April 2024
S&P 500 Stocks
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
98.52 |
0.36 |
0.72 |
0.40 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities (CDRG) |
35.18 |
35.10 |
47.37 |
42.11 |
33.33 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane Street Capital, LLC (JNST) |
15.14 |
15.31 |
0.00 |
7.89 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
14.49 |
14.25 |
21.05 |
21.05 |
57.14 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
14.23 |
14.21 |
15.79 |
18.42 |
9.52 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| HRT FINANCIAL LP (HRTF) |
13.76 |
13.88 |
10.53 |
5.26 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
4.59 |
4.63 |
0.00 |
2.63 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Two Sigma Securities (SOHO) |
2.58 |
2.58 |
5.26 |
2.63 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Maxim Group LLC (MAXM) |
0.02 |
0.02 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| GTS Securities LLC (GTSM) |
0.02 |
0.02 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Jane Street Capital, LLC (JNST):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Virtu Americas, LLC (NITE):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
G1 Execution Services, LLC (ETMM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
HRT FINANCIAL LP (HRTF):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
UBS Securities LLC (UBSS):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Two Sigma Securities (SOHO):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Maxim Group LLC (MAXM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
GTS Securities LLC (GTSM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
April 2024
Non-S&P 500 Stocks
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
97.82 |
0.45 |
1.28 |
0.44 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities (CDRG) |
32.15 |
32.33 |
33.96 |
25.33 |
9.62 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
15.84 |
15.90 |
20.75 |
14.67 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane Street Capital, LLC (JNST) |
13.84 |
13.80 |
11.32 |
21.33 |
3.85 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
13.39 |
13.33 |
9.43 |
10.67 |
38.46 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| HRT FINANCIAL LP (HRTF) |
8.61 |
8.63 |
13.21 |
8.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Two Sigma Securities (SOHO) |
8.10 |
7.94 |
7.55 |
8.67 |
42.31 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
7.17 |
7.15 |
3.77 |
10.67 |
5.77 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Maxim Group LLC (MAXM) |
0.34 |
0.35 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| StoneX Financial Inc (INTL) |
0.29 |
0.29 |
0.00 |
0.67 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| GTS Securities LLC (GTSM) |
0.27 |
0.27 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
G1 Execution Services, LLC (ETMM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Jane Street Capital, LLC (JNST):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Virtu Americas, LLC (NITE):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
HRT FINANCIAL LP (HRTF):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Two Sigma Securities (SOHO):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
UBS Securities LLC (UBSS):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Maxim Group LLC (MAXM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
StoneX Financial Inc (INTL):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
GTS Securities LLC (GTSM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
April 2024
Option Contracts
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
80.65 |
1.61 |
17.74 |
0.00 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities LLC (CITL) |
38.71 |
38.00 |
0.00 |
45.45 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Susquehanna International Group, LLP (SUSQ) |
33.87 |
36.00 |
0.00 |
27.27 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Wolverine Execution Svc. (WEXX) |
24.19 |
22.00 |
100.00 |
27.27 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| DASH Financial Option ATS (LPOX) |
3.23 |
4.00 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities LLC (CITL):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Susquehanna International Group, LLP (SUSQ):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Wolverine Execution Svc. (WEXX):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
DASH Financial Option ATS (LPOX):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
May 2024
S&P 500 Stocks
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
98.67 |
0.43 |
0.61 |
0.29 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities (CDRG) |
34.07 |
34.03 |
45.45 |
29.03 |
40.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| HRT FINANCIAL LP (HRTF) |
15.11 |
15.08 |
31.82 |
16.13 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane Street Capital, LLC (JNST) |
14.88 |
14.90 |
4.55 |
22.58 |
6.67 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
14.74 |
14.78 |
4.55 |
16.13 |
13.33 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
13.82 |
13.79 |
9.09 |
12.90 |
33.33 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
4.70 |
4.75 |
4.55 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Two Sigma Securities (SOHO) |
2.65 |
2.64 |
0.00 |
3.23 |
6.67 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| StoneX Financial Inc (INTL) |
0.02 |
0.02 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Maxim Group LLC (MAXM) |
0.02 |
0.02 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
HRT FINANCIAL LP (HRTF):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Jane Street Capital, LLC (JNST):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
G1 Execution Services, LLC (ETMM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Virtu Americas, LLC (NITE):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
UBS Securities LLC (UBSS):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Two Sigma Securities (SOHO):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
StoneX Financial Inc (INTL):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Maxim Group LLC (MAXM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
May 2024
Non-S&P 500 Stocks
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
98.71 |
0.26 |
0.43 |
0.60 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities (CDRG) |
30.44 |
30.62 |
37.04 |
22.22 |
3.17 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
16.48 |
16.59 |
7.41 |
20.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane Street Capital, LLC (JNST) |
14.75 |
14.80 |
18.52 |
20.00 |
1.59 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
14.07 |
13.80 |
11.11 |
13.33 |
60.32 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| HRT FINANCIAL LP (HRTF) |
8.24 |
8.28 |
11.11 |
8.89 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Two Sigma Securities (SOHO) |
7.84 |
7.72 |
0.00 |
6.67 |
31.75 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
7.26 |
7.26 |
14.81 |
8.89 |
3.17 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| GTS Securities LLC (GTSM) |
0.36 |
0.37 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Maxim Group LLC (MAXM) |
0.35 |
0.36 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| StoneX Financial Inc (INTL) |
