Order Flow Routing

SEC Rule 606

17 CFR 242.606 Disclosure of Order Routing Practices

As required by this rule, every broker or dealer shall make publicly available for each calendar quarter a report on its routing of non-directed orders in NMS securities during that quarter.  NMS securities are divided into three separate sections for securities that are listed on the New York Stock Exchange, Inc., The Nasdaq Stock Market, Inc. and the American Stock Exchange LLC or any other national securities exchange.  This report shall be publicly available within one month after the end of the quarter addressed in the report.

Girard Securities, Inc. will post their order routing information on their web site no later than 30 days after the end of the quarter.  The information is accessed by clicking the link below “Go to Disclosures”.

Upon written request of a customer, Girard Securities will disclose the identity of the venue to which the customer’s orders were routed for execution in the six months prior to the request, whether the orders were directed or non-directed orders; and the time of the transactions, if any, that resulted from such orders.

Girard Securities makes order routing decisions based on a number of factors including the size of the order, the opportunity for price improvement and the quality of the order executions.  All client orders are executed in a manner consistent with best execution.

Girard Securities may route client orders for execution to the market centers or through automated order entry systems on primary exchanges.  These market centers may include dealers who make markets in these securities.  Girard may be paid compensation for routing orders to dealers and may receive credits for exchange transaction fees through the use of the automated order entry systems.

Go to Disclosures