SEC Rule 606
SEC 606 – Order Routing Information
Under U.S. Securities and Exchange Commission (“SEC”) Rule 606 of Regulation NMS, broker-dealers that route client orders in equity and option securities are required to make publicly available quarterly reports that identify the venues to which client orders are routed for execution. Rule 606 also requires broker-dealers to disclose to clients, upon request, the venues to which their individual orders were routed. Requests for a hardcopy of the Firm’s Rule 606 reports or the venues to which your individual orders were routed should be directed to your Weeden representative or the Chief Compliance Officer.
Public Disclosure – SEC Rule 606 Report
Quarter Ending December 31st, 2018
Weeden & Co. LP (“Weeden”) has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The report provides information on the routing of “non-directed orders” – any order that the customer has not specifically instructed to be routing to a particular venue for execution. For these non-directed orders, Weeden has selected the execution venue on behalf of its customers.
You should note that, consistent with the requirements of Rule 606, the statistics below capture only a portion of the Firm’s order flow. This report is intended only to provide an overview of the Firm’s order routing practices. Accordingly, the data is not a reliable basis upon which to assess whether the Firm or any trading venue to which the Firm routes orders has satisfied its best execution obligation.
The SEC’s final adopting release, along with the text of Rule 606, can be found at http://www.sec.gov/rules/final/34-43590.htm. The SEC’s Frequently Asked Questions about Rule 606 can be found at http://www.sec.gov/interps/legal/mrslb13a.htm.
The report is divided into four sections: one for securities listed on the New York Stock Exchange Euronext, one for securities listed on The Nasdaq Stock Market, Inc., one for securities listed on the NYSE MKT, LLC or Regional Exchanges and one for Exchange-Listed Options. For each section, this report identifies the venues most often selected by Weeden, sets forth the percentage of various types of orders routed to the venues, and below Weeden discusses the material aspects of Weeden’s relationship with all the venues.
Further, while we have taken care in preparing the data presented in this report, the data has not been audited and may contain errors. Any decision about whether to open an account or direct orders to the Firm should not be based solely on the information presented in this report, but on a broader evaluation of the full range of services that we offer.
Payment for Order Flow Practices
Weeden does not accept compensation for routing orders to any Broker or market maker nor does Weeden distribute payment for order flow to any such market venue. Weeden receives standard fee credits for placing liquidity orders with exchanges, ECNs and ATSs.