What is the SEC 605 report?

What is the SEC 605 report?

New SEC Rule 605 (formerly 11Ac1-5) requires FINRA to make available certain order execution information, facilitating the uniform public disclosure of order execution information by all market centers.

What is Rule 605 Regulation NMS?

Rule 605 generally requires a market center that trades NMS stocks to make available to the public monthly electronic execution reports that include uniform statistical measures of execution quality.

What is a Rule 606 report?

U.S. Securities and Exchange Commission (SEC) Rule 606(a) requires all brokerage firms to make publicly available quarterly reports, broken down by calendar month, containing certain required statistical information regarding the routing of held, non-directed customer orders in Regulation NMS stocks and listed.

What is a 605 plan?

The Behavioral Health Voucher Program (BHVP) aims to provide access to mental health and substance use treatment to individuals in need, at a provider of their choosing, at no cost if deemed eligible.

What are 605 and 606 reports?

Rules 605 and 606 were adopted to standardize and improve public disclosure of execution and routing practices. Pursuant to the SEC’s execution quality disclosure rule (Rule 605), monthly performance statistics can be obtained directly from the Virtu website.

What is a non directed order?

Non-directed orders are. orders that customers have not specifically instructed to be routed to a specific destination.

What did ASC 606 Replace?

The ASC 606 accounting standard replaced the previous ASC 605, and the main reason for the switch was a need to bring GAAP revenue recognition standards in the US to a better level of compliance with the IFRS (International Financial Reporting Standards).

What is cat reporting?

The Consolidated Audit Trail (CAT) is a regulatory reporting utility commissioned by the Securities and Exchange Commission (SEC) to enable regulators to more fully track trading activity and boost transparency; the CAT also heralds significant new obligations and reporting requirements for firms.

What is a held order?

A held order is a market order that requires prompt execution for an immediate fill. This can be contrasted with a not-held order, which provides brokers with both time and price discretion to try and get a better fill for a customer.

What is a direct routed equity order?

What Is Directed Order? Directed order flow occurs when a customer’s order to buy or sell securities is given specific instructions for the order to be routed to a particular exchange or venue for execution.

What is the exchange floor?

A trading floor refers to a physical area wherein trading activities in financial instruments, such as equities, fixed income, futures, options, etc., takes place. Trading floors are situated in the buildings of various exchanges, such as the New York Stock Exchange (NYSE) and the Chicago Board of Trade (CBOT).

What is a market maker SEC?

A “market maker” is a firm that stands ready to buy or sell a stock at publicly quoted prices. As a way to attract orders from brokers, some market makers will pay your broker for routing your order to them.

What is CAT NMS plan?

The CAT NMS plan provides that CAT data would be stored in a way that allows regulators to perform complex queries, such as reconstructing market events and the status of order books at various time intervals.

What is CAT data?

The SEC established the Consolidated Audit Trail (the CAT) to enable regulators to track all order and trading activity throughout the U.S. markets for listed equities and options.