Important Note

On November 17, 2000, the Securities and Exchange Commission (“SEC”) adopted Rule 605 to improve public disclosure of execution practices.

SEC Rule 605 requires securities exchanges, alternative trading systems, market makers and other market centers to publicly disclose statistics in a number of standardized categories.

The required statistics are intended to provide a baseline to facilitate comparisons of execution quality among and between market makers, alternative trading systems, and other trading venues. However, they do not provide a complete comparison across trading venues, because each venue’s statistics reflect only the types of orders it has received which are in turn based on each client’s particular objectives. Accordingly, the statistics do not create a complete and reliable basis on which to assess whether the broker-dealer that routed the order obtained the most favorable terms under the circumstances for its orders. From time to time the Firm may determine it necessary to update its monthly Rule 605 data. All reports, original and amended, are available upon request.

We have made every attempt to prepare these statistics in compliance with the SEC’s rules. However, these statistics have not been audited and may contain errors. Accordingly, any decision about whether to direct orders to the Firm should not be based solely on these statistics, but on an evaluation of the full range of services that we provide.

Please visit the SEC Web site for more information on the (Disclosure of SEC-Required Order Execution and Routing Practices) , answers to Frequently Asked Questions about Rule 11Ac1-5  ( Staff Legal Bulletin No. 12R )  and Rule 605  (Rule 605 FAQs), and the format of the monthly reports ( Text of Joint-SRO Plan )