Order Routing Policy

SEC Rule 606 (formally known as Rule 11Ac1-6 under the Securities Exchange Act of 1934) requires all broker-dealers that route customer orders in equity and option securities to make publicly available quarterly reports that disclose the venues to which it routes "non-directed" orders in covered securities. The vast majority of LSC's orders are routed to an exchange or ECN as selected by the customer. However, when an order is routed to LSC's order desk, the decision where to send the customer's order is made by the firm.
 
It is LSC's policy to select the exchange, ECN or market maker, which is expected, because of the displayed quote, or otherwise, to provide the customer with the best possible execution.

LSC's percentage of non-directed orders as a percentage of total orders is historically less than one half of one percent. Accordingly, any attempt to draw conclusions about to LSC's order routing policy from the data contained in our Rule 606 report is statistically meaningless. We have therefore decided to no longer make this data directly available on Website.

Our quarterly report conforming to the requirements of Rule 606 is kept at LSC's offices and is available for public inspection during the hours that the New York Stock Exchange is open for business. If you are interested in examining the report, please schedule an appointment by writing to Andrew Shapiro at our New York office. Mr. Shapiro's email address is andrew.shapiro@LekSecurities.com.