Order Routing (Reg NMS Rule 606)

Pursuant to the U.S. Securities and Exchange Commission (“SEC”) Rule 606, certain "broker-dealers", including Portfolio Brokerage Services, Inc. (“PBS”), are required to publicly disclose, on a quarterly basis, certain statistical information relating to their most significant execution venues for certain types of “non-directed” customer orders (i.e., any order that a customer has not specifically instructed to be routed to a particular venue for execution). According to the SEC, the quarterly reports relating to order routing are intended to provide a general overview of a broker-dealer's practices that is accessible and useful to individual investors.  

We have made every attempt to prepare these statistics in compliance with the SEC's rules; however these statistics have not been audited and may contain errors.  The SEC has made it clear that investors should take into account a number of factors in evaluating the quality of their order executions and in making order routing decisions. These include the size of the order, whether the dealer commits its capital to enhance liquidity for the customer, market conditions, customer objectives, technological capabilities, and other services provided by the dealer.  Accordingly, any decision about whether to establish a relationship with PBS should not be based solely on these statistics, but on an evaluation of PBS’s full range of provided services. 

This information is presented in accordance with uniform standards that are based on broad assumptions about order execution and routing practices.

Rule 606 statistics for Portfolio Brokerage Services, Inc. are available for public review by visiting https://private.tagaudit.com/do/display and clicking on ‘Public Rule 606’.