ORDER ROUTING & EXECUTION
SEC Rule 606 Quarterly Report for the Quarter Ending December 31, 2011
National Financial Services LLC, Member NYSE/SIPC, a Fidelity Investments ® company has prepared this report pursuant to U.S. Securities and Exchange Commission Rule 606 which requires broker/dealer firms to make publicly available quarterly reports relating to their routing practices. This report provides information on the routing of "non-directed orders". For these non-directed orders, NFS has selected the execution venue on behalf of the customers. Financial Advisers of America (FAA) forwards 100% of their customer equity orders to NFS for execution. For the above report period, NFS routed our order flow as follows:
Securities Listed on New York Stock Exchange
Summary Statistics:
| Non-directed orders as percentage of total customer orders | 100.00% |
| Market orders as percentage of total non-directed orders | 86.95% |
| Limit orders as percentage of total non-directed orders | 12.27% |
| Other orders as percentage of total non-directed orders | 0.77% |
Venues Receiving Significant Percentage of Total Non-Directed Orders:
Venue |
Total | Total Market Orders | Total Limit Orders | Total Other Orders |
|
|---|---|---|---|---|---|
| 1 | National Financial Services L.L.C. |
27.55% | 28.23% | 24.48% | 0.00% |
| 2 | Knight Capital Markets, L.L.C. | 23.69% | 24.68% | 15.38% | 44.44% |
| 3 | UBS Securities, L.L.C. | 17.25% | 18.76% | 5.59% | 33.33% |
| 4 | Citadel Derivatives Group, L.L.C. | 15.02% | 16.39% | 5.59% | 11.11% |
| 5 | Citigroup Global Markets, Inc. | 3.09% | 3.06% | 2.80% | 11.11% |
| 6 | Direct Edge Exchange | 2.32% | 0.00% | 18.88% | 0.00% |
| 7 | Nasdaq Execution Services, L.L.C. | 2.15% | 1.58% | 6.29% | 0.00% |
| 8 | Goldman, Sachs & Co. | 1.97% | 2.27% | 0.00% | 0.00% |
| 9 | Two Sigma Securities, L.L.C. | 1.63% | 1.88% | 0.00% | 0.00% |
| 10 | AlterNet Securities, Inc. | 1.12% | 1.28% | 0.00% | 0.00% |
Securities Listed on The Nasdaq Stock Market
Summary Statistics:
| Non-directed orders as percentage of total customer orders | 100.00% |
| Market orders as percentage of total non-directed orders | 64.06% |
| Limit orders as percentage of total non-directed orders | 34.15% |
| Other orders as percentage of total non-directed orders | 1.79% |
Venues Receiving Significant Percentage of Total Non-Directed Orders:
Venue |
Total | Total Market Orders |
Total Limit Orders |
Total Other Orders |
|
|---|---|---|---|---|---|
| 1 | National Financial Services, L.L.C. | 28.35% | 24.04% | 37.91% | 0.00% |
| 2 | Citadel Derivatives Group L.L.C. | 16.52% | 23.69% | 3.92% | 0.00% |
| 3 | UBS Securities, L.L.C. | 16.52% | 21.95% | 5.23% | 37.50% |
| 4 | Knight Equity Markets, LP. | 12.95% | 15.68% | 5.23% | 62.50% |
| 5 | Direct Edge Exchange | 5.58% | 0.00% | 16.34% | 0.00% |
| 6 | Citigroup Global Markets, Inc. | 4.46% | 6.27% | 1.31% | 0.00% |
| 7 | Nasdaq Execution Services, L.L.C. | 3.57% | 0.70% | 9.15% | 0.00% |
| 8 | NYSE Arca | 2.68% | 0.00% | 7.84% | 0.00% |
| 9 | BATS Exchange, Inc. | 2.23% | 0.00% | 6.54% | 0.00% |
