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AMTD 2054 F 04/17Page 1 of 4

TD Ameritrade Clearing, Inc. Member FINRA/SIPC – First Quarter 2017 (Percentages of Total Non-Directed Orders Routed to Individual Market Venues)

TD Ameritrade Clearing, Inc. (“TD Ameritrade Clearingâ€) has prepared this report pursuant to U.S. Securities and Exchange Commission Rule 606, which requires broker-dealer firms to make publicly available quarterly reports on their routing practices. TD Ameritrade Clearing’s affiliate broker- dealer, TD Ameritrade, Inc. (“TD Ameritradeâ€) routes client orders to TD Ameritrade Clearing, which then routes the orders to third-party execution venues. As a result, TD Ameritrade Clearing prepares this report so TD Ameritrade clients can understand how TD Ameritrade Clearing routes the client orders submitted to it by TD Ameritrade. Please see TD Ameritrade’s Rule 606 report which contains further information concerning TD Ameritrade and its order routing practices.

Revenue that TD Ameritrade and TD Ameritrade Clearing receive from the third-party market venues detailed below are shared pursuant to a fully- disclosed clearing agreement between the two firms. The per share/per contract amounts received below represent the total amount of payments received by TD Ameritrade and TD Ameritrade Clearing.

Securities Listed on the NYSE

Order Percentage Statistics

Routing Venue Total Orders (%) Market Orders (%) Limit Orders (%) Other Orders (%)

Citadel Execution Services 45% 45% 47% 43%

G1 Execution Services 16% 24% 7% 20%

Bats EDGX 12% 0% 24% 7%

KCG Americas, LLC 12% 18% 6% 15%

Two Sigma Securities, LLC 7% 11% 3% 8%

NYSE Summary Statistics 99% of total customer orders were non-directed orders 16% of total non-directed client orders were market orders 36% of total non-directed client orders were limit orders 48% of total non-directed client orders were other orders

Information concerning significant venues: Citadel Execution Services – TD Ameritrade Clearing receives payment from Citadel Execution Services for directing listed equity order flow to this venue. Payment is variable based on the size and type of security at the time of order execution. Payments received averaged $0.0015 per share for order flow executed in the first quarter 2017.

G1 Execution Services – TD Ameritrade Clearing receives payment from G1 Execution Services for directing listed equity order flow to this venue. Payment is variable based on the size and type of security at the time of order execution. Payments received averaged $0.0013 per share for order flow executed in the first quarter 2017.

Bats EDGX – TD Ameritrade Clearing receives payment from Bats EDGX for orders that add liquidity to this venue and are subsequently executed. The rate for adding liquidity for the first quarter 2017 for listed securities was as high as $0.0034 per share. TD Ameritrade Clearing is charged for removing liquidity from this venue. The rate for removing liquidity for the first quarter 2017 was as high as $0.0030 per share.

KCG Americas, LLC – TD Ameritrade Clearing receives payment from KCG Americas, LLC for directing listed equity order flow to this venue. Payment is variable based on the size and type of security at the time of order execution. Payments received averaged $0.0011 per share for order flow executed in the first quarter 2017.

Two Sigma Securities, LLC – TD Ameritrade Clearing receives payment from Two Sigma Securities, LLC for directing listed equity order flow to this venue. Payment is variable based on the size and type of security at the time of order execution. Payments received averaged $0.0012 per share for order flow executed in the first quarter 2017.

SEC Rule 606 Report

AMTD 2054 F 04/17Page 2 of 4

Securities Listed on Nasdaq

Order Percentage Statistics

Routing Venue Total Orders (%) Market Orders (%) Limit...


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