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Home > Financial Services > Stock Brokers > Aufhauser Securities, Inc.
Aufhauser Securities, Inc.
Aufhauser Securities, Inc. is a member of NASD the National Association of Securities Dealer. NASD is a self regulatory organization of the securities industry responsible for the operation and regulation of the NASDQ stock market and over the counter markets. It also administrates exams for the investments professionals, such as the series of 7 exams.
The company directs some order flow to the Instinet INET portal system. In all cases, this is done with the express consent and instruction of their clients. Instinet charges as per share charge for almost all orders sent to them. However, they sometimes rebate Aufhauser for orders, which, according to their criteria, enhance liquidity. The amount of this rebate received from Instinet is small and not material.
All other order flow directed by Aufhauser Securities Inc. to its clearing broker, Pershing LLC for routing and execution. The company may receive payment in the form of order flow rebates for directing order flow to Pershing. Pershing and its affiliate, Pershing Trading Company, L.P. receive compensation for directing a percentage of its order flow to certain exchanges, specialists or market makers. Compensation is generally in the form of a per share cash payment.
Additionally, certain exchanges reduce or eliminate execution fees on orders directed to them in dually listed securities. If an order for a NYSE listed security is not immediately executable on the exchange to which it is routed, such order may be represented in the national marketplace using the various means available for price discovery. Pershing regularly reviews reports for quality of execution purposes.
In the case of its over the counter equity order flow, Pershing receives compensation from the following market makers: Herzog, Heine, Geduld, Inc., NDB Capital Markets Corp., Schwab Capital Markets L.P., Fleet Trading, a division of Fleet Securities, M.H. Meyerson & Co., Inc., Knight Securities L.P., A.G. Edwards & Sons, Inc., Advest, Inc., Monroe Securities, Inc. and Hill Thompson Magid, L.P.
Pershing has selected certain market makers to provide execution of OTC securities transactions who have agreed to accept orders transmitted electronically up to a certain size and to execute them at or better than the national best bid or offer. On larger orders, or if the designated market makers do not make a market in the subject security, Pershing directly contacts market makers to obtain an execution.
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