or exchanges for execution. We consider a number of factors when determining where to send customer orders including execution speed, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing orders. We regularly review transactions for quality of execution, generally by measuring execution prices versus the relevant national best bid and offer. We do Clearing Firm does not receive accept payment for order flow for routing or rebates from orders executed with market and marketable limit orders. We do receive payment for order flow in the form of rebate payments up to $0.0035 per share for routing nonmakers or broker-marketable limit orders that are subsequently executed (orders that "make" liquidity)dealer affiliates. Typically, orders that we receive from our customers are either market orders or limit orders. A market order specifies no particular price and instructs us to execute the order immediately at the best available price. A limit order is an order to buy or sell at a specific price, or better. A limit order that is immediately executable (i.e., in- in-line with the current market price) is handled as a marketable limit order. We route most of our market and marketable limit orders in over-the-counter and listed equity securities to selected broker-dealers that act as market maker to execute our orders, and we attempt to systematically route a greater number of these orders to market centers that consistently execute orders at prices superior to the national best bid or offer, with improvement amounts greater than that available at competing venues. Non- marketable limit orders are generally not eligible for price improvement opportunities, and we therefore attempt to systematically route these orders to exchanges and broker- dealers based on the likelihood of these orders being executed. We may receive payments from a market center for routing non-marketable limit orders, but these payments are only a factor when all other best execution factors are comparable. We route customer option orders to selected broker-dealers' smart routers and option exchanges for executionexecution on national exchanges. In the event we receive Clearing Firm receives compensation for directing option orders to executed at specific market centers for executioncenters, such compensation which may include cash payments as well as noncash items, such as discounts, rebates, reductions, or credits against fees that would otherwise be payable in full. We consider a number of factors when determining where to send customer option orders, including, but not limited to, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing option orders. We regularly review transactions for quality and execution. The source and amount of any compensation received in connection with your transactions will be disclosed upon written request. Please contact your financial advisor professional for further information. impact to our introducing firms or their clients. In keeping with the regulatory requirements, the business continuity plan for First Clearing is designed to address key areas of concern, including, but not limited to, the following: • Data backup and recovery; • Mission critical systems; • Financial and operational assessments;.

Payment for Order Flow. We route customer orders for over-the-counter and listed equity securities to our Clearing Firm, who may route your order to selected market makers or other venues for execution. At all times, Clearing Firm’s foremost concern is to obtain the best execution for customers, regardless of any compensation factor. Securities which are traded in your account may be executed in more than one marketplacemarketplace including on or through any exchange, market, platform, broker-dealer or venue our Clearing Firm selects. Consistent with the principles of best execution and applicable regulatory requirements, you agree that we our Clearing Firm may use our discretion in selecting the routing destination. We receive Our Clearing Firm receives payment for order flow from some market centers where your orders may be routed. We route Our Clearing Firm routes customer orders for over-the- the-counter and listed equity securities to selected market makers and makers, broker-dealers, alternative trading systems, and/or exchanges for execution. We consider Our Clearing Firm considers a number of factors when determining where to send customer orders including execution speed, price improvement opportunities, the availability of efficient and reliable order handling handing systems, the level of service provided, and the cost of executing orders. We TPMR and its Clearing Firm regularly review transactions for quality of execution, generally by measuring execution prices versus the relevant national best bid and offer. We do Our Clearing Firm does not receive payment for order flow for routing market and marketable limit orders. We do Our Clearing Firm does receive payment for order flow in the form of rebate payments up to $0.0035 per share for routing non-marketable limit orders that are subsequently executed (orders that "“make" ” liquidity). Typically, orders that we receive our Clearing Firm receives from our customers are either market orders or limit orders. A market order specifies no particular price and instructs us our Clearing Firm to execute the order immediately immediately, at the best available price. A limit order is an order to buy or sell at a specific price, or better. A limit order that is immediately executable (i.e., in- in-line with the current market price) is handled as a marketable limit order. We route Our Clearing Firm routes most of our market and marketable limit orders in over-the-counter and listed equity securities to selected broker-dealers that act as market maker to execute our orders, and we attempt our Clearing Firm attempts to systematically route a greater number of these orders to market centers that consistently execute orders at prices superior to the national best bid or offer, with improvement amounts amount greater than that available at competing venues. Non- Non-marketable limit orders are generally not eligible for price improvement opportunities, and we therefore attempt our Clearing Firm therefor attempts to systematically route these orders to exchanges and broker- broker-dealers based on the likelihood of these orders being executed. We Our Clearing Firm may receive payments payment from a market center for routing non-non- marketable limit orders, but these payments are only a factor when all other best execution factors are comparable. We route Our Clearing Firm routes customer option orders to selected broker-dealers' ’ smart routers and option exchanges for execution. In the event we receive our Clearing Firm receives compensation for directing option orders to specific market centers for execution, such compensation may include cash payments as well as noncash items, such as discounts, rebates, reductions, or credits against fees that would otherwise be payable in full. We consider Our Clearing Firm considers a number of factors when determining where to send customer option orders, including, but not limited to, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, provided and the cost of executing option options orders. We regularly review transactions for quality and execution. The source and amount of any compensation received in connection with your transactions will be disclosed upon written request. Please contact your financial advisor for further information. impact to our introducing firms or their clients. In keeping with the regulatory requirements, the business continuity plan for First Clearing is designed to address key areas of concern, including, but not limited to, the following: • Data backup and recovery; • Mission critical systems; • Financial and operational assessments;.

