Equities LiquidityMatrix TM ATS Ranks

TORCH™ April 2021

April ATS ADV & % Chg April ATS Block ADV & % Chg Monthly Volume % Growth Monthly Block % Growth

Firm ADV % Chg Firm Block ADV % Chg

UBS 182.3M -28% BIDS 20.8M -23%
Goldman Sachs Sigma X2 99.1M -22% Dealerweb 14.1M -23%
Credit Suisse Crossfinder 93.7M -26% Liquidnet H2O 8.5M -29%
J.P. Morgan JPM-X 72.0M -17% Credit Suisse Crossfinder 7.6M -47%
MS Pool 4 62.9M -17% Instinet Blockcross 7.0M -34%
LeveL 60.9M -27% ITG Posit 6.3M -26%
Barclays LX 46.5M -23% Liquidnet Negotiation 4.5M -32%
Interactive Brokers 46.2M -36% UBS 3.8M -34%
IntelligentCross 37.5M -20% Interactive Brokers 3.7M 10%
BIDS 35.2M -21% J.P. Morgan JPM-X 3.5M -33%
Virtu Matchit 35.2M -24% Luminex 3.0M -44%
Merrill Lynch Instinct X 28.5M -23% LeveL 2.7M -29%
Deutsche Bank SuperX 22.7M -27% MS Pool 4 2.0M -35%
MS Trajectory Cross 1 21.5M -17% Virtu Matchit 1.6M -23%
ITG Posit 18.1M -27% Crossstream / BLOX 1.5M -35% ATS Volumes & Average VIX Close
Crossstream / BLOX 17.6M -26% CODA 1.4M 46%
Vol
J.P. Morgan JPB-X 15.4M -16% Merrill Lynch Instinct X 1.2M -36% Block Vol
Dealerweb 14.1M -23% Barclays LX 1.1M -5% VIX
MS Retail Pool 6 12.1M -26% CitiBLOC 743.2k -29%
CODA 12.1M -11% Goldman Sachs Sigma X2 700.2k -44%
Liquidnet H2O 10.8M -26% MS Retail Pool 6 389.7k -34%
Instinet Blockcross 10.6M -30% IntelligentCross 372.3k -53%
Instinet CBX 9.4M -37% Deutsche Bank SuperX 312.2k -17%
Liquidnet Negotiation 4.9M -31% MS Trajectory Cross 1 265.3k -8%
Luminex 3.2M -43% J.P. Morgan JPB-X 259.1k -5%
Equities LiquidityMatrix TM ATS Growth

TORCH™ April 2021

Venue Key ATS Monthly Growth

Lines and curves:
Venue MPID
Barclays LX LATS
BIDS BIDS
CODA CODA
Credit Suisse Crossfinder CROS
Crossstream / BLOX XSTM
Dealerweb DLTA
Deutsche Bank SuperX DBAX
Goldman Sachs Sigma X2 SGMT
Instinet Blockcross BLKX
Instinet CBX ICBX
IntelligentCross INCR
Interactive Brokers IATS
ITG Posit ITGP
ADV-A

J.P. Morgan JPB-X JPBX

J.P. Morgan JPM-X JPMX
LeveL EBXL
Liquidnet H2O LQNA
Liquidnet Negotiation LQNT
Luminex LMNX
Merrill Lynch Instinct X MLIX
MS Pool 4 MSPL
MS Retail Pool 6 MSRP
MS Trajectory Cross 1 MSTX
UBS UBSA
Virtu Matchit KCGM

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Equities LiquidityMatrix TM Non-ATS Ranks

TORCH™ April 2021

April Non-ATS ADV & % Chg April Non-ATS Block ADV & % Chg Monthly Volume % Growth Monthly Block % Growth

Firm ADV % Chg Firm Block ADV % Chg

Citadel Securities Llc 1,231M -22% Citadel Securities Llc 304M -3%
Virtu Americas Llc 909M -25% Virtu Americas Llc 158M -20%
G1 Execution Services, Llc 233M -1% Goldman Sachs & Co. Llc 88M -19%
Two Sigma Securities, Llc 150M -23% Morgan Stanley & Co. Llc 76M -23%
Jane Street Capital, Llc 128M -27% Bofa Securities, Inc. 39M -9%
Ubs Securities Llc 126M -34% G1 Execution Services, Llc 33M -12%
Goldman Sachs & Co. Llc 106M -20% Two Sigma Securities, Llc 33M -2%
Morgan Stanley & Co. Llc 96M -19% Jane Street Capital, Llc 26M -36%
Bofa Securities, Inc. 41M -8% Citigroup Global Markets Inc. 23M 10%
Hrt Execution Services Llc 35M -2% Jane Street Execution Servi… 23M -27%
Citigroup Global Markets Inc. 26M 7% J.P. Morgan Securities Llc 22M -10%
Jane Street Execution Servi… 25M -25% Ubs Securities Llc 21M -32%
J.P. Morgan Securities Llc 25M -11% Credit Suisse Securities (Us… 16M -31%
Cowen And Company 18M -12% Barclays Capital Inc. 16M -8%
Barclays Capital Inc. 17M -8% Cowen And Company 12M -11% Non-ATS Volumes & Average VIX Close
Comhar Capital Markets, Llc 17M -33% Btig, Llc 11M -25%
Vol
Credit Suisse Securities (Us… 16M -32% Fog Equities Llc 11M -6% Block Vol
Btig, Llc 11M -25% Bnp Paribas Securities Corp. 10M -47% VIX
Fog Equities Llc 11M -6% Susquehanna Financial Gro… 9M -27%
Lek Securities Corporation 10M -20% Gts Securities Llc 8M -18%
Bnp Paribas Securities Corp. 10M -46% Jefferies Llc 7M 1%
Gts Securities Llc 9M -15% Wells Fargo Securities, Llc 6M -4%
Susquehanna Financial Gro… 9M -27% Flow Traders U.S. Institution… 6M -12%
Jefferies Llc 7M 0% Bmo Capital Markets Corp. 6M 5%
Wells Fargo Securities, Llc 6M -4% Penserra Securities, Llc 5M -10%
Equities LiquidityMatrix TM Non-ATS Growth

TORCH™ April 2021

Venue Key Non-ATS Monthly Growth

Venue MPID Lines and curves:

Barclays Capital Inc. BCDX

Bnp Paribas Securities Corp. BNPS
Bofa Securities, Inc. BCEP
Btig, Llc BTII
Citadel Securities Llc CDRG
Citigroup Global Markets Inc. LQFI
Comhar Capital Markets, Llc YKNA
Cowen And Company COWN
Credit Suisse Securities (Usa) Llc CROS
Fog Equities Llc FOGS
G1 Execution Services, Llc ETMM
Goldman Sachs & Co. Llc GSDA
Gts Securities Llc GTSZ
ADV

Hrt Execution Services Llc SUNT

J.P. Morgan Securities Llc BSSC
Jane Street Capital, Llc JSJX
Jane Street Execution Services, Llc JSES
Jefferies Llc WDSB
Lek Securities Corporation LSCI
Morgan Stanley & Co. Llc MSMP
Susquehanna Financial Group, Lllp SUFI
Two Sigma Securities, Llc OHOS
Ubs Securities Llc UBSA
Virtu Americas Llc NITE
Wolverine Securities, Llc WSEA

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