SEC Rule 606 Report - Vanguard Brokerage Services - 4th Qtr, 2019

(Percentages of Total Non-Directed Orders Routed to Individual Route Venues)


Securities Listed on New York Stock Exchange Euronext
Route VenuesTotal (%)Market (%)Limit (%)Other (%)
Total 100.00 23.20 21.54 55.26
Citadel Securities 39.88 41.63 38.78 39.57
VIRTU Americas LLC 34.49 33.83 34.07 34.93
G1 Execution Services 18.01 19.50 17.52 17.58
UBS Securities LLC 7.62 5.05 9.63 7.91
100.00% of total customer orders were non-directed orders.

Securities Listed on The Nasdaq Stock Market
Route VenuesTotal (%)Market (%)Limit (%)Other (%)
Total 100.00 19.90 15.85 64.25
Citadel Securities 36.77 37.22 35.23 37.01
VIRTU Americas LLC 29.88 30.79 33.42 28.72
G1 Execution Services 23.61 24.69 20.50 24.04
UBS Securities LLC 9.67 7.31 10.85 10.11
100.00% of total customer orders were non-directed orders.

Securities Listed on NYSE MKT or other National Securities Exchange
Route VenuesTotal (%)Market (%)Limit (%)Other (%)
Total 100.00 12.53 8.39 79.08
Citadel Securities 39.48 39.98 37.75 39.58
VIRTU Americas LLC 28.28 29.46 32.02 27.70
G1 Execution Services 25.24 25.48 20.76 25.68
UBS Securities LLC 6.98 5.08 9.47 7.02
100.00% of total customer orders were non-directed orders.

Exchange-Listed Options
Route VenuesTotal (%)Market (%)Limit (%)Other (%)
Total 100.00 0.28 97.17 2.55
Citadel Securities 47.48 55.36 46.38 88.66
Susquehanna Capital Group 30.37 26.59 30.88 11.28
Citigroup Global Markets 12.08 8.55 12.41 0.00
Wolverine Execution Svc., 10.06 9.50 10.33 0.06
100.00% of total customer orders were non-directed orders.


Material Aspects of Relationship with Route Venues
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