Routing of customer securities orders
USAA Investment Services Company (USAA ISCO) has prepared this report in keeping with a U.S. Securities and Exchange Commission rule that requires all brokerages firms to provide quarterly reports about their order routing practices. This public report is based on information from before May 26, 2020.
These reports include information on nondirected orders. They're orders that the investor hasn't specifically instructed to be routed to a particular venue for execution. For these nondirected orders, USAA ISCO chose the execution value on behalf of its customers.