SEC RULE 606(b)(3)

SEC RULE 606(b)(3)

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 VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10015.44840.56
ITGI (ITGI)38.7141.5438.423.25
Citadel Securities LLC (CDRG)27.9847.9124.510
Nasdaq Execution Services (NSDQ-TRF-FBNW)11.85014.110
ARCA -DMA -Pershing LLC (PERX)6.4107.640
Instinet, Inc. (INET)5.710.026.150
E & J Securities, Corp. (EANJ)4.562.215.020
Morgan Stanley & Co. (MSCO))2.6803.190
Fog Equities, LLC (FOGS)1.268.110.010
Nasdaq Execution Services (NSDQ-TRF-FBNS)0.6800.810
Pershing LLC – ALGO (PERX)0.660.170.1296.75
Goldman Sachs & Co. LLC (GSCO)0.0200.030
ALTERNET SECURITIES INC. (ALTX)0.010.0500.01

 

 
Time period: Quarter Ending December 31, 2019
Securities Listed on Nasdaq Stock Market

 

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10012.2386.051.71
ITG (ITGI)37.1158.6234.4815.73
Citadel Securities LLC (CDRG)35.3139.6935.390
Morgan Stanley & Co. (MSCO)16.17018.790
ARCA -DMA -Pershing LLC (PERX)7.0808.230
Nasdaq (NSDQ)1.7708.30
FBNS-Nasdaq TRF1.0301.20
Pershing LLC – ALGO (PERX)0.70.660.2722.27
Instinet, Inc. (INET)0.410.160.440.58
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.300.340
Fog Equities, LLC (FOGS)0.070.5600
Goldman Sachs & Co. LLC (GSCO)0.0200.030
ALTERNET SECURITIES INC. (ALTX)0.020.1700
Puma Capital LLC (PUMA)0.010.1200
Virtu Americas LLC (VALR)00.1200

 

 
Time period: Quarter Ending December 31, 2019
Securities Listed on the New York Stock Amex or Regional Exchanges

 

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10011.2388.590.17
Citadel Securities LLC (CDRG)41.9310034.650
ITG (ITGI)34.1038.29100
Morgan Stanley & Co. (MSCO)18.55020.940
ARCA -DMA -Pershing LLC (PERX)5.3706.060
Goldman Sachs & Co. LLC (GSCO)0.0500.060

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL100.00%11.05%89.95%0.00%
NYSE Market LLC (AMEX)61.54%21.05%66.57%0.00%
Volant22.92%43.61%20.35%0.00%
Gemini9.30%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 VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10019.180.540.36
ITGI (ITGI)38.856.3934.6729.71
Citadel Securities LLC (CDRG)33.2935.8332.840
ARCA -DMA -Pershing LLC (PERX)11.12013.810
Nasdaq Execution Services (NSDQ-TRF-FBNW)4.360.085.40
Morgan Stanley & Co. (MSCO)2.461.612.670
E & J Securities, Corp. (EANJ)2.90.583.444.74
Goldman Sachs & Co. LLC (GSCO)2.3802.960
Nasdaq Execution Services (NSDQ-TRF-FBNW)1.6602.060
Instinet, Inc. (INET)1.1501.430
ALTERNET SECURITIES INC. (ALTX)1.043.990.350
Pershing LLC – ALGO (PERX)0.690.860.3665.55
Fog Equities, LLC (FOGS)0.130.6700
NSDQ (NSDQ)0.0100.010

 

 
Time period: Quarter Ending September 30, 2019
Securities Listed on Nasdaq Stock Market

 

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL1009.3689.591.05
Citadel Securities LLC (CDRG)47.6442.4448.740.01
ITG (ITGI)29.2253.6426.7224.73
Morgan Stanley & Co. (MSCO)9.490.2510.560
ARCA -DMA -Pershing LLC (PERX)9.45010.550
FBNS-Nasdaq TRF)1.2801.430
Pershing LLC – ALGO (PERX)0.860.420.5432.62
Nasdaq (NSDQ)0.810.360.4338.01
Instinet, Inc. (INET)0.770.810.724.64
Goldman Sachs & Co. LLC (GSCO)0.1800.20
ALTERNET SECURITIES INC. (ALTX)0.141.5100
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.1100.120
Fog Equities, LLC (FOGS)0.050.5800

 

 
Time period: Quarter Ending September 30, 2019
Securities Listed on the New York Stock Amex or Regional Exchanges

 

