Rule 605 requires “market centers” that trade National Market System securities to make available standardized, monthly reports containing statistical information about “covered order” executions. Rule 605 is intended to promote visibility and competition in order execution quality, particularly with respect to execution price and speed. The rule requires, among other things, that the reports be prepared in an electronic format available for downloading from an Internet website that is free and readily accessible to the public.
The disclosures required by Rule 605 do not encompass all of the factors that may be important to clients in evaluating the order routing practices of a broker-dealer. In addition, any particular market center’s statistics will encompass varying types of orders routed by different broker-dealers on behalf of customers with a wide range of objectives. Accordingly, the statistical information required by Rule 605 alone does not create a reliable basis to address whether any particular broker-dealer obtained the most favorable terms under the circumstances for customer orders.
Rule 605
SEC Rule 605 requires Market Centers to make available standardized, monthly reports of statistical data regarding order execution for “covered orders” as defined under the Rule. The reports for BigTrades can be accessed below.
Please note that BigTrades is not a Market Center as defined in the Rule. Therefore, the 605 reports will not contain any reportable data.