| 10 | Two Sigma Securities, L.L.C. | 1.79% | 2.44% | 0.65% | 0.00% |
Securities Listed on NYSE AMEX or Regional Exchanges
Summary Statistics:
| Non-directed orders as percentage of total customer orders | 100.00% |
| Market orders as percentage of total non-directed orders | 78.19% |
| Limit orders as percentage of total non-directed orders | 20.58% |
| Other orders as percentage of total non-directed orders | 1.23% |
Venues Receiving Significant Percentage of Total Non-Directed Orders:
Venue |
Total | Total Market Orders | Total Limit Orders |
Total Other Orders | |
|---|---|---|---|---|---|
| 1 | Knight Capital Markets, L.L.C. | 30.45% | 34.47% | 15.00% | 33.33% |
| 2 | National Financial Services, L.L.C. | 18.72% | 19.47% | 17.00% | 0.00% |
| 3 | Citadel Securities, L.L.C. | 17.28% | 21.84% | 0.00% | 16.67% |
| 4 | UBS Securities, L.L.C. | 14.61% | 17.11% | 4.00% | 33.33% |
| 5 | Direct Edge Exchange | 4.73% | 0.00% | 23.00% | 0.00% |
| 6 | NYSE Arca | 3.29% | 0.00% | 16.00% | 0.00% |
| 7 | BATS Exchange, Inc. | 3.09% | 0.00% | 15.00% | 0.00% |
| 8 | Nasdaq Execution Services, LLC. | 2.88% | 1.58% | 8.00% | 0.00% |
| 9 | Citigroup Global Markets, Inc. | 2.47% | 2.89% | 0.00% | 16.67% |
| 10 | Two Sigma Securities, L.L.C. | 0.82% | 1.05% | 0.00% | 0.00% |
Exchange – Listed Options
Summary Statistics:
| Non-directed orders as percentage of total customer orders | 100.00% |
| Market orders as percentage of total non-directed orders | 50.00% |
| Limit orders as percentage of total non-directed orders | 48.92% |
| Other orders as percentage of total non-directed orders | 1.08% |
Venues Receiving Significant Percentage of Total Non-Directed Orders:
Venue |
Total | Total Market Orders |
Total Limit Orders |
Total Other Orders | |
|---|---|---|---|---|---|
| 1 | The Chicago Board Options Stock Exchange | 26.88% | 17.74% | 34.62% | 100.00% |
| 2 | NYSE Amex Option | 19.89% | 29.03% | 10.99% | 0.00% |
| 3 | NASDAQ QMX PHLX | 14.78% | 15.05% | 14.84% | 0.00% |
| 4 | The Boston Option Exchange | 10.75% | 19.35% | 2.20% | 0.00% |
| 5 | NYSE Arca Options | 10.48% | 1.61% | 19.78% | 0.00% |
| 6 | The International Securities Exchange | 6.18% | 11.29% | 1.10% | 0.00% |
| 7 | BATS Options Exchange, Inc. | 5.91% | 5.38% | 6.59% | 0.00% |
| 8 | Nasdaq Execution Services, L.L.C. | 4.57% | 0.00% | 9.34% | 0.00% |
| 9 | C2 Options Exchange | 0.54% | 0.54% | 0.55% | 0.00% |
Financial Advisers of America LLC (FAA) may route client orders for execution to market centers or by using automated order entry systems on primary exchanges. These market centers may include dealers who are registered market makers in securities. FAA may be compensated for routing orders to dealers or may receive credits for exchange transaction fees from using automated order entry systems. However, FAA does not receive remuneration for directing equity order flow at this time.
Order routing decisions may be based on the size of the order, an opportunity for price improvement and quality of order executions. All orders are intended to be executed in compliance with best execution.
