1.2 Moomoo Financial Inc 2023 3 2023-10-12T16:30:18Z 2023 7 100.00 0.08 13.07 86.25 0.60 Nasdaq Stock Market XNAS 37.31 100.00 6.94 41.77 50.00 -0 -15.0000 -0 -23.5500 2 27.5392 -0 -14.0323 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. New York Stock Exchange XNYS 33.76 0.00 5.20 38.00 50.00 0 0 0.0000 2 13.3039 -0 -9.7087 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. CBOE EDGX Exchange EDGX 10.57 0.00 1.16 12.08 0.00 0 -0 -30.0000 0 13.8899 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. IBKR ATS IATS 4.98 0.00 33.53 0.70 0.00 0 0 0.0000 0 0.0000 0 IBKR operates the IBKR ATS in accordance with SEC Regulation ATS. IBKR uses the IBKR ATS to execute IBKR client orders against each other or against one or more professional liquidity providers who quote into the IBKR ATS. Order executions on the IBKR ATS are faster, eliminate exchange fees, and may offer Price Improvement. Statistical information regarding the quality of executions for orders effected through the IBKR ATS (e.g., average execution speed, percentage of orders receiving Price Improvement, etc.) is available on the IBKR website at: https://ibkr.com/regulatoryreports. XTX Execution Services LLC XTXE 3.63 0.00 16.76 1.66 0.00 0 0 0.0000 0 0.0000 0 100.00 0.00 22.86 76.80 0.34 Nasdaq Stock Market XNAS 47.74 9.57 59.04 63.14 0 -676 -13.7772 2574 10.8913 -4 -5.6245 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. NYSE Arca ARCX 19.79 13.37 21.72 14.86 0 -1017 -13.1009 780 20.0891 -1 -14.9290 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. CBOE EDGX Exchange EDGX 7.61 7.40 7.70 0.00 0 -475 -13.2510 472 14.3923 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. New York Stock Exchange XNYS 4.76 0.51 5.96 16.86 0 -52 -25.9383 283 15.7250 -4 -6.4603 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. IBKR ATS IATS 3.80 15.19 0.43 0.00 0 0 0.0000 0 0.0000 0 IBKR operates the IBKR ATS in accordance with SEC Regulation ATS. IBKR uses the IBKR ATS to execute IBKR client orders against each other or against one or more professional liquidity providers who quote into the IBKR ATS. Order executions on the IBKR ATS are faster, eliminate exchange fees, and may offer Price Improvement. Statistical information regarding the quality of executions for orders effected through the IBKR ATS (e.g., average execution speed, percentage of orders receiving Price Improvement, etc.) is available on the IBKR website at: https://ibkr.com/regulatoryreports. CBOE BYX Exchange BATY 2.70 1.39 3.10 0.00 0 -2 -0.4275 0 0.8705 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. UBS ATS UBSA 1.69 7.40 0.00 0.00 0 0 0.0000 0 0 IEX IEXD 1.50 6.30 0.07 0.00 0 -12 -6.8931 0 0.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Citadel Securities "PRO" CDRG 1.43 6.26 0.00 0.00 0 0 0.0000 0 0 100.00 0.00 11.53 88.47 0.00 NYSE Arca Options ARCO 29.32 5.22 32.46 0 -22 -79.8571 212 73.9930 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Nasdaq ISE XISX 25.16 7.39 27.48 0 25 36.1912 286 100.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Cboe EDGX Options Exchange EDGO 11.03 3.91 11.95 0 7 20.5000 3 0.8780 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. CBOE C2 Exchange C2OX 5.81 0.00 6.57 0 0 11 42.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Nasdaq GEMX GMNI 4.91 1.74 5.33 0 -3 -74.0000 30 72.3810 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Chicago Board Options Exchange XCBO 4.71 7.39 4.36 0 68 64.1125 3 9.7500 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Cboe BZX Options Exchange BATS 4.11 1.30 4.48 0 -2 -72.6667 31 85.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Nasdaq PHLX XPHL 2.96 19.57 0.79 0 94 60.6774 0 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Nasdaq MRX MCRY 2.61 22.61 0.00 0 115 78.0362 0 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. 