SEC Rule 606 Report Disclosure
Report for Drivewealth, LLC
3RD Quarter, 2020
DriveWealth has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage firms to make available to the public quarterly reports about their order routing practices. The report provides information on the routing of "nondirected orders" – any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, DriveWealth has selected the execution venue on behalf of its customers. This report has four sections:
New York Stock Exchange Listed Securities
NYSE American Exchange Listed Securities
NASDAQ Listed Securities
Other National Securities Exchange Listed Securities
The information reported below identifies the venues most frequently selected by Drivewealth and sets forth the percentage of various types of orders routed to the venues. The report also discusses the material aspects of DriveWealth’s relationship with the venues. Questions regarding this report should be addressed to DriveWealth, LLC Compliance Department.
|
NYSE Listed Securities |
||||
|
Orders routed to: |
Non-Directed Orders |
Market Orders |
Limit Orders |
Other Orders* |
|
Cuttone & Co.** |
95.77% |
90.06% |
5.71% |
0.00% |
|
SpeedRoute, LLC |
4.23% |
3.83% |
0.40% |
0.00% |
|
Total Orders |
100.00% |
93.89% |
6.11% |
0.00% |
|
NASDAQ Listed Securities |
||||
|
Orders routed to: |
Non-Directed Orders |
Market Orders |
Limit Orders |
Other Orders* |
|
Cuttone & Co.** |
95.76% |
88.73% |
7.03% |
0.00% |
|
SpeedRoute, LLC |
4.23% |
3.74% |
0.49% |
0.00% |
|
Total Orders |
100.00% |
92.43% |
7.57% |
0.00% |
|
American Stock Exchange Listed Securities |
||||
|
Orders routed to: |
Non-Directed Orders |
Market Orders |
Limit Orders |
Other Orders* |
|
Cuttone & Co.** |
95.76% |
88.73% |
7.03% |
0.00% |
|
SpeedRoute, LLC |
4.24% |
3.64% |
0.60% |
0.00% |
|
Total Orders |
100.00% |
92.37% |
7.63% |
0.00% |
|
Other Listed Securites |
||||
|
Orders routed to: |
Non-Directed Orders |
Market Orders |
Limit Orders |
Other Orders* |
|
Cuttone & Co.** |
95.57% |
79.14% |
16.43% |
0.00% |
|
SpeedRoute, LLC |
4.43% |
3.25% |
1.18% |
0.00% |
|
Total Orders |
100.00% |
82.39% |
17.61% |
0.00% |
* Orders for which customer requests special handling
** Payments received from Cuttone averaged less than $.0022 per share.
Disclosures
DriveWealth, LLC (“DriveWealth) is required by the Securities and Exchange Commission (SEC) to disclose its policies with respect to payment for order flow. According to the SEC, payment for order flow may include monetary payment, reciprocal agreements, services, property, or any other benefit that results in remuneration, compensation, or consideration to a broker-dealer in return for routing of customer order flow and includes exchange rebates and credits.
DriveWealth, LLC may participate in payment for order flow programs that result in DriveWealth receiving remuneration, compensation, or consideration for directing orders to broker-dealers, exchanges, and market centers for execution. The source and nature of such compensation received will be furnished upon written request.
DriveWealth is committed to the best execution for our clients regardless of our participation in these programs.
Donato Cuttone, the Chief Executive of Cuttone & Co., one of DriveWealth’s executing brokers is a non-voting advisor to DriveWealth’s board of directors.