Buy Side Incorporates Rule 606(b)(3)

As of July 29, 2020, asset managers could begin requesting reports on the handling of not-held orders given to broker dealers. Under Rule 606(b)(3), reports for not-held orders must be provided within 7 days and the required information includes:

Order Routing, including size and further routable instructions

Order Execution, including volumes, fees, rebates, spread position

Liquidity, including whether liquidity was provided or removed, fees and rebates associated with time or execution

Actionable Indications of Interest, including venues that received the IOI

How asset managers will incorporate Rule 606(b)(3) Reports into their best-execution policies and procedures is a topic of conversation between and among various market participants. Please join us as we discuss Rule 606(b)(3) and address some of the common questions asset managers and their brokers are asking.

Jeff Estella


Estella LLC

Justin Schack

Managing Director & Partner

Rosenblatt Securities

A link to the audio is Here .

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