The performance for Pershing is comprised of the four largest routing destinations that receive Pershing's monthly order flow. The qualifying criteria for the top four is measured in terms of covered shares pursuant to SEC rule 605 for eligible market orders of fewer than 2,000 shares for equities.

Option data

The option data covers electronic market orders, which are fewer than 20 contracts to harmonize with the data provided for equities.

Penny and non-penny

The penny classes category includes all option classes with the 0.01 minimum quoting increment when the option premium is less than three dollars per contract during the reporting month. Non-penny classes category does not include single-listed index products.