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.sungard.com/valdicompliance

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 September 2014

Execution Venue Market Orders Limit Orders Other Orders Total Orders
American 2.89% 0.54% 32.95% 1.69%
BATS 3.46% 7.89% 0.55% 4.51%
BOX 22.72% 2.74% 7.27% 6.74%
C2 1.91% 0.35% 0.00% 0.42%
CBOE 16.87% 11.46% 18.97% 13.68%
Gemini 1.06% 9.23% 0.61% 8.17%
ISE 5.09% 1.28% 15.14% 1.76%
MIAX 16.27% 5.10% 0.15% 4.41%
NSDQ BX 1.39% 0.13% 0.00% 0.37%
NSDQ OM 0.69% 46.92% 2.42% 40.94%
Pacific 0.99% 1.58% 6.61% 1.70%
Philadelphia 21.86% 11.92% 15.24% 13.90%
Other 4.82% 0.86% 0.10% 1.71%

Information Concerning significant venues:

NYSE AMEX – Raymond James Financial, Inc., during the recent quarter, received payments for directing equity and index options order flow to the following venues: Citigroup, Interactive Brokers, KCG Holdings, Inc., Susquehanna International Group, Wolverine Execution Services. Payments received for order flow executed during the third quarter of 2014, averaged $0.14 per contract.

BATS Exchange – Raymond James Financial, Inc., during the recent quarter, received payments for directing equity and index options order flow to the following venues: Citigroup, Interactive Brokers, KCG Holdings, Inc., Susquehanna International Group, Wolverine Execution Services. Payments received for order flow executed during the third quarter of 2014, averaged $0.14 per contract.

Boston Options Exchange – Raymond James Financial, Inc., during the recent quarter, received payments for directing equity and index options order flow to the following venues: Citigroup, Interactive Brokers, KCG Holdings, Inc., Susquehanna International Group, Wolverine Execution Services. Payments received for order flow executed during the third quarter of 2014, averaged $0.14 per contract.

C2 Exchange – Raymond James Financial, Inc., during the recent quarter, received payments for directing equity and index options order flow to the following venues: Citigroup, Interactive Brokers, KCG Holdings, Inc., Susquehanna International Group, Wolverine Execution Services. Payments received for order flow executed during the third quarter of 2014, averaged $0.14 per contract.

Chicago Board Options Exchange – Raymond James Financial, Inc., during the recent quarter, received payments for directing equity and index options order flow to the following venues: Citigroup, Interactive Brokers, KCG Holdings, Inc., Susquehanna International Group, Wolverine Execution Services. Payments received for order flow executed during the third quarter of 2014, averaged $0.14 per contract.

ISE Gemini – Raymond James Financial, Inc., during the recent quarter, received payments for directing equity and index options order flow to the following venues: Citigroup, Interactive Brokers, KCG Holdings, Inc., Susquehanna International Group, Wolverine Execution Services. Payments received for order flow executed during the third quarter of 2014, averaged $0.14 per contract.

International Securities Exchange – Raymond James Financial, Inc., during the recent quarter, received payments for directing equity and index options order flow to the following venues: Citigroup, Interactive Brokers, KCG Holdings, Inc., Susquehanna International Group, Wolverine Execution Services. Payments received for order flow executed during the third quarter of 2014, averaged $0.14 per contract.

MIAX Exchange – Raymond James Financial, Inc., during the recent quarter, received payments for directing equity and index options order flow to the following venues: Citigroup, Interactive Brokers, KCG Holdings, Inc., Susquehanna International Group, Wolverine Execution Services. Payments received for order flow executed during the third quarter of 2014, averaged $0.14 per contract.

NASDAQ Options Market – Raymond James Financial, Inc., during the recent quarter, received payments for directing equity and index options order flow to the following venues: Citigroup, Interactive Brokers, KCG Holdings, Inc., Susquehanna International Group, Wolverine Execution Services. Payments received for order flow executed during the third quarter of 2014, averaged $0.14 per contract.

NYSE/ARCA – Raymond James Financial, Inc., during the recent quarter, received payments for directing equity and index options order flow to the following venues: Citigroup, Interactive Brokers, KCG Holdings, Inc., Susquehanna International Group, Wolverine Execution Services. Payments received for order flow executed during the third quarter of 2014, averaged $0.14 per contract.

NASDAQ OMX PHLX – Raymond James Financial, Inc., during the recent quarter, received payments for directing equity and index options order flow to the following venues: Citigroup, Interactive Brokers, KCG Holdings, Inc., Susquehanna International Group, Wolverine Execution Services. Payments received for order flow executed during the third quarter of 2014, averaged $0.14 per contract.

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.

If you should have any questions regarding RJA’s routing of option order flow, you may contact Gary Franklin at 800-248-8863 ext. 72069.

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