Order Routing Policy
SEC Rules
The Securities and Exchange Commission and FINRA now require that all broker-dealers provide information about the routing destinations and execution detail for customer orders. In an effort to address this requirement, Northland Securities has produced a quarterly report that gives execution information and identifies order routing destinations. Northland Securities routes the majority of their orders to their clearing firm, Pershing LLC. Pershing also produces a report that display routing destinations and execution information for the orders that they receive from Northland. These respective reports can be found on the following URLs:
Order Flow Statement
In return for routing orders to a specific market center, Northland may receive cash payment. All customer orders subject to payment for order flow are sent to market centers that execute market and marketable limit orders at prices not inferior to the displayed National Best Bid or Offer ("NBBO"). Each market center provides the opportunity for execution of orders at prices better than the NBBO. Each order is exposed to all exchanges and market centers for potential price improvement. Northland currently does not receive monetary compensation for order flow. A small percentage of NASDAQ orders are routed internally to our market maker. Northland executes these internal orders in a principal capacity, which may produce profit for Northland. This information is provided pursuant to SEC Rule 11A(c)(1-3) and SEC Rule 606.
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