• SEC RULE 606(b)(3) Effective April 1, 2020 the SEC adopted Rule 606(b)(3) which requires a broker-dealer upon request of a customer that places not held orders, to provide specific disclosures, for the prior six months, regarding routing and execution of such orders, and if applicable, material aspects of the relationships with the entities to whom the orders are routed. Upon written request, you may obtain the identity of the venue to which your orders were routed for the six months prior to your request and the time of transactions that may have resulted from such orders. All requests should be addressed to FBN at Operations@fbnsecurities.com.

• Material Aspects of Relationships with Routed Venues FBN does not direct order flow for the purpose of payment on any transactions. However, FBN may receive rebates or credits per executed share for equity orders or per executed option contract. Upon written request, you may obtain the source and nature of compensation received for order flow for the six months prior to your request.

 

 
Time period: Quarter Ending December 31, 2019
Securities Listed on the New York Stock Exchange Euronext
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 15.44 84 0.56
ITGI (ITGI) 38.71 41.54 38.42 3.25
Citadel Securities LLC (CDRG) 27.98 47.91 24.51 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 11.85 0 14.11 0
ARCA -DMA -Pershing LLC (PERX) 6.41 0 7.64 0
Instinet, Inc. (INET) 5.71 0.02 6.15 0
E & J Securities, Corp. (EANJ) 4.56 2.21 5.02 0
Morgan Stanley & Co. (MSCO)) 2.68 0 3.19 0
Fog Equities, LLC (FOGS) 1.26 8.11 0.01 0
Nasdaq Execution Services (NSDQ-TRF-FBNS) 0.68 0 0.81 0
Pershing LLC – ALGO (PERX) 0.66 0.17 0.12 96.75
Goldman Sachs & Co. LLC (GSCO) 0.02 0 0.03 0
ALTERNET SECURITIES INC. (ALTX) 0.01 0.05 0 0.01

 

 
Time period: Quarter Ending December 31, 2019
Securities Listed on Nasdaq Stock Market
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 12.23 86.05 1.71
ITG (ITGI) 37.11 58.62 34.48 15.73
Citadel Securities LLC (CDRG) 35.31 39.69 35.39 0
Morgan Stanley & Co. (MSCO) 16.17 0 18.79 0
ARCA -DMA -Pershing LLC (PERX) 7.08 0 8.23 0
Nasdaq (NSDQ) 1.77 0 8.3 0
FBNS-Nasdaq TRF 1.03 0 1.2 0
Pershing LLC – ALGO (PERX) 0.7 0.66 0.27 22.27
Instinet, Inc. (INET) 0.41 0.16 0.44 0.58
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.3 0 0.34 0
Fog Equities, LLC (FOGS) 0.07 0.56 0 0
Goldman Sachs & Co. LLC (GSCO) 0.02 0 0.03 0
ALTERNET SECURITIES INC. (ALTX) 0.02 0.17 0 0
Puma Capital LLC (PUMA) 0.01 0.12 0 0
Virtu Americas LLC (VALR) 0 0.12 0 0

 

 
Time period: Quarter Ending December 31, 2019
Securities Listed on the New York Stock Amex or Regional Exchanges
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 11.23 88.59 0.17
Citadel Securities LLC (CDRG) 41.93 100 34.65 0
ITG (ITGI) 34.1 0 38.29 100
Morgan Stanley & Co. (MSCO) 18.55 0 20.94 0
ARCA -DMA -Pershing LLC (PERX) 5.37 0 6.06 0
Goldman Sachs & Co. LLC (GSCO) 0.05 0 0.06 0

 

Time period: Quarter Ending December 31, 2019
Exchange-Listed Options

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100.00% 11.05% 89.95% 0.00%
NYSE Market LLC (AMEX) 61.54% 21.05% 66.57% 0.00%
Volant 22.92% 43.61% 20.35% 0.00%
Gemini 9.30% 27.07% 7.10% 0.00%
International Securities Exchange (ISE) 3.41% 5.26% 3.17% 0.00%
Nasdq OMX PHLX (PHLX) 0.33% 0.00% 0.37% 0.00%
New York Stock Exchange/Archipelago Holdings (PSE) 2.16% 3.01% 2.05% 0.00%

 

 

 
Time period: Quarter Ending September 30, 2019
Securities Listed on the New York Stock Exchange Euronext
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 19.1 80.54 0.36
ITGI (ITGI) 38.8 56.39 34.67 29.71
Citadel Securities LLC (CDRG) 33.29 35.83 32.84 0
ARCA -DMA -Pershing LLC (PERX) 11.12 0 13.81 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 4.36 0.08 5.4 0
Morgan Stanley & Co. (MSCO) 2.46 1.61 2.67 0
E & J Securities, Corp. (EANJ) 2.9 0.58 3.44 4.74
Goldman Sachs & Co. LLC (GSCO) 2.38 0 2.96 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 1.66 0 2.06 0
Instinet, Inc. (INET) 1.15 0 1.43 0
ALTERNET SECURITIES INC. (ALTX) 1.04 3.99 0.35 0
Pershing LLC – ALGO (PERX) 0.69 0.86 0.36 65.55
Fog Equities, LLC (FOGS) 0.13 0.67 0 0
NSDQ (NSDQ) 0.01 0 0.01 0

