SEC Rule 606
Disclosure of Order Routing Practices
|
KAYAN SECURITIES INC
|
Nasdaq Securities
Quarter Ending
9/30/2025
|
|
Exchange
|
Market Order
|
Limit
|
Others
|
Total
|
|
Non-Directed Orders as Percentage (%) of Total Customer Orders
|
67.3%
|
32.4%
|
0.3%
|
100.0%
|
|
UBS Securities LLC
|
36.0%
|
34.3%
|
0.0%
|
35.3%
|
|
Virtu Americas LLC
|
64.0%
|
65.7%
|
100.0%
|
64.7%
|
|
NYSE Securities
Quarter Ending
9/30/2025
|
|
Exchange
|
Market Order
|
Limit
|
Others
|
Total
|
|
Non-Directed Orders as Percentage (%) of Total Customer Orders
|
66.0%
|
34.0%
|
0.0%
|
100.0%
|
|
UBS Securities LLC
|
28.0%
|
13.8%
|
0.0%
|
23.2%
|
|
Virtu Americas LLC
|
72.0%
|
86.2%
|
0.0%
|
76.8%
|
|
American Stock Exchange (and Regional Exchanges)
Quarter Ending
9/30/2025
|
|
Exchange
|
Market Order
|
Limit
|
Others
|
Total
|
|
Non-Directed Orders as Percentage (%) of Total Customer Orders
|
30.5%
|
63.6%
|
5.9%
|
100.0%
|
|
UBS Securities LLC
|
27.8%
|
41.3%
|
100.0%
|
40.7%
|
|
Virtu Americas LLC
|
69.4%
|
57.3%
|
0.0%
|
57.6%
|
|
Listed Options
Quarter Ending
9/30/2025
|
|
Exchange
|
Market Order
|
Limit
|
Others
|
Total
|
|
Non-Directed Orders as Percentage (%) of Total Customer Orders
|
42.9%
|
57.1%
|
0.0%
|
100.0%
|
|
Citadel Securities, Options
|
33.3%
|
50.0%
|
0.0%
|
42.9%
|
|
Wolverine Execution Services, Options
|
66.7%
|
50.0%
|
0.0%
|
57.1%
|
|
*Wedbush Securities has prepared this report in accordance with U.S. Securities and Exchange Commission Exchange Act Rule 606 that requires broker/dealers to make public, quarterly reports containing certain information on their order routing practices. The report provides information on the routing of "non-directed orders" which is generally defined as any order that the client has not specifically instructed to be routed to a particular venue for execution.
