On November 17, 2000, the Securities and Exchange Commission (“SEC”) adopted Rule 605 to improve public disclosure of execution practices. The SEC adopted amendments to the Rule on March 6, 2024.
SEC Rule 605 requires certain market centers and certain broker-dealers to publicly disclose standardized monthly execution-quality reports for covered orders in NMS stocks.
These reports are intended to facilitate comparisons of execution quality among trading venues and broker-dealers by providing standardized execution-quality statistics. However, they do not provide a complete comparison across trading venues and broker-dealers, because each report’s statistics reflect only the types of orders it has received which are in turn based on each client’s particular objectives. Accordingly, the statistics do not create a complete and reliable basis on which to assess whether the broker-dealer that routed the order obtained the most favorable terms under the circumstances for its orders. From time to time the Firm may determine it necessary to update its monthly Rule 605 data. All reports, original and amended, are available upon request.
We have made every attempt to prepare these statistics in compliance with the SEC’s rules. However, these statistics have not been audited and may contain errors. Accordingly, any decision about whether to direct orders to the Firm should not be based solely on these statistics, but on an evaluation of the full range of services that we provide.
Please visit the SEC web site for more information on the Rule, answers to Frequently Asked Questions about Rule 605 and the format of the monthly detailed and summary reports.