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 92% 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 2018 Lek Securities routed customer orders as specified in the below table:


AMEX and Regional Exchanges
(Percentage non-directed orders 30.226%)

Limit Orders
(Percentage of non-directed orders 96.355%%)

Market Center
Percentage
Nyse Arca 50.255%
Nasdaq 34.85%
Coda Markets 7.524%
Bats Trading 2.242%
OTC LINK ECN 1.363%
IEX Market 1.345%
Alternative Execution Group 0.985%
ClearPool Dark 0.661%
Direct Edge Ecn (Edgx) 0.244%
Maxim Group 0.170%
Credit Suisse AES Algorithms Alias 0.134%
Celadon Financial Group 0.125%
American Stock Exchange 0.022%
Direct Edge Ecn (Byx) 0.019%
Penserra Securities, LLC 0.019%
New York Stock Exchange 0.018%
Biltmore International 0.015%
Direct Edge Ecn (Edga) 0.007%
DBOT ATS, LLC 0.002%
Arxis Securities LLC 0.001%

Market Orders
(Percentage of non-directed orders 3.622%)

Market Center
Percentage
Coda Markets 50.691%
Nasdaq 16.803%
Celadon Financial Group 11.777%
Nyse Arca 10.409%
Alternative Execution Group 3.599%
Biltmore International 3.019%
Bats Trading 1.428%
Maxim Group 0.892%
ClearPool Dark 0.788%
IEX Market 0.461%
American Stock Exchange 0.134%

Other Orders
(Percentage of non-directed orders 0.023%)

Market Center
Percentage
Direct Edge Ecn (Edgx) 90.476%
Direct Edge Ecn (Edga) 7.143%
Alternative Execution Group 2.381%

NASDAQ Listed Securities

(Percentage non-directed orders 6.920%)

Limit Orders
(Percentage of non-directed orders 65.860%)

Market Center
Percentage
Nasdaq 49.063%
Nyse Arca 34.861%
Coda Markets 11.429%
IEX Market 2.256%
Bats Trading 1.224%
ClearPool Dark 0.440%
Credit Suisse AES Algorithms Alias 0.434%
Direct Edge Ecn (Byx) 0.132%
Direct Edge Ecn (Edgx) 0.097%
Direct Edge Ecn (Edga) 0.025%
New York Stock Exchange 0.018%
Alternative Execution Group 0.012%
Bayes Capital 0.005%
Maxim Group 0.001%
Celadon Financial Group 0.001%

Market Orders
(Percentage of non-directed orders 33.741%)

Market Center
Percentage
Coda Markets 58.119%
Nasdaq 41.362%
ClearPool Dark 0.329%
Nyse Arca 0.152%
IEX Market 0.015%
Bats Trading 0.011%
Alternative Execution Group 0.007%
Direct Edge Ecn (Edgx) 0.003%
New York Stock Exchange 0.003%
Direct Edge Ecn (Byx) 0.001%

Other Orders
(Percentage of non-directed orders 0.399%)

Market Center
Percentage
Direct Edge Ecn (Edgx) 97.975%
Direct Edge Ecn (Edga) 1.350%
Coda Markets 0.337%
Nasdaq 0.225%
Alternative Execution Group 0.112%

NYSE Listed Securities

(Percentage non-directed orders 4.837%)

Limit Orders
(Percentage of non-directed orders 65.921%)

Market Center
Percentage
Nasdaq 42.573%
Nyse Arca 28.894%
Coda Markets 13.802%
IEX Market 5.300%
Bats Trading 3.655%
New York Stock Exchange, Inc. 2.583%
Credit Suisse AES Algorithms Alias 1.180%
Direct Edge Ecn (Edga) 1.074%
ClearPool Dark 0.663%
Direct Edge Ecn (Edgx) 0.178%
Direct Edge Ecn (Byx) 0.096%
Bats Trading-dark scan 0.001%
Speedroute Dark Pool 0.001%
Bayes Capital 0.001%

Market Orders
(Percentage of non-directed orders 33.061%)

Market Center
Percentage
Coda Markets 60.848%
Nasdaq 36.130%
New York Stock Exchange 1.958%
ClearPool Dark 0.534%
IEX Market 0.246%
Credit Suisse AES Algorithms Alias 0.106%
Direct Edge Ecn (Edga) 0.101%
Nyse Arca 0.055%
Bats Trading 0.011%
Alternative Execution Group 0.004%
Bats Trading-dark scan 0.003%
Direct Edge Ecn (Byx) 0.001%
Direct Edge Ecn (Edgx) 0.001%

Other Orders
(Percentage of non-directed orders 1.018%)

Market Center
Percentage
Direct Edge Ecn (Edgx) 99.080%
Direct Edge Ecn (Edga) 0.414
Nasdaq 0.322
Nyse Arca 0.184%

Option Contracts

(Percentage non-directed orders 4.974%)

Limit Orders
(Percentage of non-directed orders 94.500%)

Market Center
Percentage
Volant Smart Route 97.456%
Maxim Group 1.197%
Convergex 1.014%
Volant Darkpool 0.108%
International Securities Exchange, LLC 0.100%
Chicago Board Options Exchange 0.091%
American Stock Exchange 0.025%
Philadelphia Options Exchange 0.008%

Market Orders
(Percentage of non-directed orders 2.255%)

Market Center
Percentage
Volant Smart Route 100%

Other Orders
(Percentage of non-directed orders 3.245%)

Market Center
Percentage
Convergex 76.998%
International Securities Exchange, LLC 12.349%
Volant Smart Route 9.685%
Maxim Group 0.969%

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.