2023 Q3 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 nondirected, 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.

July

Equities in S&P 500

Equities not in S&P 500

Listed Options

August

Equities in S&P 500

Equities not in S&P 500

Listed Options

September

Equities in S&P 500

Equities not in S&P 500

Listed Options

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 non-directed orders sent to Merrill Lynch. The execution fee for professional customers is $.03 per contract. The execution fee for non-professional customers ranges between $.03 and $.25 per contract, depending on Algo/route selected by Dash clients. The amount of exchange fees paid and/or rebates received is 100%, and the amount is based on exchange volume tiers reached by Merrill Lynch rather than tiers natively achieved by Dash Prime. The actual fees and rebates are based on specific client order instructions and the exchange or ATS that the order ultimately interacted with.  For each month in the reportable quarter, net aggregate payment1 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 non-directed orders sent to Merrill Lynch. The execution fee for equity Algo orders is $.0015 per share. The amount of exchange fees paid and/or rebates received is 100%, and the amount is based on exchange volume tiers reached by Merrill Lynch rather than tiers natively achieved by Dash Prime.  The actual fees and rebates are based on specific client order instructions and the exchange or ATS that the order ultimately interacted with. For each month in the reportable quarter, net aggregate payment[1] and average payment in cents per 100 shares can be found in the tables below.

Apex Clearing Services

Options

Dash Prime pays an execution fee and receives payment for order flow for non-directed orders sent to Apex. The payment is equal to 50% of the PFOF which Apex collects. The execution fee, which is $0.015 cents per contract, is waived if Dash meets a monthly volume threshold equaling 18,000 average daily executed contracts. For each month in the reported quarter, net aggregate payment1 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 non-directed orders sent to Apex. The execution fee is $.0003 per share. The payment is equal to 50% of the PFOF which Apex collects. For each month in the reportable quarter, net aggregate payment1 and average payment in cents per 100 shares can be found in the tables below.

Citadel Execution Services

Dash Prime does not receive any payment for order flow from Citadel. Citadel charges Dash a per share fee of $.0012 for orders routed to equity exchange opening and closing auctions. For each month in the reportable quarter, aggregate fees paid and average fee in cents per 100 shares can be found in the tables below.

DASH Financial Technologies (DFT)

Options

Dash Prime pays an execution fee, receives payment for order flow, pays exchange fees and receives exchange rebates for non-directed orders sent to DFT. The execution fee is $.04 per contract.  The amount of exchange fees paid and/or rebates received is 100 and the amount is based on exchange volume tiers reached by DFT rather than tiers natively achieved by Dash Prime.  The actual fees and rebates are based on specific client order instructions and the exchange or ATS that the order ultimately interacted with.  For each month in the reportable quarter, net aggregate payment1 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 non-directed orders sent to DFT. The execution fee is $.0004 per share. The amount of exchange fees paid and/or rebates received is 100%, and the amount is based on exchange volume tiers reached by DFT rather than tiers natively achieved by Dash Prime. The actual fees and rebates are based on specific client order instructions and the exchange or ATS that the order ultimately interacted with. For each month in the reportable quarter, net aggregate payment1 and average payment in cents per 100 shares can be found in the tables below.

Footnotes

1 Net aggregate payment is the actual amount received from or paid to each executing broker. This figure is the total amount of all exchange rebates or payment for order flow received minus all exchange fees and execution fees paid.

2 Dash Prime and Dash Financial Technologies are separate but affiliated companies and broker dealers.