 

 
Time period: Quarter Ending September 30, 2019
Securities Listed on Nasdaq Stock Market
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 9.36 89.59 1.05
Citadel Securities LLC (CDRG) 47.64 42.44 48.74 0.01
ITG (ITGI) 29.22 53.64 26.72 24.73
Morgan Stanley & Co. (MSCO) 9.49 0.25 10.56 0
ARCA -DMA -Pershing LLC (PERX) 9.45 0 10.55 0
FBNS-Nasdaq TRF) 1.28 0 1.43 0
Pershing LLC – ALGO (PERX) 0.86 0.42 0.54 32.62
Nasdaq (NSDQ) 0.81 0.36 0.43 38.01
Instinet, Inc. (INET) 0.77 0.81 0.72 4.64
Goldman Sachs & Co. LLC (GSCO) 0.18 0 0.2 0
ALTERNET SECURITIES INC. (ALTX) 0.14 1.51 0 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.11 0 0.12 0
Fog Equities, LLC (FOGS) 0.05 0.58 0 0

 

 
Time period: Quarter Ending September 30, 2019
Securities Listed on the New York Stock Amex or Regional Exchanges
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 14.48 84.82 0.7
ITG (ITGI) 65.58 46.91 69.09 26.45
Citadel Securities LLC (CDRG) 20.51 53.09 15.11 0
ARCA -DMA -Pershing LLC (PERX) 8.91 0 10.5 0
Morgan Stanley & Co. (MSCO) 3.43 0 4.04 0
NSDQ (NSDQ) 0.97 0 0.53 73.55
E & J Securities, Corp. (EANJ) 0.52 0 0.61 0
Pershing LLC – ALGO (PERX) 0.1 0 0.61 0

 

Time period: Quarter Ending September 30, 2019
Exchange-Listed Options

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100.00% 18.99% 81.01% 0.00%
NYSE Market LLC (AMEX) 61.36% 49.15% 64.23% 0.00%
Volant 17.21% 30.34% 14.13% 0.00%
Gemini 15.99% 14.53% 16.33% 0.00%
International Securities Exchange (ISE) 3.25% 2.99% 3.31% 0.00%
Nasdq OMX PHLX (PHLX) 0.89% 1.71% 0.70% 0.00%
New York Stock Exchange/Archipelago Holdings (PSE) 0.81% 0.00% 1.00% 0.00%

 

 
Time period: Quarter Ending June 30, 2019
Securities Listed on the New York Stock Exchange Euronext
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 56.88 43.05 0.07
ITGI (ITGI) 66.23 94.01 29.49 87.45
Citadel Securities LLC (CDRG) 21.06 4.66 42.76 0
ARCA -DMA -Pershing LLC (PERX) 6.02 0 13.98 0
Morgan Stanley & Co. (MSCO) 2.18 0 5.05 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 1.71 0 3.97 0
E & J Securities, Corp. (EANJ) 0.99 0.53 1.6 0
Pershing LLC – ALGO (PERX) 0.72 0.29 1.27 12.55
Instinet, Inc. (INET) 0.39 0 0.91 0
ALTERNET SECURITIES INC. (ALTX)) 0.28 0.21 0.37 0
Goldman Sachs & Co. LLC (GSCO)) 0.25 0 0.59 0
Fog Equities, LLC (FOGS) 0.17 0.29 0 0
NSDQ (NSDQ)) 0 0.01 0 0

 

 
Time period: Quarter Ending June 30, 2019
Securities Listed on Nasdaq Stock Market
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 21.48 77.39 1.13
Citadel Securities LLC (CDRG) 48.76 16.61 58.4 0
ITG (ITGI) 32.49 82.02 19.05 11.54
ARCA -DMA -Pershing LLC (PERX) 10.6 0 13.7 0
Morgan Stanley & Co. (MSCO) 4.38 0.06 5.64 0
Nasdaq (NSDQ) 1.6 0.19 0.92 75.21
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.89 0 1.15 0
Pershing LLC – ALGO (PERX) 0.55 0.18 0.52 8.99
Goldman Sachs & Co. LLC (GSCO) 0.27 0 0.35 0
Instinet, Inc. (INET) 0.24 0.12 0.21 4.26
Fog Equities, LLC (FOGS) 0.11 0.53 0 0
ALTERNET SECURITIES INC. (ALTX) 0.08 0.3 0.02 0
Wells Fargo Securities, LLC (WCHV) 0.03 0 0.03 0

 

 
Time period: Quarter Ending June 30, 2019
Securities Listed on the New York Stock Amex or Regional Exchanges
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 7.26 90.78 1.96
ITG (ITGI) 26.6 29.77 26.92 0.12
Citadel Securities LLC (CDRG) 37.31 66.88 35.75 0
ARCA -DMA -Pershing LLC (PERX) 21.59 0 23.78 0
Nasdaq (NSDQ) 3.01 0 1.16 99.88
Goldman Sachs & Co. LLC (GSCO) 0.4 0 0.44 0
Pershing LLC – ALGO (PERX) 0.16 2.24 0 0
Morgan Stanley & Co. (MSCO) 9.36 0 10.31 0
Instinet, Inc. (INET) 0.08 1.1 0 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 1.49 0 1.64 0