FAA will provide the order routing details upon written request, for orders executed six months prior. Please send your request to:
Financial Advisers of America, LLC
Attention: Trading Department
1930 Palomar Point Way, Suite 104
Carlsbad, CA 92008-5579
SEC Rule 606 Quarterly Report for the Quarter Ending September 30, 2011
National Financial Services LLC, Member NYSE/SIPC, a Fidelity Investments ® company has prepared this report pursuant to U.S. Securities and Exchange Commission Rule 606 which requires broker/dealer firms to make publicly available quarterly reports relating to their routing practices. This report provides information on the routing of "non-directed orders". For these non-directed orders, NFS has selected the execution venue on behalf of the customers. Financial Advisers of America (FAA) forwards 100% of their customer equity orders to NFS for execution. For the above report period, NFS routed our order flow as follows:
Securities Listed on New York Stock Exchange
Summary Statistics:
| Non-directed orders as percentage of total customer orders | 100.00% |
| Market orders as percentage of total non-directed orders | 76.06% |
| Limit orders as percentage of total non-directed orders | 20.97% |
| Other orders as percentage of total non-directed orders | 2.96% |
Venues Receiving Significant Percentage of Total Non-Directed Orders:
Venue |
Total | Total Market Orders | Total Limit Orders | Total Other Orders |
|
|---|---|---|---|---|---|
| 1 | National Financial Services L.L.C. |
23.18% | 29.27% | 4.35% | 0.00% |
| 2 | Knight Capital Markets, L.L.C. | 22.19% | 21.96% | 20.29% | 41.03% |
| 3 | Citadel Derivatives Group, L.L.C. | 16.57% | 18.68% | 7.97% | 23.08% |
| 4 | UBS Securities, L.L.C. | 16.19% | 15.98% | 16.30% | 20.51% |
| 5 | Citigroup Global Markets, Inc. | 5.78% | 5.59% | 5.07% | 15.38% |
| 6 | Direct Edge Exchange | 3.04% | 0.00% | 14.49% | 0.00% |
| 7 | BATS Exchange, Inc. | 2.51% | 0.00% | 11.96% | 0.00% |
| 8 | Nasdaq Execution Services, L.L.C. | 2.51% | 1.60% | 6.15% | 0.00% |
| 9 | NYSE Arca | 2.36% | 0.00% | 11.23% | 0.00% |
| 10 | Goldman, Sachs & Co. | 1.90% | 2.50% | 0.00% | 0.00% |
Securities Listed on The Nasdaq Stock Market
Summary Statistics:
| Non-directed orders as percentage of total customer orders | 100.00% |
| Market orders as percentage of total non-directed orders | 74.23% |
| Limit orders as percentage of total non-directed orders | 24.54% |
| Other orders as percentage of total non-directed orders | 1.23% |
Venues Receiving Significant Percentage of Total Non-Directed Orders:
Venue |
Total | Total Market Orders |
Total Limit Orders |
Total Other Orders |
|
|---|---|---|---|---|---|
| 1 | UBS Securities, L.L.C. | 25.77% | 31.13% | 9.17% | 33.33% |
| 2 | Citadel Derivatives Group , L.L.C. | 20.45% | 18.73% | 26.67% | 0.00% |
| 3 | National Financial Services, L.L.C. | 16.97% | 21.21% | 5.00% | 0.00% |
| 4 | Knight Equity Markets, LP. | 15.95% | 14.88% | 16.67% | 0.00% |
| 5 | Citigroup Global Markets, Inc. | 4.70% | 6.07% | 0.83% | 0.00% |
| 6 | Direct Edge Exchange | 3.89% | 0.00% | 15.83% | 0.00% |
| 7 | Nasdaq Execution Services, LLC. | 3.27% | 1.65% | 8.33% | 0.00% |
