Equity and Option Order Routing Disclosure

Note: Broker-dealers are required to disclose any material arrangements with the venues listed in each section below, including, but not limited to, any internalization or payment for order flow arrangements.

CNS
City National Securities, Inc.
400 N Roxbury Dr
Beverly Hills, CA 90210

SEC Rule 606 Quarterly Report for the Quarter Ending March 31, 2018

Securities Listed on The New York Stock Exchange

Summary Statistics:
Non-directed orders as percentage of total customer orders 100.00%
Market orders as percentage of total non-directed orders 70.47%
Limit orders as percentage of total non-directed orders 22.76%
Other orders as percentage of total non-directed orders 6.77%

Venues Receiving Significant Percentage of Total Non-Directed Orders:
1. Citadel Securities LLC 37.48%
2. VIRTU Americas LLC 35.62%
3. New York Stock Exchange 5.33%
4. NASDAQ Execution Services, LLC 4.40%
5. Cboe EDGX U.S. Equities Exchange 4.15%
6. G1 Execution Services, LLC 2.88%
7. Two Sigma Securities, LLC 2.88%
8. Cboe BYX U.S. Equities Exchange 1.78%
9. Instinet LLC 1.69%
10. BNY Mellon Capital Markets LLC 1.10%

Information Concerning Significant Venues:

1. Citadel Securities LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 44.30%
Limit orders as percentage of total limit orders 15.99%
Other orders as percentage of total other orders 38.75%

2. VIRTU Americas LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 42.50%
Limit orders as percentage of total limit orders 20.07%
Other orders as percentage of total other orders 16.25%

3. New York Stock Exchange, LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.00%
Limit orders as percentage of total limit orders 19.70%
Other orders as percentage of total other orders 12.50%

4. NASDAQ Execution Services, LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.00%
Limit orders as percentage of total limit orders 19.33%
Other orders as percentage of total other orders 0.00%

5. Cboe EDGX U.S. Equities Exchange
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.00%
Limit orders as percentage of total limit orders 17.84%
Other orders as percentage of total other orders 1.25%

6. G1 Execution Services, LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 3.84%
Limit orders as percentage of total limit orders 0.74%
Other orders as percentage of total other orders 0.00%

7. Two Sigma Securities, LLC 
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 3.36%
Limit orders as percentage of total limit orders 2.23%
Other orders as percentage of total other orders0.00%

8. Cboe BYX U.S. Equities Exchange
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 2.04%
Limit orders as percentage of total limit orders 1.49%
Other orders as percentage of total other orders 0.00%

9. Instinet LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 2.16%
Limit orders as percentage of total limit orders 0.00%
Other orders as percentage of total other orders 2.50%

10. BNY Mellon Capital Markets LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orderss 1.32%
Limit orders as percentage of total limit orders 0.74%
Other orders as percentage of total other orders 0.00%

Securities Listed on The Nasdaq Stock Market

Summary Statistics:
Non-directed orders as percentage of total customer orders 100.00%
Market orders as percentage of total non-directed orders 74.88%
Limit orders as percentage of total non-directed orders 18.45%
Other orders as percentage of total non-directed orders 6.67%
Venues Receiving Significant Percentage of Total Non-Directed Orders:
1. Citadel Securities LLC 39.54%
2. VIRTU Americas LLC 36.57%
3. Cboe EDGX U.S. Equities Exchange 6.01%
4. Two Sigma Securities, LLC 4.28%
5. NASDAQ Execution Services, LLC 2.64%
6. G1 Execution Services, LLC 2.39%
7. Instinet LLC 1.40%
8. UBS Securities, LLC 1.40%
9. Cboe BYX U.S. Equities Exchange 1.32%
10. Investors Exchange 1.07%

Information Concerning Significant Venues:

1. Citadel Securities LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 44.88%
Limit orders as percentage of total limit orders 20.98%
Other orders as percentage of total other orders 30.86%

2. VIRTU Americas LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 42.46%
Limit orders as percentage of total limit orders 23.21%
Other orders as percentage of total other orders 7.41%

3. Cboe EDGX U.S. Equities Exchange
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.00%
Limit orders as percentage of total limit orders 32.59%
Other orders as percentage of total other orders 0.00%

4. Two Sigma Securities, LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 4.62%
Limit orders as percentage of total limit orders 4.46%
Other orders as percentage of total other orders 0.00%

5. NASDAQ Execution Services, LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.00%
Limit orders as percentage of total limit orders 12.95%
Other orders as percentage of total other orders 3.70%

6. G1 Execution Services, LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 2.97%
Limit orders as percentage of total limit orders 0.45%
Other orders as percentage of total other orders 1.23%

7. Instinet LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 1.76%
Limit orders as percentage of total limit orders 0.45%
Other orders as percentage of total other orders 0.00%

8. UBS Securities, LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.33%
Limit orders as percentage of total limit orders 3.57%
Other orders as percentage of total other orders 7.41%

9. Cboe BYX U.S. Equities Exchange
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 1.65%
Limit orders as percentage of total limit orders 0.45%
Other orders as percentage of total other orders 0.00%

