S3’s NextGEN 605 Suite offers the same accurate and timely reporting that you expect, with the updated metrics and buckets, as well as an even more sophisticated portal for analyzing your data.
Interactive graphs allow you to spot trends at-a-glance
Compare your execution quality against peers, clients, and providers
See what orders make up each row to understand your 605 in detail
The 605 Deep Dive tool will help you understand your 605 in detail, and to see at a glance how it changes over time. Use the interface to dig into the orders that make up each row of your 605, and to see which orders are excluded and why. Interactive graphs help you quickly identify anomalies and track your 605 over time to see where you stack up against competitors.
Benefit from S3’s learned experience from our network of longstanding client relationships — we use what we learn from assisting clients with FINRA or SEC audits and incorporate that intelligence into the tool to help all client firms avoid similar challenges.
The NextGen Best Ex tool allows you to take a closer look at both inbound and outbound execution quality, and make sure you stay on track with your peers as everyone navigates analyzing the new measures of Best Execution.
Visually analyze your execution quality using interactive charts that can be easily exported for sharing offline, Best Ex Committee meetings, or with clients.
Reporting Requirements
The new reporting requirements include modernized statistical measures that are determined by more complicated calculations, an increased complexity in determining covered status, and a complete overhaul of order type and size buckets.
With the inclusion of more statistics, additional order types, and larger, more complex calculations, the size of the report increases immensely.
Covered Order Determination
The process of determining whether an order should be included in the report becomes much more complicated with the expanded definition of “Covered Order” under the amended rule.
“Covered Order” will now include certain orders submitted outside of regular trading hours, certain orders submitted with stop prices, and nonexempt short sale orders.
Additional Features
FINRA / SEC Exam Self-Service
605 Deep Dive allows you to self-service and find your own answers to exam questions, or reach out to S3 for more in-depth inquiries.
Trend Analysis
See how your 605 report changes over time to efficiently spot anomalies and modify behavior.
Public 605
Compare your 605 with peers to see how you stack up against the competition.
Additional Media:
S3 SEC Rule 605 Webinar, presented by Mark Davies
https://www.youtube.com/watch?v=lqYADlrvByo
Curatia Analysis for Wed, March 20: “What the SEC Nailed and Neglected in Enhanced Rule 605 Disclosures: An Exclusive Q&A with S3 CEO Mark Davies”
https://s3.com/curatia-analysis-for-wed-march-20-what-the-sec-nailed-and-neglected-in-enhanced-rule-605-disclosures-an-exclusive-qa-with-s3-ceo-mark-davies/
STA Open Call: “Expanding the Scope of Rule 605”
https://myemail.constantcontact.com/Open-Call-Replay-Available-Now—Rule-605-With-S3-s-Mark-Davies.html?soid=1102924473683&aid=kpHJT-ueTW0