Institutional Sales & Trading
Order Routing Policy
The Securities and Exchange Commission requires that all broker-dealers determine that they receive best execution for their clients. In order to address this requirement in a meaningful and consistent manner, Feltl and Company has entered into an agreement with Thomson Transaction Analytics (TTA) whereby TTA will take execution information from the firms with whom Feltl and Company does business and provide reports that categorize order executions and include statistical data about execution quality. These public reports can be viewed by clicking on either rule:
Order Flow Statement
In return for routing orders to a specific market center Feltl and Company may receive cash payment. All customer orders subject to payment for order flow are sent to market centers that execute market and marketable limit orders at prices no worse than the displayed National Best Bid or Offer ("NBBO"). Each of these market centers provide the opportunity for execution of orders at prices better than the NBBO when the spread between the bid and ask price is greater than the minimum variant. Orders sent are exposed across all exchanges and market centers to obtain price improvement for our customers. Feltl and Company currently does not receive monetary compensation for order flow, but may receive reciprocal business. This information is provided pursuant to SEC Rule 11(c)(1-3) and 11A(c)(1-6).