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SEC Rule 606
Under SEC Rule 606(a), broker-dealers that route equity and option orders on behalf of customers are required to prepare quarterly reports that disclose specific information about their order routing practices for non-directed1 orders in NMS stocks and option contracts in NMS securities.
The reports are made available to the public free of charge for each calendar quarter and published no later than one month after the end of the quarter.
Quarterly Reports
National Financial Services LLC (NFS), is a registered broker-dealer affiliated with Fidelity Brokerage Services LLC (FBS). NFS routes orders for NFS and FBS customers.
FBS Quarterly Report
Required statistical order routing information for Retail and Registered Investment Advisor managed accounts.
NFS Quarterly Report
Required statistical order routing information for NFS Institutional and other accounts.
- Under SEC Rule 606(b)(1) customers can request details on NMS stock and option non-directed orders in NMS securities including the identity of the venue and the time of execution for the prior six months.
- Under SEC Rule 606(b)(3) broker-dealers are required, upon request of a customer that places not held orders, to provide specific disclosures regarding routing and execution of such orders for the prior six months.
- 1. Any order that the customer has not specifically instructed to be routed to a particular venue for execution.
- Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your clients' investment decisions. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services.
- The use of the term "advisor(s)" throughout this site shall refer to both investment advisors and broker dealers as a collective term.