ATS-N/MA Y 0001957871-26-000013 0001957871 XXXXXXXX 013-00208 Admiral Securities LLC This filing amends the disclosures regarding Part III, Items 7a, 11c, and 19c. These amendments apply in the same manner to all Subscribers and the broker dealer operator. Item 7(a) is amended to add pegged order functionality. The amended disclosure describes the types of pegged orders accepted by the ATS, including primary, market, and midpoint pegs; the applicable NBBO reference prices; the use of ultimate limit prices and offset instructions; how effective limit prices are calculated and updated as the NBBO changes; and how pegged orders are ranked and executed. Item 11(c) is amended to describe how the ATS communicates information regarding the universe of NMS securities eligible for trading. The amended disclosure states that Admiral will maintain a list of currently traded securities on its website, that Subscribers may request the current list by email or FIX, and that changes to the eligible universe will be communicated to Subscribers by email and FIX. Item 19(c) is amended to revise the criterion for qualifying for a liquidity provider rebate. The amended disclosure states that the rebate is determined on a trade-by-trade basis based on whether, at the time of execution, the Subscriber maintained a qualifying two-sided quote in the relevant security, and clarifies how the rebate is applied to executed shares. LIVE false false