SEC Rule 606 Report Disclosure
Report for Drivewealth, LLC
1st Quarter, 2021
DriveWealth has prepared this report for informational purposes only and is provided in line with U.S. Securities and Exchange Commission rules requiring all brokerage firms to make available to the public quarterly reports about their order routing practices for Held, Non-Directed orders.
DriveWealth, LLC handles all orders as Not Held, and therefore, the below metrics are being provided in line with Rule 606, but are for informational purposes only and reflect the order routing for Not-Held, Non-Directed orders.
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. Please note, DriveWealth routes its orders to other broker-dealers who then execute or route orders to various venues for execution. 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.** |
85.65% |
74.18% |
11.47% |
0.00% |
|
SpeedRoute, LLC |
14.35% |
10.45% |
3.90% |
0.00% |
|
Total Orders |
100.00% |
79.54% |
0.00% |
0.00% |
|
NASDAQ Listed Securities |
||||
|
Orders routed to: |
Non-Directed Orders |
Market Orders |
Limit Orders |
Other Orders* |
|
Cuttone & Co.** |
92.47% |
80.18% |
12.39% |
0.00% |
|
SpeedRoute, LLC |
7.53% |
6.23% |
1.30% |
0.00% |
|
Total Orders |
100.00% |
79.54% |
0.00% |
0.00% |
|
American Stock Exchange Listed Securities |
||||
|
Orders routed to: |
Non-Directed Orders |
Market Orders |
Limit Orders |
Other Orders* |
|
Cuttone & Co.** |
93.16% |
62.39% |
30.77% |
0.00% |
|
SpeedRoute, LLC |
6.84% |
3.99% |
2.85% |
0.00% |
|
Total Orders |
100.00% |
79.54% |
0.00% |
0.00% |
|
Other Listed Securites |
||||
|
Orders routed to: |
Non-Directed Orders |
Market Orders |
Limit Orders |
Other Orders* |
|
Cuttone & Co.** |
94.70% |
78.16% |
16.64% |
0.00% |
|
SpeedRoute, LLC |
5.30% |
3.69% |
1.61% |
0.00% |
|
Total Orders |
100.00% |
79.54% |
0.00% |
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.
In December, 2020, DriveWealth Holdings. Inc. completed a deal to acquire Cuttone & Co, LLC. Cuttone & Co. will be an affiliate of DriveWealth, LLC. Donato Cuttone, the Chief Executive of Cuttone & Co., is a voting board member of DriveWealth’s Board of Directors.