E*TRADE Rule 606 Disclosure: 1Q2015
E*TRADE Securities LLC (“E*TRADE”) has prepared this report pursuant to a U.S. Securities and
Exchange Commission rule requiring all brokerage firms to make available to the public quarterly
reports about their order routing practices. The report provides information on the routing of "nondirected orders" -- any order that the customer has not specifically instructed to be routed to a
particular venue for execution. For these non-directed orders, E*TRADE has selected the
execution venue on behalf of its customers.
The report is divided into four sections:
1.
2.
3.
4.
New York Stock Exchange Listed Securities
NASDAQ Stock Market Listed Securities
NYSE MKT or any other National Securities Exchange Listed Securities
Exchange Listed Options
For each section, this report identifies the venues most often selected by E*TRADE, sets forth the
percentage of various types of orders routed to the venues, and discusses the material aspects of
E*TRADE's relationship with the venues.
Questions regarding this report should be addressed to the E*TRADE Compliance Department.
E*TRADE Securities LLC
1271 Avenue of the Americas
14th Floor
New York, NY 10020-1302
1. New York Stock Exchange Listed Securities
For quarter ending 3/31/2015
Non-Directed
Orders
Market
Orders
Limit
Orders
Other
Orders
50.78%
69.14%
28.94%
84.37%
18.78%
0.00%
38.54%
0.00%
12.87%
0.00%
26.41%
0.00%
9.94%
18.13%
3.76%
3.30%
4.98%
7.71%
1.44%
11.82%
97.41%
43.23%
48.72%
8.04%
Orders Routed to:
G1 Execution Services, LLC
1
Citigroup Global Markets, Inc.
3
EDGX Exchange, Inc.
Citadel Securities, LLC
KCG Americas, LLC
5
Total E*Trade Orders
1
4
2
Payments received from G1 Execution Services, LLC averaged less than $0.0010 per share.
2
Citigroup Global Markets may utilize NYSE ARCA for the display of limit orders. Payments received from Citigroup Global
Markets, Inc. averaged less than $.0027 per share.
3
Payments received from EDGX Exchange, Inc. averaged less than $0.0031 per share.
4
Payments received from Citadel Securities, LLC averaged less than $0.0010 per share.
5
Payments received from KCG Americas, LLC averaged less than $0.0010 per share.
E*TRADE Securities LLC
1271 Avenue of the Americas
14th Floor
New York, NY 10020-1302
2. NASDAQ Stock Market Listed Securities
For quarter ending 3/31/2015
Non-Directed
Orders
Market
Orders
Limit
Orders
Other
Orders
48.50%
68.53%
27.86%
83.27%
22.92%
0.00%
43.90%
0.00%
11.08%
0.00%
21.11%
0.63%
9.88%
18.89%
4.20%
2.63%
4.99%
7.75%
1.64%
13.05%
96.51%
39.57%
52.22%
8.22%
Orders Routed to:
G1 Execution Services, LLC
2
EDGX Exchange, Inc.
3
Nasdaq OMX
Citadel Securities, LLC
KCG Americas, LLC
5
Total E*TRADE Orders
4
1
1
Payments received from G1 Execution Services, LLC averaged less than $0.0010 per share.
2
Payments received from EDGX Exchange, Inc. averaged less than $0.0031 per share.
3
Payments received from Nasdaq OMX averaged less than $0.0028 per share.
4
Payments received from Citadel Securities, LLC averaged less than $0.0010 per share.
5
Payments received from KCG Americas, LLC averaged less than $0.0010 per share.
E*TRADE Securities LLC
1271 Avenue of the Americas
14th Floor
New York, NY 10020-1302
3. NYSE MKT or any other National Securities Exchange Listed Securities
For quarter ending 3/31/2015
Non-Directed
Orders
Market
Orders
Limit
Orders
Other
Orders
48.60%
68.38%
26.54%
83.99%
21.62%
0.00%
42.62%
0.00%
12.12%
0.00%
23.88%
0.00%
10.01%
19.19%
4.14%
2.50%
4.98%
7.53%
1.48%
13.09%
95.84%
40.01%
50.74%
9.25%
Orders Routed to:
G1 Execution Services, LLC
1
2
EDGX Exchange, Inc.
Citigroup Global Markets, Inc.
Citadel Securities, LLC
KCG Americas, LLC
5
Total E*TRADE Orders
4
3
1
Payments received from G1 Execution Services, LLC averaged less than $0.0010 per share.
2
Payments received from EDGX Exchange, Inc. averaged less than $0.0031 per share.
3
Citigroup Global Markets may utilize NYSE ARCA for the display of limit orders. Payments received from Citigroup
Global Markets, Inc. averaged less than $.0027 per share.
4
Payments received from Citadel Securities, LLC averaged less than $0.0010 per share.
5
Payments received from KCG Americas, LLC averaged less than $0.0010 per share.
E*TRADE Securities LLC
1271 Avenue of the Americas
14th Floor
New York, NY 10020-1302
4. Exchange Listed Options
Non-Directed
Orders
Market
Orders
Limit
Orders
Other
Orders
NASDAQ Options Market
25.71%
0.52%
30.14%
0.31%
BATS Options Exchange
19.21%
1.00%
22.44%
0.00%
Chicago Board Options Exchange
14.49%
34.46%
11.09%
31.31%
NASDAQ OMX PHLX
13.25%
21.78%
11.08%
41.17%
MIAX Options Exchange
8.98%
19.13%
7.83%
0.83%
NYSE Arca, Inc.
7.60%
0.38%
8.70%
5.23%
ISE Gemini Exchange, LLC
4.65%
0.17%
4.92%
15.09%
Boston Options Exchange
1.66%
8.46%
0.72%
0.09%
Total E*TRADE Orders
99.61%
11.99%
85.06%
2.95%
For quarter ending 3/31/2015
Orders Routed to:
E*TRADE routes orders in exchange-listed options to broker-dealer intermediaries, which in turn use smart order routing
technology to seek the best execution available in the market. The information in this report regarding the venues at
which E*TRADE’s non-directed orders in exchange-listed options were executed is based on information supplied to
E*TRADE by the broker-dealer intermediaries.
Payments received from these broker-dealer intermediaries averaged less than $0.32 per contract.
E*TRADE Securities LLC
1271 Avenue of the Americas
14th Floor
New York, NY 10020-1302