10. Investors Exchange
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.00%
Limit orders as percentage of total limit orders 0.00%
Other orders as percentage of total other orders 16.05%

Securities Listed on NYSE American or Regional Exchanges

Summary Statistics:
Non-directed orders as percentage of total customer orders 100.00%
Market orders as percentage of total non-directed orders 62.16%
Limit orders as percentage of total non-directed orders 16.01%
Other orders as percentage of total non-directed orders 21.83%

Venues Receiving Significant Percentage of Total Non-Directed Orders:
1. VIRTU Americas LLC 42.83%
2. Citadel Securities LLC 34.51%
3. Two Sigma Securities, LLC 4.57%
4. Cboe EDGX U.S. Equities Exchange 4.37%
5. NASDAQ Execution Services, LLC 3.12%
6. NYSE Arca 1.87%
7. Cboe BYX U.S. Equities Exchange 1.87%
8. G1 Execution Services, LLC 1.46%
9. Investors Exchange 0.83%
10. Instinet LLC 0.83%

Information Concerning Significant Venues:

1. VIRTU Americas LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 44.48%
Limit orders as percentage of total limit orders 22.08%
Other orders as percentage of total other orders 53.33%

2. Citadel Securities LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 41.81%
Limit orders as percentage of total limit orders 15.58%
Other orders as percentage of total other orders 27.62%

3. Two Sigma Securities, LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 7.02%
Limit orders as percentage of total limit orders 1.30%
Other orders as percentage of total other orders 0.00%

4. Cboe EDGX U.S. Equities Exchange
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.00%
Limit orders as percentage of total limit orders 27.27%
Other orders as percentage of total other orders 0.00%

5. NASDAQ Execution Services, LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.00%
Limit orders as percentage of total limit orders 14.29%
Other orders as percentage of total other orders 3.81%

6. NYSE Arca
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.00%
Limit orders as percentage of total limit orders 10.39%
Other orders as percentage of total other orders 0.95%

7. Cboe BYX U.S. Equities Exchange
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 2.68%
Limit orders as percentage of total limit orders 1.30%
Other orders as percentage of total other orders 0.00%

8. G1 Execution Services, LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 1.67%
Limit orders as percentage of total limit orders 2.60%
Other orders as percentage of total other orders 0.00%

9. Investors Exchange
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.00%
Limit orders as percentage of total limit orders 0.00%
Other orders as percentage of total other orders 3.81%

10. Instinet LLC
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 1.00%
Limit orders as percentage of total limit orders 0.00%
Other orders as percentage of total other orders 0.95%

Exchange - Listed Options

Summary Statistics:
Non-directed orders as percentage of total customer orders 100.00%
Market orders as percentage of total non-directed orders 44.01%
Limit orders as percentage of total non-directed orders 55.99%
Other orders as percentage of total non-directed orders 0.00%

Venues Receiving Significant Percentage of Total Non-Directed Orders:
1. NASDAQ PHLX Options 28.14%
2. Cboe Options Exchange 19.46%
3. NASDAQ Options Market 10.78%
4. The MIAX Options Exchange 10.18%
5. BOX Option Exchange 8.38%
6. NYSE Arca Options 6.29%
7. ISE Gemini Options Exchange 5.99%
8. NYSE American Options 5.39%
9. Cboe BZX Options Exchange, Inc. 2.69%
10. Cboe EDGX Option Exchange 1.50%

Information Concerning Significant Venues:

1. NASDAQ PHLX Options
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 39.46%
Limit orders as percentage of total limit orders 19.25%
Other orders as percentage of total other orders 0.00%

2. Cboe Options Exchange
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 33.33%
Limit orders as percentage of total limit orders 8.56%
Other orders as percentage of total other orders 0.00%

3. NASDAQ Options Market
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.68%
Limit orders as percentage of total limit orders 18.72%
Other orders as percentage of total other orders 0.00%

4. The MIAX Options Exchange
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 6.80%
Limit orders as percentage of total limit orders 12.83%
Other orders as percentage of total other orders 0.00%

5. BOX Option Exchange
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 7.48%
Limit orders as percentage of total limit orders 9.09%
Other orders as percentage of total other orders 0.00%

6. NYSE Arca Options
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.00%
Limit orders as percentage of total limit orders 11.23%
Other orders as percentage of total other orders 0.00%

7. ISE Gemini Options Exchange
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.00%
Limit orders as percentage of total limit orders 10.70%
Other orders as percentage of total other orders 0.00%

8. NYSE American Options
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 8.84%
Limit orders as percentage of total limit orders 2.67%
Other orders as percentage of total other orders 0.00%

9. Cboe BZX Options Exchange, Inc.
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 0.00%
Limit orders as percentage of total limit orders 4.81%
Other orders as percentage of total other orders 0.00%

10. Cboe EDGX Option Exchange
Types of Orders Routed to Venue:  
Market orders as percentage of total market orders 2.72%
Limit orders as percentage of total limit orders 0.53%
Other orders as percentage of total other orders 0.00%

Last Updated: 4/16/2018