ADP CLEARING AND OUTSOURCING SERVICES
MATERIAL ASPECTS OF RELATIONSHIPS WITH EXECUTION VENUES
ArcX ADP receives no payment for order flow from this execution venue nor does it have any profit-sharing relationship. CSX ADP receives no payment for order flow from this execution venue nor does it have any profit-sharing relationship. Knight Capital Markets, LLC ADP receives payment for order flow from this execution venue in the form of monetary rebates for listed orders routed to it. The rebates are a percentage of the spread and depend on order size at the time of order receipt with maximum "cents-per-share" limits.
For intraday market orders between 100 and 5,000 shares, ADP will receive 5% of the spread up to $.01 per share; and
For intraday market orders between 5,001 and 50,000 shares, ADP will receive 10% of the spread up to $.01 per share.
ADP receives 50% of the aforementioned rates on transactions that receive automated price improvement and orders deemed marketable limits at time of receipt.
The following types of orders are not eligible for rebate: Manning executions (limit order protection) and riskless principal trades; Non-marketable limits (at time of receipt); Odd lots (1-99 shares); Pre-opening executions; Market-on-Close (MOC) orders; Securities executed at a price under $5 per share; Tier III and Tier IV NYSE securities (list available upon request); and S&P 500 securities.
NYSE ADP receives no payment for order flow from this execution venue nor does it have any profit-sharing relationship. AMEX ADP receives no payment for order flow from this execution venue nor does it have any profit-sharing relationship. ArcX ADP receives no payment for order flow from this execution venue nor does it have any profit-sharing relationship. CSX ADP receives no payment for order flow from this execution venue nor does it have any profit-sharing relationship. Knight Capital Markets, LLC ADP receives no payment for order flow from this execution venue nor does it have any profit-sharing relationship. ArcX ADP receives no payment for order flow from this execution venue nor does it have any profit-sharing relationship. Knight Equity Markets L.P. ADP receives no payment for order flow from this execution venue nor does it have any profit-sharing relationship. UBS Capital Markets L.P. ADP receives no payment for order flow from this execution venue nor does it have any profit-sharing relationship. AMEX ADP receives no payment for order flow from this execution venue nor does it have any profit-sharing relationship. CBOE ADP receives no payment for order flow from this execution venue nor does it have any profit-sharing relationship. Citigroup Global Markets, Inc. For this period ADP routed option orders to Citigroup Global Markets, Inc. ("CITI"). Once the order was received by CITI, it was solely their determination as to which market center to direct the order for execution. For orders sent electronically to CITI, ADP received $.42 per contract for all standardized equity option executions and for all Nasdaq-100 tracking stock executions. ADP receives payments only with respect to the first 250 contracts of each order making the maximum payment for an individual order $92.50. ADP receives no payment for executions of non-equity option contracts or for executions of equity contracts whose order was received by CITI in a non-electronic manner.