SEC Rule 606
Disclosure of Order Routing Practices
Under SEC Rule 606, broker-dealers that route orders on behalf of customers in equity and option securities are required to make available quarterly reports that present a general overview of their routing practices. The reports must identify the significant venues to which the orders were routed for execution during the applicable quarter and disclose the material aspects of the broker-dealer's relationship with such venues. The venues to which individual orders were routed are available upon request.
Some broker-dealers receive remuneration for directing orders to particular broker-dealers or market centers for execution. This is commonly referred to as payment for order flow. When such remuneration is received, it is considered compensation to the broker-dealer and the source and amount of any such compensation received by the broker-dealer must be provided upon request. SEC regulations require us to disclose to you that we do not presently receive payment for order flow.
Our clearing firm, Pershing, LLC has provided the data concerning the routing of order flow at their Order Routing Practices web site. You may view the data by entering our firm name, PFLUEGER & BAERWALD INC, after accessing the web site at the following link: Order Routing Practices Disclosure