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An order routing report displays the market center to which we sent all or a portion of your order for execution. A market center can be a market maker, which is a company that is engaged in the business of buying and selling securities from its inventory, or an exchange, such as the New York Stock Exchange. The market center we list is the initial market center to which we routed all or a portion of your order. It may not be, however, the actual center that executed the order. For example, we may send an order to a market maker who then sends it to an exchange to be executed.
An order routing report does not list execution information, such as the price or time of your execution.
The following information will be displayed for each security:
The Message Center is a secure location where we deliver account alerts, required notifications, product information, and other important data related to your account.
By default we will send all non-confidential and confidential messages to both your Message Center and your primary email address. You can update the default settings by selecting Notification Settings in the Message Center.
Select Notification Settings on the Message Center page to change your delivery preferences.
The default setting is to send all non-confidential messages to both your Message Center and your primary email address.
Confidential Messages: We may need to deliver a message to your Message Center that contains sensitive account or personal information. To maintain your privacy and ensure your account security, we will not forward these Confidential Messages to your personal email. We will send a notification message to your primary email address to inform you of the Confidential Message sent to your Message Center, unless you deselect the corresponding box in your Notification Settings.
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Security Messages: We are required to send certain types of critical, account-related alerts and confidential notifications to your email address on file. We cannot give you the ability to opt out of receiving these messages.
In some instances, small “minimal” orders occur when you sync your model. These are orders that are generally too small to have a meaningful impact on overall account performance, but which can have unintended adverse consequences such as:
We have two trade thresholds to eliminate nuisance orders: a Percentage Trade Threshold and a Dollar Trade Threshold.
Model managers tailor the percentage trade threshold for each model, while firms set a universal dollar trade threshold for all their managed accounts.
Orders from model syncs must pass both of the percentage and ollar trade thresholds to generate. Orders that do not meet the percentage trade threshold or the dollar trade threshold will not generate.
Example - A Subscribed Folio with Percentage and Dollar Trade Thresholds: for orders to be generated, they must pass both the Percentage Trade Threshold and the Dollar Trade Threshold.
|Target Weight||Current Weight||Deviation||Percentage Trade Threshold||Order Amount||Dollar Trade Threshold|
In this example,
There are two instances where a minimal trade is placed regardless of its adherence to these thresholds. This occurs in the following situations:
Example - an Exception to a Threshold
|Order Side||Order Amount||Dollar Trade Threshold||Discarded?|
In this example,
In the example above, we would discard the sell order for Security D first, then the sell order for Security E. At this point the total of discarded minimal buy order amounts is exactly offset by the total of two discarded minimal sell orders. Therefore, we will no longer discard remaining sell orders, even if they do not meet the minimal trade thresholds.
The above example uses the dollar trade threshold for simplicity, but the principles apply to both dollar and percentage trade thresholds.