SEC Rule 606 (Formerly known as Rule 11Ac1-6 under the Securities Exchange Act of 1934) requires all broker-dealers that route customer orders in equity and option securities to make publicly available quarterly reports that disclose the venues to which it routes "non-directed" orders in covered securities. Approximately 88% of Lek Securities' orders are routed to an exchange or ECN as selected by the customer.  However, when an order is routed to Lek Securities' order desk or worked using an algorithm, the decision where to send the customer's order is made by the firm.

It is Lek Securities' policy to select the exchange, ECN or market maker, which is expected, because of the displayed quote, or otherwise, to provide the customer with the best possible execution.  Based on this policy, in the Third Quarter of 2018 Lek Securities routed customer orders as specified in the below table:


AMEX and Regional Exchanges
(Percentage non-directed orders 26.309%)

LimitOrder
(Percentage of non-directed orders 96.648%)

Market Center
Percentage
Nyse Arca 69.134%
Nasdaq 20.553%
Coda Markets 5.088%
Alternative Execution Group 1.435%
OTC LINK ECN 1.217%
Bats Trading 0.912%
Maxim Group 0.633%
IEX Market 0.483%
Credit Suisse AES Algorithms Alias 0.264%
ClearPool Dark 0.137%

Market Orders
(Percentage of non-directed orders 3.320%)

Market Center
Percentage
Coda Markets 63.005%
Nasdaq 16.016%
Celadon Financial Group 8.482%
Nyse Arca 6.800%
Alternative Execution Group 2.587%
Bats Trading 1.767%
Maxim Group 1.131%
ClearPool Dark 0.113%
American Stock Exchange 0.057%
Credit Lyonnais Securities Asia 0.028%

Other Orders
(Percentage of non-directed orders 0.033%)

Market Center
Percentage
Direct Edge (Edgx) 94.286%
Direct Edge (Edga) 4.286%
Alternative Execution Group 1.429%

NASDAQ Listed Securities
(Percentage non-directed orders 11.525%)

LimitOrder
(Percentage of non-directed orders 81.446%)

Market Center
Percentage
Nasdaq 63.689%
Nyse Arca 29.898%
Coda Markets 4.668%
IEX Market 0.843%
Bats Trading 0.438%
Credit Suisse AES Algorithms Alias 0.252%
New York Stock Exchange 0.094%
ClearPool Dark 0.067%
BATS-Y 0.017%
Direct Edge (Edgx) 0.014%

Market Orders
(Percentage of non-directed orders 18.351%)

Market Center
Percentage
Coda Markets 57.226%
Nasdaq 42.596%
Nyse Arca 0.108%
Bats Trading 0.027%
ClearPool Dark 0.025%
Alternative Execution Group 0.006%
IEX Market 0.004%
New York Stock Exchange 0.004%
Credit Lyonnais Securities Asia 0.002%
BATS-Y 0.001%

Other Orders
(Percentage of non-directed orders 0.203%)

Market Center
Percentage
Direct Edge (Edgx) 94.586%
Convergex 2.335%
Direct Edge (Edga) 1.592%
Nasdaq 0.531%
Nyse Arca 0.531%
Coda Markets 0.318%
New York Stock Exchange 0.106%

NYSE Listed Securities
(Percentage non-directed orders 10.419%)

LimitOrder
(Percentage of non-directed orders 84.810%)

Market Center
Percentage
Nasdaq 63.095%
Nyse Arca 27.026%
Coda Markets 4.840%
IEX Market 2.119%
New York Stock Exchange 1.255%
Bats Trading 1.054%
Credit Suisse AES Algorithms Alias 0.424%
ClearPool Dark 0.136%
BATS-Y 0.030%
Direct Edge (Edgx) 0.017%

Market Orders
(Percentage of non-directed orders 14.943%)

Market Center
Percentage
Coda Markets 63.620%
Nasdaq 35.390%
New York Stock Exchange 0.894%
Nyse Arca 0.048%
Credit Suisse AES Algorithms Alias 0.019%
ClearPool Dark 0.018%
Credit Lyonnais Securities Asia 0.003%
Bats Trading 0.003%
BATS-Y 0.001%
Direct Edge (Edgx) 0.001%

Other Orders
(Percentage of non-directed orders 0.247%)

Market Center
Percentage
Direct Edge (Edgx) 95.383%
Nasdaq 2.473%
Convergex 0.824%
Coda Markets 0.660%
Nyse Arca 0.660%

Option Contracts
(Percentage non-directed orders 4.322%)

LimitOrder
(Percentage of non-directed orders 92.339%)

Market Center
Percentage
Volant Smart Route 97.367%
Bats Trading 1.159%
Convergex 0.773%
International Securities Exchange, LLC 0.305%
Chicago Board Options Exchange 0.153%
Arca Options Exchange 0.092%
American Stock Exchange 0.051%
Nyse Amex Options 0.041%
Nasdaq Options Market 0.031%
Maxim Group 0.010%

Market Orders
(Percentage of non-directed orders 5.060%)

Market Center
Percentage
Volant Smart Route 96.846%
Arca Options Exchange 2.041%
Maxim Group 0.557%
Chicago Board Options Exchange 0.371%
Bats Trading 0.186%

Other Orders
(Percentage of non-directed orders 2.600%)

Market Center
Percentage
Convergex 75.812%
International Securities Exchange, LLC 7.220%
Volant Smart Route 6.859%
Maxim Group 5.054%
Philadelphia Options Exchange 1.444%
Chicago Board Options Exchange 1.444%
Arca Options Exchange 1.444%
Volant 0.722%
Nasdaq 2.47%
Convergex 0.82%
Coda Markets 0.66%
Nyse Arca 0.66%

Option Contracts
(Percentage non-directed orders 4.32%)

LimitOrder
(Percentage of non-directed orders 92.34%)

Market Center
Percentage
Volant Smart Route 97.37%
Bats Trading 1.16%
Convergex 0.76%
International Securities Exchange, LLC 0.31%
Chicago Board Options Exchange 0.15%
Arca Options Exchange 0.09%
American Stock Exchange 0.05%
Nyse Amex Options 0.04%
Nasdaq Options Market 0.03%
ISE Gemini 0.01%
Maxim Group 0.01%
Volant Darkpool 0.01%
XPSECRGX 0.01%

Market Orders
(Percentage of non-directed orders 5.06%)

Market Center
Percentage
Volant Smart Route 96.85%
Arca Options Exchange 2.04%
Maxim Group 0.56%
Chicago Board Options Exchange 0.37%
Bats Trading 0.19%

Other Orders
(Percentage of non-directed orders 2.60%)

Market Center
Percentage
Convergex 75.09%
International Securities Exchange, LLC 7.22%
Volant Smart Route 6.86%
Maxim Group 5.05%
Arca Options Exchange 1.44%
Philadelphia Options Exchange 1.44%
Chicago Board Options Exchange 1.44%
Volant 0.72%
C2CRGX 0.72%

Material Aspects of Relationship with Route Venues

Lek Securities has arrangements with certain market makers that allows customers to avoid paying an exchange fee when removing liquidity. These routes are advertised to the customer as “free” routes. When a customer selects a route that is advertised as free, Lek Securities may receive a payment if the order was routed to one the following counter parties: ConvergEx, PDQ/Coda Markets, Credit Suisse AES Algorithms, Volant Trading, Speedroute and Maxim Group. The amount of the payment will vary depending on the agreement with the respective venue. Specifics will be furnished upon request.