SEC-Required Report on Routing of Customer Orders
For Quarter Ending September 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 September 2006

Securities Listed on New York Stock Exchange 
Spencer-Winston Securities Corp. 
 
Summary Statistics:
 
Non-directed orders as percentage of total customer orders 100.0%
Market orders as percentage of total non-directed orders 42.8%
Limit orders as percentage of total non-directed orders 56.1%
Other orders as percentage of total non-directed orders 1.1%
 
Venues receiving significant percentage of total non-directed orders:
 
Redibook 0.2%
NYSE  23.1%
Knight Capital Market,LLC 72.1%
Chicago Exchange 4.6%
 
Information Concerning significant Venues:
 
Redibook
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 0.3%
 
 
NYSE
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 25.3%
Market orders as percentage of total market orders 20.5%
Other orders as percentage of total other orders 14.3%
 
 
Knight Capital Market,LLC
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 70.3%
Market orders as percentage of total market orders 74.1%
Other orders as percentage of total other orders 85.7%
 
 
Chicago Exchange
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 4.1%
Market orders as percentage of total market orders 5.4%

 
Securities Listed on OTC 
Spencer-Winston Securities Corp. 
 
Summary Statistics:
 
Non-directed orders as percentage of total customer orders 100.0%
Market orders as percentage of total non-directed orders 43.3%
Limit orders as percentage of total non-directed orders 54.7%
Other orders as percentage of total non-directed orders 1.9%
 
Venues receiving significant percentage of total non-directed orders:
 
Knight Securities 81.4%
Redibook 1.5%
UBS 17.1%
 
Information Concerning significant Venues:
 
Knight Securities
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 81.2%
Market orders as percentage of total market orders 82.5%
Other orders as percentage of total other orders 62.5%
 
 
Redibook
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 2.6%
Market orders as percentage of total market orders 0.1%
 
 
UBS
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 16.2%
Market orders as percentage of total market orders 17.4%
Other orders as percentage of total other orders 37.5%
 

Securities Listed on AMEX or Other 
Spencer-Winston Securities Corp. 
 
Summary Statistics:
 
Non-directed orders as percentage of total customer orders 100.0%
Market orders as percentage of total non-directed orders 28.4%
Limit orders as percentage of total non-directed orders 71.1%
Other orders as percentage of total non-directed orders 0.5%
 
Venues receiving significant percentage of total non-directed orders:
 
AMEX 21.0%
Knight Capital Market,LLC 78.8%
Chicago Exchange  0.1%
 
Information Concerning significant Venues:
 
AMEX
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 14.3%
Market orders as percentage of total market orders 37.3%
Other orders as percentage of total other orders 50.0%
 
 
Knight Capital Market,LLC
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 85.7%
Market orders as percentage of total market orders  62.2%
Other orders as percentage of total other orders 50.0%
 
 
Chicago Exchange
 
Type of Orders Routed to Venue:
 
Market orders as percentage of total market orders 0.5%

Securities Listed on Option Market 
Spencer-Winston Securities Corp. 
 
Summary Statistics:
 
Non-directed orders as percentage of total customer orders 100.0%
Market orders as percentage of total non-directed orders 11.6%
Limit orders as percentage of total non-directed orders 88.4%
Other orders as percentage of total non-directed orders 0.0%
 
Venues receiving significant percentage of total non-directed orders:
 
CitiGlobal Markets 98.7%
CBOE  1.3%
 
Information Concerning significant Venues:
 
CitiGlobal Markets
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 98.8%
Market orders as percentage of total market orders 98.5%
 
 
CBOE
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 1.2%
Market orders as percentage of total market orders 1.5%