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RAVEN
SECURITIES
SEC Rule 606 Quarterly Report for the Quarter Ending September 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 83%
Limit orders as percentage of total non-directed orders 17%
Information Concerning Significant Venues (EQUITIES):
New York Stock Exchange Listed Symols
|
Venue
|
% of volume
|
% of orders - Market
|
% of orders - Limit
|
|
NYSE
|
88
|
85
|
15
|
|
MSCO
|
6
|
70
|
30
|
|
KNIGHT
|
3
|
0
|
100
|
|
NASDAQ
|
1
|
10
|
90
|
American Stock Exchange Listed Symols
|
Venue
|
% of volume
|
% of orders - Market
|
% of orders - Limit
|
|
NYSE
|
94
|
80
|
20
|
|
EDGE
|
1
|
50
|
50
|
|
KNIGHT
|
1
|
40
|
60
|
|
MSCO
|
1
|
50
|
50
|
NASDAQ Listed Symols
|
Venue
|
% of volume
|
% of orders - Market
|
% of orders - Limit
|
|
NASDAQ
|
29
|
80
|
20
|
|
MS
|
20
|
70
|
30
|
|
NYSE
|
10
|
55
|
45
|
|
CVGX
|
6
|
80
|
20
|
|
EDGE
|
6
|
90
|
10
|
|
BATS
|
5
|
80
|
20
|
|
BX
|
5
|
70
|
30
|
|
ALTX
|
4
|
0
|
100
|
|
BYXX
|
3
|
90
|
10
|
|
CDRG
|
3
|
80
|
20
|
|
CSLP
|
3
|
0
|
100
|
|
ARCA
|
1
|
0
|
100
|
|
FBCO
|
1
|
0
|
100
|
|
ITGI
|
1
|
0
|
100
|
Other and Regional Exchanges Listed Symols
|
Venue
|
% of volume
|
% of orders - Market
|
% of orders - Limit
|
|
MS
|
38
|
80
|
20
|
|
CVGX
|
11
|
90
|
10
|
|
BYXX
|
8
|
100
|
0
|
|
ARCA
|
7
|
40
|
60
|
|
BATS
|
7
|
65
|
35
|
|
EDGE
|
6
|
45
|
55
|
|
FBCO
|
5
|
80
|
20
|
|
NASDAQ
|
5
|
5
|
95
|
|
NYSE
|
4
|
15
|
85
|
|
BX
|
3
|
10
|
90
|
|
CSLP
|
3
|
0
|
100
|
|
ALTX
|
1
|
0
|
100
|
|
CDRG
|
1
|
0
|
100
|
|