NYSE Equities


Top Venues Percentage of Non-Directed Orders Data as of 03/31/17
  Venue Total Total Market Orders Total Limit Orders Total Other Orders
1. BNY MELLON CAPITAL MARKETS, LLC 74.5 %   76.3 %   65.0 %   75.9 %  
2. KCG AMERICAS LLC 7.8 %   7.0 %   12.1 %   8.7 %  
3. UBS SECURITIES 6.1 %   5.5 %   9.4 %   5.4 %  
4. CITADEL DERIVATIVES GROUP 5.9 %   5.6 %   7.6 %   5.7 %  
  Summary Statistics 100.0 %   81.3 %   15.7 %   3.0 %  

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Cetera Advisor Networks directs its New York Stock Exchange
(NYSE) equity order flow to its clearing broker, Pershing Division of 
Lufkin & Jenrette Securities Corporation (Pershing), for routing and 
Cetera Advisor Networks receives payment on a cents per share
basis for directing order flow to Pershing.

Pershing and its affiliate, Pershing Trading Company, L.P. (collectively 
Pershing) receive compensation for directing a percentage of NYSE equity flow
to certain exchanges or specialists.  Pershing also routes certain NYSE equity 
flow to an affiliated specialist.

Compensation is generally in the form of a per share cash payment.
Additionally, certain exchanges reduce or eliminate execution fees on orders 
directed to them in dually listed securities.

If an order for a NYSE listed security is not immediately executable on the 
exchange to which it is routed, such order may be represented in the national 
marketplace using the various means available for price discovery.

Pershing regularly reviews reports for quality of execution purposes.

Disclosure of Order Routing Practices web site supported by Pershing LLC