Order Routing Disclosures

Section 1 — SEC Rule 605: Order Execution Quality Reports

SEC Rule 605 requires broker-dealers to publish monthly statistical reports on order execution quality, including execution speed, price improvement, and fill rates. TradePMR publishes monthly Rule 605 reports in accordance with SEC requirements. Reports are posted each month and remain available for a minimum of three years.

Monthly Rule 605 reports will be published here, effective August 1, 2026. Please check back for the most recent filing.

 

Section 2 — SEC Rule 606: Order Routing Disclosures

Wells Fargo Clearing Services — Quarterly 606 Reports

TradePMR routes customer orders for over-the-counter and listed equity securities to our clearing firm, Wells Fargo Clearing Services, LLC (WFCS), who may route your order to selected market makers or other venues for execution. At all times, WFCS’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 marketplace including on or through any exchange, market, platform, broker-dealer or venue WFCS selects. Consistent with the principles of best execution and applicable regulatory requirements, WFCS may use discretion in selecting the routing destination. WFCS receives payment for order flow from some market centers where your orders may be routed.

WFCS routes customer orders for over-the-counter and listed equity securities to selected market makers, broker-dealers, alternative trading systems, and/or exchanges for execution. WFCS 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 handing systems, the level of service provided, and the cost of executing orders. TPMR and WFCS regularly review transactions for quality of execution, generally by measuring execution prices versus the relevant national best bid and offer.

 

WFCS does not receive payment for order flow for routing market and marketable limit orders. WFCS 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 WFCS receives from customers are either market orders or limit orders. A market order specifies no particular price and instructs WFCS 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. WFCS routes most market and marketable limit orders in over-the-counter and listed equity securities to selected broker-dealers that act as market maker to execute orders, and WFCS 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 amount greater than that available at competing venues. Non-marketable limit orders are generally not eligible for price improvement opportunities, and WFCS therefor attempts to systematically route these orders to exchanges and broker-dealers based on the likelihood of these orders being executed. WFCS may receive payment 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.

WFCS routes customer option orders to selected broker-dealers’ smart routers and option exchanges for execution. In the event WFCS 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. WFCS considers a number of factors when determining where to send customer option orders, including, but 2 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 options orders. TradePMR regularly reviews 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.

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TradePMR, Inc. is a registered broker-dealer and member FINRA/SIPC. Clearing services provided by Wells Fargo Clearing Services, LLC (d/b/a First Clearing), Member SIPC. Rule 605 and Rule 606 disclosures are published in accordance with SEC Regulation NMS.