 

Time period: Quarter Ending June 30, 2019
Exchange-Listed Options

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100.00% 25.58% 74.42% 0.00%
NYSE Market LLC (AMEX) 61.14% 60.06% 61.51% 0.00%
Volant 17.70% 17.92% 17.62% 0.00%
Gemini 12.31% 15.41% 11.24% 0.00%
International Securities Exchange (ISE) 4.75% 2.52% 5.51% 0.00%
New York Stock Exchange/Archipelago Holdings (PSE) 2.25% 2.20% 2.27% 0.00%
Nasdq OMX PHLX (PHLX) 1.61% 1.89% 1.51% 0.00%

 

 
Time period: Quarter Ending March 31, 2019
Securities Listed on the New York Stock Exchange Euronext
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 28.78 71.2 0.03
ITGI (ITGI) 47.67 85.57 32.38 0
Citadel Securities LLC (CDRG) 33.48 11.57 42.34 0
ARCA -DMA -Pershing LLC (PERX) 14.56 0 20.45 0
E & J Securities, Corp. (EANJ) 1.82 1.7 1.83 100
Goldman Sachs & Co. LLC (GSCO) 1.12 0 1.58 0
Pershing LLC – ALGO (PERX)) 0.81 0.48 0.94 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.3 0.14 0.37 0
Instinet, Inc. (INET) 0.14 0.47 0 0
Fog Equities, LLC (FOGS) 0.08 0 0.12 0
ALTERNET SECURITIES INC. (ALTX)) 0.02 0.07 0 0

 

 
Time period: Quarter Ending March 31, 2019
Securities Listed on Nasdaq Stock Market
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 9.48 88.84 1.68
Citadel Securities LLC (CDRG) 52.68 31.49 55.93 0
ITG (ITGI) 33.19 65.24 30 20.94
ARCA -DMA -Pershing LLC (PERX) 10.08 0 11.35 0
Nasdaq (NSDQ) 1.51 0.28 0.8 46.03
Pershing LLC – ALGO (PERX) 0.93 0.47 0.47 27.63
Goldman Sachs & Co. LLC (GSCO) 0.61 0 0.69 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.55 0.06 0.61 0
ALTERNET SECURITIES INC. (ALTX) 0.17 1.84 0 0
Instinet, Inc. (INET) 0.16 0.37 0.04 5.4
NSDQ (PERX) 0.1 0 0.11 0
Fog Equities, LLC (FOGS) 0.02 0.23 0 0

 

 
Time period: Quarter Ending March 31, 2019
Securities Listed on the New York Stock Amex or Regional Exchanges
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 12.33 86.29 1.38
ITG (ITGI) 49.81 66.09 48.28 0
Citadel Securities LLC (CDRG) 24.95 33.91 24.07 0
ARCA -DMA -Pershing LLC (PERX) 18.74 0 21.72 0
Nasdaq (NSDQ) 5.36 0 4.74 92.31
Goldman Sachs & Co. LLC (GSCO) 0.91 0 1.05 0
Pershing LLC – ALGO (PERX) 0.23 0 0.15 7.69

 

Time period: Quarter Ending March 31, 2019
Exchange-Listed Options

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100.00% 14.39% 85.03% 0.58%
NYSE Market LLC (AMEX) 50.81% 5.65% 58.53% 40.00%
Volant 25.99% 89.52% 15.28% 20.00%
Gemini 11.48% 3.23% 12.96% 0.00%
International Securities Exchange (ISE) 9.40% 1.61% 10.50% 40.00%
New York Stock Exchange/Archipelago Holdings (PSE) 0.93% 0.00% 1.09% 0.00%
Nasdq OMX PHLX (PHLX) 0.70% 0.00% 0.82% 0.00%
 
Time period: Quarter Ending December 31, 2018
Securities Listed on the New York Stock Exchange Euronext
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 37.66 62.22 0.12
ITGI (ITGI) 43.76 79.43 22.26 0
Citadel Securities LLC (CDRG) 23.56 9.8 31.94 0
ARCA -DMA -Pershing LLC (PERX) 20.11 0 32.23 44.45
Pershing LLC – ALGO (PERX) 5.96 9.5 3.82 8.11
Goldman Sachs & Co. LLC (GSCO) 3.06 0.03 4.91 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 1.74 0 2.8 0
E & J Securities, Corp. (EANJ) 1.12 0.69 1.3 44.95
Instinet, Inc. (INET)) 0.47 0 0.75 0
Fog Equities, LLC (FOGS) 0.21 0.55 0 0
NSDQ (NSDQ) 0 0 0 2.49

 

