Nomura Securities International, Inc. | Disclosure of Order Routing Information - SEC Rule 606

Disclosure of Order Routing Information

In accordance with Securities and Exchange Commission ("SEC") requirements, Nomura Securities International, Inc. ("NSI"), is publishing statistical information about its routing of certain customers' orders in NMS Securities and Listed Options. SEC rules require all registered broker-dealers that route orders in certain equity and option securities to make publicly available quarterly reports that present a general overview of a firm's non-directed order routing practices. Please note that based on the SEC's requirements, these statistics capture only a portion of NSI's order flow.

These statistics are intended to provide only an overview of NSI's order routing practices. Accordingly, the statistics do not create a reliable basis on which to assess whether NSI or any other trading venue has satisfied its duty of best execution. NSI has made every attempt to provide these statistics in compliance with SEC Rules, however, errors may occur or certain system outages may cause the data to be incorrect.

For further information on SEC Rule 606, you may visit the SEC website.

https://www.sec.gov/rules/final/34-43590.html

https://www.sec.gov/interps/legal/mrslb13a.html

Equities Payment for Order Flow Disclosure:

NSI routes customer equity orders to national securities exchanges, alternative trading systems, which may include electronic communications networks, and other market centers. In exchange for routing equity orders to certain market centers, NSI may receive monetary rebates per executed share for equity orders that add liquidity to its book and/or rebates for aggregate exchange fees. The rebates are considered payment for order flow even though it may not necessarily offset NSI's aggregate payments for removing liquidity. In this regard, in any given month, the 'credits' received by NSI from a given market center may exceed the 'debits' charged to NSI for such period. Therefore, such excess credits paid to NSI may constitute, according to regulatory interpretation, payment for order flow.

Options Payment for Order Flow Disclosure:

NSI routes customer option orders to the various listed option exchanges. NSI does not accept direct payment for order flow from any of these exchanges. However, certain of the option exchanges have instituted a Maker/Taker model or a Taker/Maker model (standard charge and rebate model offered by some options exchanges), and therefore, in any given month the 'credits' received by NSI from a given market center may exceed the 'debits' charged to NSI for such period. Therefore, such excess credits paid to NSI, according to regulatory interpretation, may constitute payment for order flow.

Ownership Interests in US Equity/Option Exchanges or other Routing Venues:

NSI does not hold any investments in any of the US equity or option exchanges. However, since certain of these venues are publicly held institutions whose securities trades on a national securities exchange, NSI may, through the normal course of business purchase and sell shares in these venues. With respect to routing venues, Instinet, Inc., which NSI may use as a routing venue from time to time, is an affiliate of NSI.

Nomura - Held NMS Stocks and Options Order Routing Public Report

January 2020

S&P 500 Stocks

Summary

* Please scroll horizontally to look at table below.

Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non-Directed Orders Non-Marketable Limit Orders as % of Non-Directed Orders Other Orders as % of Non-Directed Orders
0.00 0.00 0.00 0.00 0.00

Venues

* Please scroll horizontally to look at table below.

Venue - Non-directed Order Flow Non-Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) NonMarketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/Received for Market Orders (cents per hundred shares) Net Payment Paid/Received for Marketable Limit Orders (USD) Net Payment Paid/Received for Marketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for NonMarketable Limit Orders(USD) Net Payment Paid/Received for NonMarketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/Received for Other Orders(cents per hundred shares)

Material Aspects:

-----

Non-S&P 500 Stocks

Summary

* Please scroll horizontally to look at table below.

Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non-Directed Orders Non-Marketable Limit Orders as % of Non-Directed Orders Other Orders as % of Non-Directed Orders
0.00 0.00 0.00 0.00 0.00

Venues

* Please scroll horizontally to look at table below.

