Sample Firm, 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, Sample Firm has selected the execution 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 Sample Firm, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of Sample Firm's relationship with the venues.
| Summary Statistics: | |
| Non-directed orders as percentage of total customer orders | 86% |
| Market orders as percentage of total non-directed orders | 46% |
| Limit orders as percentage of total non-directed orders | 47% |
| Other orders as percentage of total non-directed orders | 7% |
| Venues Receiving Significant Percentage of Total Non-Directed Orders: | |
| 1. Exchange A | 45% |
| 2. Market Maker A | 32% |
| 3. Market Maker B | 8% |
| 4. Exchange B | 4% |
| 5. ECN A | 3% |
| Information Concerning Significant Venues: | |
| 1. Exchange A | |
| Types of Orders Routed to Venue: | |
| Market orders as percentage of total market orders | 24% |
| Limit orders as percentage of total limit orders | 61% |
| Other orders as percentage of total other orders | 91% |
| Material Aspects of Relationship with Venue: | |
| [discussion] | |
| 2. Market Maker A | |
| Types of Orders Routed to Venue: | |
| Market orders as percentage of total market orders | 57% |
| Limit orders as percentage of total limit orders | 12% |
| Other orders as percentage of total other orders | 5% |
| Material Aspects of Relationship with Venue: | |
| [discussion] | |
| 3. Market Maker B | |
| Types of Orders Routed to Venue: | |
| Market orders as percentage of total market orders | 13% |
| Limit orders as percentage of total limit orders | — |
| Other orders as percentage of total other orders | — |
| Material Aspects of Relationship with Venue: | |
| [discussion] | |
| 4. Exchange B | |
| Types of Orders Routed to Venue: | |
| Market orders as percentage of total market orders | 2% |
| Limit orders as percentage of total limit orders | 6% |
| Other orders as percentage of total other orders | 4% |
| Material Aspects of Relationship with Venue: | |
| [discussion] | |
| 5. ECN A | |
| Types of Orders Routed to Venue: | |
| Market orders as percentage of total market orders | — |
| Limit orders as percentage of total limit orders | 7% |
| Other orders as percentage of total other orders | — |
| Material Aspects of Relationship with Venue: | |
| [discussion] | |
