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About SEC Rule 606
Under SEC Rule 606, broker-dealers
that route orders on behalf of customers are required to prepare quarterly
reports that disclose the following information: · The percentage of total customer
orders that were non-directed orders1, and the percentages of total
non-directed orders1 that were market orders, limit orders, or other orders · The identity of the venues to which
a significant percentage of total non-directed orders were routed for
execution · The percentage of total non-directed
orders routed to the venue, and the percentages of total non-directed market
orders, non-directed limit orders, and non-directed other orders that were
routed to the venue · Terms of the material aspects of the
broker-dealer's relationship with each venue identified above, including a
description of any arrangement for payment for order flow and any
profit-sharing relationship The reports are to be made public
for each calendar quarter and published no later than one month after the end
of the quarter. Another piece of this rule requires annual public
notification that the detail is available. Pursuant to the rule, customers can
request details, from their investment representative, on the identity of the
venue to which the customer's orders were routed for execution in the six
months prior to the request, whether the orders were directed, at the
customer's request, to a specific venue for execution and the time of the
executions, if any, that resulted from those orders. Customers also may
request up to six months of this information in hard copy through a
representative on all orders for a specific time period and/or on individual
securities. The collection period for this information began on July 2, 2001. The
Securities Industry Association has provided information about
order disclosure and this rule. 1 Any order that the customer has not specifically instructed to be routed
to a particular venue for execution. 2 To display and/or print this document, you must have Adobe Acrobat
Reader, which is available for free. |
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Harvestons Securities, Inc. |