Venue - Non-directed Order Flow Non-Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) NonMarketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/Received for Market Orders (cents per hundred shares) Net Payment Paid/Received for Marketable Limit Orders (USD) Net Payment Paid/Received for Marketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for NonMarketable Limit Orders(USD) Net Payment Paid/Received for NonMarketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/Received for Other Orders(cents per hundred shares)

Material Aspects:

-----

Options

Summary

* Please scroll horizontally to look at table below.

Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non-Directed Orders Non-Marketable Limit Orders as % of Non-Directed Orders Other Orders as % of Non-Directed Orders
100.00 2.36 0.00 0.00 97.64

Venues

* Please scroll horizontally to look at table below.

Venue - Non-directed Order Flow Non-Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) NonMarketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/Received for Market Orders (cents per hundred shares) Net Payment Paid/Received for Marketable Limit Orders (USD) Net Payment Paid/Received for Marketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for NonMarketable Limit Orders(USD) Net Payment Paid/Received for NonMarketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/Received for Other Orders(cents per hundred shares)
INSTINET 84.10 0.08 0.00 0.00 99.92 87.78 6.0000 0 0.0000 0 0.0000 13,786.31 4.8411
ICAP 9.18 18.84 0.00 0.00 81.16 5,308.62 11.0208 0 0.0000 0 0.0000 32,370.04 11.0208
Pyramid 2.23 1.49 0.00 0.00 98.51 196.47 65.4900 0 0.0000 0 0.0000 12,933.76 53.8525
CASY 2.10 23.81 0.00 0.00 76.19 3,463.76 16.6615 0 0.0000 0 0.0000 3,923.32 13.0882
XFA 1.13 2.94 0.00 0.00 97.06 5,050.92 71.2400 0 0.0000 0 0.0000 19,225.15 70.7509
TFS 0.47 0.00 0.00 0.00 100.00 0 0.0000 0 0.0000 0 0.0000 1,922.67 76.9067
Baycrest 0.20 0.00 0.00 0.00 100.00 0 0.0000 0 0.0000 0 0.0000 3,800.95 69.3604
CANACCORD GENUITY INC. 0.13 0.00 0.00 0.00 100.00 0 0.0000 0 0.0000 0 0.0000 267.19 46.3074
MAXIM 0.13 0.00 0.00 0.00 100.00 0 0.0000 0 0.0000 0 0.0000 277.63 57.8400
DASH FINANCIAL LLC 0.10 0.00 0.00 0.00 100.00 0 0.0000 0 0.0000 0 0.0000 218 20.2600

Material Aspects:

INSTINET:
Nomura receives all payment for order flow for orders executed by Instinet

ICAP:
There are no material aspects to disclose

Pyramid:
There are no material aspects to disclose

CASY:
There are no material aspects to disclose

XFA:
There are no material aspects to disclose

TFS:
There are no material aspects to disclose

Baycrest:
There are no material aspects to disclose

CANACCORD GENUITY INC.:
There are no material aspects to disclose

MAXIM:
There are no material aspects to disclose

DASH FINANCIAL LLC:
There are no material aspects to disclose

February 2020

S&P 500 Stocks

Summary

* Please scroll horizontally to look at table below.

Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non-Directed Orders Non-Marketable Limit Orders as % of Non-Directed Orders Other Orders as % of Non-Directed Orders
0.00 0.00 0.00 0.00 0.00

Venues

* Please scroll horizontally to look at table below.

Venue - Non-directed Order Flow Non-Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) NonMarketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/Received for Market Orders (cents per hundred shares) Net Payment Paid/Received for Marketable Limit Orders (USD) Net Payment Paid/Received for Marketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for NonMarketable Limit Orders(USD) Net Payment Paid/Received for NonMarketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/Received for Other Orders(cents per hundred shares)

Material Aspects:

-----

Non-S&P 500 Stocks

Summary

* Please scroll horizontally to look at table below.

Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non-Directed Orders Non-Marketable Limit Orders as % of Non-Directed Orders Other Orders as % of Non-Directed Orders
0.00 0.00 0.00 0.00 0.00

Venues

* Please scroll horizontally to look at table below.

