Order Execution Information (605)
Davenport & Company LLC is not a market maker in equity securities. As such, we do not provide order execution information pursuant to SEC Rule 605.
Order Routing Information (606)
Davenport & Company LLC has prepared the SEC-Required Report on Routing of Customer Orders pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The report provides information on the routing of “non-directed orders” – any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, Davenport & Company LLC has selected the execution venue on behalf of its customers.
Before the 1st Quarter of 2020, the report was divided into four sections: one for securities listed on the New York Stock Exchange, one for securities listed on The Nasdaq Stock Market, one for securities listed on the American Stock Exchange or regional exchanges, and one for exchange-listed options. For each section, this report identified the venues most often selected by Davenport & Company LLC, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of Davenport & Company LLC’s relationship with the venues.
Beginning with the 1st Quarter of 2020, the report contains three sections: one for stocks included in the S&P 500 index, one for stocks not included in the S&P 500 index, and one for exchange-listed options. For each section, this report identifies the venues most often selected by Davenport & Company LLC and displays the percentage of various types of orders routed to the venues along with any applicable associated fees and rebates. The end of the report, discusses material aspects, if any, of Davenport & Company LLC’s relationship with the venues and General Disclosure section.
In addition, on November 2, 2018, the Securities and Exchange Commission (“SEC”) or (the “Commission”) adopted amendments to Rules 600, 605, and 606 of Regulation NMS under the Securities Exchange Act (the “Exchange Act”). The recently adopted amendments to Rule 606(b) added a new disclosure requirement, set forth in new paragraph (b)(3), that requires a broker-dealer, upon request of its customer, to provide specific disclosures related to the routing and execution of the customer’s NMS orders submitted on a not held basis for the prior six months, subject to two de minimis exceptions. The Commission also amended the existing disclosure requirement in paragraph (b)(1) of Rule 606 to cover customer disclosure requests that are not covered by new paragraph (b)(3). To obtain more information about the rule, you may access the following website addresses:
https://www.sec.gov/rules/final/2019/34-85714.pdf
https://www.sec.gov/rules/final/2018/34-84528.pdf
To access this report, click the following link:
Full Report (prior to 3rd Quarter 2021)
Effective 5/6/2021, Davenport & Company LLC has a fully disclosed clearing agreement with Pershing LLC. Davenport pays a clearing fee to Pershing for services it performs such as transaction settlement, extending credit, maintaining custody of client securities and funds, and sending out client confirms and statements. Davenport transmits all of its Pershing client equity and option orders directly to Pershing. Pershing determines where to execute your order.
To access this report, beginning with 3rd Quarter 2021, click the following link:
Full Report