Common use of Payment for Order Flow Clause in Contracts

Payment for Order Flow. (a) Xxxxxxx Xxxxx xxx, from time to time, receive payment for order flow. Order flow payment is compensation received as an incentive to direct transactions to various markets. This compensation is received in a number of ways, including direct cash payment ranging from a fraction of a cent to 2.5 cents per share, estimated to equal approximately $1.0 million annually. In certain instances, reduced transaction fees are provided by various exchanges. While there is no actual agreement, oral or written, Xxxxxxx Xxxxx believes that it is receiving business from specialists at various exchanges as a result of the transaction volume directed to them. Additionally, Xxxxxxx Xxxxx acts as a market maker in a number of Over-The-Counter (OTC) securities. As a result of orders directed to these various markets, trading profits or losses may be generated.

Payment for Order Flow. (a) Xxxxxxx Xxxxx Raymoxx Xxxxs xxx, from xxxm time to time, receive payment for order flow. Order flow payment is compensation received as an incentive to direct transactions to various markets. This compensation is received in a number of ways, including direct cash payment ranging from a fraction of a cent to 2.5 cents per share, estimated to equal approximately $1.0 million annually. In certain instances, reduced transaction fees are provided by various exchanges. While there is no actual agreement, oral or written, Xxxxxxx Xxxxx believes Raymoxx Xxxxs xxxxeves that it is receiving business from specialists at various exchanges as a result of the transaction volume directed to them. Additionally, Xxxxxxx Xxxxx acts Raymoxx Xxxxs xxxx as a market maker in a number of Over-The-Counter (OTC) securities. As a result of orders directed to these various markets, trading profits or losses may be generated.