In accordance with U.S. Securities and Exchange Commission (SEC) Rule 606, we are publishing this quarterly report on our order routing practices. The report provides information on the venues where we route our non-directed orders in NMS stocks that are submitted to us on a held basis. A non-directed order means that we decide where the order is executed, in contrast to directed orders where the customer decides where the order is routed. At this time, we do not accept directed orders, so all of our orders are non-directed. Furthermore, orders submitted to us for execution during our Trading Windows are not held orders and thus are not included in the reports. The only orders included in our reports are orders submitted to us for execution outside of our Trading Windows. We refer to these orders as Direct Trades. Please see our customer agreement for a description of our Trading Windows and Direct Trades.
This report is divided into three sections for each calendar month in the quarter: one for NMS securities that are included in the S&P 500 Index as of the first day of that quarter (“S&P 500 Stocks”); one for securities that are not included in the S&P 500 Index as of the first day of that quarter (“Non-S&P 500 Stocks”); and one for NMS securities that are option contracts (“Options”). For each section, this report identifies the venues most often selected by us, shows the percentage of various types of orders routed to the venues, and discusses the material aspects of our relationship with the venues.
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