| 8 | BATS Exchange, Inc. | 2.04% | 0.00% | 8.33% | 0.00% |
| 9 | NYSE Arca | 1.64% | 0.00% | 6.67% | 0.00% |
| 10 | AlterNet Securities, Inc. | 1.23% | 1.65% | 0.00% | 0.00% |
Securities Listed on NYSE AMEX or Regional Exchanges
Summary Statistics:
| Non-directed orders as percentage of total customer orders | 100.00% |
| Market orders as percentage of total non-directed orders | 82.12% |
| Limit orders as percentage of total non-directed orders | 16.02% |
| Other orders as percentage of total non-directed orders | 1.85% |
Venues Receiving Significant Percentage of Total Non-Directed Orders:
Venue |
Total | Total Market Orders | Total Limit Orders |
Total Other Orders | |
|---|---|---|---|---|---|
| 1 | Knight Capital Markets, L.L.C. | 39.80% | 41.48% | 30.53% | 45.45% |
| 2 | Citadel Derivatives Group, L.L.C. | 20.91% | 20.74% | 18.95% | 45.45% |
| 3 | UBS Securities, LLC. | 17.37% | 17.66% | 16.84% | 9.09% |
| 4 | National Financial Services, L.L.C. | 12.31% | 14.37% | 3.16% | 0.00% |
| 5 | Nasdaq Execution Services, L.L.C. | 2.36% | 2.05% | 4.21% | 0.00% |
| 6 | Citigroup Global Markets, Inc. | 1.69% | 2.05% | 0.00% | 0.00% |
| 7 | Direct Edge Exchange | 1.18% | 0.00% | 7.37% | 0.00% |
| 8 | NYSE Arca | 1.01% | 0.00% | 6.32% | 0.00% |
| 9 | BATS Exchange, Inc. | 1.01% | 0.00% | 6.32% | 0.00% |
| 10 | Credit Suisse Securities (USA), L.L.C. | 0.51% | 0.21% | 2.11% | 0.00% |
Exchange – Listed Options
Summary Statistics:
| Non-directed orders as percentage of total customer orders | 100.00% |
| Market orders as percentage of total non-directed orders | 38.16% |
| Limit orders as percentage of total non-directed orders | 58.88% |
| Other orders as percentage of total non-directed orders | 2.96% |
Venues Receiving Significant Percentage of Total Non-Directed Orders:
Venue |
Total | Total Market Orders |
Total Limit Orders |
Total Other Orders | |
|---|---|---|---|---|---|
| 1 | The Chicago Board Options Stock Exchange | 20.07% | 10.34% | 25.70% | 33.33% |
| 2 | NASDAQ OMX PHLX | 18.42% | 18.10% | 19.55% | 0.00% |
| 3 | NYSE Amex options | 16.45% | 22.41% | 13.41% | 0.00% |
| 4 | The Boston Option Exchange | 12.83% | 33.62% | 0.00% | 0.00% |
| 5 | NYSE Arca Options | 10.86% | 4.31% | 15.64% | 0.00% |
| 6 | BATS Options Exchange, Inc. | 10.53% | 1.72% | 16.76% | 0.00% |
| 7 | The International Securities Exchange | 6.91% | 5.17% | 5.03% | 0.00% |
| 8 | Nasdaq Execution Services, L.L.C. | 2.63% | 0.86% | 3.91% | 0.00% |
| 9 | C2 Options Exchange | 1.32% | 3.45% | 0.00% | 0.00% |
Financial Advisers of America LLC (FAA) may route client orders for execution to market centers or by using automated order entry systems on primary exchanges. These market centers may include dealers who are registered market makers in securities. FAA may be compensated for routing orders to dealers or may receive credits for exchange transaction fees from using automated order entry systems. However, FAA does not receive remuneration for directing equity order flow at this time.
Order routing decisions may be based on the size of the order, an opportunity for price improvement and quality of order executions. All orders are intended to be executed in compliance with best execution.
