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SEI Investments Distribution Co. Rule 605 and 606 Reports

Background

To make both the execution quality of the securities markets and order routing performance of brokerage firms available to the public, the Securities and Exchange Commission (SEC) adopted Rule 605 and Rule 606.

  • Rule 605 -- Market centers that trade national market system securities and options must publicly disclose uniform statistical measures of order execution quality on a monthly basis. The measures should include, but are not limited to, how market orders of various sizes are executed relative to the public quotes and information about spreads paid by investors.
  • Rule 606 -- Broker/dealers must make quarterly reports available to the public, disclosing their order routing practices for orders that are not directed to specific exchanges and trading venues.

SEI Investments Distribution Co. (SIDCO) is not a market center, so it is not subject to Rule 605 reporting. However, because SIDCO routes orders to executing and clearing firms who further route the orders to the trading venues, it is adopting the executing and clearing firm’s Rule 606 Order Routing Disclosure, since it fairly represents the routing statistics customers can expect with a standard order.

Disclosure Information

The following list includes Rule 605 execution quality and Rule 606 order routing disclosure information for the brokerage firms SEI Brokerage has available. Money managers can obtain statistics regarding the quality of the executions they are receiving from the firms where they direct transactions, as well as obtain the order routing disclosure information for those firms.

ITG, Inc.

Rule 605 and Rule 606

J.P. Morgan Securities LLC

Rule 605   Firm=JPMS
Rule 606   

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Rule 605 
Rule 606   

Pershing LLC

Rule 605  
Rule 606 (PDF)    

 Weeden & Co., LP

Rule 605 and 606