2023 8 100.00 0.00 21.02 77.74 1.25 New York Stock Exchange XNYS 37.24 0.00 46.79 69.23 0 0 1 14.5061 -0 -0.5532 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Nasdaq Stock Market XNAS 31.57 7.76 38.02 30.77 0 -1 -30.0000 1 27.8972 0 0.0000 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. IBKR ATS IATS 6.33 26.94 0.86 0.00 0 0 0.0000 0 0.0000 0 IBKR operates the IBKR ATS in accordance with SEC Regulation ATS. IBKR uses the IBKR ATS to execute IBKR client orders against each other or against one or more professional liquidity providers who quote into the IBKR ATS. Order executions on the IBKR ATS are faster, eliminate exchange fees, and may offer Price Improvement. Statistical information regarding the quality of executions for orders effected through the IBKR ATS (e.g., average execution speed, percentage of orders receiving Price Improvement, etc.) is available on the IBKR website at: https://ibkr.com/regulatoryreports. CBOE EDGX Exchange EDGX 6.24 1.83 7.53 0.00 0 -0 -30.0000 0 16.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. CBOE BYX Exchange BATY 3.74 1.37 4.44 0.00 0 0 2.0000 0 2.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. XTX Execution Services LLC XTXE 3.45 12.79 0.99 0.00 0 0 0.0000 0 0.0000 0 LeveL ATS EBXL 2.59 12.33 0.00 0.00 0 0 0.0000 0 0 100.00 0.01 22.73 76.92 0.34 Nasdaq Stock Market XNAS 53.66 100.00 10.43 66.38 66.49 0 0.0000 -1437 -11.5242 4398 8.7922 -4 -3.2484 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. NYSE Arca ARCX 17.34 0.00 12.27 18.83 18.04 0 -1519 -12.8676 1521 20.6118 -1 -13.8270 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. CBOE EDGX Exchange EDGX 6.09 0.00 6.09 6.12 0.00 0 -1039 -11.9218 170 10.5609 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. IBKR ATS IATS 3.87 0.00 15.59 0.43 0.00 0 0 0.0000 0 0.0000 0 IBKR operates the IBKR ATS in accordance with SEC Regulation ATS. IBKR uses the IBKR ATS to execute IBKR client orders against each other or against one or more professional liquidity providers who quote into the IBKR ATS. Order executions on the IBKR ATS are faster, eliminate exchange fees, and may offer Price Improvement. Statistical information regarding the quality of executions for orders effected through the IBKR ATS (e.g., average execution speed, percentage of orders receiving Price Improvement, etc.) is available on the IBKR website at: https://ibkr.com/regulatoryreports. CBOE BYX Exchange BATY 2.63 0.00 1.74 2.90 0.00 0 -0 -0.0164 0 0.4229 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. New York Stock Exchange XNYS 2.50 0.00 0.47 3.07 8.76 0 -37 -25.9769 350 19.3004 -0 -1.0460 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. UBS ATS UBSA 1.59 0.00 6.98 0.00 0.00 0 0 0.0000 0 0 Citadel Securities "PRO" CDRG 1.41 0.00 6.22 0.00 0.00 0 0 0.0000 0 0 IEX IEXD 1.41 0.00 5.95 0.07 0.00 0 -18 -7.5692 0 0.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. 100.00 0.00 10.50 89.50 0.00 NYSE Arca Options ARCO 33.68 9.38 36.53 0 -27 -75.0000 300 58.6875 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Nasdaq ISE XISX 24.66 8.85 26.51 0 29 55.9144 237 100.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Nasdaq Options Market XNDQ 7.55 3.12 8.06 0 -14 -56.5000 -17 -35.8511 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Cboe EDGX Options Exchange EDGO 5.63 3.65 5.86 0 4 39.6585 20 4.6565 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. NYSE American Options AMXO 5.52 3.65 5.74 0 0 0.0000 0 0.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. CBOE C2 Exchange C2OX 4.87 1.56 5.25 0 -4 -55.0000 9 42.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Nasdaq GEMX GMNI 3.72 2.60 3.85 0 -5 -54.2000 24 78.6667 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Cboe BZX Options Exchange BATS 3.28 3.12 3.30 0 -40 -49.3875 4 85.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Nasdaq PHLX XPHL 3.12 15.10 1.71 0 46 47.2165 0 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. 