Venue - Non-directed Order Flow Non-Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) NonMarketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/Received for Market Orders (cents per hundred shares) Net Payment Paid/Received for Marketable Limit Orders (USD) Net Payment Paid/Received for Marketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for NonMarketable Limit Orders(USD) Net Payment Paid/Received for NonMarketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/Received for Other Orders(cents per hundred shares)

Material Aspects:

-----

Options

Summary

* Please scroll horizontally to look at table below.

Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non-Directed Orders Non-Marketable Limit Orders as % of Non-Directed Orders Other Orders as % of Non-Directed Orders
100.00 2.83 0.00 0.00 97.17

Venues

* Please scroll horizontally to look at table below.

Venue - Non-directed Order Flow Non-Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) NonMarketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/Received for Market Orders (cents per hundred shares) Net Payment Paid/Received for Marketable Limit Orders (USD) Net Payment Paid/Received for Marketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for NonMarketable Limit Orders(USD) Net Payment Paid/Received for NonMarketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/Received for Other Orders(cents per hundred shares)
INSTINET 84.58 0.31 0.00 0.00 99.69 0 0.0000 0 0.0000 0 0.0000 6,843.29 2.4896
ICAP 6.98 21.62 0.00 0.00 78.38 3,366.93 10.7693 0 0.0000 0 0.0000 11,920.81 10.7693
Pyramid 2.75 5.48 0.00 0.00 94.52 360.2 65.4900 0 0.0000 0 0.0000 26,622.96 60.5673
CASY 1.73 10.87 0.00 0.00 89.13 382.9 13.3183 0 0.0000 0 0.0000 6,774.88 16.2125
TULLETT PREBON FINANCIAL SERVICES LLC 1.24 36.36 0.00 0.00 63.64 5,918.05 27.8575 0 0.0000 0 0.0000 6,051.66 29.2761
DASH FINANCIAL LLC 0.98 0.00 0.00 0.00 100.00 0 0.0000 0 0.0000 0 0.0000 536.28 20.2600
XFA 0.94 24.00 0.00 0.00 76.00 3,974.4 66.2400 0 0.0000 0 0.0000 8,837.56 67.7883
TFS 0.30 0.00 0.00 0.00 100.00 0 0.0000 0 0.0000 0 0.0000 1,538.13 76.9067
Baycrest 0.19 0.00 0.00 0.00 100.00 0 0.0000 0 0.0000 0 0.0000 3,079.01 58.6479
Lakeshore 0.15 0.00 0.00 0.00 100.00 0 0.0000 0 0.0000 0 0.0000 5,899.54 37.0435

Material Aspects:

INSTINET:
Nomura receives all payment for order flow for orders executed by Instinet

ICAP:
There are no material aspects to disclose

Pyramid:
There are no material aspects to disclose

CASY:
There are no material aspects to disclose

TULLETT PREBON FINANCIAL SERVICES LLC:
There are no material aspects to disclose

DASH FINANCIAL LLC:
There are no material aspects to disclose

XFA:
There are no material aspects to disclose

TFS:
There are no material aspects to disclose

Baycrest:
There are no material aspects to disclose

Lakeshore:
There are no material aspects to disclose

March 2020

S&P 500 Stocks

Summary

* Please scroll horizontally to look at table below.

Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non-Directed Orders Non-Marketable Limit Orders as % of Non-Directed Orders Other Orders as % of Non-Directed Orders
0.00 0.00 0.00 0.00 0.00

Venues

* Please scroll horizontally to look at table below.

Venue - Non-directed Order Flow Non-Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) NonMarketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/Received for Market Orders (cents per hundred shares) Net Payment Paid/Received for Marketable Limit Orders (USD) Net Payment Paid/Received for Marketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for NonMarketable Limit Orders(USD) Net Payment Paid/Received for NonMarketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/Received for Other Orders(cents per hundred shares)

Material Aspects:

-----

Non-S&P 500 Stocks

Summary

* Please scroll horizontally to look at table below.

Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non-Directed Orders Non-Marketable Limit Orders as % of Non-Directed Orders Other Orders as % of Non-Directed Orders
0.00 0.00 0.00 0.00 0.00

Venues

* Please scroll horizontally to look at table below.

Venue - Non-directed Order Flow Non-Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) NonMarketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/Received for Market Orders (cents per hundred shares) Net Payment Paid/Received for Marketable Limit Orders (USD) Net Payment Paid/Received for Marketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for NonMarketable Limit Orders(USD) Net Payment Paid/Received for NonMarketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/Received for Other Orders(cents per hundred shares)

Material Aspects:

-----

Options

Summary

* Please scroll horizontally to look at table below.

Non-Directed Orders as % of All Orders Market Orders as % of Non-Directed Orders Marketable Limit Orders as % of Non-Directed Orders Non-Marketable Limit Orders as % of Non-Directed Orders Other Orders as % of Non-Directed Orders
100.00 3.76 0.00 0.00 96.24

Venues

* Please scroll horizontally to look at table below.

Venue - Non-directed Order Flow Non-Directed Orders (%) Market Orders (%) Marketable Limit Orders (%) NonMarketable Limit Orders (%) Other Orders (%) Net Payment Paid/Received for Market Orders(USD) Net Payment Paid/Received for Market Orders (cents per hundred shares) Net Payment Paid/Received for Marketable Limit Orders (USD) Net Payment Paid/Received for Marketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for NonMarketable Limit Orders(USD) Net Payment Paid/Received for NonMarketable Limit Orders (cents per hundred shares) Net Payment Paid/Received for Other Orders(USD) Net Payment Paid/Received for Other Orders(cents per hundred shares)
INSTINET 87.37 0.56 0.00 0.00 99.44 0 0.0000 0 0.0000 0 0.0000 -5,714.87 -3.2037
ICAP 4.70 17.39 0.00 0.00 82.61 3,652.76 11.3797 0 0.0000 0 0.0000 9,123.42 11.3797
CASY 2.33 43.86 0.00 0.00 56.14 9,727.42 15.7554 0 0.0000 0 0.0000 13,206.93 16.3387
Pyramid 2.33 26.32 0.00 0.00 73.68 11,171.32 53.6257 0 0.0000 0 0.0000 5,703.57 62.3613
Lakeshore 1.39 0.00 0.00 0.00 100.00 0 0.0000 0 0.0000 0 0.0000 26,157.4 53.3302
TULLETT PREBON FINANCIAL SERVICES LLC 1.06 42.31 0.00 0.00 57.69 14,815.85 27.3365 0 0.0000 0 0.0000 2,353.25 27.9384
XFA 0.41 10.00 0.00 0.00 90.00 427.44 71.2400 0 0.0000 0 0.0000 1,400.88 70.9664
DYNAMEX TRADING, LLC 0.33 100.00 0.00 0.00 0.00 2,253.37 37.8400 0 0.0000 0 0.0000 0 0.0000
Baycrest 0.04 0.00 0.00 0.00 100.00 0 0.0000 0 0.0000 0 0.0000 89.9 35.9604
DASH FINANCIAL LLC 0.04 0.00 0.00 0.00 100.00 0 0.0000 0 0.0000 0 0.0000 4.05 20.2600

Material Aspects:

INSTINET:
Nomura receives all payment for order flow for orders executed by Instinet

ICAP:
There are no material aspects to disclose

CASY:
There are no material aspects to disclose

Pyramid:
There are no material aspects to disclose

Lakeshore:
There are no material aspects to disclose

TULLETT PREBON FINANCIAL SERVICES LLC:
There are no material aspects to disclose

XFA:
There are no material aspects to disclose

DYNAMEX TRADING, LLC:
There are no material aspects to disclose

Baycrest:
There are no material aspects to disclose

DASH FINANCIAL LLC:
There are no material aspects to disclose

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