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10014.4884.820.7
ITG (ITGI)65.5846.9169.0926.45
Citadel Securities LLC (CDRG)20.5153.0915.110
ARCA -DMA -Pershing LLC (PERX)8.91010.50
Morgan Stanley & Co. (MSCO)3.4304.040
NSDQ (NSDQ)0.9700.5373.55
E & J Securities, Corp. (EANJ)0.5200.610
Pershing LLC – ALGO (PERX)0.100.610

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL100.00%18.99%81.01%0.00%
NYSE Market LLC (AMEX)61.36%49.15%64.23%0.00%
Volant17.21%30.34%14.13%0.00%
Gemini15.99%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 VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10056.8843.050.07
ITGI (ITGI)66.2394.0129.4987.45
Citadel Securities LLC (CDRG)21.064.6642.760
ARCA -DMA -Pershing LLC (PERX)6.02013.980
Morgan Stanley & Co. (MSCO)2.1805.050
Nasdaq Execution Services (NSDQ-TRF-FBNW)1.7103.970
E & J Securities, Corp. (EANJ)0.990.531.60
Pershing LLC – ALGO (PERX)0.720.291.2712.55
Instinet, Inc. (INET)0.3900.910
ALTERNET SECURITIES INC. (ALTX))0.280.210.370
Goldman Sachs & Co. LLC (GSCO))0.2500.590
Fog Equities, LLC (FOGS)0.170.2900
NSDQ (NSDQ))00.0100

 

 
Time period: Quarter Ending June 30, 2019
Securities Listed on Nasdaq Stock Market

 

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10021.4877.391.13
Citadel Securities LLC (CDRG)48.7616.6158.40
ITG (ITGI)32.4982.0219.0511.54
ARCA -DMA -Pershing LLC (PERX)10.6013.70
Morgan Stanley & Co. (MSCO)4.380.065.640
Nasdaq (NSDQ)1.60.190.9275.21
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.8901.150
Pershing LLC – ALGO (PERX)0.550.180.528.99
Goldman Sachs & Co. LLC (GSCO)0.2700.350
Instinet, Inc. (INET)0.240.120.214.26
Fog Equities, LLC (FOGS)0.110.5300
ALTERNET SECURITIES INC. (ALTX)0.080.30.020
Wells Fargo Securities, LLC (WCHV)0.0300.030

 

 
Time period: Quarter Ending June 30, 2019
Securities Listed on the New York Stock Amex or Regional Exchanges

 

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL1007.2690.781.96
ITG (ITGI)26.629.7726.920.12
Citadel Securities LLC (CDRG)37.3166.8835.750
ARCA -DMA -Pershing LLC (PERX)21.59023.780
Nasdaq (NSDQ)3.0101.1699.88
Goldman Sachs & Co. LLC (GSCO)0.400.440
Pershing LLC – ALGO (PERX)0.162.2400
Morgan Stanley & Co. (MSCO)9.36010.310
Instinet, Inc. (INET)0.081.100
Nasdaq Execution Services (NSDQ-TRF-FBNW)1.4901.640

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL100.00%25.58%74.42%0.00%
NYSE Market LLC (AMEX)61.14%60.06%61.51%0.00%
Volant17.70%17.92%17.62%0.00%
Gemini12.31%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 VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10028.7871.20.03
ITGI (ITGI)47.6785.5732.380
Citadel Securities LLC (CDRG)33.4811.5742.340
ARCA -DMA -Pershing LLC (PERX)14.56020.450
E & J Securities, Corp. (EANJ)1.821.71.83100
Goldman Sachs & Co. LLC (GSCO)1.1201.580
Pershing LLC – ALGO (PERX))0.810.480.940
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.30.140.370
Instinet, Inc. (INET)0.140.4700
Fog Equities, LLC (FOGS)0.0800.120
ALTERNET SECURITIES INC. (ALTX))0.020.0700

 

 
Time period: Quarter Ending March 31, 2019
Securities Listed on Nasdaq Stock Market

 

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL1009.4888.841.68
Citadel Securities LLC (CDRG)52.6831.4955.930
ITG (ITGI)33.1965.243020.94
ARCA -DMA -Pershing LLC (PERX)10.08011.350
Nasdaq (NSDQ)1.510.280.846.03
Pershing LLC – ALGO (PERX)0.930.470.4727.63
Goldman Sachs & Co. LLC (GSCO)0.6100.690
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.550.060.610
ALTERNET SECURITIES INC. (ALTX)0.171.8400
Instinet, Inc. (INET)0.160.370.045.4
NSDQ (PERX)0.100.110
Fog Equities, LLC (FOGS)0.020.2300

