Rule 606 -- Disclosure of Order Routing Information
Quarterly report on order routing.
Every broker or dealer shall make publicly available for
each calendar quarter a report on its routing of non-directed orders in NMS
securities during that quarter.
For NMS stocks, such report shall be divided into three separate sections for
securities that are listed on the New York Stock Exchange, Inc., securities
that are qualified for inclusion
in The Nasdaq Stock Market, Inc., and securities that are listed on the American
Stock Exchange LLC or any other national securities exchange. Such report also
shall include a separate section for
NMS securities that are option contracts. Each of the four sections in a report
the following information:
The percentage of total customer orders for the section
that were non-directed orders, and the percentages of total non-directed orders
for the section
that were market orders, limit orders, and other orders;
The identity of the ten venues to which the largest
number of total non-directed orders for the section were routed for execution
any venue to which five percent or more of non-directed orders were routed for
execution, the percentage of total non-directed orders for the section routed
to the venue, and the
percentages of total non-directed market orders, total non-directed limit orders,
and total non-directed other orders for the section that were routed to the
A discussion of the material aspects of the brokerís or
dealerís relationship with each venue identified pursuant to paragraph (a)(1)(ii) of this section,
including a description of any arrangement for payment for order flow and any profit-sharing
A broker or dealer shall make the report required by
paragraph (a)(1) of this section publicly available within one month after the
end of the
quarter addressed in the report.
Customer requests for information on order routing.
Every broker or dealer shall, on request of a customer,
its customer the identity of the venue to which the customerís orders were routed for execution
in the six months prior to the request, whether the orders were directed orders or non-directed
orders, and the time of the transactions, if any, that resulted from such orders.
A broker or dealer shall notify customers in writing at
least annually of the availability on request of the information specified
in paragraph (b)(1) of this section.
Exemptions. The Commission may, by order upon application,
conditionally or unconditionally exempt any person, security, or transaction, or
any class or classes of persons, securities, or transactions, from any provision or
provisions of this section, if the Commission determines that such exemption is necessary or
appropriate in the public interest, and is consistent with the protection of investors.
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