 
Time period: Quarter Ending December 31, 2018
Securities Listed on Nasdaq Stock Market
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 17.23 78.78 4
Citadel Securities LLC (CDRG) 42.24 21.28 48.97 0
ITG (ITGI) 22.51 72.26 12.69 1.74
ARCA -DMA -Pershing LLC (PERX) 19.68 0 24.79 3.7
Pershing LLC – ALGO (PERX) 5.72 5.89 5.18 15.66
Nasdaq (NSDQ) 5.27 0.21 2.64 78.89
Goldman Sachs & Co. LLC (GSCO) 3.84 0 4.87 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.46 0 0.59 0
NSDQ (PERX) 0.15 0 0.19 0
Fog Equities, LLC (FOGS) 0.08 0.33 0.03 0
Instinet, Inc. (INET) 0.04 0 0.05 0.01
Direct Edge – Pershing (PERX) 0.01 0 0.01 0
ALTERNET SECURITIES INC. (ALTX) 0 0.02 0 0

 

 
Time period: Quarter Ending December 31, 2018
Securities Listed on the New York Stock Amex or Regional Exchanges
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 13.76 82.57 3.67
ARCA -DMA -Pershing LLC (PERX) 47.71 0 57.73 1.02
Citadel Securities LLC (CDRG) 30.34 35.71 30.79 0
ITG (ITGI) 7.55 31.62 3.88 0
NSDQ (NSDQ) 6.01 0 3.6 82.74
Pershing LLC – ALGO (PERX) 5.48 24.47 1.84 16.24
Goldman Sachs & Co. LLC (GSCO) 1.79 0 2.16 0
Fog Equities, LLC (FOGS) 1.1 7.98 0 0
FARINA & ASSOCIATES, INC. (FARA) 0.03 0.2 0 0
E&J SECURITIES CORP. (EANJ) 0.01 0.02 0 0

 

Time period: Quarter Ending December 31, 2018
Exchange-Listed Options

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100.00% 23.71% 75.87% 0.42%
NYSE Market LLC (AMEX) 31.40% 9.44% 38.16% 50.00%
Gemini 25.73% 11.80% 29.95% 50.00%
Volant 29.72% 74.34% 15.94% 0.00%
Nasdq OMX PHLX (PHLX) 4.48% 2.06% 5.25% 0.00%
International Securities Exchange (ISE) 7.90% 2.06% 9.77% 0.00%
New York Stock Exchange/Archipelago Holdings (PSE) 0.70% 0.29% 0.83% 0.00%
 
Time period: Quarter Ending September 30, 2018
Securities Listed on the New York Stock Exchange Euronext
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 18.73 80.96 0.31
Citadel Securities LLC (CDRG) 48.47 17.41 55.85 0
ITGI (ITGI) 20.63 49.86 13.91 10.4
ARCA -DMA -Pershing LLC (PERX) 14.05 0 17.07 72.78
Pershing LLC – ALGO (PERX) 8.63 26.08 4.56 16.83
Goldman Sachs & Co. LLC (GSCO) 5.56 0 6.87 0
E & J Securities, Corp. (EANJ) 2.06 6.13 1.13 0
NSDQ (NSDQ) 0.26 0 0.32 0
Fog Equities, LLC (FOGS) 0.15 0.38 0.1 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.12 0 0.15 0
Instinet, Inc. (INET) 0.03 0 0.03 0
Puma Capital, LLC (PUMA)) 0.02 0.13 0 0

 

 
Time period: Quarter Ending September 30, 2018
Securities Listed on Nasdaq Stock Market
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 13.31 84.64 2.05
Citadel Securities LLC (CDRG) 37.04 21.66 40.36 0
ARCA -DMA -Pershing LLC (PERX) 27.16 0.04 31.66 17.43
ITGI (ITGI) 16.61 60.11 10.15 0.75
Pershing LLC – ALGO (PERX) 9.33 17.35 8.17 5.21
Goldman Sachs & Co. LLC (GSCO) 5.98 0 7.06 0
Nasdaq (NSDQ) 2.4 0.62 0.88 76.61
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.58 0 0.68 0
NSDQ (PERX) 0.4 0 0.48 0
Direct Edge – Pershing (PERX) 0.25 0 0.29 0
Instinet, Inc. (INET) 0.21 0 0.25 0
Fog Equities, LLC (FOGS) 0.03 0.15 0.01 0
BIDS AWAY (BIDS) 0.01 0.06 0 0

 

 
Time period: Quarter Ending September 30, 2018
Securities Listed on the New York Stock Amex or Regional Exchanges
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 3.36 95.59 1.05
Citadel Securities LLC (CDRG) 41.85 91.81 40.55 0
ARCA -DMA -Pershing LLC (PERX) 28.08 0 29.38 0
Goldman Sachs & Co. LLC (GSCO) 13.84 0 29.38 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 6.74 0 7.05 0
ITG (ITGI) 4.37 0.33 4.56 0
Instinet, Inc. (INET) 3.37 0 3.53 0
Pershing LLC – ALGO (PERX) 0.9 7.53 0.46 19.61
NSDQ (NSDQ) 0.85 0.33 0 80.39

 

Time period: Quarter Ending September 30, 2018
Exchange-Listed Options

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100.00% 25.76% 64.57% 9.67%
NYSE Market LLC (AMEX) 39.78% 39.66% 36.70% 60.67%
Gemini 22.50% 24.89% 23.23% 11.24%
Volant 18.80% 18.14% 21.04% 5.62%
Nasdq OMX PHLX (PHLX) 9.89% 7.17% 11.28% 7.87%
International Securities Exchange (ISE) 7.39% 7.59% 6.57% 12.36%
New York Stock Exchange/Archipelago Holdings (PSE) 1.52 2.11% 1.18% 2.25%