Payment for Order Flow. Securities which are traded in your account may be executed in more than one marketplacemarketplace including on or through any exchange, market, platform, broker-dealer or venue we select. Consistent with the principles of best execution and applicable regulatory requirements, you agree that we may use our discretion in selecting the routing destination. We receive payment for order flow from some market centers where your orders may be routed. We route customer orders for over-the- counter and listed equity securities to selected market makers and makers, broker-dealers, alternative trading systems, and/or exchanges for execution. We consider a number of factors when determining where to send customer orders including execution speed, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing orders. We regularly review transactions for quality of execution, generally by measuring execution prices versus the relevant national best bid and offer. We do not receive payment for order flow for routing market and marketable limit orders. We do receive payment for order flow in the form of rebate payments up to $0.0035 per share for routing non-marketable limit orders that are subsequently executed (orders that "make" liquidity). Typically, orders that we receive from our customers are either market orders or limit orders. A market order specifies no particular price and instructs us to execute the order immediately at the best available price. A limit order is an order to buy or sell at a specific price, or better. A limit order that is immediately executable (i.e., in- line with the current market price) is handled as a marketable limit order. We route most of our market and marketable limit orders in over-the-counter and listed equity securities to selected broker-dealers that act as market maker to execute our orders, and we attempt to systematically route a greater number of these orders to market centers that consistently execute orders at prices superior to the national best bid or offer, with improvement amounts greater than that available at competing venues. Non- marketable limit orders are generally not eligible for price improvement opportunities, and we therefore attempt to systematically route these orders to exchanges and broker- dealers based on the likelihood of these orders being executed. We may receive payments from a market center for routing non-marketable limit orders, but these payments are only a factor when all other best execution factors are comparable. We route customer option orders to selected broker-dealers' smart routers and option exchanges for execution. In the event we receive compensation for directing option orders to specific market centers for execution, such compensation may include cash payments as well as noncash items, such as discounts, rebates, reductions, or credits against fees that would otherwise be payable in full. We consider a number of factors when determining where to send customer option orders, including, but not limited to, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing option orders. We regularly review transactions for quality and execution. The source and amount of any compensation received in connection with your transactions will be disclosed upon written request. Please contact your financial advisor for further information. impact to our introducing firms or their clients. In keeping with the regulatory requirements, the business continuity plan for First Clearing is designed to address key areas of concern, including, but not limited to, the following: • Data backup and recovery; • Mission critical systems; • Financial and operational assessments;information.‌

Payment for Order Flow. Securities which are traded in your account may be executed in more than one marketplace. Consistent with the principles of best execution and applicable regulatory requirements, you agree that we may use our discretion in selecting the routing destination. We receive payment for order flow from some market centers where your orders may be routed. We route customer orders for over-the- counter and listed equity securities to selected market makers and exchanges for execution. We consider a number of factors when determining where to send customer orders including execution speed, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing orders. We regularly review transactions for quality of execution, generally by measuring execution prices versus the relevant national best bid and offer. We do not receive payment for order flow for routing market and marketable limit orders. We do receive payment for order flow in the form of rebate payments up to $0.0035 per share for routing non-marketable limit orders that are subsequently executed (orders that "make" liquidity). Typically, orders that we receive from our customers are either market orders or limit orders. A market order specifies no particular price and instructs us to execute the order immediately at the best available price. A limit order is an order to buy or sell at a specific price, or better. A limit order that is immediately executable (i.e., in- line with the current market price) is handled as a marketable limit order. We route most of our market and marketable limit orders in over-the-counter and listed equity securities to selected broker-dealers that act as market maker to execute our orders, and we attempt to systematically route a greater number of these orders to market centers that consistently execute orders at prices superior to the national best bid or offer, with improvement amounts greater than that available at competing venues. Non- marketable limit orders are generally not eligible for price improvement opportunities, and we therefore attempt to systematically route these orders to exchanges and broker- dealers based on the likelihood of these orders being executed. We may receive payments from a market center for routing non-marketable limit orders, but these payments are only a factor when all other best execution factors are comparable. comparable.‌ We route customer option orders to selected broker-dealers' smart routers and option exchanges for execution. In the event we receive compensation for directing option orders to specific market centers for execution, such compensation may include cash payments as well as noncash items, such as discounts, rebates, reductions, or credits against fees that would otherwise be payable in full. We consider a number of factors when determining where to send customer option orders, including, but not limited to, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing option orders. We regularly review transactions for quality and execution. The source and amount of any compensation received in connection with your transactions will be disclosed upon written request. Please contact your financial advisor for further information. impact to our introducing firms or their clients. In keeping with the regulatory requirements, the business continuity plan for First Clearing is designed to address key areas of concern, including, but not limited to, the following: • Data backup and recovery; • Mission critical systems; • Financial and operational assessments;.