FAA will provide the order routing details upon written request, for orders executed six months prior. Please send your request to:
Financial Advisers of America, LLC
Attention: Trading Department
1930 Palomar Point Way, Suite 104
Carlsbad, CA 92008-5579
SEC Rule 606 Quarterly Report for the Quarter Ending June 30, 2011
National Financial Services LLC, Member NYSE/SIPC, a Fidelity Investments® company has prepared this report pursuant to U.S. Securities and Exchange Commission Rule 606 which requires broker/dealer firms to make publicly available quarterly reports relating to their routing practices. This report provides information on the routing of "non-directed orders". For these non-directed orders, NFS has selected the execution venue on behalf of the customers. Financial Advisers of America (FAA) forwards 100% of their customer equity orders to NFS for execution. For the above report period, NFS routed our order flow as follows:
Securities Listed on New York Stock Exchange
Summary Statistics:
| Non-directed orders as percentage of total customer orders | 100.00% |
| Market orders as percentage of total non-directed orders | 71.73% |
| Limit orders as percentage of total non-directed orders | 25.12% |
| Other orders as percentage of total non-directed orders | 3.15% |
Venues Receiving Significant Percentage of Total Non-Directed Orders:
Venue |
Total | Total Market Orders | Total Limit Orders | Total Other Orders |
|
|---|---|---|---|---|---|
| 1 | Knight Capital Markets, L.L.C. |
22.37% | 25.68% | 7.40% | 66.67% |
| 2 | UBS Securities, L.L.C. | 21.00% | 25.90% | 8.68% | 7.69% |
| 3 | National Financial Services, L.L.C. | 19.31% | 24.55% | 6.75% | 0.00% |
| 4 | Citadel Derivatives Group, L.L.C. | 10.34% | 12.61% | 3.22% | 15.38% |
| 5 | Nasdaq Execution Services, L.L.C. | 5.98% | 1.35% | 19.94% | 0.00% |
| 6 | Direct Edge Exchange | 4.04% | 0.00% | 16.08% | 0.00% |
| 7 | Citigroup Global Markets, Inc. | 3.47% | 3.27% | 3.22% | 10.26% |
| 8 | BATS Exchange, Inc. | 3.07% | 0.00% | 12.22% | 0.00% |
| 9 | NYSE Arca | 2.26% | 0.00% | 9.00% | 0.00% |
| 10 | Goldman, Sachs & Co. | 2.18% | 2.93% | 0.32% | 0.00% |
Securities Listed on The Nasdaq Stock Market
Summary Statistics:
| Non-directed orders as percentage of total customer orders | 100.00% |
| Market orders as percentage of total non-directed orders | 69.68% |
| Limit orders as percentage of total non-directed orders | 29.79% |
| Other orders as percentage of total non-directed orders | 0.53% |
Venues Receiving Significant Percentage of Total Non-Directed Orders:
Venue |
Total | Total Market Orders |
Total Limit Orders |
Total Other Orders |
|
|---|---|---|---|---|---|
| 1 | Citadel Derivatives Group , L.L.C. | 27.93% | 28.63% | 26.79% | 0.00% |
| 2 | UBS Securities, L.L.C. | 22.87% | 27.86% | 10.71% | 50.00% |
| 3 | National Financial Services, L.L.C. | 15.96% | 19.47% | 8.04% | 0.00% |
| 4 | Knight Equity Markets, LP. | 15.69% | 18.32% | 8.93% | 50.00% |
| 5 | Nasdaq Execution Services, L.L.C. | 4.79% | 1.15% | 13.39% | 0.00% |
| 6 | BATS Exchange, Inc. | 2.66% | 0.00% | 8.93% | 0.00% |
| 7 | Direct Edge Exchange | 2.66% | 0.00% | 8.93% | 0.00% |
| 8 | LavaFlow, Inc. | 1.33% | 0.38% | 3.57% | 0.00% |
| 9 | Goldman, Sachs & Co. | 1.06% | 1.53% | 0.00% | 0.00% |
