SEC-Required Report on Routing of Customer Orders
For Quarter Ending December 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 December 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 47.1%
Limit orders as percentage of total non-directed orders 51.5%
Other orders as percentage of total non-directed orders 1.4%
Venues receiving significant percentage of total non-directed orders:
Redibook 0.1%
NYSE 4.7%
Knight Capital Market,LLC 89.4%
Archipelago 0.4%
Chicago Exchange 5.3%
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 4.3%
Market orders as percentage of total market orders 5.2%
Other orders as percentage of total other orders 5.0%
Knight Capital Market,LLC
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 90.4%
Market orders as percentage of total market orders 88.1%
Other orders as percentage of total other orders 95.0%
Archipelago
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 0.8%
Chicago Exchange
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 4.2%
Market orders as percentage of total market orders 6.8%
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 57.8%
Limit orders as percentage of total non-directed orders 41.1%
Other orders as percentage of total non-directed orders 1.1%
Venues receiving significant percentage of total non-directed orders:
Knight Securities 81.3%
Redibook 0.6%
Hudson Securities 0.7%
Archipelago 1.5%
UBS 16.0%
Information Concerning significant Venues:
Knight Securities
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 80.7%
Market orders as percentage of total market orders 81.7%
Other orders as percentage of total other orders 77.3%
Redibook
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 1.3%
Hudson Securities
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 1.1%
Market orders as percentage of total market orders 0.4%
Archipelago
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 3.4%
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 13.4%
Market orders as percentage of total market orders 17.7%
Other orders as percentage of total other orders 22.7%
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 29.1%
Limit orders as percentage of total non-directed orders 70.8%
Other orders as percentage of total non-directed orders 0.1%
Venues receiving significant percentage of total non-directed orders:
AMEX 0.5%
Redibook 0.2%
Knight Capital Market,LLC 98.8%
Chicago Exchange 0.4%
Information Concerning significant Venues:
AMEX
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 0.8%
Redibook
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 0.3%
Knight Capital Market,LLC
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 98.8%
Market orders as percentage of total market orders 98.9%
Other orders as percentage of total other orders 100.0%
Chicago Exchange
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 0.2%
Market orders as percentage of total market orders 1.1%
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 10.0%
Limit orders as percentage of total non-directed orders 89.9%
Other orders as percentage of total non-directed orders 0.0%
Venues receiving significant percentage of total non-directed orders:
CitiGlobal Markets 96.8%
CBOE 3.2%
Information Concerning significant Venues:
CitiGlobal Markets
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 96.7%
Market orders as percentage of total market orders 97.2%
Other orders as percentage of total other orders 100.0%
CBOE
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 3.3%
Market orders as percentage of total market orders 2.8%