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 John Cardinali at 212-856-4396.

To view data for the New York Stock Exchange, the Nasdaq Stock Market, or the American Stock Exchange, please refer to https://www.fisglobal.com/ptc/rule-606

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. SEC Rule 607 of Regulation NMS requires broker/dealers to disclose at account opening and annually thereafter their policies regarding payment for order flow and order routing practices. Raymond James does, from time to time, receive payment for order flow in the form of a payment or a reduction to the fees charged for directing transactions to various market centers or designated broker/dealer intermediaries. The source and specific amount of any such compensation are available upon written request.

Options

The Securities and Exchange Commission Rule 606 (the "Rule") requires all brokerage firms to make publicly available quarterly reports that present a general overview of the firm's routing of non-directed client orders in covered equity and option securities. A “non-directed client order” for purposes of the Rule is an order from a client (i.e., a person other than a securities broker or dealer) for a quantity of an exchange-listed option with a market value of less than $50,000, where the client has not specifically instructed Raymond James & Associates, Inc. (“RJA”) to route the order to a particular venue for execution. For these non-directed orders, RJA has selected the execution venue on behalf of its clients and therefore must identify the significant venues to which it routed client orders for execution during the applicable quarter.

To view RJA’s Rule 606 report on routing of customer option orders, click on the following link: https://public.s3.com/rule606/raja/

Information concerning significant venues:

During the recent quarter, RJA received net payments for directing equity and index options order flow to the following venues: Citadel Execution Services, Citigroup, Global Execution Brokers, Wolverine Execution Services, and Dash Financial Technologies. Payments received for order flow executed during the prior quarter averaged less than $0.26 per contract.

Payment for order flow arrangements with Option Exchange Specialist Units

RJA typically receives payment for options orders routed directly to exchanges or via designated broker-dealer intermediaries for execution. RJA does not receive payment for all trades or for all contracts of a particular trade. The source and amount of any compensation received by RJA in connection with your transaction will be disclosed upon request.

RJA will make available to any client the identity of the venue to which the client’s orders were routed for execution during the six months prior to a client’s request, whether the orders were directed or non-directed orders, and the time of the transactions, if any, that resulted from the orders. If you would like to request this information with respect to any order you have placed, or if you 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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