Spartan Capital
SEC ORDER HANDLING DISCLOSURE
SEC Required Disclosure
Report on Routing of Customer Orders
All orders of Spartan Capital Securities, LLC are offered through its clearing firms, Axos Clearing and WDCO.
Axos Clearing has provided information pursuant to a U.S. Securities and Exchange Commission (SEC) rule (606) that requires firms to make publicly available quarterly reports on the firm’s order routing practices. The report provides information on the routing of “non-directed orders” which is generally defined as any order that the client has not specifically instructed to be routed to a particular venue for execution.
For these non-directed orders, Spartan Capital has selected the execution venue or the method of execution venue selection on behalf of its clients.
The report is divided into four sections: one for securities listed on the New York Stock Exchange Euronext, one for securities listed on The Nasdaq Stock Market, one for securities listed on the NYSE MKT or other National Securities Exchange, and one for exchange-listed options.
For each section, this report identifies the venues most often selected, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of Axos Clearing’s relationship with the venues.
For further information on these disclosures, you may visit Axos Clearing’s website at the following link: The current site for Spartan Retail Spartan 606 disclosure from 3Q 2021 606 to present is https://external.s3.com/rule606/axos/
Previous Spartan Retail 606 routing disclosure up to 2Q 2021 are still maintained here: https://mta.ihsmarkit.com/app-v2/public-report-library/public-report-library-view/Axos%20Clearing%20LLC/359
Spartan Capital Securities Institutional 606 Reports from 1st Quarter 2022 to the present can be found here http://disclosures.bxstech.com/spnn/
Rule 606 Disclosure Information
SEC-Required Report on Routing of Customer Orders
SEC Rule 606 requires all broker-dealers that route non-directed customer orders in equity securities on a held basis and non-directed customer orders in option securities to make publicly available quarterly reports (broken out for S&P 500 stocks, other NMS stocks, and options) that, among other things, identify for each category the following:
- The percentage of total customer orders that were non-directed orders and the percentages of total non-directed orders that were market orders, limit orders, or other orders.
- The identity of the venues to which a significant percentage of total non-directed orders were routed for execution.
- The percentage of total non-directed orders routed to the venue, and the percentages of total non-directed market orders, non-directed marketable limit orders, non- directed non-marketable limit orders, and non-directed other orders that were routed to the venue.
- For each applicable venue, the amount of payment for order flow received, transaction fees paid, and transaction rebates received, both as a dollar amount and on a per-share basis.
- Terms of the material aspects of the broker-dealer’s relationship with each venue identified above, including a description of any arrangement for payment for order flow and any profit-sharing relationship.
Consistent with SEC guidance, WDCO provides this information for venues to which it routes 5% or more of order flow. Additionally, upon written request, WDCO will provide you with details regarding the destination to which your orders (for up to six months preceding your request) were routed for execution. WDCO will also provide you, upon request, with information regarding the handling of any “not held” orders you might place with WDCO, consistent with the requirements of Rule 606(b)(3). WDCO routes over 95% of it’s routable customer orders itself. WDCO’s order routing decisions are based on a number of factors including the size of the order, the opportunity for price improvement at the market center, and the quality of order executions that WDCO receives from such market centers. To access WDCO’s public order-routing reports for these trades please visit FIS Best Execution Analysis.
