2020 Q2 DASH Prime, LLC SEC Rule 606 Report Disclosure

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DASH Prime, LLC gives its customers the ability to route orders in equities and exchange listed options to various venues including exchanges, executing brokers, dark pools, broker Algos and market makers. Customers are required to select the venue to which they wish to have an order routed at the time that each order is placed.

DASH Prime does not make routing decisions or exercise discretion over the routing of its customers’ held orders. However, under the strict definition of “directed order” DASH Prime must classify some orders which clients instruct us to route to other executing brokers as “non-directed”. As a result, these orders are categorized as non-directed from a regulatory standpoint and statistics related to them are being provided here pursuant to SEC Rule 606(a). It is important to keep in mind that DASH Prime did not exercise discretion related to the routing of these “non-directed” orders. Therefore, the routing statistics being provided in this report represent where DASH Prime’s clients, not DASH Prime, elected to route non-directed orders.

Ultimately, routing discretion may be exercised by the executing brokers to which customers sent their non-directed orders. In order to assist you in understanding how these brokers handle non-directed orders we provide links to their detailed 606 reports.

Upon written request, DASH Prime will provide information related to specific client orders that were routed for execution in the past six months. This information will include the market participant to which the order was routed, whether the order was directed or non-directed, and the time of the transaction, if any, that resulted from such order.

Please note that because DASH Prime does not make any routing decisions on non-directed orders, and simply forwards orders to the executing brokers specified in customers’ order instructions, we do not break out the routing statistics by order type.

April

Equities in S&P 500

VenueNon-directed ordersLink to executing broker’s 606 reports
Apex50.0% https://www.apexclearing.com/sec-rule-606-and-607/
Citadel48.3%https://www.citadelsecurities.com/rule-605-606-statements/ 
Merrill Lynch1.7% https://www.bofaml.com/en-us/content/best_execution.html
Non-directed orders for this section as a percentage of total customer equity orders: 23%

Equities not in S&P 500

VenueNon-directed ordersLink to executing broker’s 606 reports
Apex65.3% https://www.apexclearing.com/sec-rule-606-and-607/
Citadel21.2% https://www.citadelsecurities.com/rule-605-606-statements/ 
Merrill Lynch13.4%https://www.bofaml.com/en-us/content/best_execution.html 
Non-directed orders for this section as a percentage of total customer equity orders: 23.7%

Listed Options

VenueNon-directed ordersLink to executing broker’s 606 reports
Apex30.1% https://www.apexclearing.com/sec-rule-606-and-607/
Dash Fin Tech64.9% https://dashfinancial.com
Merrill Lynch4.9% https://www.bofaml.com/en-us/content/best_execution.html
Non-directed orders for this sections as a percentage of total customer option orders: 12.1%


May

Equities in S&P 500

VenueNon-directed ordersLink to executing broker’s 606 reports
Apex42.1%https://www.apexclearing.com/sec-rule-606-and-607/ 
Citadel57.2% https://www.citadelsecurities.com/rule-605-606-statements/ 
Merrill Lynch0.7% https://www.bofaml.com/en-us/content/best_execution.html
Non-directed orders for this section as a percentage of total customer equity orders: 18.4%

Equities not in S&P 500

VenueNon-directed ordersLink to executing broker’s 606 reports
Apex65.6% https://www.apexclearing.com/sec-rule-606-and-607/
Citadel25.8% https://www.citadelsecurities.com/rule-605-606-statements/ 
Merrill Lynch8.6% https://www.bofaml.com/en-us/content/best_execution.html
Non-directed orders for this section as a percentage of total customer equity orders: 27.7%

Listed Options

VenueNon-directed ordersLink to executing broker’s 606 reports
Apex32.4% https://www.apexclearing.com/sec-rule-606-and-607/
Dash Fin Tech54.8% https://dashfinancial.com
Merrill Lynch12.8% https://www.bofaml.com/en-us/content/best_execution.html
Non-directed orders for this sections as a percentage of total customer option orders: 18.7%


June

Equities in S&P 500

VenueNon-directed ordersLink to executing broker’s 606 reports
Apex47.0% https://www.apexclearing.com/sec-rule-606-and-607/
Citadel52.6% https://www.citadelsecurities.com/rule-605-606-statements/ 
Merrill Lynch0.4% https://www.bofaml.com/en-us/content/best_execution.html
Non-directed orders for this section as a percentage of total customer equity orders: 16.6%