 

 
Time period: Quarter Ending June 30, 2018
Securities Listed on the New York Stock Exchange Euronext
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 22.35 77.28 0.37
Citadel Securities LLC (CDRG) 52.02 48.98 53.15 0
ARCA -DMA -Pershing LLC (PERX) 20.36 0 26.1 50.1
Pershing LLC – ALGO (PERX) 8.77 17.41 6.31 0
ITGI (ITGI) 8.2 29.55 2.07 0
Bloomberg Tradebook LLC, (BOOK) 6.74 0.01 8.72 0
E & J Securities, Corp. (EANJ) 1.93 1.01 2.2 0
Fog Equities, LLC (FOGS) 0.71 2.93 0.08 0
Empire Executions, Inc. (ECKH) 0.5 0.11 0.62 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.34 0 0.44 0
NSDQ (NSDQ) 0.19 0 0.01 49.9
Instinet, Inc. (INET) 0.16 0 0.21 0
Direct Edge – Pershing (PERX) 0.07 0 0.09 0

 

Time period: Quarter Ending June 30, 2018
Securities Listed on the Nasdaq Stock Market

Route Venue Total Orders % Market Orders % Limit Orders % Other Others %
TOTAL 100 7.52 90.68 1.8
Citadel Securities LLC (CDRG) 55.67 45.83 57.59 0
ARCA -DMA -Pershing LLC (PERX) 19.2 0 20.82 17.72
ITG (ITGI) 8.3 45.75 5.36 0
Bloomberg Tradebook LLC, (BOOK) 6.01 0.04 6.63 0
Pershing LLC – ALGO (PERX) 5.36 5.2 5.48 0.01
Nasdaq (NSDQ) 3.09 1.03 1.69 82.26
NSDQ (PERX) 1.14 0 1.25 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.52 0 0.58 0
Direct Edge – Pershing (PERX) .47 0 0.52 0
Fog Equities, LLC (FOGS) 0.16 1.81 0.03 0
BATS-(PERX) 0.03 0 0.03 0
Instinet, Inc. (INET) 0.02 0 0.03 0
Puma Capital, LLC (PUMA) 0.02 0.33 0 0
Farina & Associates, Inc. (FARA) 0 0.01 0 0

 

Time period: Quarter Ending June 30, 2018
Securities Listed on the New York Stock Amex or Regional Exchanges

Route Venue Total Orders % Market Orders % Limit Orders % Other Others %
TOTAL 100 3.09 96.59 0.32
Citadel Securities LLC (CDRG) 48.41 18.8 49.52 0.16
Pershing LLC – ALGO (PERX) 28.47 44.36 27.75 92.11
ARCA -DMA -Pershing LLC (PERX) 13.13 0 13.57 7.73
Bloomberg Tradebook LLC, (BOOK) 6.89 0 7.13 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 1.2 0 1.24 0
Fog Equities, LLC (FOGS) 1.12 36.35 0 0
Instinet, Inc. (INET) 0.61 0 0.63 0
ITG (ITGI) 0.17 0.5 0.16 0

 

Time period: Quarter Ending June 30, 2018
Exchange-Listed Options

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100.00% 22.92% 55.83% 21.25%
NYSE Market LLC (AMEX) 45.00% 65.45% 23.88% 78.43%
Gemini 7.50% 0.00% 13.43% 0.00%
International Securities Exchange (ISE) 4.17% 0.00% 7.46% 0.00%
Nasdq OMX PHLX (PHLX) 5.42% 0.00% 5.97% 9.80%
New York Stock Exchange/Archipelago Holdings (PSE)) 5.83% 5.45% 4.48% 9.80%
Volant 32.08% 29.09% 44.78% 1.96%

 

100% of total customer orders were non-directed orders.

Material Aspects of Relationships with Routed Venues.

 
Time period: Quarter Ending March 31, 2018
Securities Listed on the New York Stock Exchange Euronext
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 40.74 58.62 0.64
ITG (ITG) 33.84 73.4 6.72 0
Citadel Securities LLC (CDRG) 28.36 14.21 38.5 0.23
ARCA -DMA -Pershing LLC (PERX) 21.65 0 35.92 93.26
Pershing LLC – ALGO (PERX) 7.67 10.96 5.4 6.03
Bloomberg Tradebook LLC, (BOOK) 5.73 0 9.78 0
Empire Executions, Inc. (ECKH) 0.80 0.35 1.12 0
E & J Securities, Corp. (EANJ) 0.49 0.20 0.69 0.49
Fog Equities, LLC (FOGS) 0.38 0.88 0.04 0
Direct Edge – Pershing (PERX) 0.30 0 0.51 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.23 0 0.40 0
NSDQ (PERX) 0.13 0 0.22 0

 

Time period: Quarter Ending March 31, 2018
Securities Listed on the Nasdaq Stock Market

