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.
Managing Director & Partner
A link to the audio is Here .
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