About these reports
Under SEC Rule 606(a), broker-dealers that route equity and option orders on behalf of customers are required to prepare quarterly reports that disclose specific information about their order routing practices for non-directed1 orders in NMS stocks and option contracts in NMS securities.
The reports are made available to the public free of charge for each calendar quarter and published no later than one month after the end of the quarter.
- CoverageNon-directed held orders in NMS stocks and non-directed orders in NMS option contracts.
- SectionsS&P 500 stocks, other NMS stocks, and options, each broken down by calendar month.
- FormatsPDF for reading and XML for machine use, following the SEC report schema.
- AvailabilityEach report stays available on this page for at least three years.
Order routing and payment for order flow
TradeUP Securities handles customer orders for equities and options on an agency only basis, and routes customer orders out to certain execution venues (specifically, other broker-dealers) to complete the execution of customer orders. TradeUp reviews the execution quality that these execution venues provide, to ensure that customer orders are filled as quickly as possible and are receiving the most favorable execution pricing at the time of execution. The statistics within our 606 reports lists the execution venues where customer orders are routed to, as well as the types of orders they receive from TradeUp and the percentage makeup of those orders.
Customers should be aware that as part of a pre-existing arrangement, in exchange for receiving customer orders from TradeUp, these listed execution venues will then provide funds to TradeUp. Such an arrangement is commonly referred to as “Payment-For-Order-Flow” (“PFOF”). Though TradeUp receives PFOF from these venues, please be aware that TradeUp has no preference between one execution venue over. Additionally, our arrangement with these execution venues DOES NOT include any increase or decrease in PFOF based on the amount of orders sent to them for execution (examples of this would be payments contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds or disincentives for failing to meet order flow thresholds). As such, TradeUp is not influenced or incentivized by any of fees paid for by any execution venue.
It is still TradeUp’s responsibility to ensure that any of the below listed venues that TradeUp routes customer orders to provide the best pricing (with an emphasis on customer orders obtaining price improvements whenever possible) and best execution quality possible. As part of this report, the payments that TradeUp receives from each execution venue in exchange for PFOF are listed within our 606 reports.
TradeUP Securities Quarterly Reports
Select PDF to read a report, or XML for the machine-readable data.
| Year | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2026 | Q1PDFXML | Q2PDFXML | Q3PDFXML | Q4— |
| 2025 | Q1PDFXML | Q2PDFXML | Q3PDFXML | Q4PDFXML |
| 2024 | Q1PDFXML | Q2PDFXML | Q3PDFXML | Q4PDFXML |
| 2023 | Q1PDFXML | Q2PDFXML | Q3PDFXML | Q4PDFXML |
Customer-specific order routing information
- Under SEC Rule 606(b)(1), customers can request specific order routing and execution information for the preceding six months. The information will include the identity of the venue where your orders were routed for execution, whether the orders were directed or non-directed, and if executed, the time of execution.
- Under SEC Rule 606(b)(3), broker-dealers are required, upon request of a customer that places not-held orders, to provide specific disclosures regarding routing and execution of such orders for the prior six months.
1 Any order that the customer has not specifically instructed to be routed to a particular venue for execution. ↩