Disclosures & Policies


No payment for order flow

Standard fee credits are received for placing liquidity orders with exchanges, ECMs and ATSs. These fees are part of the non-negotiable maker/taker model and are set by the market centers, where they charge fees to access liquidity, and give fee credits to provide liquidity. They are typically capped at 0.0025 per share to provide liquidity and charge 0.003 to take liquidity.

No proprietary trading

Piper Sandler is a registered market maker and from time to time will take positions in securities. Piper Sandler does not have a proprietary trading desk. We will not “prop-trade” client orders.