Equities not in S&P 500

VenueNon-directed ordersLink to executing broker’s 606 reports
Apex66.9% https://www.apexclearing.com/sec-rule-606-and-607/
Citadel24.0% https://www.citadelsecurities.com/rule-605-606-statements/ 
Merrill Lynch9.0% https://www.bofaml.com/en-us/content/best_execution.html
Non-directed orders for this section as a percentage of total customer equity orders: 27.9%

Listed Options

VenueNon-directed ordersLink to executing broker’s 606 reports
Apex28.3% https://www.apexclearing.com/sec-rule-606-and-607/
Dash Fin Tech64.9% https://dashfinancial.com
Merrill Lynch6.8% https://www.bofaml.com/en-us/content/best_execution.html
Non-directed orders for this sections as a percentage of total customer option orders: 16%


Material Aspects of Relationships with Venues

In this section you will find information related certain financial arrangements which DASH Prime, LLC (“DASH”) has with various venues (i.e. executing brokers) to which customers route their non-directed orders. It is important to understand that although a financial arrangement may exist between DASH and a venue, DASH does not control to which venue clients ultimately choose to send their orders. Order routing decisions are made by clients, not by DASH.

The net aggregate and cents per 100 shares amounts reported in this section are calculated by netting the total execution fees paid, payment for order flow received, exchange fees paid and exchange rebates received from/to each executing broker. Some of these rebates and fees may be passed back to clients, therefore, the reported amounts are not necessarily indicative of the financial benefit or cost realized by DASH.


Merrill Lynch

Options

DASH Prime pays an execution fee, receives payment for order flow, pays exchange fees and receives exchange rebates for certain non-directed orders sent to Merrill Lynch. For each month in the reportable quarter, net aggregate payment and average payment in cents per 100 shares (which equates to cents per one option contract) can be found in the tables below.

Equities

DASH Prime pays an execution fee, receives payment for order flow, pays exchange fees and receives exchange rebates for certain non-directed orders sent to Merrill Lynch. For each month in the reportable quarter, net aggregate payment and average payment in cents per 100 shares payment can be found in the tables below.

Merril LynchNet Payment Paid/(Received)
for Non-Directed Orders
Net Payment Paid/Received
for Non-Directed Orders (cents per 100 shares)
April
Equities (856.69)(20.9)
Options(37,536.61)(24.0)
May
Equities (492.87)(18.8)
Options (23,787.81)(20.4)
June
Equities (1,428.46)(19.8)
Options(47,293.04)(20.9)


Apex Clearing Services

Options

DASH Prime receives payment for order flow for certain non-directed orders sent to Apex. For each month in the reportable quarter, net aggregate payment and average payment in cents per 100 shares (which equates to cents per one option contract) be found in the tables below.

Equities

DASH Prime pays an execution fee and receives payment for order flow for certain non-directed orders sent to Apex. For each month in the reportable quarter quarter, net aggregate payment and average payment in cents per 100 shares can be found in the tables below.

ApexNet Payment Paid/(Received)
for Non-Directed Orders
Net Payment Paid/Received
for Non-Directed Orders
(cents per 100 shares)
April
Equities2,612.575.1
Options92,017.8018.8
May
Equities2,545.354.7
Options65,396.3519.1
June
Equities3,178.544.0
Options68,708.1018.2


Citadel Execution Services

DASH Prime does not receive any payment from or make any payment to Citadel.


DASH Financial Technologies (DFT)

Options

DASH Prime pays an execution fee, receives payment for order flow, pays exchange fees and receives exchange rebates for certain non-directed orders sent to DFT. For each month in the reportable quarter, net aggregate payment and average payment in cents per 100 shares (which equates to cents per one option contract) can be found in the tables below.

Equities

DASH Prime does not receive payment for routing non-directed equity orders to DFT.

Dash FinancialNet Payment Paid/(Received)
for Non-Directed Orders
Net Payment Paid/Received
for Non-Directed Orders (cents per 100 shares)
April
Options(17,852.99)(1.0)
May
Options(35,510.91)(2.0)
June
Options16,398.110.7