| 10 | Citigroup Global Market, Inc. | 1.06% | 1.53% | 0.00% | 0.00% |
Securities Listed on NYSE AMEX or Regional Exchanges
Summary Statistics:
| Non-directed orders as percentage of total customer orders | 100.00% |
| Market orders as percentage of total non-directed orders | 81.81% |
| Limit orders as percentage of total non-directed orders | 18.05% |
| Other orders as percentage of total non-directed orders | 0.14% |
Venues Receiving Significant Percentage of Total Non-Directed Orders:
Venue |
Total | Total Market Orders | Total Limit Orders |
Total Other Orders | |
|---|---|---|---|---|---|
| 1 | Knight Capital Markets, L.L.C. | 28.35% | 33.10% | 6.25% | 100.00% |
| 2 | UBS Securities, L.L.C. | 22.14% | 23.62% | 15.63% | 0.00% |
| 3 | National Financial Services, L.L.C. | 20.31% | 23.97% | 3.91% | 0.00% |
| 4 | Citadel Derivatives Group LLC | 15..80% | 16.72% | 11.72% | 0.00% |
| 5 | Direct Edge Exchange | 3.10% | 0.00% | 17.19% | 0.00% |
| 6 | Nasdaq Execution Services, L.L.C. | 3.10% | 0.69% | 14.06% | 0.00% |
| 7 | NYSE Arca | 1.97% | 0.00% | 10.94% | 0.00% |
| 8 | BATS Exchange, Inc. | 1.69% | 0.00% | 9.38% | 0.00% |
| 9 | LavaFlow, Inc. | 1.13% | 0.34% | 4.69% | 0.00% |
| 10 | Citigroup Global Markets, Inc. | 0.85% | 0.69% | 1.56% | 0.00% |
Exchange – Listed Options
Summary Statistics:
| Non-directed orders as percentage of total customer orders | 100.00% |
| Market orders as percentage of total non-directed orders | 38.16% |
| Limit orders as percentage of total non-directed orders | 58.88% |
| Other orders as percentage of total non-directed orders | 2.96% |
Venues Receiving Significant Percentage of Total Non-Directed Orders:
Venue |
Total | Total Market Orders |
Total Limit Orders |
Total Other Orders | |
|---|---|---|---|---|---|
| 1 | The Chicago Board Options Stock Exchange | 20.07% | 10.34% | 25.70% | 33.33% |
| 2 | NASDAQ OMX PHLX | 18.42% | 18.10% | 19.55% | 0.00% |
| 3 | NYSE Amex options | 16.45% | 22.41% | 13.41% | 0.00% |
| 4 | The Boston Option Exchange | 12.83% | 33.62% | 0.00% | 0.00% |
| 5 | NYSE Arca Options | 10.86% | 4.31% | 15.64% | 0.00% |
| 6 | BATS Options Exchange, Inc. | 10.53% | 1.72% | 16.76% | 0.00% |
| 7 | The International Securities Exchange | 6.91% | 5.17% | 5.03% | 66.67% |
| 8 | Nasdaq Execution Services, LLC. | 2.63% | 0.86% | 3.91% | 0.00% |
| 9 | C2 Options Exchange | 1.32% | 3.45% | 0.00% | 0.00% |
Financial Advisers of America LLC (FAA) may route client orders for execution to market centers or by using automated order entry systems on primary exchanges. These market centers may include dealers who are registered market makers in securities. FAA may be compensated for routing orders to dealers or may receive credits for exchange transaction fees from using automated order entry systems. However, FAA does not receive remuneration for directing equity order flow at this time.
Order routing decisions may be based on the size of the order, an opportunity for price improvement and quality of order executions. All orders are intended to be executed in compliance with best execution.
FAA will provide the order routing details upon written request, for orders executed six months prior. Please send your request to:
Financial Advisers of America, LLC
Attention: Trading Department
1930 Palomar Point Way, Suite 104
Carlsbad, CA 92008-5579