SEC Rule 605
The SEC's customer disclosure rule, SEC Rule 605, requires market centers to disclose monthly data about the quality of their trade executions. Each monthly report will disclose execution-quality data based on the previous month's trading activity.
The reports for Fidelity's market centers can be accessed below.
Pursuant to the "Joint Industry Plan, Order Approving Plan Establishing Procedures Under Rule 605 by American Stock Exchange, Boston Stock Exchange, Chicago Stock Exchange, Cincinnati Stock Exchange, National Association of Securities Dealers, New York Stock Exchange, Pacific Exchange, and Philadelphia Stock Exchange" (Joint Industry Plan) the execution-quality data provided in the reports must be in a standard format.
Learn more about the SEC's Joint Industry Plan 
. This page will open in a popup window., which details reporting regulations. The Financial Industry Regulatory Authority (FINRA) . This page will open in a popup window. has provided information about order disclosure and this rule. SEC Rule 605 monthly data can be accessed here . This page will open in a popup window..
Fidelity has also prepared execution quality measurement definitions to help you understand some of the terminology that is detailed in the reports above.
SEC Rule 606
Under SEC Rule 606, broker-dealers that route orders on behalf of customers are required to prepare quarterly reports (PDF) . This page will open in a popup window. that disclose the following information:
- The percentage of total customer orders that were non-directed orders, and the percentages of total non-directed orders* that were market orders, limit orders, or other orders
- The identity of the venues to which a significant percentage of total non-directed orders were routed for execution
- The percentage of total non-directed orders routed to the venue, and the percentages of total non-directed market orders, non-directed limit orders, and non-directed other orders that were routed to the venue
- Terms of the material aspects of the broker-dealer's relationship with each venue identified above, including a description of any arrangement for payment for order flow and any profit-sharing relationship
The reports are to be made public for each calendar quarter and published no later than one month after the end of the quarter. Another section of this rule requires annual public notification that this information is available.
Pursuant to the rule, customers can request details on the identity of the venue, time of execution, and whether the order was directed to a specific venue per customer request in the six months prior to the request. Through a Fidelity representative, a customer may also request up to six months of this information in hard copy on all orders for a specific time period and/or on individual securities. The collection period for this information began on July 2, 2001. This information is available online although it is not required by SEC rules.
