SEC Disclosure

Under SEC Rule 606, broker-dealers that route orders on behalf of customers are required to prepare quarterly reports that disclose the following information:

• The percentage of total customer orders that were non-directed orders, and the percentages of total non-directed orders(1) that were market orders, limit orders or other orders;
• The identity of the ten venues to which the largest number of total non-directed orders were routed for execution and of any venue to which five percent or more of non-directed orders were routed for execution;
• The percentage of total non-directed orders routed to the venue, and the percentages of total non-directed market orders, non-directed limit orders, and non-directed other orders that were routed to the venue; and
• Terms of the material aspects of the broker-dealer`s relationship with each venue identified above, including a description of any arrangement for payment for order flow and any profit-sharing relationship.

The reports are to be made public for each calendar quarter and published no later than one month after the end of the quarter.

Click here to read the full text of the SEC Rule 606 Quarterly Report

1 Any order that the customer has not specifically instructed to be routed to a particular venue for execution