| NFS Payment for Order Flow Practices / Disclosure of Order
Execution and Routing Practices |
The following statement is provided to you as required by Rule 11Ac1-3 of the Securities Exchange Act of 1934.
NFS transmits customer orders for execution to various exchanges or market centers based on a number of factors. These include: size of order, trading characteristics of the security, favorable execution prices (including the opportunity for price improvement), access to reliable market data, availability of efficient automated transaction processing and reduced execution costs through price concessions from the market centers. Certain of the market centers may execute orders at prices superior to the publicly quoted market in accordance with their rules or practices. While a customer may specify that an order be directed to a particular market center for execution, the order-routing policies, taking into consideration all the factors listed above, are designed to result in favorable transaction procession for customers.
CCMI and/or NFS receive remuneration, compensation or other consideration for directing customer orders for equity securities to particular broker/dealer for market centers for execution. Such considerations, if any, take the form of financial credits, monetary payments or reciprocal business.
CCMI Disclosure of Ordering Routing Practices, SEC Rule 606 (formerly SEC Rule 11Ac1-6)
Commerce Capital Markets, Inc. directs all order flow to its clearing firm, National Financial Services LLC ("NFS"). CCMI does not receive payment for order flow.
NFS provides data concerning the routing of order flow (the "Data") on their web site at www.nationalfinancial.com.
Further, NFS provides the below data on our behalf. This data represents those orders that have been routed to NFS from CCMI.
Although NFS and CCMI have used commercially reasonable efforts to provide accurate Data, the Data is provided to you on an “as is” basis.
4th Quarter 2007 Order Routing Statistics
 (PDF | 21KB)
3rd Quarter 2007 Order Routing Statistics
(PDF | 17KB)
2nd Quarter 2007 Order Routing Statistics
(PDF | 17KB)
2nd Quarter 2007 Order Routing Statistics
(PDF | 26KB)
1st Quarter 2007 Order Routing Statistics
(PDF | 25KB)
4th Quarter 2006 Order Routing Statistics
(PDF | 27KB)
3rd Quarter 2006 Order Routing Statistics
(PDF | 27KB)
If you need a FREE Adobe Acrobat Reader to open the PDF, click here to download.
For More Information
Please e-mail us or call Commerce Capital Markets at 1-888-751-9000.
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