Exchange - Listed Options Quarter Ending September 30, 2017


Summary Statistics:
  Non-directed orders as percentage of total customer orders 100%
  Market orders as percentage of total market orders 13.17%
  Limit orders as percentage of total limit orders 81.13%
  Other orders as percentage of total other orders 5.70%

Venues Receiving Significant Percentage of Total Non-Directed Orders:
  1. NASDAQ Options Market 36.33%
  2. NASDAQ PHLX Options 21.36%
  3. The Chicago Board Options Exchange 16.91%
  4. ISE Gemini Options Exchange 5.65%
  5. BOX Option Exchange 5.27%
  6. BZX Options Exchange, Inc. 4.44%
  7. The MIAX Options Exchange 3.19%
  8. NYSE Arca Options 2.78%
  9. NYSE Amex Options 1.99%
  10. ISE 0.95%

Information Concerning Significant Venues:
 
1. NASDAQ Options Market

Types of Orders Routed to Venue:
  Market orders as percentage of total market orders 1.63%
  Limit orders as percentage of total limit orders 44.65%
  Other orders as percentage of total other orders 0%
 
2. NASDAQ PHLX Options

Types of Orders Routed to Venue:
  Market orders as percentage of total market orders 43.64%
  Limit orders as percentage of total limit orders 17.13%
  Other orders as percentage of total other orders 34.14%
 
3. The Chicago Board Options Exchange

Types of Orders Routed to Venue:
  Market orders as percentage of total market orders 22.68%
  Limit orders as percentage of total limit orders 14.12%
  Other orders as percentage of total other orders 46.67%
 
4. ISE Gemini Options Exchange

Types of Orders Routed to Venue:
  Market orders as percentage of total market orders 1.20%
  Limit orders as percentage of total limit orders 6.77%
  Other orders as percentage of total other orders 0.40%
 
5. BOX Option Exchange

Types of Orders Routed to Venue:
  Market orders as percentage of total market orders 12.89%
  Limit orders as percentage of total limit orders 4.31%
  Other orders as percentage of total other orders 2.22%
 
6. BZX Options Exchange, Inc.

Types of Orders Routed to Venue:
  Market orders as percentage of total market orders 5.84%
  Limit orders as percentage of total limit orders 4.56%
  Other orders as percentage of total other orders 0.00%
 
7. The MIAX Options Exchange

Types of Orders Routed to Venue:
  Market orders as percentage of total market orders 5.84%
  Limit orders as percentage of total limit orders 3.01%
  Other orders as percentage of total other orders 0.00%
 
8. NYSE Arca Options

Types of Orders Routed to Venue:
  Market orders as percentage of total market orders 1.37%
  Limit orders as percentage of total limit orders 3.07%
  Other orders as percentage of total other orders 2.22%
 
9. NYSE Amex Options

Types of Orders Routed to Venue:
  Market orders as percentage of total market orders 2.74%
  Limit orders as percentage of total limit orders 1.05%
  Other orders as percentage of total other orders 14.34%
 
10. ISE

Types of Orders Routed to Venue:
  Market orders as percentage of total market orders 1.80%
  Limit orders as percentage of total limit orders 0.89%
  Other orders as percentage of total other orders 0.00%

Siebert routes orders in exchange-listed options and index options to Citigroup who
in turn routes these orders on behalf of Siebert to the exchange that it expects the
best execution based on certain factors that include, but are not limited to, the
national best bid/offer, speed of execution, liquidity, and volume. Siebert may
receive a rebate for executed trades. Rebates averaged less than $ .46 cents
per contract for eligible trades for the third quarter of 2017.

Material Aspects of Relationship with The Chicago Board Options Exchange, The International Securities Exchange, The Philadelphia Stock Exchange, The Boston Option Exchange, NASDAQ OMX PHLX, NYSE ARCA, The Pacific Stock Exchange and The American Stock Exchange Clearing L.L.C./ASE.



Options trading involves substantial risk and is not suitable for all investors. Prior to entering any order involving options, you must have an approved options agreement on file with our firm and you must have been provided with a copy of the OCC's Characteristics and Risks of Standardized Options. In addition, there are special risks associated with some of the options strategies referenced on this Web site that may expose an investor to potentially rapid and significant losses. This includes multi-leg options strategies (such, as for example, spreads, strangles, straddles and other types of options combinations), which carry special risks to investors and impose significant transaction costs because they involve multiple commission and other charges. These options strategies are not suitable for all investors, and may not be suitable for all investors who are approved to engage in options trading.