SEC Rule 605 & Rule 606
Securities and Exchange Commission rules mandate the public disclosure of order routing practices (the "Disclosure Rules"). Rule 605 (formerly SEC Rule 11Ac1-5) requires “market centers” that trade National Market System securities to make available standardized, monthly reports containing statistical information about “covered order” executions. Rule 606 (formerly SEC Rule 11Ac1-6) requires that broker-dealers that route customer orders in equity and option securities make publicly available quarterly reports that identify the venues to which customer orders are routed for execution.
The retail brokerage business of Empower Financial Services, Inc. (previously known as “GWFS Equities, Inc” or “GWFS”) clears trading through two different clearing firms, of which order routing information is made publicly available here:
Pershing LLC on behalf of Empower Financial Services, Inc. (MPID: GWFS)
SEC Rule 606 Disclosure of Order Routing Practices
At Broker-Dealer’s Full Name, type: Empower
National Financial Services LLC on behalf of Empower Financial Services, Inc. (MPID: MPWR)