 

 
Time period: Quarter Ending March 31, 2019
Securities Listed on the New York Stock Amex or Regional Exchanges

 

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10012.3386.291.38
ITG (ITGI)49.8166.0948.280
Citadel Securities LLC (CDRG)24.9533.9124.070
ARCA -DMA -Pershing LLC (PERX)18.74021.720
Nasdaq (NSDQ)5.3604.7492.31
Goldman Sachs & Co. LLC (GSCO)0.9101.050
Pershing LLC – ALGO (PERX)0.2300.157.69

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL100.00%14.39%85.03%0.58%
NYSE Market LLC (AMEX)50.81%5.65%58.53%40.00%
Volant25.99%89.52%15.28%20.00%
Gemini11.48%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 VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10037.6662.220.12
ITGI (ITGI)43.7679.4322.260
Citadel Securities LLC (CDRG)23.569.831.940
ARCA -DMA -Pershing LLC (PERX)20.11032.2344.45
Pershing LLC – ALGO (PERX)5.969.53.828.11
Goldman Sachs & Co. LLC (GSCO)3.060.034.910
Nasdaq Execution Services (NSDQ-TRF-FBNW)1.7402.80
E & J Securities, Corp. (EANJ)1.120.691.344.95
Instinet, Inc. (INET))0.4700.750
Fog Equities, LLC (FOGS)0.210.5500
NSDQ (NSDQ)0002.49

 

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

 

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10017.2378.784
Citadel Securities LLC (CDRG)42.2421.2848.970
ITG (ITGI)22.5172.2612.691.74
ARCA -DMA -Pershing LLC (PERX)19.68024.793.7
Pershing LLC – ALGO (PERX)5.725.895.1815.66
Nasdaq (NSDQ)5.270.212.6478.89
Goldman Sachs & Co. LLC (GSCO)3.8404.870
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.4600.590
NSDQ (PERX)0.1500.190
Fog Equities, LLC (FOGS)0.080.330.030
Instinet, Inc. (INET)0.0400.050.01
Direct Edge – Pershing (PERX)0.0100.010
ALTERNET SECURITIES INC. (ALTX)00.0200

 

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

 

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10013.7682.573.67
ARCA -DMA -Pershing LLC (PERX)47.71057.731.02
Citadel Securities LLC (CDRG)30.3435.7130.790
ITG (ITGI)7.5531.623.880
NSDQ (NSDQ)6.0103.682.74
Pershing LLC – ALGO (PERX)5.4824.471.8416.24
Goldman Sachs & Co. LLC (GSCO)1.7902.160
Fog Equities, LLC (FOGS)1.17.9800
FARINA & ASSOCIATES, INC. (FARA)0.030.200
E&J SECURITIES CORP. (EANJ)0.010.0200

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL100.00%23.71%75.87%0.42%
NYSE Market LLC (AMEX)31.40%9.44%38.16%50.00%
Gemini25.73%11.80%29.95%50.00%
Volant29.72%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 VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10018.7380.960.31
Citadel Securities LLC (CDRG)48.4717.4155.850
ITGI (ITGI)20.6349.8613.9110.4
ARCA -DMA -Pershing LLC (PERX)14.05017.0772.78
Pershing LLC – ALGO (PERX)8.6326.084.5616.83
Goldman Sachs & Co. LLC (GSCO)5.5606.870
E & J Securities, Corp. (EANJ)2.066.131.130
NSDQ (NSDQ)0.2600.320
Fog Equities, LLC (FOGS)0.150.380.10
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.1200.150
Instinet, Inc. (INET)0.0300.030
Puma Capital, LLC (PUMA))0.020.1300

 

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

 

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10013.3184.642.05
Citadel Securities LLC (CDRG)37.0421.6640.360
ARCA -DMA -Pershing LLC (PERX)27.160.0431.6617.43
ITGI (ITGI)16.6160.1110.150.75
Pershing LLC – ALGO (PERX)9.3317.358.175.21
Goldman Sachs & Co. LLC (GSCO)5.9807.060
Nasdaq (NSDQ)2.40.620.8876.61
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.5800.680
NSDQ (PERX)0.400.480
Direct Edge – Pershing (PERX)0.2500.290
Instinet, Inc. (INET)0.2100.250
Fog Equities, LLC (FOGS)0.030.150.010
BIDS AWAY (BIDS)0.010.0600

 

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

 