Route Venue Total Orders % Market Orders % Limit Orders % Other Others %
TOTAL 100 12.9 84.63 2.47
Citadel Securities LLC (CDRG) 33.11 31.96 34.25 0
ARCA -DMA -Pershing LLC (PERX) 32.14 0.04 37.48 16.78
ITG (ITGI) 11.03 48.72 5.6 0
NSDQ (PERX) 8.13 0 9.6 0
Pershing LLC – ALGO (PERX) 5.38 18.51 3.52 0.70
Bloomberg Tradebook LLC, (BOOK) 4.18 0 4.93 0
Nasdaq (NSDQ) 3.05 0.22 1.16 82.52
Direct Edge – Pershing (PERX) 1.52 0 1.8 0
KCG Americas LLC (DTTX) .58 0 0.69 0
Fog Equities, LLC (FOGS) 0.18 0.54 0.13 0
BATS-(PERX) 0.60 0 0.70 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.05 0 0.06 0
Instinet, Inc. (INET) 0.05 0 0.06 0

 

Time period: Quarter Ending March 31, 2018
Securities Listed on the New York Stock Amex or Regional Exchanges

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 4.85 94.19 0.96
ARCA -DMA -Pershing LLC (PERX) 59.16 0 62.73 7.37
Citadel Securities LLC (CDRG) 24.30 86.00 21.34 3.76
Bloomberg Tradebook LLC, (BOOK) 10.05 0 10.67 0
ITG (ITGI) 4.78 0 5.07 0
Pershing LLC – ALGO (PERX) 1.54 14.00 0.16 74.06
KCG Americas LLC (DTTX) 0.17 0 0.03 14.81

 

Time period: Quarter Ending March 31, 2018
Exchange-Listed Options

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100.00% 22.11% 53.70% 24.19%
NYSE Market LLC (AMEX) 31.91% 44.34% 23.30% 39.66%
Gemini 12.83% 8.96% 19.81% 086%
International Securities Exchange (ISE) 13.24% 10.38% 5.24% 33.62%
Nasdq OMX PHLX (PHLX) 10.95% 0.94% 14.95% 11.21%
New York Stock Exchange/Archipelago Holdings (PSE) 2.29% 0.47% 0.97% 6.90%
Volant 28.78% 34.91% 35.73% 7.76%

 

100% of total customer orders were non-directed orders.

Material Aspects of Relationships with Routed Venues.

 
Time period: Quarter Ending December 31, 2017
Securities Listed on the New York Stock Exchange Euronext
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 26.25 73.11 0.64
Citadel Securities LLC (CDRG) 40.97 14.57 50.8 0
Pershing LLC (PERX) 26.36 10.62 31.62 70.12
ITG (ALTX) 22.65 67.86 6.62 0
KCG Americas LLC (DTTX) 5.16 3.23 5.9 0
Bloomberg Tradebook LLC, (BOOK) 2.38 0 3.25 0
E & J Securities, Corp. (EANJ) 1.11 0.87 1.2 0
Puma Capital LLC (PUMA) 0.4 1.52 0 0
Empire Executions, Inc. (ECKH) 0.34 0.49 0.28 0
Fog Equities, LLC (FOGS) 0.22 0.83 0 0
Nasdaq (NSDQ) 0.19 0 0 29.88
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.16 0 0.22 0
Instinet, Inc. (INET) 0.07 0 0.1 0

 

Time period: Quarter Ending December 31, 2017
Securities Listed on the Nasdaq Stock Market

Route Venue Total Orders % Market Orders % Limit Orders % Other Others %
TOTAL 100 22.79 75.82 1.4
Citadel Securities LLC (CDRG) 42.61 16.23 51.33 0
ITG (ALTX) 26.44 78.19 11.38 0.05
Pershing LLC (PERX) 21.11 5.05 24.78 83.63
KCG Americas LLC (DTTX) 4.59 0.15 6.01 0
Bloomberg Tradebook LLC, (BOOK) 4.05 0 5.34 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.61 0 0.81 0
Nasdaq (NSDQ) 0.56 0.38 0.32 16.32
Instinet, Inc. (INET) 0.03 0 0.05 0

 

Time period: Quarter Ending December 31, 2017
Securities Listed on the New York Stock Amex or Regional Exchanges

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 2.62 97.05 0.33
Pershing LLC (PERX) 50.82 11.68 51.95 29.33
Bloomberg Tradebook LLC, (BOOK) 18.28 0 18.83 0
Citadel Securities LLC (CDRG) 15.48 22.9 15.33 0
ITG (ALTX) 7.1 4.78 7.19 0
KCG Americas LLC (DTTX) 4.23 18.69 3.62 70.67
Nasdaq Execution Services (NSDQ-TRF-FBNW) 1.98 0 2.04 0
Fog Equities LLC (FOG) 1.1 41.96 0 0
Instinet, Inc. (INET) 1.02 0 1.05 0

 

Time period: Quarter Ending December 31, 2017
Exchange-Listed Options

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100.00% 15.09% 68.40% 16.51%
NYSE Market LLC (AMEX) 36.09% 33.11% 32.94% 51.85%
Gemini 22.83% 14.86% 28.61% 6.17%
Volant 17.53% 33.78% 17.88% 1.23%
Nasdq OMX PHLX (PHLX) 12.33% 5.41% 10.73% 25.31%
International Securities Exchange (ISE) 9.68% 12.84% 8.79% 10.49%
New York Stock Exchange/Archipelago Holdings (PSE) 1.53% 0.00% 1.04% 4.94%

 

100% of total customer orders were non-directed orders.

