SEC Rule 606 (Formerly 11Ac1-6 Order Routing Report)

Susquehanna Financial Group, LLLP (SFG) has prepared this report pursuant to a U.S. Securities and Exchange Commission Rule requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The report provides information on the routing of “non-directed orders”—any order that the customer has not specifically instructed to be routed to a particular venue for execution.

The report is divided into four sections: securities listed on the NYSE; securities listed on NASDAQ; securities listed on the AMEX; and one for exchange-listed options. For each section, this report identifies the venues most often selected by SFG, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of SFG’s relationship with the venues.

Note: All statistics are based on third quarter, 2017 data.

Summary Statistics for NYSE Issues

  • Non-directed orders as a percent of total orders: 98.71%
  • Market orders as percent of total non-directed orders: 0%
  • Limit orders as percent of total non-directed orders: 0%
  • Other orders as percent of total non-directed orders: 100%

Routing CPOO GLPS SBLP ARCX GSEC MSCO BATS CPEM NSDQ EDGX
NYSE Issues 26.10% 14.04% 13.87% 13.51% 7.41% 7.04% 2.62% 2.46% 2.34% 2.16%
Market Orders 0 0 0 0 0 0 0 0 0 0
Limit Orders 0 0 0 0 0 0 0 0 0 0
Other 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

SFG is an affiliate of Susquehanna International Group, LLP (SIG), which comprises several trading and investment entities under common control. SFG does not receive “payment for order flow,” however, affiliate entities in their role as specialist and/or market maker may execute orders on a principal basis in the subject securities.

Summary Statistics for NYSE Amex or Regional Exchanges

  • Non-directed orders as a percent of total orders: 64.79%
  • Market orders as percent of total non-directed orders: 0%
  • Limit orders as percent of total non-directed orders: 0%
  • Other orders as percent of total non-directed orders: 100%

Routing CPEM CPOO ARCA GLPS MSCO IEXG GSEC SUFI BATS SBLP NSDQ
Regional Issues 27.81% 9.71% 8.85% 7.62% 7.05% 6.62% 6.15% 6.00% 5.15% 4.95% 3.56%
Market Orders 0 0 0 0 0 0 0 0 0 0 0
Limit Orders 0 0 0 0 0 0 0 0 0 0 0
Other 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

SFG is an affiliate of SIG, which comprises several trading and investment entities under common control. SFG does not receive “payment for order flow,” however, affiliate entities in their role as specialist and/or market maker may execute orders on a principal basis in the subject securities.

Summary Statistics for NASDAQ Issues

  • Non-directed orders as a percent of total orders: 96.39%
  • Market orders as percent of total non-directed orders: 0%
  • Limit orders as percent of total non-directed orders: 0%
  • Other orders as percent of total non-directed orders: 100%

Routing NSDQ CPOO GLPS FNET GSEC MSCO CPEM SUFI ARCA GEB
NASDAQ Issues 31.90% 18.32% 13.67% 8.52% 7.06% 5.15% 3.08% 3.01% 3.01% 2.29%
Market Orders 0 0 0 0 0 0 0 0 0 0
Limit Orders 0 0 0 0 0 0 0 0 0 0
Other 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

SFG is an affiliate of SIG, which comprises several trading and investment entities under common control. SFG does not receive “payment for order flow,” however, affiliate entities in their role as specialist and/or market maker may execute orders on a principal basis in the subject securities.

Summary Statistics for Listed Options

  • Non-directed orders as a percent of total orders: 100%
  • Market orders as percent of total non-directed orders: 0%
  • Limit orders as percent of total non-directed orders: 100%

Routing Global Execution Brokers, LP (GEB)
Listed options 100%
Market orders 0%
Limit orders 100%

SFG is an affiliate of SIG, which comprises several trading and investment entities under common control. Affiliates include Susquehanna Investment Group, equity and index option market makers; Susquehanna Securities (SSUS), equity and equity option market makers and option specialists; SAL Equity Trading GP (SAL), agency brokers; and GEB, an electronic option routing and option floor broker. SFG does not receive “payment for order flow,” however, either Susquehanna Investment Group or Susquehanna Securities, as a market maker or specialist, may execute orders on a principal basis in the subject options.