0.19 |
0.19 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
G1 Execution Services, LLC (ETMM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Jane Street Capital, LLC (JNST):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Virtu Americas, LLC (NITE):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
HRT FINANCIAL LP (HRTF):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Two Sigma Securities (SOHO):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
UBS Securities LLC (UBSS):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
GTS Securities LLC (GTSM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Maxim Group LLC (MAXM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
StoneX Financial Inc (INTL):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
May 2024
Option Contracts
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
77.03 |
0.00 |
21.62 |
1.35 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities LLC (CITL) |
44.59 |
50.88 |
0.00 |
18.75 |
100.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Wolverine Execution Svc. (WEXX) |
22.97 |
21.05 |
0.00 |
31.25 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Susquehanna International Group, LLP (SUSQ) |
21.62 |
15.79 |
0.00 |
43.75 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| DASH Financial Option ATS (LPOX) |
10.81 |
12.28 |
0.00 |
6.25 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities LLC (CITL):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Wolverine Execution Svc. (WEXX):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Susquehanna International Group, LLP (SUSQ):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
DASH Financial Option ATS (LPOX):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
June 2024
S&P 500 Stocks
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
98.52 |
0.78 |
0.51 |
0.19 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities (CDRG) |
33.11 |
33.09 |
29.73 |
37.50 |
44.44 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| HRT FINANCIAL LP (HRTF) |
14.97 |
15.07 |
8.11 |
12.50 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane Street Capital, LLC (JNST) |
14.70 |
14.55 |
32.43 |
20.83 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
13.53 |
13.59 |
13.51 |
4.17 |
11.11 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
12.29 |
12.24 |
10.81 |
16.67 |
33.33 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
5.79 |
5.79 |
5.41 |
8.33 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Two Sigma Securities (SOHO) |
4.84 |
4.89 |
0.00 |
0.00 |
11.11 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| StoneX Financial Inc (INTL) |
0.78 |
0.79 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
HRT FINANCIAL LP (HRTF):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Jane Street Capital, LLC (JNST):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
G1 Execution Services, LLC (ETMM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Virtu Americas, LLC (NITE):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
UBS Securities LLC (UBSS):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Two Sigma Securities (SOHO):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
StoneX Financial Inc (INTL):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
June 2024
Non-S&P 500 Stocks
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
98.96 |
0.48 |
0.35 |
0.22 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities (CDRG) |
31.19 |
31.33 |
14.58 |
17.14 |
22.73 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
16.45 |
16.44 |
27.08 |
11.43 |
4.55 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane Street Capital, LLC (JNST) |
15.32 |
15.32 |
8.33 |
17.14 |
27.27 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
12.67 |
12.64 |
10.42 |
20.00 |
18.18 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| HRT FINANCIAL LP (HRTF) |
9.37 |
9.39 |
8.33 |
11.43 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Two Sigma Securities (SOHO) |
7.26 |
7.14 |
20.83 |
11.43 |
22.73 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
6.89 |
6.87 |
10.42 |
8.57 |
4.55 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| GTS Securities LLC (GTSM) |
0.36 |
0.36 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Maxim Group LLC (MAXM) |
0.35 |
0.34 |
0.00 |
2.86 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| StoneX Financial Inc (INTL) |
0.16 |
0.16 |
0.00 |
0.00 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
G1 Execution Services, LLC (ETMM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Jane Street Capital, LLC (JNST):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Virtu Americas, LLC (NITE):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
HRT FINANCIAL LP (HRTF):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Two Sigma Securities (SOHO):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
UBS Securities LLC (UBSS):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
GTS Securities LLC (GTSM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Maxim Group LLC (MAXM):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
StoneX Financial Inc (INTL):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
June 2024
Option Contracts
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
64.91 |
1.75 |
33.33 |
0.00 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities LLC (CITL) |
38.60 |
40.54 |
0.00 |
36.84 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Susquehanna International Group, LLP (SUSQ) |
29.82 |
32.43 |
0.00 |
26.32 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Wolverine Execution Svc. (WEXX) |
26.32 |
27.03 |
100.00 |
21.05 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| DASH Financial Option ATS (LPOX) |
5.26 |
0.00 |
0.00 |
15.79 |
0.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities LLC (CITL):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Susquehanna International Group, LLP (SUSQ):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
Wolverine Execution Svc. (WEXX):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.
DASH Financial Option ATS (LPOX):
Cetera Financial Specialists LLC Under Rule 606(a)(1)(iv), the SEC requires broker-dealers to disclose any material aspects of order flow routing relations with “Specified Venues” (e.g. market makers, securities exchanges, ECNs, etc.) that may influence the routing of equity and options orders by broker-dealers. The SEC advises that such aspects may create conflicts of interest that may compromise the interests of public customers and result in financial harm to the customers. Cetera Financial Specialists LLC (CFS) reports material aspects of its relationships with Specified Venues which includes but is not limited to the following:
1.The routing of CFS’s order flow is managed exclusively by Pershing. Although CFS is ultimately responsible for Best Execution and supervision of its execution quality, the routing decision is made by Pershing.
2.CFS does not receive or solicit any payment for order flow from any venue.
3.CFS does not receive any sort of consideration from any venue.
4.CFS does not receive any services or technologies subsidized by venues.
5.CFS does not receive any payment for order flow passed through by Pershing.