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 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. 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.


Quarter Ending September 2019

Execution Venue Market Orders Limit Orders Other Orders Total Orders











Susquehanna International Group





Wolverine Execution Services





Information Concerning significant venues:

Raymond James & Associates, Inc., during the recent quarter, received payments for directing equity and index options order flow to the following venues: Citadel, Citigroup, Susquehanna International Group, and Wolverine Execution Services.  Payments received for order flow executed during the third quarter of 2019, averaged less than $0.33 per contract.

Payment for order flow arrangements with Option Exchange Specialist Units

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

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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