Order Routing Report

SEC 11Ac1-6 - ChoiceTrade, Inc. 1st Qtr, 2017

(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 (%)
90
18
74
8
CITADEL 56 65 50 91
BANK OF NY 21 34 19 9
SPEEDROUTE
23
1
31
0

Securities Listed on The Nasdaq Stock Market

Route Venues
Total (%)
Market (%)
Limit (%)
Other (%)
Total (%)
95
12
84
4
CITADEL 58 71 54 94
SPEEDROUTE 24 2 29 0
BANK OF NY 18 27 17 6

Securities Listed on American Stock Exchange or Regional Exchanges

Route Venues
Total (%)
Market (%)
Limit (%)
Other (%)
Total (%)
92
6
92
2
CITADEL 48 67 46 87
SPEEDROUTE
36
3
39
0
BANK OF NY 16 30 15 13

Exchange-Listed Options

Route Venues
Total (%)
Market (%)
Limit (%)
Other (%)
Total (%)
100
3
92
5
MAXIM 35 47 36 9
NSDQ
15
2
16
1
PHLX
14
15
12
64
MIAX
2
12
2
0
BATS
8
2
8
1
ISE 5 1 7 1
CBOE
5
6
5
14
GEMINI
5
1
5
8
BOX
2
7
2
0
AMEX
1
0
1
0
ARCA 3 4 3 0
NOBO 1 0 1 1
CITI 1 2 1 0
CBOE2 1 0 0 1
EDGEX 1 1 0 0
MERCURY 1 0 1 0

Material Aspects of Relationship with Route Venues

I. Securities listed on the New York Stock Exchange:

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.

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

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

 

 

II. NASDAQ securities:

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.

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

SPEEDROUTE
ChoiceTrade receives payment for directing certain orders to Speedroute. 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:

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.

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

BANK OF NY
ChoiceTrade receives payment for directing certain orders to BANK OF NY. 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 [email protected], 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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