Material Aspects of Relationships with Routed Venues.

 

 
Time period: Quarter Ending September 30, 2017
Securities Listed on the New York Stock Exchange Euronext
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 26.73 72.21 1.07
Pershing LLC (PERX) 36.09 35.67 35.38 94.62
Alternet Securities, Inc. (ALTX) 28.68 53.48 19.87 4.12
KCG Americas LLC (DTTX) 19.47 3.75 25.57 0.01
Bloomberg Tradebook LLC, (BOOK) 10.93 0 15.14 0
Merrill Lynch (MLCO) 1.89 3 1.51 0
E & J Securities, Corp. (EANJ) 1.67 1.18 1.86 1.25
Fog Equities, LLC (FOGS) 0.71 2.65 0 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.24 0 0.33 0
Empire Executions, Inc. (ECKH) 0.22 0.28 0.2 0
Instinet, Inc. (INET) 0.09 0 0.12 0
Nasdaq (NSDQ) 0.01 0 0.02 0

 

Time period: Quarter Ending September 30, 2017
Securities Listed on the Nasdaq Stock Market

Route Venue Total Orders % Market Orders % Limit Orders % Other Others %
TOTAL 100 36.17 63.09 0.74
Alternet Securities, Inc. (ALTX) 43.2 88.46 17.74 1.04
Pershing LLC (PERX) 34.93 9.68 49.22 51.38
KCG Americas LLC (DTTX) 12.04 1.01 18.5 0
Bloomberg Tradebook LLC, (BOOK) 7.11 0 11.27 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 1.35 0 2.14 0
Nasdaq (NSDQ) 0.97 0.04 0.96 47.58
Merrill Lynch (MLCO) 0.31 0.66 0.12 0
Fog Equities, LLC (FOGS) 0.05 0.14 0 0
Instinet, Inc. (INET) 0.03 0 0.05 0
E & J Securities, Corp. (EANJ) 0.01 0.02 0.01 0

 

Time period: Quarter Ending September 30, 2017
Securities Listed on the New York Stock Amex or Regional Exchanges

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 34 65.94 0.06
Pershing LLC (PERX) 71.66 97.09 58.52 100
Alternet Securities, Inc. (ALTX) 14.25 0.01 21.6 0
Bloomberg Tradebook LLC, (BOOK) 5.55 0 8.41 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 3.63 0 5.5 0
KCG Americas LLC (DTTX) 2.87 0.72 3.98 0
Instinet, Inc. (INET) 1.31 0 1.98 0
Merrill Lynch (MLCO) 0.74 2.18 0 0

 

Time period: Quarter Ending September 30, 2017
Exchange-Listed Options

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTALS 100.00% 1.60% 51.85% 45.68%
NYSE Market LLC (AMEX) 32.96% 7.69% 11.19% 58.65%
Bank of America / Merrill Lynch (BAML) 18.52% 46.15% 30.48% 4.32%
Gemini 19.63% 15.38% 35.95% 1.62%
International Securities Exchange, LLC (ISE) 11.23% 7.69% 7.62% 14.86%
Nasdaq OMX PHLX (PHLX) 4.20% 7.69% 0.95% 7.30%
New York Stock Exchange/Archipelago Holdings (PSE) 7.53% 0.00% 3.57% 12.43%
Volant 5.93% 15.38% 10.24% 0.81%

 

100% of total customer orders were non-directed orders.

Material Aspects of Relationships with Routed Venues.

 

 
Time period: Quarter Ending June 30, 2017
Securities Listed on the New York Stock Exchange Euronext
Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 20.04 79.65 0.31
Pershing LLC (PERX) 43.61 31.81 46.47 72.73
Alternet Securities, Inc. (ALTX) 19.8 44.27 13.72 0
Bloomberg Tradebook LLC, (BOOK) 15.84 0 19.89 0
KCG Americas LLC (DTTX) 12.49 2.59 15.01 5.23
Merrill Lynch (MLCO) 5.44 15.54 2.92 0
E & J Securities, Corp. (EANJ) 2.15 4.06 1.6 22.05
Fog Equities, LLC (FOGS) 0.32 1.56 0.01 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.16 0 0.2 0
Empire Executions, Inc. (ECKH) 0.11 0.18 0.1 0
Instinet, Inc. (INET) 0.05 0 0.07 0
Nasdaq (NSDQ) 0.02 0 0.02 0

 

Time period: Quarter Ending June 30, 2017
Securities Listed on the Nasdaq Stock Market

Route Venue Total Orders % Market Orders % Limit Orders % Other Others %
TOTAL 100 18.36 80.47 1.17
Pershing LLC (PERX) 46.45 21.65 51.83 65.43
Alternet Securities, Inc. (ALTX) 22.74 60.47 14.46 0
Bloomberg Tradebook LLC, (BOOK) 12.32 0 15.31 0
KCG Americas LLC (DTTX) 9.39 2.67 11.05 0.46
Merrill Lynch (MLCO) 5.6 10.85 4.49 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 1.33 0 1.65 0
Fog Equities, LLC (FOGS) 0.96 4.18 0.24 0
Nasdaq (NSDQ) 0.7 0.18 0.33 34.11
Instinet, Inc. (INET) 0.51 0 0.63 0

