Order Routing Information

What this video covers

• Which orders enter the report: non-directed held-basis orders in NMS stocks versus non-directed customer orders in NMS securities that are option contracts, without a held-basis qualifier
• Why the report is quarterly but broken down by calendar month, must be posted within one month after the quarter ends, and remains publicly available for three years
• How directed and non-directed orders differ, and why the firm reports on orders it had discretion to route
• How the top-ten venue test and the 5% venue test work together, including why the final venue list can contain more than ten venues
• The four order categories: market orders, marketable limit orders, non-marketable limit orders, and other orders
• Which payment items are received or paid, and why net aggregate amounts must be disclosed both as total dollars and on a per-share basis
• Which routing relationship terms must be described, including volume incentives, disincentives, tiered payment schedules, minimum order flow agreements, and other influencing arrangements