SEC Required Report
SEC Required Report on Routing of Customer Orders for the Quarter Ended December 31, 2019
| Oppenheimer & Co. Inc. 85 Broad Street New York, New York 10004 212-668-8000 |
||||
|---|---|---|---|---|
| SEC Required Report on Routing of Customer Orders for the Quarter Ended December 31, 2019 | ||||
| Oppenheimer & Co. Inc. (the "Firm") has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The report provides information on the routing of "non-directed orders"-any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these orders, the Firm has selected the execution venue of behalf of its customers. The report is divided into four sections: one for securities listed on the New York Stock Exchange and reported as a Network A eligible security; one for securities listed on the NASDAQ Stock Market; one for securities listed on the American Stock Exchange or regional exchanges and reported as a Network B eligible security; and one for exchange listed options. For each section, this report identifies the venues most often selected by the Firm sets forth the percentages of various types of orders routed to the venues, and discusses the material aspects the Firm's relationship with the venues. |
||||
| I. Securities Listed on the New York Stock Exchange: | ||||
| Non-directed | Market | Limit | Other | |
| Total Orders | 100.00% | 19.76% | 10.11% | 70.13% |
| Virtu Financial Capital Markets, LLC | 51.96% | 61.77% | 54.17% | 48.87% |
| Citadel Derivatives Group, LLC | 32.38% | 36.07% | 42.33% | 29.90% |
| NYSE | 11.04% | 0.91% | 1.74% | 15.24% |
| Cowen Group | 2.01% | 0.00% | 0.00% | 2.87% |
| Credit Suisse | 0.86% | 0.01% | 0.00% | 1.23% |
| Instinet, LLC | 0.52% | 0.00% | 0.81% | 0.62% |
| Oppenheimer & Co. Inc. | 0.39% | 1.20% | 0.89% | 0.09% |
| NASDAQ | 0.33% | 0.00% | 0.00% | 0.48% |
| Goldman Sachs & Co. Inc. | 0.21% | 0.00% | 0.00% | 0.30% |
| FIS Brokerage & Securities Services LLC | 0.09% | 0.04% | 0.01% | 0.11% |
| The Firm forwards orders in securities in which the Firm is a registered market maker to the Firm's trading desk. The Firm will realize 100% of the profit (or loss) from such trading activity. The Firm receives remuneration, compensation or other consideration for directing customer orders for securities to particular market centers for execution. Such consideration, if any, may take the form of credits against fees due such market centers, monetary payments, research, reciprocal agreements for the provision of order flow, products or services or other items of remuneration. |
||||
| II. Securities Listed on the NASDAQ Stock Market: | ||||
| Non-directed | Market | Limit | Other | |
| Total Orders | 100.00% | 16.54% | 16.17% | 67.29% |
| Citadel Derivatives Group, LLC | 45.34% | 51.29% | 49.27% | 42.93% |
| Virtu Financial Capital Markets, LLC | 44.84% | 48.33% | 50.18% | 42.70% |
| NASDAQ | 5.64% | 0.00% | 0.00% | 8.38% |
| Cowen Group | 1.79% | 0.00% | 0.01% | 2.67% |
| Instinet, LLC | 0.94% | 0.00% | 0.38% | 1.30% |
| NYSE | 0.55% | 0.09% | 0.07% | 0.78% |
| Credit Suisse | 0.29% | 0.00% | 0.00% | 0.44% |
| FIS Brokerage & Securities Services LLC | 0.16% | 0.02% | 0.00% | 0.24% |
| Oppenheimer & Co. Inc. | 0.12% | 0.25% | 0.06% | 0.10% |
| NYSE Arca | 0.06% | 0.00% | 0.00% | 0.10% |
| The Firm forwards orders in securities for which the Firm is a market maker to the Firm's trading desk. The Firm realizes 100% of the profit (or loss) from such trading activity. The Firm receives remuneration, compensation or other consideration for directing customer orders for securities to particular market centers for execution. Such consideration, if any, may take the form of credits against fees due such market centers, monetary payments, research, reciprocal agreements for the provision of order flow, products or services or other items of remuneration. |
||||
| III. Securities Listed on the Regional Exchanges: | ||||
| Non-directed | Market | Limit | Other | |
| Total Orders | 100.00% | 19.21% | 13.67% | 67.12% |
| Citadel Derivatives Group, LLC | 62.91% | 65.51% | 64.80% | 61.78% |
| Virtu Financial Capital Markets, LLC | 31.48% | 33.35% | 32.01% | 30.84% |
| Cowen Group | 1.79% | 0.00% | 0.00% | 2.67% |
| NYSE Arca | 1.27% | 0.00% | 0.00% | 1.90% |
| NYSE AMEX | 0.85% | 0.00% | 0.00% | 1.27% |
| Instinet, LLC | 0.56% | 0.00% | 2.16% | 0.39% |
| NASDAQ | 0.29% | 0.00% | 0.00% | 0.44% |
| NYSE | 0.28% | 0.40% | 0.59% | 0.19% |
| Oppenheimer & Co. Inc. | 0.23% | 0.72% | 0.42% | 0.05% |
| Credit Suisse | 0.13% | 0.00% | 0.00% | 0.20% |
| The Firm forwards orders in securities for which the Firm is a market maker to the Firm's trading desk. The Firm realizes 100% of the profit (or loss) from such trading activity. The Firm receives remuneration, compensation or other consideration for directing customer orders for securities to particular market centers for execution. Such consideration, if any, may take the form of credits against fees due such market centers, monetary payments, research, reciprocal agreements for the provision of order flow, products or services or other items of remuneration. |
||||
| IV. Exchange-Listed Options: | ||||
| Non-directed | Market | Limit | Other | |
| Total Orders | 100.00% | 13.64% | 82.98% | 3.38% |
| NASDAQ | 61.93% | 0.90% | 71.61% | 70.53% |
| NASDAQ PHLX | 22.66% | 74.19% | 14.27% | 20.46% |
| C1 | 5.82% | 6.37% | 5.80% | 3.99% |
| BOX Options | 2.69% | 8.71% | 1.80% | 0.37% |
| BATS | 2.43% | 2.10% | 2.49% | 2.14% |
| NYSE Arca | 1.08% | 0.90% | 1.14% | 0.37% |
| MIAX PEARL | 0.72% | 2.60% | 0.44% | 0.07% |
| AMEX | 0.66% | 1.23% | 0.59% | 0.07% |
| International Securities (ISE) | 0.63% | 1.23% | 0.52% | 0.89% |
| MIAX Options | 0.43% | 0.73% | 0.39% | 0.15% |
| The Firm forwards orders for exchange-listed options to Citigroup (CGMI) and Citadel, who in turn route the orders to the applicable exchanges. Citigroup and Citadel share with the Firm rebates they receive. The Firm receives remuneration, compensation or other consideration for directing customer orders for securities to particular market centers for execution. Such consideration, if any, may take the form of credits against fees due such market centers, monetary payments, research, reciprocal agreements for the provision of order flow, products or services or other items of remuneration. |
||||