Disclosure Regarding Price Cap Notices

Regulators expect brokerage firms to maintain controls designed to prevent the firm from submitting orders to market centers that create a risk of disruptive trading (e.g., the risk of sudden, transient price moves).

To comply with these expectations, we implement various price filters on client orders. Those price filters may, in certain circumstances, price cap client orders in order to avoid market disruption, and those Price Caps will generally be in a % range from a reference price range calculated by us. (The range of the Price Cap varies depending on the type of instrument and the current price.)

Although the price caps are intended to balance the objectives of trade certainty and minimized price risk, a trade may be delayed or may not take place as a result of price capping. More information is available in our Order Routing and Payment for Order Flow Disclosure.

If a client’s order(s) are price capped by our systems, that client will either receive (i) real-time notification of those price cap(s) in Trader Workstation or via the API or FIX tag 58 (for FIX users); and/or (ii) a daily FYI message containing a digest of the first 10 order(s) that were price capped the prior day, the initial price cap(s) for those order(s) (if applicable), and the Price Cap Range(s) for further Price Cap(s) of those order(s).

Clients may opt out from receiving future FYI Messages by clicking the relevant opt-out link within an FYI Message. By opting out from receiving these future FYI Messages, a client:

• Agrees to waive any further notifications from us about the application of the firm’s Price Caps to that client’s order(s); and

• Acknowledges that he or she understands that his or her orders may be price-capped in the future, but that the client does not wish to be notified again about the application of any Price Caps to any of his or her orders.