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL1003.3695.591.05
Citadel Securities LLC (CDRG)41.8591.8140.550
ARCA -DMA -Pershing LLC (PERX)28.08029.380
Goldman Sachs & Co. LLC (GSCO)13.84029.380
Nasdaq Execution Services (NSDQ-TRF-FBNW)6.7407.050
ITG (ITGI)4.370.334.560
Instinet, Inc. (INET)3.3703.530
Pershing LLC – ALGO (PERX)0.97.530.4619.61
NSDQ (NSDQ)0.850.33080.39

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL100.00%25.76%64.57%9.67%
NYSE Market LLC (AMEX)39.78%39.66%36.70%60.67%
Gemini22.50%24.89%23.23%11.24%
Volant18.80%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)1.522.11%1.18%2.25%

 

 
Time period: Quarter Ending June 30, 2018
Securities Listed on the New York Stock Exchange Euronext

 

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10022.3577.280.37
Citadel Securities LLC (CDRG)52.0248.9853.150
ARCA -DMA -Pershing LLC (PERX)20.36026.150.1
Pershing LLC – ALGO (PERX)8.7717.416.310
ITGI (ITGI)8.229.552.070
Bloomberg Tradebook LLC, (BOOK)6.740.018.720
E & J Securities, Corp. (EANJ)1.931.012.20
Fog Equities, LLC (FOGS)0.712.930.080
Empire Executions, Inc. (ECKH)0.50.110.620
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.3400.440
NSDQ (NSDQ)0.1900.0149.9
Instinet, Inc. (INET)0.1600.210
Direct Edge – Pershing (PERX)0.0700.090

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER OTHERS %
TOTAL1007.5290.681.8
Citadel Securities LLC (CDRG)55.6745.8357.590
ARCA -DMA -Pershing LLC (PERX)19.2020.8217.72
ITG (ITGI)8.345.755.360
Bloomberg Tradebook LLC, (BOOK)6.010.046.630
Pershing LLC – ALGO (PERX)5.365.25.480.01
Nasdaq (NSDQ)3.091.031.6982.26
NSDQ (PERX)1.1401.250
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.5200.580
Direct Edge – Pershing (PERX).4700.520
Fog Equities, LLC (FOGS)0.161.810.030
BATS-(PERX)0.0300.030
Instinet, Inc. (INET)0.0200.030
Puma Capital, LLC (PUMA)0.020.3300
Farina & Associates, Inc. (FARA)00.0100

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER OTHERS %
TOTAL1003.0996.590.32
Citadel Securities LLC (CDRG)48.4118.849.520.16
Pershing LLC – ALGO (PERX)28.4744.3627.7592.11
ARCA -DMA -Pershing LLC (PERX)13.13013.577.73
Bloomberg Tradebook LLC, (BOOK)6.8907.130
Nasdaq Execution Services (NSDQ-TRF-FBNW)1.201.240
Fog Equities, LLC (FOGS)1.1236.3500
Instinet, Inc. (INET)0.6100.630
ITG (ITGI)0.170.50.160

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL100.00%22.92%55.83%21.25%
NYSE Market LLC (AMEX)45.00%65.45%23.88%78.43%
Gemini7.50%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%
Volant32.08%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 VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10040.7458.620.64
ITG (ITG)33.8473.46.720
Citadel Securities LLC (CDRG)28.3614.2138.50.23
ARCA -DMA -Pershing LLC (PERX)21.65035.9293.26
Pershing LLC – ALGO (PERX)7.6710.965.46.03
Bloomberg Tradebook LLC, (BOOK)5.7309.780
Empire Executions, Inc. (ECKH)0.800.351.120
E & J Securities, Corp. (EANJ)0.490.200.690.49
Fog Equities, LLC (FOGS)0.380.880.040
Direct Edge – Pershing (PERX)0.3000.510
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.2300.400
NSDQ (PERX)0.1300.220

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER OTHERS %
TOTAL10012.984.632.47
Citadel Securities LLC (CDRG)33.1131.9634.250
ARCA -DMA -Pershing LLC (PERX)32.140.0437.4816.78
ITG (ITGI)11.0348.725.60
NSDQ (PERX)8.1309.60
Pershing LLC – ALGO (PERX)5.3818.513.520.70
Bloomberg Tradebook LLC, (BOOK)4.1804.930
Nasdaq (NSDQ)3.050.221.1682.52
Direct Edge – Pershing (PERX)1.5201.80
KCG Americas LLC (DTTX).5800.690
Fog Equities, LLC (FOGS)0.180.540.130
BATS-(PERX)0.6000.700
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.0500.060
Instinet, Inc. (INET)0.0500.060

