Does Firstrade receive payment for order flow from routing orders to market venues?

SEC Rule 607

Pursuant to SEC Rule 607, Firstrade is required to disclose its payment for order flow practices, upon opening a new customer account and on an annual basis thereafter. Firstrade sends certain equity orders to exchanges, electronic communication networks, or broker-dealers during normal business hours and during extended trading sessions. Some of those market venues may provide payments or charge access fees to Firstrade depending upon the characteristics of the order and any subsequent executions. Information on these payments can be found by viewing Firstrade’s SEC Rule 606(a) Quarterly reports. In addition, a paper copy may also be provided on request, along with any other details of these payments and fees. Firstrade may receive compensation from routing exchange-listed options to market venues to achieve the best execution available under the particular circumstances of the specific transaction requested.

Order routing decisions are based on a number of factors including the size of the order, the opportunity for price improvement and the quality of order executions. However, Firstrade regularly reviews routing decisions, market centers and test trade executions to ensure that orders meet our duty of best execution.

Disclosure of Payment for Order Flow and Order Routing Information

SEC Rule 606(a) & 607 Disclosure

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