Order Routing Disclosure Statement



Order Routing

T3 may receive remuneration for directing orders to a particular exchange or broker-dealer and may route orders to market centers including national securities exchanges, alternative trading systems, electronic communications networks, broker dealers and other liquidity sources that may offer credits for certain types of orders while assessing fees for other types of orders. In some cases, the credits offered by a market center may exceed the credits being offered back to you and the charges assessed may be less than the charges being billed back to you. Such remuneration is considered compensation to T3 and may constitute, according to regulatory interpretation, payment for order flow. T3 may also use exchanges, broker dealers or other market centers to route orders on their behalf, including Direct Market Access (DMA) orders. These arrangements give T3 a financial incentive to route orders to venues that provide such arrangements.

T3 handles all orders on a “not held” basis, including Direct Market Access (DMA) orders, which allows us to use price and time discretion with the objective of achieving the best overall execution possible and according to the protocols of the selected routing or execution strategy. This includes Immediate or Cancel (IOC) orders. In the course of handling an order, T3 may route to venues that may handle it on a riskless principal, principal and/or net trading basis or additionally use brokers that might route your order in a riskless principal, principal and/or net trading basis. Routed orders will be marked in T3’s, or the routing brokers, capacity and not in the capacity that the contra or destination acted.


Customer Order Routing

SEC Rule 606 ("Rule") requires all broker-dealers that route customer orders in equity and option securities to make available quarterly reports that present a general overview of their routing practices. The reports must identify the significant venues to which customer orders were routed for execution during the applicable quarter and disclose the material aspects of the broker-dealer's relationship with such venues. In addition, the Rule requires broker-dealers to disclose, on customer request, the venues to which the customer's individual orders were routed. T3 will provide the identity of the venue to which each of the customer’s orders were routed for execution during the six months prior to the request. Customers that wish to receive this information, should contact their relationship manager or the trade desk at [email protected].