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 97% 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 Fourth Quarter of 2017 Lek Securities routed customer orders as specified in the below table:


AMEX and Regional Exchanges
(Percentage non-directed orders 28.423%)

Limit Orders
(Percentage of non-directed orders 92.631%)

Market Center
Percentage
Nasdaq 60.574%
Nyse Arca 29.975%
Coda Markets 7.419%
Bats Trading 1.030%
ClearPool Dark 0.369%
IEX Market 0.364%
American Stock Exchange 0.127%
Direct Edge Ecn (Byx) 0.0063%
Direct Edge Ecn (Edgx) 0.035%
Credit Suisse AES Algorithms Alias 0.0021%

Market Orders
(Percentage of non-directed orders 5.689%)

Market Center
Percentage
Coda Markets 59.535%
Nyse Arca 17.133%
Nasdaq 16.604%
Alternative Execution Group 4.485%
Celadon Financial Group 0.808%
Bats Trading 0.766%
Biltmore International 0.279%
ClearPool Dark 0.181%
Bayes Capital 0.098%
American Stock Exchange 0.084%

Other Orders
(Percentage of non-directed orders 1.680%)

Market Center
Percentage
Alternative Execution Group 75.943%
Celadon Financial Group 9.434%
Nyse Arca 6.368%
Direct Edge Ecn (Edgx) 2.972%
Direct Edge Ecn (Edga) 2.594%
Biltmore International 2.594%
Bayes Capital 0.04%

NASDAQ Listed Securities

(Percentage non-directed orders 2.821%)

Limit Orders
(Percentage of non-directed orders 75.909%)

Market Center
Percentage
Nasdaq 48.339%
Nyse Arca 41.465%
Coda Markets 9.518%
Bats Trading 0.295%
IEX Market 0.115%
Direct Edge Ecn (Byx) 0.105%
Credit Suisse AES Algorithms 0.101%
Direct Edge Ecn (Edga) 0.028%
Direct Edge Ecn (Edgx) 0.028%
ClearPool Dark 0.003%

Market Orders
(Percentage of non-directed orders 23.761%)

Market Center
Percentage
Coda Markets 54.043%
Nasdaq 45.264%
Nyse Arca 0.659%
New York Stock Exchange,Inc 0.013%
Celadon Financial Group 0.008%
Bats Trading 0.005%
Direct Edge Ecn (Edgx) 0.003%
Direct Edge Ecn (Edga) 0.003%
Alternative Execution Group 0.003%

Other Orders
(Percentage of non-directed orders 0.329%)

Market Center
Percentage
Direct Edge Ecn (Edgx) 75.962%
Nyse Arca 21.154%
Alternative Execution Group 1.923%
Direct Edge Ecn (Edga) 0.577%
Celadon Financial Group 0.385%

NYSE Listed Securities

(Percentage non-directed orders 2.115%)

Limit Orders
(Percentage of non-directed orders 71.846%)

Market Center
Percentage
Nasdaq 45.028%
Nyse Arca 38.664%
Coda Markets 11.907%
New York Stock Exchange, Inc. 2.282%
Bats Trading 1.076%
IEX Market 0.238%
Bats Trading 0.209%
Direct Edge Ecn (Edga) 0.193%
Direct Edge Ecn (Edgx) 0.190%
Credit Suisse AES Algorithms 0.151%

Market Orders
(Percentage of non-directed orders 27.663%)

Market Center
Percentage
Coda Markets 55.541%
Nasdaq 42.601%
New York Stock Exchange, Inc. 1.525%
Nyse Arca 0.257%
Bats Trading 0.045%
ClearPool Dark 0.021%
Bayes Capital 0.010%

Other Orders
(Percentage of non-directed orders 0.491%)

Market Center
Percentage
Direct Edge Ecn (Edgx) 70.015%
Nyse Arca 28.508%
Bayes Capital 0.886%
Direct Edge Ecn (Edga) 0.295%

Option Contracts

(Percentage non-directed orders 4.366%)

Limit Orders
(Percentage of non-directed orders 96.357%)

Market Center
Percentage
Volant Smart Route 97.389%
Maxim Group 0.879%
Bats Trading 0.580%
Chicago Board Options Exchange 0.254%
International Securities Exchange, LLC 0.218%
Convergex 0.199%
Nyse Amex Options 0.181%
Chicago Board Of Trade 0.091%
Direct Edge Ecn (Edgx) 0.063%
Philadelphia Options Exchange 0.054%

Market Orders
(Percentage of non-directed orders 2.429%)

Market Center
Percentage
Volant Scrape Route 93.885%
Convergex 2.518%
Chicago Board Options Exchange 2.518%
Direct Edge Ecn (Edgx) 0.360%
Maxim Group 0.360%
Nyse Amex Options 0.360%

Other Orders
(Percentage of non-directed orders 1.214%)

Market Center
Percentage
International Securities Exchange, LLC 45.324%
Convergex 16.547%
Direct Edge Ecn (Edgx) 8.633%
Chicago Board Of Trade 8.633%
Volant Smart Route 7.194%
Philadelphia Options Exchange 4.317%
Chicago Board Options Exchange 2.878%
Arca Options Exchange 2.878%
Options Exercise Book Queue 2.158%
Maxim Group 1.439%

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