SEC Rule 606
Trade Execution Quality
SEC Rule 606
The reports are made available to the public free of charge for each calendar quarter and published no later than one month after the end of the quarter.
The U.S. Securities and Exchange Commission’s Rule 606 requires all broker/dealers that route orders in equity and option securities to publish quarterly reports that provide a general overview of their routing practices. This report must identify the venues to which non-directed customer orders in U.S. exchange-listed equity securities and options were routed for execution and disclose the material aspects of the broker/dealer’s relationship with such venues. The purpose of this report is to provide the public with information on how broker-dealers route orders, enable the evaluation of order routing practices and foster competition among market participants. Upon request, broker-dealers also must disclose to customers the venues to which their individual orders were routed. Each customer may request a written copy of the report be mailed to them at no charge.
Vanderbilt Securities, LLC. enters all equity and option orders through the order entry system of our primary custodian and clearing firm, National Financial Services, Member SIPC, a registered broker dealer and non-bank affiliate of Fidelity. With the exception of our clearing broker/introducing broker relationship with NFS, we have no material relationships with any of the venues referenced in the NFS reports. We do not receive any compensation or payment for order flow. The SEC Rule 606 requires broker dealers that route orders in certain equity and option securities to make available quarterly reports that present a general overview of their routing practices. If you would like to obtain further information regarding the primary market centers selected by NFS to handle orders, you may access NFS’s quarterly “Order Routing Report” by accessing this web link (Public Disclosure – SEC Rule 606 Reports).