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 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 Third Quarter of 2017 Lek Securities routed customer orders as specified in the below table:


AMEX and Regional Exchanges
(Percentage non-directed orders 26.321%)

Limit Orders
(Percentage of non-directed orders 93.766%)

Market Center
Percentage
Nasdaq 54.170%
Nyse Arca 34.028%
Coda Markets 9.453%
Alternative Execution Group 1.095%
Bats Trading 0.871%
American Stock Exchange 0.092%
IEX Market 0.080%
Direct Edge Ecn (Byx) 0.0065%
ClearPool Dark 0.052%
Credit Suisse AES Algorithms Alias 0.003%

Market Orders
(Percentage of non-directed orders 5.828%)

Market Center
Percentage
Coda Markets 69.544%
Nasdaq 14.024%
Nyse Arca 10.665%
Alternative Execution Group 3.292%
Celadon Financial Group 0.870%
Biltmore International 0.602%
Bats Trading 0.522%
Global Liquidity Partners 0.321%
American Stock Exchange 0.094%
Direct Edge Ecn (Byx) 0.027%

Other Orders
(Percentage of non-directed orders 0.406%)

Market Center
Percentage
Celadon Financial Group 44.146%
Biltmore International 17.658%
Direct Edge Ecn (Edgx) 14.779%
Alternative Execution Group 10.749%
Direct Edge Ecn (Edga) 10.173%
Convergex 2.303%
Nyse Arca 0.192%

NASDAQ Listed Securities

(Percentage non-directed orders 2.512%)

Limit Orders
(Percentage of non-directed orders 74.24%)

Market Center
Percentage
Nasdaq 50.320%
Nyse Arca 37.205%
Coda Markets 11.361%
IEX Market 0.252%
Credit Suisse AES Algorithms Alias 0.102%
Bats Trading 0.101%
Direct Edge Ecn (Edga) 0.0.098%
Direct Edge Ecn (Byx) 0.040%
Direct Edge Ecn (Edgx) 0.037%
Credit Suisse AES Algorithms 0.037%

Market Orders
(Percentage of non-directed orders 24.941%)

Market Center
Percentage
Coda Markets 60.403%
Nasdaq 37.205%
Nyse Arca 1.639%
Global Liquidity Partners 0.659%
Bats Trading 0.034%
Alternative Execution Group 0.021%
Direct Edge Ecn (Edga) 0.017%
IGT Europe 0.004%
Credit Suisse AES Algorithms 0.004%
Credit Suisse AES Algorithms Alias 0.004%

Other Orders
(Percentage of non-directed orders 0.810%)

Market Center
Percentage
Direct Edge Ecn (Edgx) 98.287%
Global Liquidity Partners 1.318%
International Securities Exchange, LLC 0.132%
Celadon Financial Group 0.132%
Direct Edge Ecn (Edga) 0.132%

NYSE Listed Securities

(Percentage non-directed orders 1.498%)

Limit Orders
(Percentage of non-directed orders 73.073%)

Market Center
Percentage
Nasdaq 43.184%
Nyse Arca 33.398%
Coda Markets 19.869%
New York Stock Exchange, Inc. 1.976%
IEX Market 0.479%
Credit Suisse AES Algorithms Alias 0.358%
Bats Trading 0.209%
Direct Edge Ecn (Edga) 0.149%
Direct Edge Ecn (Byx) 0.147%
Credit Suisse AES Algorithms 0.096%

Market Orders
(Percentage of non-directed orders 25.618%)

Market Center
Percentage
Coda Markets 64.328%
Nasdaq 32.835%
New York Stock Exchange, Inc. 1.661%
Nyse Arca 0.574%
Global Liquidity Partners 0.513%
Bats Trading 0.056%
Direct Edge Ecn (Byx) 0.011%
IGT Europe 0.011%
Alternative Execution Group 0.011%

Other Orders
(Percentage of non-directed orders 1.309%)

Market Center
Percentage
Direct Edge Ecn (Edgx) 96.728%
Global Liquidity Partners 2.61%
International Securities Exchange, LLC 0.327%
Direct Edge Ecn (Edga) 0.218%
Nyse Arca 0.109%

Option Contracts

(Percentage non-directed orders 2.603%)

Limit Orders
(Percentage of non-directed orders 96.394%)

Market Center
Percentage
Maxim Group 92.532%
Volant Smart Route 4.555%
Convergex 0.828%
International Securities Exchange, LLC 0.814%
Nyse Amex Options 0.743%
American Stock Exchange 0.143%
Bats Trading 0.129%
Chicago Board Options Exchange 0.100%
ISE Mercury 0.100%
Volant Scrape Route 0.043%

Market Orders
(Percentage of non-directed orders 1.528%)

Market Center
Percentage
Maxim Group 86.486%
Volant Scrape Route 9.009%
Nyse Amex Options 2.703%
International Securities Exchange, LLC 0.901%
Volant Smart Route 0.901%

Other Orders
(Percentage of non-directed orders 2.078%)

Market Center
Percentage
Convergex 67.550%
International Securities Exchange, LLC 25.166%
Chicago Board Options Exchange 3.974%
Maxim 1.987%
Nyse Arca 1.325%

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.