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL1004.8594.190.96
ARCA -DMA -Pershing LLC (PERX)59.16062.737.37
Citadel Securities LLC (CDRG)24.3086.0021.343.76
Bloomberg Tradebook LLC, (BOOK)10.05010.670
ITG (ITGI)4.7805.070
Pershing LLC – ALGO (PERX)1.5414.000.1674.06
KCG Americas LLC (DTTX)0.1700.0314.81

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL100.00%22.11%53.70%24.19%
NYSE Market LLC (AMEX)31.91%44.34%23.30%39.66%
Gemini12.83%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%
Volant28.78%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 VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10026.2573.110.64
Citadel Securities LLC (CDRG)40.9714.5750.80
Pershing LLC (PERX)26.3610.6231.6270.12
ITG (ALTX)22.6567.866.620
KCG Americas LLC (DTTX)5.163.235.90
Bloomberg Tradebook LLC, (BOOK)2.3803.250
E & J Securities, Corp. (EANJ)1.110.871.20
Puma Capital LLC (PUMA)0.41.5200
Empire Executions, Inc. (ECKH)0.340.490.280
Fog Equities, LLC (FOGS)0.220.8300
Nasdaq (NSDQ)0.190029.88
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.1600.220
Instinet, Inc. (INET)0.0700.10

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER OTHERS %
TOTAL10022.7975.821.4
Citadel Securities LLC (CDRG)42.6116.2351.330
ITG (ALTX)26.4478.1911.380.05
Pershing LLC (PERX)21.115.0524.7883.63
KCG Americas LLC (DTTX)4.590.156.010
Bloomberg Tradebook LLC, (BOOK)4.0505.340
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.6100.810
Nasdaq (NSDQ)0.560.380.3216.32
Instinet, Inc. (INET)0.0300.050

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL1002.6297.050.33
Pershing LLC (PERX)50.8211.6851.9529.33
Bloomberg Tradebook LLC, (BOOK)18.28018.830
Citadel Securities LLC (CDRG)15.4822.915.330
ITG (ALTX)7.14.787.190
KCG Americas LLC (DTTX)4.2318.693.6270.67
Nasdaq Execution Services (NSDQ-TRF-FBNW)1.9802.040
Fog Equities LLC (FOG)1.141.9600
Instinet, Inc. (INET)1.0201.050

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL100.00%15.09%68.40%16.51%
NYSE Market LLC (AMEX)36.09%33.11%32.94%51.85%
Gemini22.83%14.86%28.61%6.17%
Volant17.53%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 VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10026.7372.211.07
Pershing LLC (PERX)36.0935.6735.3894.62
Alternet Securities, Inc. (ALTX)28.6853.4819.874.12
KCG Americas LLC (DTTX)19.473.7525.570.01
Bloomberg Tradebook LLC, (BOOK)10.93015.140
Merrill Lynch (MLCO)1.8931.510
E & J Securities, Corp. (EANJ)1.671.181.861.25
Fog Equities, LLC (FOGS)0.712.6500
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.2400.330
Empire Executions, Inc. (ECKH)0.220.280.20
Instinet, Inc. (INET)0.0900.120
Nasdaq (NSDQ)0.0100.020

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER OTHERS %
TOTAL10036.1763.090.74
Alternet Securities, Inc. (ALTX)43.288.4617.741.04
Pershing LLC (PERX)34.939.6849.2251.38
KCG Americas LLC (DTTX)12.041.0118.50
Bloomberg Tradebook LLC, (BOOK)7.11011.270
Nasdaq Execution Services (NSDQ-TRF-FBNW)1.3502.140
Nasdaq (NSDQ)0.970.040.9647.58
Merrill Lynch (MLCO)0.310.660.120
Fog Equities, LLC (FOGS)0.050.1400
Instinet, Inc. (INET)0.0300.050
E & J Securities, Corp. (EANJ)0.010.020.010

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL1003465.940.06
Pershing LLC (PERX)71.6697.0958.52100
Alternet Securities, Inc. (ALTX)14.250.0121.60
Bloomberg Tradebook LLC, (BOOK)5.5508.410
Nasdaq Execution Services (NSDQ-TRF-FBNW)3.6305.50
KCG Americas LLC (DTTX)2.870.723.980
Instinet, Inc. (INET)1.3101.980
Merrill Lynch (MLCO)0.742.1800