Payment for Order Flow. NMS Securities which are traded in your account may be executed in more than one marketplacemarketplace including on or through any exchange, market, platform, broker-dealer or venue we select. Consistent with the principles of best execution and applicable regulatory requirements, you agree that we the Clearing Firm may use our discretion in selecting the routing destination. We receive Clearing Firm receives payment for order flow from some market centers where your orders may be routed. We route customer orders for over-the- counter and listed equity securities to selected market makers and makers, broker-dealers, alternative trading systems, and/or exchanges for execution. We consider a number of factors when determining where to send customer orders including execution speed, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing orders. We regularly review transactions for quality of execution, generally by measuring execution prices versus the relevant national best bid and offer. We do Clearing Firm does not receive payment for order flow for routing equity market and marketable limit ordersorders to execution venues. We do receive However payment for order flow is received in the form of rebate payments up to $0.0035 per share for rebates from national stock exchanges when routing non-marketable limit orders that are subsequently executed (orders that "“make" ” liquidity). Clearing Firm does not accept payment or rebates from orders executed with market makers or broker-dealer affiliates. Typically, orders that we receive from our customers are either market orders or limit orders. A market order specifies no particular price and instructs us to execute the order immediately at the best available price. A limit order is an order to buy or sell at a specific price, or better. A limit order that is immediately executable (i.e., in- in-line with the current market price) is handled as a marketable limit order. We route most of our market and marketable limit orders in over-over- the-counter and listed equity securities to selected broker-dealers that act as market maker to execute our orders, and we attempt to systematically route a greater number of these orders to market centers that consistently execute orders at prices superior to the national best bid or offer, with improvement amounts greater than that available at competing venues. Non- marketable limit orders are generally not eligible for price improvement opportunities, and we therefore attempt to systematically route these orders to exchanges and broker- dealers based on the likelihood of these orders being executed. We Clearing Firm may receive payments from a market center for routing non-marketable limit orders, but these payments are only a factor when all other best execution factors are comparable. We route customer option orders to selected broker-dealers' smart routers and option exchanges for execution. In the event we receive Clearing Firm receives compensation for directing option orders to specific market centers for execution, such compensation which may include cash payments as well as noncash items, such as discounts, rebates, reductions, or credits against fees that would otherwise be payable in full. We consider a number of factors when determining where to send customer option orders, including, but not limited to, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing option orders. We regularly review transactions for quality and execution. The source and amount of any compensation received in connection with your transactions will be disclosed upon written request. Please contact your financial advisor professional for further information. impact to our introducing firms or their clients. In keeping with the regulatory requirements, the business continuity plan for First Clearing is designed to address key areas of concern, including, but not limited to, the following: • Data backup and recovery; • Mission critical systems; • Financial and operational assessments;.

