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 94.6% 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 2019 Lek Securities routed customer orders as specified in the below table:


AMEX and Regional Exchanges
(Percentage non-directed orders 5.556%)

LimitOrder
(Percentage of non-directed orders 94.605%)

Market Center
Percentage
Nyse Arca 29.860%
Nasdaq 25.689%
Sage Trader 21.802%
OTC LINK ECN 13.203%
Coda Markets 2.776%
Bats Trading 1.989%
Alternative Execution Group 1.883%
Maxim Group 0.797%
BATS-Y 0.643%
IEX Market 0.389%

Market Orders
(Percentage of non-directed orders 5.165%)

Market Center
Percentage
Nyse Arca 30.213%
Nasdaq 28.514%
Coda Markets 18.259%
Celadon Financial Group 11.894%
Alternative Execution Group 5.753%
Maxim Group 2.012%
Bats Trading 1.401%
Sage Trader 1.312%
ClearPool Dark 0.283%
American Stock Exchange 0.119%

Other Orders
(Percentage of non-directed orders 0.231%)

Market Center
Percentage
Direct Edge (Edgx) 80.667%
Direct Edge (Edga) 12.667%
Coda Markets 6.333%
Nyse Arca 0.333%

NASDAQ Listed Securities
(Percentage non-directed orders 1.862%)

LimitOrder
(Percentage of non-directed orders Limit)

Market Center
Percentage
Nasdaq 40.129%
Nyse Arca 36.813%
Sage Trader 17.999%
Coda Markets 1.931%
IEX Market 1.320%
Credit Suisse AES Algorithms Alias 0.942%
Bats Trading 0.551%
BATS-Y 0.087%
OTC LINK ECN 0.045%
Direct Edge (Edgx) 0.041%

Market Orders
(Percentage of non-directed orders 15.226%)

Market Center
Percentage
Nasdaq 45.460%
Nyse Arca 33.634%
Maxim Group 10.834%
Coda Markets 9.306%
Sage Trader 0.448%
ClearPool Dark 0.149%
Bats Trading 0.111%
Celadon Financial Group 0.024%
Direct Edge (Edga) 0.014%
Alternative Execution Group 0.014%

Other Orders
(Percentage of non-directed orders 1.367%)

Market Center
Percentage
Direct Edge (Edgx) 97.692%
Direct Edge (Edga) 1.449%
Coda Markets 0.590%
International Securities Exchange, LLC 0.161%
Nasdaq 0.107%

NYSE Listed Securities
(Percentage non-directed orders 1.589%)

LimitOrder
(Percentage of non-directed orders 78.798%)

Market Center
Percentage
Nyse Arca 37.766%
Nasdaq 33.559%
Sage Trader 12.164%
IEX Market 4.771%
Coda Markets 4.109%
Bats Trading 2.873%
Credit Suisse AES Algorithms Alias 2.013%
New York Stock Exchange 1.542%
Direct Edge (Edgx) 0.847%
ClearPool Dark 0.157%

Market Orders
(Percentage of non-directed orders 19.822%)

Market Center
Percentage
Nasdaq 39.299%
Nyse Arca 34.813%
Maxim Group 12.866%
Coda Markets 9.605%
New York Stock Exchange 2.480%
Sage Trader 0.408%
ClearPool Dark 0.400%
Bats Trading 0.070%
BATS-Y 0.016%

Other Orders
(Percentage of non-directed orders 1.380%)

Market Center
Percentage
Direct Edge (Edgx) 98.939%
Direct Edge (Edga) 0.949%
Nyse Arca 0.056%
Nasdaq 0.056%

Option Contracts
(Percentage non-directed orders 0.271%)

LimitOrder
(Percentage of non-directed orders 66.253%)

Market Center
Percentage
International Securities Exchange, LLC 59.063%
Convergex 27.500%
Boston Options Exchange 4.688%
Bats Trading 2.500%
Chicago Board Options Exchange 2.188%
AMEXCRGX 1.875%
XPSECRGX 0.938%
Arca Options Exchange 0.625%
Philadelphia Options Exchange 0.313%
Puma Capital, Llc 0.313%

Market Orders
(Percentage of non-directed orders 2.899%)

Market Center
Percentage
Arca Options Exchange 64.286%
Convergex 21.429%
American Stock Exchange 14.286%

Other Orders
(Percentage of non-directed orders 30.849%)

Market Center
Percentage
Convergex 48.322%
International Securities Exchange, LLC 32.886%
Maxim Group 13.423%
Chicago Board Options Exchange 2.685%
Puma Capital, Llc 1.342%
XPSECRGX 1.342%

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.