Introduction to order routing and execution

Introduction to order routing and execution

When you place trades at Schwab, you're placing your trust in us. That’s why we’re committed to providing fast, quality executions with the highest level of transparency related to our performance, process, and practices.

See Schwab’s Execution Quality Advantage or Schwab’s Order Routing Process for more information.

On-demand order history: On request, broker-dealers must provide an order history report (also called a 606 report) to advisors. To obtain an order history report with information regarding the routing destination and time of execution of your orders for up to a six-month period, contact your Schwab trading team.

What is on the order history report?
The order history report is a disclosure of order routing, not order execution. It contains information for trades placed during the time period requested.

Is the order history report the same thing as a trade blotter?
No. A trade blotter is a record of all trades for all clients transacted for a given period of time. In contrast, a Rule 606 Report provides routing details (e.g., destination and time of execution) relating to a specific client’s orders.

Can the order history report be faxed to me?
No. The report must be sent through a secure network.

The following is available to assist you:

Introduction to equity trading
Introduction to fixed income trading
Introduction to general trading
Introduction to mutual fund trading
Introduction to the Web Trading platform

Review more information on Regulation NMS and Rule 611 to understand how it affects you.

View and print a list of market venues Schwab uses.

Read about the differences and risks of extended-hours trading.