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 First Quarter of 2017 Lek Securities routed customer orders as specified in the below table.


AMEX and Regional Exchanges (Percentage non-directed orders 23.581%)
Limit Orders (Percentage of non-directed orders 94.638%)

Market CenterPercentage
Nasdaq57.662%
Nyse Arca13.187%
Convergex9.148%
Morgan Stanley7.748%
Coda Markets5.79%
Cantor Fitzgerald & Co2.124%
Bats Trading1.977%
Alternative Execution Group1.048%
IEX Market0.873%
Arxis Securities LLC0.143%

Market Orders (Percentage of non-directed orders 5.046%)

Market Center Percentage
Coda Markets47.537%
Convergex32.696%
Cantor Fitzgerald & Co10.084%
Arxis Securities LLC3.716%
Nasdaq2.518%
Nyse Arca1.271%
Vfinance Investments, Inc1.102%
Alternative Execution Group0.726%
Bats Trading0.085%
ClearPool TWAP0.073%

Other Orders (Percentage of non-directed orders 0.320%)

Market Center Percentage
Vfinance Investments, Inc70.992%
Direct Edge Ecn (Edgx)4.784%
Morgan Stanley0.06%
Cantor Fitzgerald & Co0.019%
Direct Edge Ecn (Edga)0.016%
Alternative Execution Group0.004%

NASDAQ Listed Securities (Percentage non-directed orders 2.635%)

Limit Orders (Percentage of non-directed orders 76.729%)

Market CenterPercentage
Nasdaq58.276%
Convergex10.829%
Nyse Arca10.337%
Morgan Stanley8.141%
Coda Markets7.163%
Cantor Fitzgerald & Co2.317%
Bats Trading1.046%
IEX Market0.796%
Direct Edge Ecn (Edga)0.269%
Arxis Securities LLC0.194%

Market Orders (Percentage of non-directed orders 22.403%)

Market CenterPercentage
Convergex48.548%
Coda Markets38.181%
Cantor Fitzgerald & Co6.878%
Nasdaq4.773%
Nyse Arca0.804%
Arxis Securities LLC0.654%
Alternative Execution Group0.035%
Direct Edge Ecn (Edga)0.017%
Fox River0.017%
Direct Edge Ecn (Edgx)0.017%

Other Orders (Percentage of non-directed orders 0.868%)

Market Center Percentage
Direct Edge Ecn (Edgx)91.045%
Morgan Stanley5.97%
Fox River1.642%
Direct Edge Ecn (Edga)0.448%
Nasdaq0.448%
Vfinance Investments, Inc0.299%
Convergex0.149%

NYSE Listed Securities (Percentage non-directed orders 1.823%)

Limit Orders (Percentage of non-directed orders 81.092%)

Market CenterPercentage
Nasdaq48.339%
Convergex16.132%
Coda Markets14.04%
Nyse Arca8.147%
Morgan Stanley6.219%
Cantor Fitzgerald & Co1.853%
Bats Trading1.728%
New York Stock Exchange, Inc.1.248%
Direct Edge Ecn (Edga)1.163%
IEX Market0.348%

Market Orders (Percentage of non-directed orders 17.949%)

Market CenterPercentage
Convergex43.38%
Coda Markets42.532%
Cantor Fitzgerald & Co8.652%
Nasdaq3.242%
New York Stock Exchange, Inc.1.439%
Arxis Securities LLC0.484%
Nyse Arca0.157%
Lampost Capital0.031%
Fox River0.031%
Direct Edge Ecn (Byx)0.019%

Other Orders (Percentage of non-directed orders 0.976%)

Market Center Percentage
Direct Edge Ecn (Edgx)95.376%
Morgan Stanley2.543%
Direct Edge Ecn (Edga)1.272%
Fox River0.694%
Nasdaq0.116%

Option Contracts (Percentage non-directed orders 3.863%)

Limit Orders (Percentage of non-directed orders 98.579%)

Market CenterPercentage
Maxim Group90.722%
Susquehanna International Group4.571%
Lampost Capital3.316%
International Securities Exchange, LLC0.678%
Nyse Arca0.245%
Chicago Board Options Exchange0.231%
American Stock Exchange0.079%
Nyse Amex Options0.043%
Bats Trading0.036%
Convergex0.029%

Market Orders (Percentage of non-directed orders 0.789%)

Market CenterPercentage
Maxim Group94.595%
Nyse Amex Options4.505%
Chicago Board Options Exchange0.901%

Other Orders (Percentage of non-directed orders 0.633%)

Market Center Percentage
Maxim Group60.674%
International Securities Exchange, LLC24.719%
Convergex14.607%

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.