Order Routing Report

 

SEC 11Ac1-6 - ChoiceTrade, Inc. 3rd Qtr, 2014

(Percentages of Total Non-Directed Orders Routed to Individual Route Venues)

ChoiceTrade 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 routing of "non-directed orders" - any order that the customer has not specifically instructed to be routed to a particular venue on behalf of its customers.

The report is divided into four sections: one for securities listed on the New York Stock Exchange and reported as a Network A eligible security; one for securities listed on the Nasdaq Stock Market; one for securities listed on the American Stock Exchange or regional exchanges and reported as a Network B eligible security; and one for exchange-listed options. For each section, this report identifies the venues most often selected by ChoiceTrade, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of ChoiceTrade's relationship with the venues.

Securities Listed on New York Stock Exchange

Route Venues Total (%) Market (%) Limit (%) Other (%)
Total (%)
29
22
70
8
WELLS FARGO
67
97
54
100
ARCA
25
2
36
0
CITADEL
8
1
10

0

Securities Listed on The Nasdaq Stock Market

Route Venues Total (%) Market (%) Limit (%) Other (%)
Total (%)
34
14
78
8
WELLS FARGO 65 96 56 96
ARCA 28 1 36 0
CITADEL 5 0 7 0
V Finance 2 3 1 4

Securities Listed on American Stock Exchange or Regional Exchanges

Route Venues Total (%) Market (%) Limit (%) Other (%)
Total (%)
42
4
94
2
WELLS FARGO
70
87
69
100
ARCA
29
9
31
0
V Finance 1 4 0 0

Exchange-Listed Options

Route Venues Total (%) Market (%) Limit (%) Other (%)
Total (%)
100
2
95
3
AMEX
31
39
31
48
NSDQ
28
3
30
0
GEMINI
15
6
14
22
PHLX
8
22
7
18
BATS
6
1
7
0
CBOE
5
9
5
4
ISE
2
9
2
3
BOX
1
6
1
0
ARCA 1 3 0 1
NOBO 1 0 1 0
CBOE2 1 1 0 4
MIAX 1 1 2 0

Material Aspects of Relationship with Route Venues

I. Securities listed on the New York Stock Exchange:

WELLS FARGO
ChoiceTrade receives payment for directing certain orders to Wells Fargo. Payment ranges from zero to less than a penny per share depending on the type of order.

ARCA
ARCA pays subscribers a rebate of up to .0021 per executed share for NYSE orders that add liquidity to the ARCA book. According to the SEC rule, this rebate may be considered payment for order flow. ARCA also charges subscribers up to .003 for trades that remove liquidity from the ARCA book; up to .0035 for shares routed out; and odd-lot executions may be charged up to .03 per share.

CITADEL
ChoiceTrade receives payment for directing certain orders to Citadel. Payment ranges from zero to less than a penny per share depending on the type of order.

II. NASDAQ securities:

WELLS FARGO
ChoiceTrade receives payment for directing certain orders to Wells Fargo. Payment ranges from zero to less than a penny per share depending on the type of order.

ARCA
ARCA pays subscribers a rebate of up to .0021 per executed share for NYSE orders that add liquidity to the ARCA book. According to the SEC rule, this rebate may be considered payment for order flow. ARCA also charges subscribers up to .003 for trades that remove liquidity from the ARCA book; up to .0035 for shares routed out; and odd-lot executions may be charged up to .03 per share.

CITADEL
ChoiceTrade receives payment for directing certain orders to Citadel. Payment ranges from zero to less than a penny per share depending on the type of order.

V FINANCE
ChoiceTrade receives payment for directing certain orders to V FINANCE. Payment ranges from zero to less than a penny per share depending on the type of order.

III. Securities Listed on the American Stock Exchange or Regional Exchanges:

WELLS FARGO
ChoiceTrade receives payment for directing certain orders to Wells Fargo. Payment ranges from zero to less than a penny per share depending on the type of order.

ARCA
ARCA pays subscribers a rebate of up to .0021 per executed share for NYSE orders that add liquidity to the ARCA book. According to the SEC rule, this rebate may be considered payment for order flow. ARCA also charges subscribers up to .003 for trades that remove liquidity from the ARCA book; up to .0035 for shares routed out; and odd-lot executions may be charged up to .03 per share.

V FINANCE
ChoiceTrade receives payment for directing certain orders to V FINANCE. Payment ranges from zero to less than a penny per share depending on the type of order.

IV. Exchange-Listed Options:

ChoiceTrade is charged a fee for directing certain orders and receives payment of zero to .85 per contract for certain other orders.

 

If you send a request via email to service@choicetrade.com, we will tell you the identity of the venue to which your orders were routed for execution in the six month prior to the request, whether the orders were directed orders or non-directed orders, and the time of transactions, if any, that resulted from such orders.

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