 

Time period: Quarter Ending June 30, 2017
Securities Listed on the New York Stock Amex or Regional Exchanges

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 4.29 95.13 0.58
Pershing LLC (PERX) 45.68 32.47 46.36 31.61
Bloomberg Tradebook LLC, (BOOK) 23.96 0 25.18 0
KCG Americas LLC (DTTX) 10.59 2.77 10.59 68.39
Alternet Securities, Inc. (ALTX) 8.73 1.47 9.11 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 4.77 0 5.02 0
Merrill Lynch (MLCO) 3.49 62.92 0.84 0
Instinet, Inc. (INET) 2.66 0 2.8 0
E & J Securities, Corp. (EANJ) 0.11 0.37 0.1 0

 

Time period: Quarter Ending June 30, 2017
Exchange-Listed Options

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100% 1.54% 66.77% 31.69%
NYSE Market LLC (AMEX) 24.92% 0.00% 27.65% 20.39%
Bank of America / Merrill Lynch (BAML) 21.23% 20% 25.35% 12.62%
GEMINI 19.08% 40% 27.65% 0.00%
Nasdaq OMX PHLX (PHLX) 15.38% 0% 6.91% 33.98%
International Securities Exchange, LLC (ISE) 11.69% 40% 7.37% 19.42%
New York Stock Exchange/Archipelago Holdings (PSE) 7.69% 0% 5.07% 13.59%

100% of total customer orders were non-directed orders.
Material Aspects of Relationships with Routed Venues.

Time period: Quarter Ending March 31, 2017
Securities Listed on the New York Stock Exchange Euronext

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 15.21 82.03 2.76
Pershing LLC (PERX) 49.96 44.23 49.45 96.9
KCG Americas LLC (DTTX) 19.62 9.73 22.11 0.02
Bloomberg Tradebook LLC, (BOOK) 18.23 0 22.22 0
Alternet Securities, Inc. (ALTX) 6.03 30.26 1.74 0
E & J Securities, Corp (EANJ) 2.57 3.98 2.3 3.08
Bank of America (MLCO) 1.75 8.14 0.62 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.67 0 0.81 0
Fog Equities, LLC (FOGS) 0.61 3.55 0.09 0
Instinet, Inc. (INET) 0.37 0 0.45 0
Farina & Associates, Inc. (FARA) 0.17 0.11 0.19 0
Nasdaq (NSDQ) 0.02 0 0.02 0

 

Time period: Quarter Ending March 31, 2017
Securities Listed on the Nasdaq Stock Market

Route Venue Total Orders % Market Orders % Limit Orders % Other Others %
TOTAL 100 14.35 83.93 1.72
Pershing LLC (PERX) 55.25 45.67 56.53 72.86
KCG Americas LLC (DTTX) 15.9 4.4 18.2 0
Bloomberg Tradebook LLC, (BOOK) 14.38 0 17.13 0
Alternet Securities, Inc. (ALTX) 11.73 47.74 5.81 0
Bank of America (MLCO) 1.17 1.44 1.15 0
Nasdaq (NSDQ) 0.99 0.18 0.59 27.14
E & J Securities, Corp. (EANJ) 0.07 0 0.09 0
Instinet, Inc. (INET) 0.04 0 0.04 0
Fog Equities, LLC (FOGS) 0.09 0.57 0.01 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 0.38 0 0.45 0

 

Time period: Quarter Ending March 31, 2017
Securities Listed on the New York Stock Amex or Regional Exchanges

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 13.34 86.66 0
Pershing LLC (PERX) 53.52 74.14 50.35 0
Bloomberg Tradebook LLC, (BOOK) 24.75 0 28.56 0
KCG Americas LLC (DTTX) 17.65 13.28 18.33 0
Alternet Securities, Inc. (ALTX) 2.23 12.57 0.64 0
Nasdaq Execution Services (NSDQ-TRF-FBNW) 1.17 0 1.35 0
 Instinet, Inc. (INET)  0.6  0  0.69  0
E & J Securities, Corp. (EANJ)  0.07  0  0.08  0

 

Time period: Quarter Ending March 31, 2017
Exchange-Listed Options

Route Venue Total Orders % Market Orders % Limit Orders % Other Orders %
TOTAL 100 9.34 76.83 13.84
International Securities Exchange, LLC (ISE)  36.56 43.37 35.29 39.02
NYSE Market LLC (AMEX) 22.72 4.82 24.16 26.83
Bank of America (BAML) 22.50 31.33 24.60 4.88
Nasdaq OMX PHLX (PHLX) 7.99 6.02 7.47 12.20
GEMINI 7.31 14.46 7.61 0.81
New York Stock Exchange/Archipelago Holdings (PSE) 2.36 0 0.29 15.45
Chicago Board Option Exchange (CBOE) 0.34 0 0.29 0.81
Knight Options 0.22 0 0.29 0.00

 

100% of total customer orders were non-directed orders.

Material Aspects of Relationships with Routed Venues.