RAVEN SECURITIES

SEC Rule 606 Quarterly Report for the Quarter Ending June 30, 2014

Raven Securities 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, “that is, any order that the customer has not specifically instructed to be routed to a particular venue [market center] for execution. For these non-directed orders, Raven Securities has selected the execution venue on behalf of its customers.

Summary Statistics :

Non-directed orders as percentage of total customer orders 100%

Market orders as percentage of total non-directed orders 88%

Limit orders as percentage of total non-directed orders 12%

Information Concerning Significant Venues (EQUITIES):

New York Stock Exchange Listed Symols

Venue	% of volume	% of orders - Market	% of orders - Limit
NYSE	76	90	10
MSCO	18	80	20
KNIGHT	3	0	100
NASDAQ	1	10	90

American Stock Exchange Listed Symols

Venue	% of volume	% of orders - Market	% of orders - Limit
NYSE	71	80	20
MSCO	9	50	50
AMEX	5	30	70
EDGE	3	50	50
NASDAQ	2	70	30
BATS	2	0	100
CSLP	2	0	100
MS	1	0	100
CDRG	1	0	100
BX	1	0	100
ALTX	1	0	100
BYXX	1	0	100
KNIGHT	1	0	100
ARCA	1	0	100

NASDAQ Listed Symols

Venue	% of volume	% of orders - Market	% of orders - Limit
NASDAQ	42	50	50
MS	11	60	40
EDGE	8	55	45
CSLP	7	70	30
BATS	6	90	10
BYXX	5	80	20
CDRG	3	70	30
ALTX	3	0	100
BX	3	90	10
NYSE	2	80	20
GFLO	2	0	100
ARCA	1	0	100
FBCO	1	0	100
MSCO	1	0	100
KNLI	1	0	100
BAML	1	0	100

Other and Regional Exchanges Listed Symols

Venue	% of volume	% of orders - Market	% of orders - Limit
MS	23	75	25
NYSE	12	90	10
BATS	9	100	0
EDGE	9	50	50
ARCA	9	65	35
BYXX	8	45	55
NASDAQ	7	90	10
CSLP	6	5	95
FBCO	4	15	85
MSCO	4	10	90
BX	2	0	100
CDRG	1	0	100
GFLO	1	0	100
ALTX	1	0	100
KNIGHT	1	0	100