Rule 606: Order Routing Practices

RBCWM – Held NMS Stocks and Options  Order Routing Public Report

Generated on Fri May 29 2020 18:18:03  GMT-0400 (Eastern Daylight Time)

1st Quarter, 2020

 

January 2020

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 82.97 3.03 8.21 5.78

 

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)
G1

Execution Services, LLC

44.98 45.36 45.89 41.04 44.62                
Citadel Execution Services 29.98 30.32 33.77 28.52 25.15                
Virtu Americas, LLC 14.76 14.56 10.97 17.00 16.44 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000
UBS Securities, LLC 10.28 9.76 9.38 13.43 13.79 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000

 

Material  Aspects:

January 2020

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 67.84 11.34 15.75 5.08

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)
Virtu Americas, LLC 50.94 47.79 59.20 60.35 45.39 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000
G1

Execution Services, LLC

21.18 21.21 16.10 21.41 31.44                
UBS Securities, LLC 13.97 17.03 10.60 4.59 9.80 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000
Citadel Execution Services 13.91 13.98 14.09 13.64 13.37                

 

Material  Aspects:

 

January 2020

Options

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
99.99 24.24 21.97 50.48 3.31

 

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)
Citigroup 59.98 27.02 75.00 69.48 56.66                
Wolverine Execution Services, LLC 23.58 55.77 15.95 12.00 15.17 3,722.75 0.2863 3,704.00 0.3700 9,272.25 0.4461 4,414.50 0.3664
Citadel Execution Services 16.44 17.21 9.05 18.52 28.17 1,070.29 0.1394 963.09 0.1923 2,227.74 0.3718 51.89 0.3052

Material  Aspects:

Citigroup:

For exchange-listed equity and index options, RBC is assessed fees and receives credits from the option market centers that may exceed the amount we are charged. RBC may receive the benefit of these credits and such payments constitute payment for order flow.

Wolverine Execution  Services, LLC:

For exchange-listed equity and index options, RBC is assessed fees and receives credits from the option market centers that may exceed the amount we are charged. RBC may receive the benefit of these credits and such payments constitute payment for order flow.

Citadel Execution  Services:

For exchange-listed equity and index options, RBC is assessed fees and receives credits from the option market centers that may exceed the amount we are charged. RBC may receive the benefit of these credits and such payments constitute payment for order flow.

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 82.13 2.80 8.87 6.20

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)
G1

Execution Services, LLC

46.48 46.75 48.24 43.25 46.65                
Citadel Execution Services 28.60 28.63 28.59 31.51 23.95                
Virtu Americas, LLC 15.66 15.35 16.50 16.67 17.88 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000
UBS Securities, LLC 9.27 9.26 6.68 8.57 11.52 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000

Material  Aspects:

February 2020

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 67.02 12.11 15.87 5.00

 

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)
Virtu 49.41 45.92 55.89 61.45 42.30 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000

 

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)
Americas, LLC                          
G1

Execution Services, LLC

21.19 22.14 15.00 18.83 30.88                
UBS Securities, LLC 15.03 17.83 14.18 5.11 10.98 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000
Citadel Execution Services 14.38 14.12 14.92 14.61 15.84                

Material  Aspects:

 

February 2020

Options

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
99.95 23.81 22.86 50.23 3.10

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)
Citigroup 54.52 24.47 70.81 61.20 56.93                
Wolverine Execution Services, LLC 26.15 53.63 20.14 17.09 6.20 4,424.75 0.3116 8,252.25 0.4196 10,145.50 0.3963 4,892.75 0.3688
Citadel Execution Services 19.33 21.90 9.05 21.71 36.86 2,009.24 0.1248 820.79 0.1613 3,819.00 0.3243 43.24 0.2471

Material  Aspects:

Citigroup:

For exchange-listed equity and index options, RBC is assessed fees and receives credits from the option market centers that may exceed the amount we are charged. RBC may receive the benefit of these credits and such payments constitute payment for order flow.

Wolverine Execution  Services, LLC:

For exchange-listed equity and index options, RBC is assessed fees and receives credits from the option market centers that may exceed the amount we are charged. RBC may receive the benefit of these credits and such payments constitute payment for order flow.

Citadel Execution  Services:

For exchange-listed equity and index options, RBC is assessed fees and receives credits from the option market centers that may exceed the amount we are charged. RBC may receive the benefit of these credits and such payments constitute payment for order flow.

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 80.81 3.21 10.96 5.02

 

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)
G1

Execution Services, LLC

38.86 38.37 39.51 41.46 40.57                
Citadel Execution Services 27.17 27.47 25.53 27.03 23.72                
Virtu Americas, LLC 20.67 20.53 19.57 19.89 25.31 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000
UBS Securities, LLC 13.31 13.63 15.38 11.63 10.40 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000

Material  Aspects:

 

March 2020

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 68.98 10.33 16.00 4.68

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)
Virtu

Americas,

36.67 33.88 43.09 43.89 38.92 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000

 

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)
LLC                          
G1

Execution Services, LLC

23.39 24.00 15.19 23.29 32.97                
UBS Securities, LLC 21.40 22.76 27.04 14.09 13.96 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000
Citadel Execution Services 18.54 19.37 14.67 18.73 14.15                

Material  Aspects:

March 2020

Options

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 16.54 17.42 64.86 1.18

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)
Citigroup 62.32 30.60 74.76 67.06 62.70                
Citadel Execution Services 22.33 29.31 12.33 22.98 36.51 1,378.09 0.1046 1,725.09 0.1109 5,930.19 0.2390 9.00 0.2000
Wolverine Execution Services, LLC 15.35 40.09 12.92 9.96 0.79 1,879.25 0.2504 5,561.50 0.3695 16,076.50 0.3576 3,402.50 0.3674

Material  Aspects:

Citigroup:

For exchange-listed equity and index options, RBC is assessed fees and receives credits from the option market centers that may exceed the amount we are charged. RBC may receive the benefit of these credits and such payments constitute payment for order flow.

Citadel Execution  Services:

For exchange-listed equity and index options, RBC is assessed fees and receives credits from the option market centers that may exceed the amount we are charged. RBC may receive the benefit of these credits and such payments constitute payment for order flow.

Wolverine Execution  Services, LLC:

For exchange-listed equity and index options, RBC is assessed fees and receives credits from the option market centers that may exceed the amount we are charged. RBC may receive the benefit of these credits and such payments constitute payment for order flow.

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Suite 750, Orlando, FL 32801

Phone: (407) 254-1500

Email: info@iaac.com

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