SEC Rule 606

SEC RULE 606

Disclosure of Order Routing Practices
Quarter Ending March 31, 2017

Pavilion Global Markets Ltd. has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The report provides information on the routing of “non-directed orders” – any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, Pavilion Global Markets Ltd. has selected the execution venue on behalf of its customers.

The report is divided into three sections: one for securities listed on the New York Stock Exchange; one for securities listed on The Nasdaq Stock Market; one for securities listed on the American Stock Exchange or regional exchanges. For each section, this report identifies the venues most often selected by Pavilion Global Markets Ltd., sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of Pavilion Global Markets Ltd.’s relationship with the venues.

NYSE

Destination Total Orders Market Orders Limit Orders Other Orders
ITG Canada Corp. 86% 86% 100% 0%
Instinet 14% 14% 0% 0%

AMEX

Destination Total Orders Market Orders Limit Orders Other Orders
ITG Canada Corp. 64% 64% 0% 0%
Instinet 36% 36% 0% 0%

NASDAQ

Destination Total Orders Market Orders Limit Orders Other Orders
ITG Canada Corp. 82% 82% 0% 0%
Instinet 18% 18% 0% 0%

Although Pavilion Global Markets Ltd. has used commercially reasonable efforts to provide accurate information, the data is provided to you on an “as is” basis.

PAVILION GLOBAL MARKETS LTD. SPECIFICALLY DISCLAIMS ALL WARRANTIES EXPRESS OR IMPLIED WITH RESPECT TO THE INFORMATION, INCLUDING SPECIFICALLY, BUT NOT EXCLUSIVELY, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. YOU AGREE THAT PAVILION GLOBAL MARKETS LTD. SHALL NOT HAVE ANY LIABILITY FOR ANY INDIRECT, CONSEQUENTIAL, SPECIAL OR DIRECT DAMAGES FOR ANY ACTION OR INACTION WHICH YOU MAY TAKE AS THE RESULT OF THE DATA, WHETHER AS A RESULT OF ANY CLAIM SOUNDING IN CONTRACT OR ANY OTHER THEORY OF LIABILITY.