1.2COWN202232022-10-27T13:24:01Z202270.000.000.000.000.000.000.000.000.000.00100.000.000.000.00100.00CBOE EDGXEDGX23.630.000.000.0023.630.00000.00000.00000.00000.00000.0000-5210.3100-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
EDGX 0.013509709 1.68%Boston OptionsBOX119.720.000.000.0019.720.00000.00000.00000.00000.00000.0000-442.6800-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
BOX 0.127839196 0.10%MIAX Emerald, LLC.EMLD12.340.000.000.0012.340.00000.00000.00000.00000.00000.0000-1457.2200-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
EMLD 0.093412655 0.74%Chicago Board Options ExchangeCBOE11.210.000.000.0011.210.00000.00000.00000.00000.00000.0000-1204.7100-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
CBOE 0.021085682 5.49%C2 Options Exchange, Inc.C2OX7.290.000.000.007.290.00000.00000.00000.00000.00000.0000-8553.3900-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
C2OX 0.041325765 6.69%Cboe BZX ExchangeBATS6.040.000.000.006.040.00000.00000.00000.00000.00000.0000-4002.6000-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
BATS 0.022205769 8.21%NYSE ArcaARCA5.720.000.000.005.720.00000.00000.00000.00000.00000.0000-4407.2100-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
ARCA 0.087655205 2.41%ISE OptionsISE14.960.000.000.004.960.00000.00000.00000.00000.00000.0000-2973.7800-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
ISE 0.021801228 3.49%NASDAQNASD1.960.000.000.001.960.00000.00000.00000.00000.00000.0000-4486.0200-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading
business. This business has a relationship with Wolverine Execution Services (“WEXX”).
WEXX provides the Firm with its Order Management System. WEXX also acts as the executing
broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution.
WEXX is not involved with the decision where to route an order in any manner.
The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any
costs or rebates associated with Exchange pricing models. The Firm does not maintain any
relationship with any exchange or venue where the Firm receives volume discounts.
The Firm does not receive any volume discount passed onto it by WEXX.MIAX Pearl, LLCMPRL1.940.000.000.001.940.00000.00000.00000.00000.00000.0000-303.0300-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading
business. This business has a relationship with Wolverine Execution Services (“WEXX”).
WEXX provides the Firm with its Order Management System. WEXX also acts as the executing
broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution.
WEXX is not involved with the decision where to route an order in any manner.
The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any
costs or rebates associated with Exchange pricing models. The Firm does not maintain any
relationship with any exchange or venue where the Firm receives volume discounts.
The Firm does not receive any volume discount passed onto it by WEXX.202280.000.000.000.000.000.000.000.000.000.00100.000.000.000.00100.00CBOE EDGXEDGX15.010.000.000.0015.010.00000.00000.00000.00000.00000.0000-8209.8900-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
EDGX 0.013509709 1.68%MIAX Emerald, LLC.EMLD14.740.000.000.0014.740.00000.00000.00000.00000.00000.0000-2148.8700-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
EMLD 0.093412655 0.74%C2 Options Exchange, Inc.C2OX13.590.000.000.0013.590.00000.00000.00000.00000.00000.0000-7013.2200-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
C2OX 0.041325765 6.69%Cboe BZX ExchangeBATS13.560.000.000.0013.560.00000.00000.00000.00000.00000.0000-6190.2000-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
BATS 0.022205769 8.21%ISE OptionsISE111.110.000.000.0011.110.00000.00000.00000.00000.00000.0000-7877.1300-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
ISE 0.021801228 3.49%NYSE ArcaARCA9.440.000.000.009.440.00000.00000.00000.00000.00000.0000-5937.1500-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
ARCA 0.087655205 2.41%MIAX Pearl, LLCMPRL6.130.000.000.006.130.00000.00000.00000.00000.00000.0000-342.2700-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading
business. This business has a relationship with Wolverine Execution Services (“WEXX”).
WEXX provides the Firm with its Order Management System. WEXX also acts as the executing
broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution.
WEXX is not involved with the decision where to route an order in any manner.
The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any
costs or rebates associated with Exchange pricing models. The Firm does not maintain any
relationship with any exchange or venue where the Firm receives volume discounts.
The Firm does not receive any volume discount passed onto it by WEXX.NASDAQNASD4.340.000.000.004.340.00000.00000.00000.00000.00000.0000-4347.1200-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading
business. This business has a relationship with Wolverine Execution Services (“WEXX”).
WEXX provides the Firm with its Order Management System. WEXX also acts as the executing
broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution.