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTALS100.00%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%
Gemini19.63%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%
Volant5.93%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 VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10020.0479.650.31
Pershing LLC (PERX)43.6131.8146.4772.73
Alternet Securities, Inc. (ALTX)19.844.2713.720
Bloomberg Tradebook LLC, (BOOK)15.84019.890
KCG Americas LLC (DTTX)12.492.5915.015.23
Merrill Lynch (MLCO)5.4415.542.920
E & J Securities, Corp. (EANJ)2.154.061.622.05
Fog Equities, LLC (FOGS)0.321.560.010
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.1600.20
Empire Executions, Inc. (ECKH)0.110.180.10
Instinet, Inc. (INET)0.0500.070
Nasdaq (NSDQ)0.0200.020

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER OTHERS %
TOTAL10018.3680.471.17
Pershing LLC (PERX)46.4521.6551.8365.43
Alternet Securities, Inc. (ALTX)22.7460.4714.460
Bloomberg Tradebook LLC, (BOOK)12.32015.310
KCG Americas LLC (DTTX)9.392.6711.050.46
Merrill Lynch (MLCO)5.610.854.490
Nasdaq Execution Services (NSDQ-TRF-FBNW)1.3301.650
Fog Equities, LLC (FOGS)0.964.180.240
Nasdaq (NSDQ)0.70.180.3334.11
Instinet, Inc. (INET)0.5100.630

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL1004.2995.130.58
Pershing LLC (PERX)45.6832.4746.3631.61
Bloomberg Tradebook LLC, (BOOK)23.96025.180
KCG Americas LLC (DTTX)10.592.7710.5968.39
Alternet Securities, Inc. (ALTX)8.731.479.110
Nasdaq Execution Services (NSDQ-TRF-FBNW)4.7705.020
Merrill Lynch (MLCO)3.4962.920.840
Instinet, Inc. (INET)2.6602.80
E & J Securities, Corp. (EANJ)0.110.370.10

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL100%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%
GEMINI19.08%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 VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10015.2182.032.76
Pershing LLC (PERX)49.9644.2349.4596.9
KCG Americas LLC (DTTX)19.629.7322.110.02
Bloomberg Tradebook LLC, (BOOK)18.23022.220
Alternet Securities, Inc. (ALTX)6.0330.261.740
E & J Securities, Corp (EANJ)2.573.982.33.08
Bank of America (MLCO)1.758.140.620
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.6700.810
Fog Equities, LLC (FOGS)0.613.550.090
Instinet, Inc. (INET)0.3700.450
Farina & Associates, Inc. (FARA)0.170.110.190
Nasdaq (NSDQ)0.0200.020

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER OTHERS %
TOTAL10014.3583.931.72
Pershing LLC (PERX)55.2545.6756.5372.86
KCG Americas LLC (DTTX)15.94.418.20
Bloomberg Tradebook LLC, (BOOK)14.38017.130
Alternet Securities, Inc. (ALTX)11.7347.745.810
Bank of America (MLCO)1.171.441.150
Nasdaq (NSDQ)0.990.180.5927.14
E & J Securities, Corp. (EANJ)0.0700.090
Instinet, Inc. (INET)0.0400.040
Fog Equities, LLC (FOGS)0.090.570.010
Nasdaq Execution Services (NSDQ-TRF-FBNW)0.3800.450

 

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

ROUTE VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL10013.3486.660
Pershing LLC (PERX)53.5274.1450.350
Bloomberg Tradebook LLC, (BOOK)24.75028.560
KCG Americas LLC (DTTX)17.6513.2818.330
Alternet Securities, Inc. (ALTX)2.2312.570.640
Nasdaq Execution Services (NSDQ-TRF-FBNW)1.1701.350
 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 VENUETOTAL ORDERS %MARKET ORDERS %LIMIT ORDERS %OTHER ORDERS %
TOTAL1009.3476.8313.84
International Securities Exchange, LLC (ISE) 36.5643.3735.2939.02
NYSE Market LLC (AMEX)22.724.8224.1626.83
Bank of America (BAML)22.5031.3324.604.88
Nasdaq OMX PHLX (PHLX)7.996.027.4712.20
GEMINI7.3114.467.610.81
New York Stock Exchange/Archipelago Holdings (PSE)2.3600.2915.45
Chicago Board Option Exchange (CBOE)0.3400.290.81
Knight Options0.2200.290.00

 

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

Material Aspects of Relationships with Routed Venues.