SEC 606 Report on Routing of Customer Orders
Report For Quarter ending
July 2014

STOCK USA EXECUTION SERVICES has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage firms to make publicly available  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.

This report is divided into four sections: one for securities listed on the New York Stock Exchange, one for securities listed on The Nasdaq Stock Market, one for securities listed on the American Stock Exchange or regional exchanges, and one for exchange-listed options. For each section, this report identifies the number of non-directed orders as a percentage of total customer orders.
 

Securities Listed on New York Stock Exchange

     Summary Statistics:

         Non-directed orders as a percentage of total customer orders: 18.00%

         Order types as a percentage of non-directed orders:

         Market - 30.63%

         Limit - 69.37%

         Other - 0.00%

         Percentage of non-directed orders by venue:

Venues Receiving Significant Percentage of Total Non-Directed Orders % of Total Non-Directed Orders Received Non-Directed Market Orders Non-Directed Limit Orders Other Non-Directed Orders
Direct Edge ECN LLC (EDGE) * 16.95% 0.00% 25.79% 0.00%
JP Morgan 3.62% 7.83% 1.76% 0.00%
Lampost Capital, LLC * 4.88% 7.71% 3.63% 0.00%
Lampost Capital, LLC credit/debit * 1.33% 0.12% 1.87% 0.00%
Apex Clearing Corporation 3.98% 7.39% 2.81% 0.00%
ITG, Inc. * 23.03% 44.54% 15.65% 0.00%
NYSE/ARCA * 6.46% 0.00% 0.64% 0.00%
INET 0.44% 0.00% 0.64% 0.00%
PDQ 33.60% 32.66% 34.02% 0.00%

Securities Listed on The Nasdaq Stock Market

     Summary Statistics:

          Non-directed orders as a percentage of total customer orders: 18.00%

         Order types as a percentage of non-directed orders:

         Market - 25.54%

         Limit - 74.46

         Other - 0.00%

         Percentage of non-directed orders by venue:

Venues Receiving Significant Percentage of Total Non-Directed Orders % of Total Non-Directed Orders Received Non-Directed Markets Orders Non-Directed Limit Orders Other Non-Directed Orders
Direct Edge ECN LLC (EDGE) * 18.52% 0.01% 24.87% 0.00%
EDGX 0.01% 0.00% 0.01% 0.00%
JP Morgan 3.97% 8.99% 2.25% 0.00%
Lampost Capital, LLC * 4.80% 8.24% 3.62% 0.00%
Lampost Capital, LLC credit/debit * 0.84% 0.14% 1.08% 0.00%
Apex Clearing Corporation 3.98% 7.39% 2.81% 0.00%
ITG, Inc. * 23.03% 44.54% 15.65% 0.00%
NYSE/ARCA * 3.90% 0.00% 5.24% 0.00%
INET 0.73% 0.00% 0.98% 0.00%
PDQ 34.51% 30.70% 35.81% 0.00%

Securities Listed on American Stock Exchange or Regional Exchanges

     Summary Statistics:

          Non-directed orders as a percentage of total customer orders: 18.00%

         Order types as a percentage of non-directed orders:

         Market - 28.39%

         Limit - 71.61%

         Other - 0.00%

         Percentage of non-directed orders by venue:

Venues Receiving Significant Percentage of Total Non-Directed Orders % of Total Non-Directed Orders Received Non-Directed Market Orders Non-Directed Limit Orders Other Non-Directed Orders
Direct Edge ECN LLC (EDGE) * 0.01% 0.00% 0.01% 0.00%
JP Morgan 4.88% 10.45% 2.68% 0.00%
Lampost Capital, LLC * 5.20% 9.31% 3.57% 0.00%
Lampost Capital, LLC credit/debit * 0.45% 0.46% 0.44% 0.00%
Apex Clearing Corporation 6.22% 8.88% 5.16% 0.00%
ITG, Inc. * 23.08% 43.17% 15.11% 0.00%
NYSE/ARCA * 5.02% 0.00% 7.00% 0.00%
INET 0.18% 0.00% 0.24% 0.00%
PDQ 25.38% 27.72% 24.45% 0.00%


Exchange-Listed Options
     Summary Statistics:

         Order types as a percentage of non-directed orders:

         Market - 5.50%

         Limit - 94.26%

         Other - 0.24%

         Percentage of non-directed orders by venue:

Venues Receiving Significant Percentage of Total Non-Directed Orders % of Total Non-Directed Orders Received Non-Directed Market Orders Non-Directed Limit Orders Other Non-Directed Orders
DASH 45.39% 76.47% 43.69% 0.00%
EDGE 0.16% 1.47% 0.09% 0.00%
ISE 3.16% 0.00% 3.35% 0.00%
ITG 0.08% 1.47% 0.00% 0.00%
JP Morgan 0.08% 1.47% 0.00% 0.00%
MXTO 26.46% 2.94% 27.90% 0.00%
ONPT 23.14% 0.00% 24.29% 100.00%
PDQ 0.08% 0.00% 0.09% 0.00%
Apex Clearing Corporation 0.49% 2.94% 0.34% 0.00%
Lampost Capital 0.08% 1.47% 0.00% 0.00%




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* Stock USA may receive payment for directing orders to this venue

Order Routing Information

Stock USA Execution Serv., Inc. receives compensation on a per-share or pre-contrct basis for directing order flow to selected exchanges and broker-dealers. We post quarterly order routing execution reports at www.speedtrader.com. Price improvement is available under certain market conditions. Hard printed copies of quarterly order routing reports are available free of charge upon request.

Stock USA Execution Services customers typically choose their own execution venues by entering their orders through direct access order execution software. Non-directed orders are a relatively small percentage of our clients' order flow. It is our policy to send non-directed orders to brokers, dealers, market makers, exchanges, and other execution venues with the ability to provide best execution consistent with adherence to SEC Regulation NMS.

In some circumstances of non-directed order flow, Stock USA Execution Services, Inc. receives compensation for directing certain equity and options order flow to selected exchanges, market makers, brokers and dealers. Compensation is in the form of a per-share or per-contract payment. In cases in which orders are routed to exchanges, the rebates are paid according to rates posted on the exchanges' websites, and the credits may help to offset other exchange charges. Exchange rebates are less than or equal to the equivalent of $0.003 per share. In cases when Stock USA's non-directed order flow is routed to market makers, the compensation is less than or equal to the equivalent of $0.001 per share.

You should note that, consistent with the requirements of SEC Rule 606, the statistics capture only a small portion of Stock USA's order flow. This report is intended only to provide an overview of the firm's order routing practices for the orders not self-directed by our clients. Accordingly, the data is not a reliable basis upon which to assess whether the firm or any trading venue to which the firm routes orders has satisfied its best execution obligation.

Further, while we have taken care in preparing the data presented in this report, the data has not been audited and may contain errors. Any decision about whether to open an account or direct orders to Stock USA should not be based solely on the information presented in this report, but on a broader evaluation of the full range of services and products we offer.

Order Routing
Quarterly Report
SEC Rule
606
 

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In accordance with Regulation NMS, Rule 606(b)(1), a customer can request the identity of the venue to which the customerís orders were routed for execution in the six months prior to the request, whether the orders were directed orders or non-directed orders, and the time of the transactions, if any, that resulted from such orders.