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Payment for Order Flow Disclosure 

Payment for order flow shall mean any monetary payment, service, property, or other benefit that results in remuneration, compensation, or consideration to a broker or dealer from any broker or dealer, national securities exchange, registered securities association, or exchange member in return for the routing of customer orders by such broker or dealer to any broker or dealer, national securities exchange, registered securities association, or exchange member for execution, including but not limited to: research, clearance, custody, products or services; reciprocal agreements for the provision of order flow; adjustment of a broker or dealer's unfavorable trading errors; offers to participate as underwriter in public offerings; stock loans or shared interest accrued thereon; discounts, rebates, or any other reductions of or credits against any fee to, or expense or other financial obligation of, the broker or dealer routing a customer order that exceeds that fee, expense or financial obligation.
 
Gleacher & Company Securities, Inc. may receive remuneration in the form of rebates for providing liquidity in certain orders routed to a market center (e.g. registered securities exchange, electronic communications network). The rebates are credited against the fees charged by the market center to execute other orders. Any additional information concerning order flow payment will be disclosed upon written request.
 
Attention: Compliance Department
1290 Avenue of the Americas

New York, NY 10104