SEC RULE 606 REPORT
This report is divided into four sections:
- Securities listed on the NYSE, reported as Network A-eligible securities
- Securities listed on the NASDAQ
- Securities listed on the NYSE AMEX or regional exchanges, reported as Network B-eligible securities
- 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 website for more information on the Disclosure of Order Execution and Routing Practices, Regulation NMS.
PAYMENT FOR ORDER FLOW DISCLOSURE
RJL routes customer orders to national securities exchanges, alternative trading systems, which may include electronic communications networks (ECN), and other market centers. RJL does not receive compensation for routing orders to market centers. In exchange for routing orders to certain market centers, RJL may receive monetary rebates per executed share/contract for orders that add liquidity to its book. The rebates are considered payment for order flow even though it may not necessarily offset RJL’s aggregate payments for removing liquidity. In this regard, in any given month, the ‘credits’ received by RJL from a given market center may exceed the ‘debits’ charged to RJL for such period. Therefore, such excess credits paid to RJL may constitute, according to regulatory interpretation, payment for order flow.