SEC Rule 605 & Rule 606
Securities and Exchange Commission rules mandate the public disclosure of order routing practices (the "Disclosure Rules").
Rule 605 (formerly SEC Rule 11Ac1-5) requires “market centers” that trade National Market System securities to make available standardized, monthly reports containing statistical information about “covered order” executions. As of August 1st 2026, Rule 605 applies to market centers (exchanges, market makers, ATSs) and to large broker-dealers that introduce or carry 100,000 or more customer accounts.
Rule 606 (formerly SEC Rule 11Ac1-6) requires that broker-dealers that route customer orders in equity and option securities make publicly available quarterly reports that identify the venues to which customer orders are routed for execution.
FINRA Rule 6151 (Disclosure of Order Routing Information for NMS Securities) requires members to submit to FINRA for centralized publication the order routing reports required under the Securities and Exchange Commission’s (SEC) Rule 606(a). SEC Rule 606(a) Reports are made publicly available on FINRA’s Centralized website for 606 NMS data:
NMS Equity and Option Order Routing Reports (SEC 606) | FINRA.org
The retail brokerage business of Empower Financial Services, Inc. (“EFSI”) (previously known as “GWFS Equities, Inc” or “GWFS”) clears trading through:
Pershing LLC on behalf of Empower Financial Services, Inc. (MPID: GWFS)
SEC Rule 606 Disclosure of Order Routing Practices
At Broker-Dealer’s Full Name, type: Empower
The Empower Financial Services, Inc. clearing firm relationship with National Financial Services LLC ended Q1 of 2024. 606(a) order routing information for that prior relationship is made publicly available here:
National Financial Services LLC on behalf of Empower Financial Services, Inc. (MPID: MPWR)
*Reporting related to the National Financial Services LLC clearing relationship will be maintained on this website for three years from the initial posting date in accordance with SEC Rule 606(a)