SEC Rule 606 (formally 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 96% 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 Second Quarter of 2017 Lek Securities routed customer orders as specified in the below table:


AMEX and Regional Exchanges
(Percentage non-directed orders 21.793%)

Limit Orders
(Percentage of non-directed orders 92.56%)

Market Center
Percentage
Nasdaq 43.996%
Nyse Arca 34.551%
Coda Markets 8.688%
ITG - POSIT EXCHANGE 4.635%
Arxis Securities LLC 2.872%
Bats Trading 2.831%
Alternative Execution Group 1.693%
IEX Market 0.396%
Direct Edge Ecn (Byx) 0.092%
Direct Edge Ecn (Edga) 0.086%

Market Orders
(Percentage of non-directed orders 6.963%)

Market Center
Percentage
Coda Markets 51.226%
Arxis Securities LLC 23.161%
Fox River 9.482%
Nasdaq 6.834%
Nyse Arca 6.013%
Biltmore International 1.231%
Alternative Execution Group 0.965%
ITG - POSIT EXCHANGE 0.575%
Bats Trading 0.205%
Celadon Financial Group 0.113%

Other Orders
(Percentage of non-directed orders 0.474%)

Market Center
Percentage
Biltmore International 58.22%
Direct Edge Ecn (Edgx) 29.864%
Vfinance Investments, Inc 4.525%
Direct Edge Ecn (Edga) 3.469%
Celadon Financial Group 1.81%
Fox River 0.905%
Nyse Arca 0.603%
Arxis Securities LLC 0.603%

NASDAQ Listed Securities

(Percentage non-directed orders 2.196%)

Limit Orders
(Percentage of non-directed orders 74.093%)

Market Center
Percentage
Nasdaq 46.21%
Nyse Arca 36.646%
Coda Markets 9.464%
Arxis Securities LLC 4.336%
ITG - POSIT EXCHANGE 1.806%
IEX Market 0.662%
Credit Suisse AES Algorithms Alias 0.41%
Bats Trading 0.161%
Direct Edge Ecn (Byx) 0.094%
Direct Edge Ecn (Edga) 0.064%

Market Orders
(Percentage of non-directed orders 25.085%)

Market Center
Percentage
Coda Markets 38.114%
Nasdaq 25.439%
Arxis Securities LLC 24.519%
Fox River 11.176%
Nyse Arca 0.584%
ITG - POSIT EXCHANGE 0.059%
Alternative Execution Group 0.04%
Bats Trading 0.02%
Direct Edge Ecn (Byx) 0.015%
Direct Edge Ecn (Edga) 0.01%

Other Orders
(Percentage of non-directed orders 0.823%)

Market Center
Percentage
Biltmore International 58.22%
Direct Edge Ecn (Edgx) 29.864%
Vfinance Investments, Inc 4.525%
Direct Edge Ecn (Edga) 3.469%
Celadon Financial Group 1.81%
Fox River 0.905%
Nyse Arca 0.603%
Arxis Securities LLC 0.603%

NYSE Listed Securities

(Percentage non-directed orders 1.265%)

Limit Orders
(Percentage of non-directed orders 82.868%)

Market Center
Percentage
Nasdaq 34.213%
Nyse Arca 30.703%
Coda Markets 13.676%
Arxis Securities LLC 5.413%
New York Stock Exchange, Inc. 4.366%
Bats Trading 4.082%
Direct Edge Ecn (Edga) 3.413%
ITG - POSIT EXCHANGE 2.836%
Direct Edge Ecn (Byx) 0.405%
IEX Market 0.332%

Market Orders
(Percentage of non-directed orders 16.041%)

Market Center
Percentage
Coda Markets 51.226%
Arxis Securities LLC 23.161%
Fox River 9.482%
Nasdaq 6.834%
Nyse Arca 6.013%
Biltmore International 1.231%
Alternative Execution Group 0.965%
ITG - POSIT EXCHANGE 0.575%
Bats Trading 0.205%
Celadon Financial Group 0.113%

Other Orders
(Percentage of non-directed orders 1.091%)

Market Center
Percentage
Biltmore International 58.22%
Direct Edge Ecn (Edgx) 29.864%
Vfinance Investments, Inc 4.525%
Direct Edge Ecn (Edga) 3.469%
Celadon Financial Group 1.81%
Fox River 0.905%
Nyse Arca 0.603%
Arxis Securities LLC 0.603%

Option Contracts

(Percentage non-directed orders 3.245%)

Limit Orders
(Percentage of non-directed orders 98.658%)

Market Center
Percentage
Maxim Group 99.736%
Chicago Board Options Exchange 0.137%
Nyse Amex Options 0.049%
Convergex 0.039%
Bats Trading 0.01%
Nasdaq Options Market 0.01%
International Securities Exchange, LLC 0.01%
Wolverine Execution Services, LLC 0.01%

Market Orders
(Percentage of non-directed orders 0.908%)

Market Center
Percentage
Maxim Group 100%

Other Orders
(Percentage of non-directed orders 0.434%)

Market Center
Percentage
Convergex 77.778%
International Securities Exchange, LLC 20%
Maxim Group 2.222%

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, Susquehanna International Group and Maxim Group. The amount of the payment will vary depending on the agreement with the respective venue. Specifics will be furnished upon request.