SEC Order Execution and Routing Disclosure U.S. Securities and Exchange Commission ("SEC") Rule 606 requires all brokerage firms to publicly disclose their order routing practices. Disclosure is to describe routing of "non-directed orders," that is, orders that customers have not specifically asked to have sent to a particular venue for execution. For these non-directed orders, we select the venue on behalf of our customers. With respect to Madison Avenue Securities, LLC's relationships with trading venues, Madison Avenue Securities, LLC, directs all trades in over-the-counter (OTC), listed stock, and options to our clearing firm, Pershing, LLC, for execution. Madison Avenue Securities, LLC, does not receive compensation for directing this order flow to Pershing. The designated market makers to whom orders are automatically routed are selected based on the consistently high quality of their executions in one or more market segments and their history of seeking price improvements. Pershing regularly reviews reports for quality of execution purposes. To view the most recent quarterly report, click here.