The Securities and Exchange Commission (SEC) adopted Rule 606 of Regulation NMS that requires broker dealers, such as Hazlett, Burt & Watson, Inc. (“Hazlett”), to disclose information on order routing practices.
Hazlett exclusively routes held orders in Rule 606 reportable securities to its clearing broker, National Financial Services (“NFS”), for order routing. NFS may act as the execution venue for such orders, or these orders may be further routed to other execution venues. NFS is required to seek best execution for all orders executed. NFS receives remuneration (i.e. payment for order flow) for directing orders to particular broker dealers or market centers for execution. Hazlett does not share in such payments. Hazlett does not direct, select or control the execution venues to which NFS routes Rule 606 reportable securities for execution. Hazlett performs regular and rigorous reviews of the execution quality for orders routed to NFS.
NFS presents the disclosure of information of order routing practices, in accordance with SEC Rule 606, through quarterly reports, broken out by month, providing an overview of their order routing practices and the relationships between various venues where orders are routed.
Please click here to view the most recent quarterly report compiled by NFS that reflects any execution venue specific arrangements or other execution venue fees or rebates (Refer to NFS Quarterly Report).
