Aufhauser SEC Rule 606 Order Routing Disclosure Data

For All Reports after Sep 2016:Click and Search for "Aufhauser".

September 2016

June 2016

March 2016

December 2015

September 2015

June 2015

March 2015

Dec 2014

Sep 2014

June 2014

March 2014

December 2013

September 2013

June 2013

Mar 2013

Dec 2012

Sep 2012

June 2012

March 2012

Dec 2011

Sep 2011

June 2011

March 2011

Dec 2010

Sept 2010

June 2010

March 2010

December 2009

Sept 2009

June 2009

March 2009

Prior to 2008: please send email to


Aufhauser Securities directs some order flow to the Instinet  INET portal system. In all cases, this is done with the express consent and instruction of our clients. Instinet charges a per share charge for almost all orders sent to them. However, they sometimes rebate Aufhauser for orders which, according to their criteria, "enhance liquidity". The amount of this rebate received from Instinet is small and not material. 

All other order flow (NYSE, NASDAQ, AMEX, OPTION) is directed by  Aufhauser Securities Inc.  to its clearing broker, Pershing LLC ("Pershing") for routing and execution. Aufhauser Securities Inc.  may receive payment in the form of order flow rebates for directing order flow to Pershing. Pershing and its affiliate, Pershing Trading Company, L.P. (collectively "Pershing') receive compensation for directing a percentage of its order flow to certain exchanges, specialists or market makers. 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.

In the case of its over-the counter ("OTC") equity order flow, Pershing receives compensation from the following market makers: