Kovack Securities placed client orders on a fully disclosed basis through our clearing agreements with National Financial Services (NFS) and Pershing, LLC. Our order flow was not equally spread among these clearing firms whereas the majority of client orders were placed through NFS.

Pursuant to SEC Rule 11Ac1-6, to access order flow information for NFS, please click on the NFS link below. To access order flow information for Pershing, please click on the Pershing link below, type in "Kovack Securities Inc" in the “Broker/Dealer's Full Name” field and click the “Display” button.

• Fidelity Order Routing Information
• Pershing Order Routing Information (Note: Please enter Kovack Securities Inc when requested. Do not use a comma).