WEXX is not involved with the decision where to route an order in any manner.
The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any
costs or rebates associated with Exchange pricing models. The Firm does not maintain any
relationship with any exchange or venue where the Firm receives volume discounts.
The Firm does not receive any volume discount passed onto it by WEXX.Boston OptionsBOX13.730.000.000.003.730.00000.00000.00000.00000.00000.0000-188.7900-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
BOX 0.127839196 0.10%NASDAQBXNASD2.120.000.000.002.120.00000.00000.00000.00000.00000.0000-355.5900-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading
business. This business has a relationship with Wolverine Execution Services (“WEXX”).
WEXX provides the Firm with its Order Management System. WEXX also acts as the executing
broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution.
WEXX is not involved with the decision where to route an order in any manner.
The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any
costs or rebates associated with Exchange pricing models. The Firm does not maintain any
relationship with any exchange or venue where the Firm receives volume discounts.
The Firm does not receive any volume discount passed onto it by WEXX.202290.000.000.000.000.000.000.000.000.000.00100.000.000.000.00100.00MIAX Emerald, LLC.EMLD19.190.000.000.0019.190.00000.00000.00000.00000.00000.0000-2439.6300-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
EMLD 0.093412655 0.74%Cboe BZX ExchangeBATS16.770.000.000.0016.770.00000.00000.00000.00000.00000.0000-7015.8300-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
BATS 0.022205769 8.21%CBOE EDGXEDGX14.760.000.000.0014.760.00000.00000.00000.00000.00000.0000-9354.2100-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
EDGX 0.013509709 1.68%C2 Options Exchange, Inc.C2OX11.570.000.000.0011.570.00000.00000.00000.00000.00000.0000-8640.9600-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
C2OX 0.041325765 6.69%NYSE ArcaARCA9.020.000.000.009.020.00000.00000.00000.00000.00000.0000-13048.2300-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
ARCA 0.087655205 2.41%ISE OptionsISE17.950.000.000.007.950.00000.00000.00000.00000.00000.0000-6228.8400-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
ISE 0.021801228 3.49%Boston OptionsBOX14.110.000.000.004.110.00000.00000.00000.00000.00000.0000-395.3400-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading business. This business has a relationship with Wolverine Execution Services (“WEXX”). WEXX provides the Firm with its Order Management System. WEXX also acts as the executing broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution. WEXX is not involved with the decision where to route an order in any manner. The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any costs or rebates associated with Exchange pricing models. The Firm does not maintain any relationship with any exchange or venue where the Firm receives volume discounts. The Firm does not receive any volume discount passed onto it by WEXX.
Destination Per Contract Rebate % of Contracts
BOX 0.127839196 0.10%NASDAQNASD4.030.000.000.004.030.00000.00000.00000.00000.00000.0000-5897.9100-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading
business. This business has a relationship with Wolverine Execution Services (“WEXX”).
WEXX provides the Firm with its Order Management System. WEXX also acts as the executing
broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution.
WEXX is not involved with the decision where to route an order in any manner.
The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any
costs or rebates associated with Exchange pricing models. The Firm does not maintain any
relationship with any exchange or venue where the Firm receives volume discounts.
The Firm does not receive any volume discount passed onto it by WEXX.NASDAQBXNASD3.560.000.000.003.560.00000.00000.00000.00000.00000.0000-2041.1700-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading
business. This business has a relationship with Wolverine Execution Services (“WEXX”).
WEXX provides the Firm with its Order Management System. WEXX also acts as the executing
broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution.
WEXX is not involved with the decision where to route an order in any manner.
The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any
costs or rebates associated with Exchange pricing models. The Firm does not maintain any
relationship with any exchange or venue where the Firm receives volume discounts.
The Firm does not receive any volume discount passed onto it by WEXX.Miami Options ExchangeMIAX2.500.000.000.002.500.00000.00000.00000.00000.00000.0000-432.9900-3.0000Cowen and Company, LLC (“Cowen” or the ”Firm”) maintains an institutional options trading
business. This business has a relationship with Wolverine Execution Services (“WEXX”).
WEXX provides the Firm with its Order Management System. WEXX also acts as the executing
broker on all of the Firm’s transactions. Cowen directs all orders to Exchanges for execution.
WEXX is not involved with the decision where to route an order in any manner.
The Firm maintains a billing relationship with WEXX whereby WEXX passes onto the Firm any
costs or rebates associated with Exchange pricing models. The Firm does not maintain any
relationship with any exchange or venue where the Firm receives volume discounts.
The Firm does not receive any volume discount passed onto it by WEXX.