DriveWealth, LLC - SEC Rule 606 Disclosure
Policy Regarding Receipt of Payment for Order Flow:
DriveWealth routes all orders to one of its executing brokers, who may internalize or route orders and receive compensation as a result.
Policy for Routing Client Orders:
DriveWealth, LLC primary routes its order flow to one of its executing brokers Cuttone & Co.**, a NYSE floor broker, who assess the quality of the markets to which its routes order flow to obtain the best execution of behalf if DriveWealth and its customers. In this regard, DriveWealth may, depending on several factors, including the security involved or the size of the order, execute the order with itself, as principal, or may route client orders to other broker-dealers, such as Cuttone & Co.
For orders executed in a principal capacity, DriveWealth does not receive payment for order flow. Separately, orders that are routed to our executing broker, DriveWealth will share in monetary rebates with our executing broker.
Orders sent to various OTC market makers in listed or OTC stocks may be exposed to certain exchanges and market centers for the purpose of obtaining price improvement. Orders sent to an exchange via an automated routing and execution system have the opportunity to be executed at prices better than the National Best Bid or Offer either pursuant to a computerized pricing algorithm (in the case of orders in a stock with a spread greater than $0.01) or order exposure features of such systems.
Order Routing Information is Available Upon Request:
SEC Rule 606 provides all clients the opportunity to receive specific order routing information for their transactions. Upon request, DriveWealth will provide the identity of the venue to which each of the client’s orders were routed for execution during the six months prior to the request. If you wish to receive this information, please firstname.lastname@example.org, or your DriveWealth representative.
SEC Rule 606 also requires broker-dealers, including DriveWealth, to provide information on quarterly basis concerning order routing practices for NYSE, AMEX and Nasdaq securities. Broker-dealers are required to disclose their most frequent order routing destinations and to disclose any material aspects of their relationship with these venues including any payment for order flow arrangements. 606 reports are available via a link under Legal on the DriveWealth.com website.
SEC Rule 606 Quarterly Report for the Quarter Ending March 31 2019 Summary Statistics:
Non-directed orders as percentage of total customer orders:
Market orders as percentage of total non-directed orders:
|Venue||% of Executed||% of Orders
|% of Orders
|New York Stock Exchange Listed Symbols|
|American Stock Exchange Listed Symbols|
|NASDAQ Listed Symbols|
|SPDR||10.15%||3.30%||6.85%||Other Listed Symbols|
** Donato Cuttone, the CEO of Cuttone & Co., is a non-voting advisor to DriveWealth Holdings Inc.’s Board of Directors.