SEC-Required
Report on Routing of Customer Orders
For Quarter Ending March 2006
Spencer-Winston
Securities Corporation 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, Spencer-Winston Securities
Corporation has selected the execution venue on behalf of its customers. The
report is divided into four 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, and one
for exchange-listed options. For each section, this report identifies the
venues most often selected by Spencer-Winston Securities Corporation, sets forth
the percentage of various types of orders routed to the venues, and discusses
the material aspects of Spencer-Winston Securities Corporation’s relationship
with the venues if applicable.
Spencer-Winston
Securities Corporation
SEC-Required Report on Routing of Customer Orders
For Quarter Ending March 2006
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NYSE
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Non-Directed
Orders
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Market
Orders
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Limit
Orders
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Other
Orders
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Material Aspects of Relationship
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Total Spencer-Winston Securities Corporation
Orders
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100.00%
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39.81%
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59.24%
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0.95%
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Orders Routed To:
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New York Stock Exch.
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89.24%
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96.26%
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84.80%
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71.43%
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N/A
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Knight Capital Markets LLC
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10.09%
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3.57%
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14.17%
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28.57%
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N/A
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NASDAQ
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Non-Directed
Orders
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Market
Orders
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Limit
Orders
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Other
Orders
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Material Aspects of Relationship
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Total Spencer-Winston Securities Corporation
Orders
|
100.00%
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53.41%
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44.32%
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2.27%
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Orders Routed To:
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UBS SECURITIES LLC [UBSS]
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85.68%
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77.02%
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95.90%
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90.00%
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N/A
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REDIBook ECN
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12.50%
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22.13%
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1.54%
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0.00%
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N/A
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AMEX
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Non-Directed
Orders
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Market
Orders
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Limit
Orders
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Other
Orders
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Material Aspects of Relationship
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Total Spencer-Winston Securities Corporation
Orders
|
100.00%
|
32.27%
|
67.14%
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0.59%
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Orders Routed To:
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American Stock Exch.
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61.80%
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89.34%
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48.41%
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80.00%
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N/A
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Knight Equity Markets, L.P.
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37.49%
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10.66%
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50.53%
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20.00%
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N/A
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OPTIONS
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Non-Directed
Orders
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Market
Orders
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Limit
Orders
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Other
Orders
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Material Aspects of Relationship
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Total Spencer-Winston Securities Corporation
Orders
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100.00%
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12.51%
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87.50%
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0.00%
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Orders Routed To:
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Citigroup Global Markets, Inc.
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97.16%
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100.00%
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96.75%
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0.00%
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N/A
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