Susquehanna Financial Group, LLLP (SFG) has prepared this report pursuant to a U.S. Securities and Exchange Commission Rule requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The report provides information on the routing of "non-directed orders" – any order that the customer has not specifically instructed to be routed to a particular venue for execution.
The report is divided into four sections: securities listed on the NYSE; securities listed on NASDAQ; securities listed on the AMEX; and one for exchange-listed options. For each section, this report identifies the venues most often selected by SFG, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of SFG's relationship with the venues.
Note: All statistics are based on
second
quarter,
2010
data.
- Non-directed orders as a percent of total orders: 93.77%
- Market orders as percent of total non-directed orders: 0%
- Limit orders as percent of total non-directed orders: 0%
- Other orders as percent of total non-directed orders: 100%
| |
ARCA |
FBCO |
GEB |
SFG |
| NYSE issues |
9.53% |
11.12% |
5.07% |
65.53% |
| Market orders |
0% |
0% |
0% |
0% |
| Limit orders |
0% |
0% |
0% |
0% |
| Other |
100% |
100% |
100% |
100% |
SFG is an affiliate of Susquehanna International Group, LLP (SIG), which comprises several trading and investment entities under common control. SFG does not receive "payment for order flow", however, affiliate entities in their role as specialist and/or market maker may execute orders on a principal basis in the subject securities.
- Non-directed orders as a percent of total orders: 3.15%
- Market orders as percent of total non-directed orders: 0%
- Limit orders as percent of total non-directed orders: 0%
- Other orders as percent of total non-directed orders: 100%
| |
SUSQ |
NYSE Alternext |
FBCO |
ARCA |
| Regional issues |
70.05% |
5.54% |
9.95% |
10.83% |
| Market orders |
0% |
0% |
0% |
0% |
| Limit orders |
0% |
0% |
0% |
0% |
| Other |
100% |
100% |
100% |
100% |
SFG is an affiliate of SIG, which comprises several trading and investment entities under common control. SFG does not receive "payment order flow", however, affiliates in their role as specialist may execute orders on a principal basis in the subject securities.
- Non-directed orders as a percent of total orders: 43.20%
- Market orders as percent of total non-directed orders: 0%
- Limit orders as percent of total non-directed orders: 0%
- Other orders as percent of total non-directed orders: 100%
| |
SUSQ |
FBCO |
GEB |
SFG |
| NASDAQ issues |
10.20% |
22.65% |
7.29% |
54.17% |
| Market orders |
0% |
0% |
0% |
0% |
| Limit orders |
0% |
0% |
0% |
0% |
| Other |
100% |
100% |
100% |
100% |
SFG is an affiliate of SIG, which comprises several trading and investment entities under common control. SFG does not receive "payment order flow", however, affiliates in their role as a specialist may execute orders on a principal basis in the subject securities.
- Non-directed orders as a percent of total orders: 100%
- Market orders as percent of total non-directed orders: 0%
- Limit orders as percent of total non-directed orders: 100%
| Global Execution Brokers, LP (GEB) |
100% |
|
| |
Market |
Limit |
| Global Execution Brokers, LP (GEB) |
0% |
100% |
SFG is an affiliate of SIG, which comprises several trading and investment entities under common control. Affiliates include Susquehanna Investment Group, equity and index option specialists, Susquehanna Securities, equity option market makers, Susquehanna Capital Group (SUSQ), Equity Market Makers, and GEB, an electronic option routing and option floor broker. SFG does not receive "payment order flow", however either Susquehanna Investment Group or Susquehanna Securities as a market maker or specialist may execute orders on a principal basis in the subject options.