2023 9 100.00 0.11 23.20 76.06 0.64 New York Stock Exchange XNYS 34.64 0.00 10.50 41.92 50.00 0 -0 -29.0000 3 18.6065 -0 -0.9524 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Nasdaq Stock Market XNAS 28.81 100.00 5.48 35.65 50.00 0 0.0000 -1 -30.0000 0 29.5973 0 0.0000 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. IBKR ATS IATS 7.73 0.00 30.59 0.84 0.00 0 0 0.0000 0 0.0000 0 IBKR operates the IBKR ATS in accordance with SEC Regulation ATS. IBKR uses the IBKR ATS to execute IBKR client orders against each other or against one or more professional liquidity providers who quote into the IBKR ATS. Order executions on the IBKR ATS are faster, eliminate exchange fees, and may offer Price Improvement. Statistical information regarding the quality of executions for orders effected through the IBKR ATS (e.g., average execution speed, percentage of orders receiving Price Improvement, etc.) is available on the IBKR website at: https://ibkr.com/regulatoryreports. NYSE Arca ARCX 6.67 0.00 2.28 8.08 0.00 0 -0 -30.0000 0 25.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. CBOE EDGX Exchange EDGX 5.40 0.00 1.37 6.69 0.00 0 -0 -30.0000 0 16.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. XTX Execution Services LLC XTXE 3.71 0.00 9.13 2.09 0.00 0 0 0.0000 0 0.0000 0 CBOE BYX Exchange BATY 3.39 0.00 0.46 4.32 0.00 0 0 2.0000 0 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. 100.00 0.01 20.89 78.85 0.25 Nasdaq Stock Market XNAS 59.24 100.00 9.32 72.41 75.52 0 0.0000 -1026 -12.8424 2769 5.3616 -4 -5.0710 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. NYSE Arca ARCX 15.61 0.00 11.63 16.67 15.52 0 -1066 -10.2933 682 20.2053 -1 -14.7191 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. CBOE EDGX Exchange EDGX 3.37 0.00 6.19 2.63 0.00 0 -787 -12.4229 31 7.4777 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. IBKR ATS IATS 3.35 0.00 14.89 0.31 0.00 0 0 0.0000 0 0.0000 0 IBKR operates the IBKR ATS in accordance with SEC Regulation ATS. IBKR uses the IBKR ATS to execute IBKR client orders against each other or against one or more professional liquidity providers who quote into the IBKR ATS. Order executions on the IBKR ATS are faster, eliminate exchange fees, and may offer Price Improvement. Statistical information regarding the quality of executions for orders effected through the IBKR ATS (e.g., average execution speed, percentage of orders receiving Price Improvement, etc.) is available on the IBKR website at: https://ibkr.com/regulatoryreports. CBOE BYX Exchange BATY 2.86 0.00 1.90 3.12 0.00 0 -14 -1.8450 -0 -0.2035 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. New York Stock Exchange XNYS 1.72 0.00 0.39 2.06 6.90 0 -25 -18.0633 204 14.4157 -0 -6.5625 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. UBS ATS UBSA 1.55 0.00 7.40 0.00 0.00 0 0 0.0000 0 0 IEX IEXG 1.43 0.00 6.48 0.09 0.00 0 -19 -6.1879 0 4.0000 0 HRT Execution Services LLC HRTF 1.34 0.00 6.42 0.00 0.00 0 0 0.0000 0 0 100.00 0.00 10.89 89.11 0.00 NYSE Arca Options ARCO 41.58 3.49 46.24 0 -14 -66.1429 297 69.8776 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Nasdaq ISE XISX 27.21 3.06 30.17 0 9 35.5600 352 100.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Nasdaq Options Market XNDQ 4.80 0.00 5.39 0 0 119 72.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. BOX Exchange XBOX 3.81 34.06 0.11 0 109 41.7913 0 0 An affiliate under common control with IBKR has a substantial, minority investment in the Boston Options Exchange Group LLC, which operates the Boston Options Exchange. To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. CBOE C2 Exchange C2OX 3.81 0.44 4.22 0 -1 -85.0000 6 42.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Cboe EDGX Options Exchange EDGO 3.62 0.44 4.00 0 6 55.1220 41 13.4684 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. NYSE American Options AMXO 3.57 1.75 3.79 0 0 0.0000 0 0.0000 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients. Nasdaq MRX MCRY 3.47 31.88 0.00 0 143 71.1341 0 0 To the extent that IBKR receives volume discounts, such discounts are not passed on to clients. Likewise, to the extent that IBKR receives enhanced rebate payments for exceeding volume thresholds on particular markets, it does not pass these enhanced rebate amounts directly to clients.