Payment for Order Flow. Securities which are traded in your account may be executed in more than one marketplacemarketplace including on or through any exchange, market, platform, broker-dealer or venue we select. Consistent with the principles of best execution and applicable regulatory requirements, you agree that we may use our discretion in selecting the routing destination. We receive payment for order flow from some market centers where your orders may be routed. We route customer orders for over-the- counter and listed equity securities to selected market makers and makers, broker-dealers, alternative trading systems, and/or exchanges for execution. We consider a number of factors when determining where to send customer orders including execution speed, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing orders. We regularly review transactions for quality of execution, generally by measuring execution prices versus the relevant national best bid and offer. We do not receive payment for order flow for routing market and marketable limit orders. We do receive payment for order flow in the form of rebate payments up to $0.0035 per share for routing non-marketable limit orders that are subsequently executed (orders that "make" liquidity). Typically, orders that we receive from our customers are either market orders or limit orders. A market order specifies no particular price and instructs us to execute the order immediately at the best available price. A limit order is an order to buy or sell at a specific price, or better. A limit order that is immediately executable (i.e., in- line with the current market price) is handled as a marketable limit order. We route most of our market and marketable limit orders in over-the-counter and listed equity securities to selected broker-dealers that act as market maker to execute our orders, and we attempt to systematically route a greater number of these orders to market centers that consistently execute orders at prices superior to the national best bid or offer, with improvement amounts greater than that available at competing venues. Non- marketable limit orders are generally not eligible for price improvement opportunities, and we therefore attempt to systematically route these orders to exchanges and broker- dealers based on the likelihood of these orders being executed. We may receive payments from a market center for routing non-marketable limit orders, but these payments are only a factor when all other best execution factors are comparable. comparable.‌ We route customer option orders to selected broker-dealers' smart routers and option exchanges for execution. In the event we receive compensation for directing option orders to specific market centers for execution, such compensation may include cash payments as well as noncash items, such as discounts, rebates, reductions, or credits against fees that would otherwise be payable in full. We consider a number of factors when determining where to send customer option orders, including, but not limited to, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing option orders. We regularly review transactions for quality and execution. The source and amount of any compensation received in connection with your transactions will be disclosed upon written request. Please contact your financial advisor for further information. impact to our introducing firms or their clients. In keeping with the regulatory requirements, the business continuity plan for First Clearing is designed to address key areas of concern, including, but not limited to, the following: • Data backup and recovery; • Mission critical systems; • Financial and operational assessments;.

Payment for Order Flow. NMS Securities which are traded in your account may be executed in more than one marketplacemarketplace including on or through any exchange, market, platform, broker-dealer or venue we select. Consistent with the principles of best execution and applicable regulatory requirements, you agree that we the Clearing Firm may use our discretion in selecting the routing destination. We receive Clearing Firm receives payment for order flow from some market centers where your orders may be routed. We route customer orders for over-the- counter and listed equity securities to selected market makers and makers, broker-dealers, alternative trading systems, and/or exchanges for execution. We consider a number of factors when determining where to send customer orders including execution speed, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing orders. We regularly review transactions for quality of execution, generally by measuring execution prices versus the relevant national best bid and offer. We do Clearing Firm does not receive payment for order flow for routing equity market and marketable limit ordersorders to execution venues. We do receive However payment for order flow is received in the form of rebate payments up to $0.0035 per share for rebates from national stock exchanges when routing non-marketable limit orders that are subsequently executed (orders that "“make" ” liquidity). Clearing Firm does not accept payment or rebates from orders executed with market makers or broker-dealer affiliates. Typically, orders that we receive from our customers are either market orders or limit orders. A market order specifies no particular price and instructs us to execute the order immediately at the best available price. A limit order is an order to buy or sell at a specific price, or better. A limit order that is immediately executable (i.e., in- in-line with the current market price) is handled as a marketable limit order. We route most of our market and marketable limit orders in over-over- the-counter and listed equity securities to selected broker-dealers that act as market maker to execute our orders, and we attempt to systematically route a greater number of these orders to market centers that consistently execute orders at prices superior to the national best bid or offer, with improvement amounts greater than that available at competing venues. Non- marketable limit orders are generally not eligible for price improvement opportunities, and we therefore attempt to systematically route these orders to exchanges and broker- dealers based on the likelihood of these orders being executed. We Clearing Firm may receive payments from a market center for routing non-marketable limit orders, but these payments are only a factor when all other best execution factors are comparable. We route customer option orders to selected broker-dealers' smart routers and option exchanges for execution. In the event we receive Clearing Firm receives compensation for directing option orders to specific market centers for execution, such compensation which may include cash payments as well as noncash items, such as discounts, rebates, reductions, or credits against fees that would otherwise be payable in full. We consider a number of factors when determining where to send customer option orders, including, but not limited to, price improvement opportunities, the availability of efficient and reliable order handling systems, the level of service provided, and the cost of executing option orders. We regularly review transactions for quality and execution. The source and amount of any compensation received in connection with your transactions will be disclosed upon written request. Please contact your financial advisor for further information. impact to our introducing firms or their clients. In keeping with the regulatory requirements, the business continuity plan for First Clearing is designed to address key areas of concern, including, but not limited to, the following: • Data backup and recovery; • Mission critical systems; • Financial and operational assessments;.