Order Routing




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Broker Name:      

BOURSA INVESTMENTS
SEC Rule 606
Disclosure of Order Routing Practices

Nasdaq Securities
Quarter Ending 12/31/2020

Exchange Market Order Limit Others Total
  Non-Directed Orders as Percentage (%) of Total Customer Orders 38.5%    61.5%    0.0%    100.0%   
  UBS Securities LLC 30.8%    29.4%    0.0%    30.4%   
  Virtu Americas LLC 69.2%    70.6%    0.0%    69.6%   


NYSE Securities
Quarter Ending 12/31/2020

Exchange Market Order Limit Others Total
  Non-Directed Orders as Percentage (%) of Total Customer Orders 62.6%    37.4%    0.0%    100.0%   
  UBS Securities LLC 9.2%    3.6%    0.0%    7.0%   
  Virtu Americas LLC 90.8%    96.4%    0.0%    93.0%   


American Stock Exchange (and Regional Exchanges)
Quarter Ending 12/31/2020

Exchange Market Order Limit Others Total
  Non-Directed Orders as Percentage (%) of Total Customer Orders 83.3%     16.7%    0.0%    100.0%   
  UBS Securities LLC     0.0%    100.0%     0.0%    16.7%   
  Virtu Americas LLC     100.0%    0.0%     0.0%    83.3%   


Listed Options
Quarter Ending 12/31/2020

Exchange Market Order Limit Others Total
  Non-Directed Orders as Percentage (%) of Total Customer Orders 0.7%    99.3%    0.0%    100.0%   
  Citadel Securities, Options 76.9%    47.7%    0.0%    50.3%   
  Wolverine Execution Services, Options 23.1%    52.3%    0.0%    49.7%   


*Wedbush Securities has prepared this report in accordance with U.S. Securities and Exchange Commission Exchange Act Rule 606 that requires broker/dealers to make public, quarterly reports containing certain information on their order routing practices. The report provides information on the routing of "non-directed orders" which is generally defined as any order that the client has not specifically instructed to be routed to a particular venue for execution.



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