RJA Order Routing Summary
As required by SEC Rule 606 and the Markets in Financial Instruments Directive (MiFID) in Europe, the data provided below represents order flow that has been sent to various market centers for execution. RJA has provided quantitative data for the venues that received the largest number of non-directed orders for each security type. Questions regarding this order routing summary may be directed to Tom Lombardi at 212-856-4386.
To view data for the New York Stock Exchange, the Nasdaq Stock Market, or the American Stock Exchange, please refer to www.tta.thomson.com/reports/1-6/raja
RJA acts as a market maker (Market Maker I.D.- RAJA) in some NASDAQ Stocks. Occasionally, RJA may execute eligible orders received from clients and other broker dealers against the firm’s proprietary inventory. RJA realizes 100% of any trading profits generated from trading with client orders as principal. While RJA does not receive payment for order flow in equity securities, some market centers do provide liquidity rebates.
Options
Quarter Ending March 2012*
| Execution Venue | Market Orders | Limit Orders | Other Orders | Total Orders |
|---|---|---|---|---|
| NYSE AMEX | 14.20% | 5.69% | 1.54% | 8.40% |
| NASDAQ OMX PHLX | 19.50% | 14.44% | 16.63% | 16.12% |
| Chicago Board Options Exchange | 41.89% | 32.00% | 78.52% | 35.91% |
| NYSE/ARCA | 2.41% | 12.41% | 2.09% | 8.99% |
| International Securities Exchange | 8.99% | 5.87% | 0.55% | 6.81% |
| Boston Options Exchange | 9.33% | 2.65% | 0.00% | 4.79% |
| NASDAQ Options Market | 1.95% | 18.76% | 0.00% | 13.00% |
| BATS Exchange | 0.21% | 3.12% | 0.00% | 2.12% |
| C2 Exchange | 1.53% | 5.06% | 0.66% | 3.84% |
*Compiled using the most recent data provided by our vendors, will update pending additional information.
Payment for order flow arrangements with Option Exchange Specialist Units
Raymond James & Associates routes Option orders to all of the U.S. Option Exchanges. It is common for specialists at the exchanges to make payments to brokerage firms for orders executed on that exchange. We do not receive payment for all trades, and all contracts of a particular trade may not generate payment. The routing decision is in no way influenced by the prospect of receiving such payment.
| March 2012 Quarter | |
|---|---|
| NYSE AMEX | 16¢ per contract |
| Boston Options Exchange | 9¢ per contract |
| Chicago Board Options Exchange | 21¢ per contract |
| International Securities Exchange | 19¢ per contract |
| NYSE/ARCA | 1¢ per contract |
| NASDAQ OMX PHLX | 31¢ per contract |
| NASDAQ Options Market | 12¢ per contract |
| BATS Exchange | 20¢ per contract |
| C2 Exchange | 11¢ per contract |
If you should have any questions regarding RJA’s routing of option order flow, you may contact Jim Knight at 800-248-8863 ext. 72069.