In accordance with U.S. Securities and Exchange Commission (SEC) Rule 606, ViewTrade Securities Inc (the Firm) is publishing statistical information about our routing practices for non-directed orders in U.S. exchange-listed equity securities and options.
This report is divided into four sections: one for securities listed on the New York Stock Exchange LLC and reported as Network A-eligible securities; one for securities listed on The Nasdaq Stock Market LLC; one for securities listed on the NYSE MKT, LLC or regional exchanges and reported as Network B-eligible securities; and one for exchange-listed options. For each section, this report identifies the venues most often selected by the Firm, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of the Firm's relationship with the venues.
You may visit the
SEC web site for more information on the
Disclosure of Order Execution and Routing Practices ,
Regulation NMS and interpretative frequently asked questions (
Staff Legal Bulletin No. 13A).
| NYSE Euronext |
| Non-Directed Orders as a Percentage of Total Customer Orders: |
88.23% |
| Percentage of Non-Directed Customer Orders That Were: |
Market |
Limit |
Other (includes "Not Held") |
| 24.18% |
74.21% |
1.61% |
| Routing Information Concerning Significant Venues (5% or more) |
| Percentage of Orders Routed to Significant Venues |
Total Non-Directed Orders |
Non-Directed Market Orders |
Non-Directed Limit Orders |
Non-Directed Other Orders |
| Virtu Financial, Inc. 2 |
25.74% |
23.42% |
74.90% |
1.68% |
| Two Sigma Securities, LLC 2 |
24.56% |
24.40% |
74.16% |
1.44% |
| UBS Securities, LLC. 2 |
23.52% |
24.69% |
73.71% |
1.60% |
| Citadel Securities 2 |
19.04% |
33.34% |
64.34% |
2.32% |
| Dash Financial Technologies 2 |
6.54% |
0.02% |
99.98% |
0.00% |
| NYSE Market or Regional Exchanges |
| Non-Directed Orders as a Percentage of Total Customer Orders: |
93.38% |
| Percentage of Non-Directed Customer Orders That Were: |
Market |
Limit |
Other (includes "Not Held") |
| 15.90% |
82.90% |
1.20% |
| Routing Information Concerning Significant Venues (5% or more) |
| Percentage of Orders Routed to Significant Venues |
Total Non-Directed Orders |
Non-Directed Market Orders |
Non-Directed Limit Orders |
Non-Directed Other Orders |
| Two Sigma Securities, LLC 2 |
25.04% |
16.72% |
82.21% |
1.07% |
| Virtu Financial, Inc. 2 |
24.35% |
15.26% |
83.31% |
1.42% |
| UBS Securities, LLC. 2 |
23.93% |
16.71% |
82.19% |
1.10% |
| Citadel Securities 2 |
17.16% |
23.28% |
74.86% |
1.86% |
| Dash Financial Technologies 2 |
8.44% |
0.02% |
99.98% |
0.00% |
| NASDAQ OMX Group |
| Non-Directed Orders as a Percentage of Total Customer Orders: |
91.27% |
| Percentage of Non-Directed Customer Orders That Were: |
Market |
Limit |
Other (includes "Not Held") |
| 25.90% |
72.71% |
1.39% |
| Routing Information Concerning Significant Venues (5% or more) |
| Percentage of Orders Routed to Significant Venues |
Total Non-Directed Orders |
Non-Directed Market Orders |
Non-Directed Limit Orders |
Non-Directed Other Orders |
| Virtu Financial, Inc. 2 |
26.25% |
25.02% |
73.52% |
1.46% |
| Two Sigma Securities, LLC 2 |
24.67% |
26.42% |
72.29% |
1.30% |
| UBS Securities, LLC. 2 |
23.54% |
26.57% |
72.10% |
1.32% |
| Citadel Securities 2 |
17.30% |
37.94% |
59.90% |
2.17% |
| Dash Financial Technologies 2 |
6.99% |
0.02% |
99.98% |
0.00% |
| Options |
| Non-Directed Orders as a Percentage of Total Customer Orders: |
94.82% |
| Percentage of Non-Directed Customer Orders That Were: |
Market |
Limit |
Other (includes "Not Held") |
| 11.91% |
79.86% |
8.23% |
| Routing Information Concerning Significant Venues (5% or more) |
| Percentage of Orders Routed to Significant Venues |
Total Non-Directed Orders |
Non-Directed Market Orders |
Non-Directed Limit Orders |
Non-Directed Other Orders |
| Apex Clearing Corporation 2 |
76.84% |
14.32% |
81.21% |
4.47% |
| Dash Financial Technologies 2 |
19.54% |
2.36% |
73.20% |
24.44% |
ViewTrade Securities, Inc. 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 the routing of "non-directed orders" - any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, ViewTrade Securities, Inc has selected the execution venue on behalf of its customers.
You should note that, consistent with the requirements of Rule 606, the statistics above capture only a portion of the Firm's order flow. This report is intended only to provide an overview of the Firm's order routing practices. Accordingly, the data is not a reliable basis upon which to assess whether the Firm or any trading venue to which the Firm routes orders has satisfied its best execution obligation.
Further, while we have taken care in preparing the data presented in this report, the data has not been audited and may contain errors. Any decision about whether to open an account or direct orders to the Firm should not be based solely on the information presented in this report, but on a broader evaluation of the full range of services and products we offer.
ViewTrade Securities (VIEW, and VTDT) routes orders to market centers, including national securities exchanges, alternative trading systems, and electronic communications networks that may offer credits for orders that provide liquidity and may assess fees for orders that take liquidity. In some cases, the credits offered by a market center may exceed the charges assessed, such that a market center may make a payment to ViewTrade Securities in relation to orders directed to such market center. In addition, VIEW and VTDT routes orders to broker dealers who are market makers in securities.
1. ViewTrade receives rebate for adding liquidity and charges for removing liquidity, based on exchange's published rates.
2. ViewTrade Securities receives payment for order flow from this broker, ranging from $0.0005 to $0.003 per share for equity orders; $0.10 to $0.40 per contract for option orders.