SEC-Required Report on Routing of Customer Orders
For Quarter Ending March 2007
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 2007
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 42.5%
Limit orders as percentage of total non-directed orders 56.2%
Other orders as percentage of total non-directed orders 1.4%
Venues receiving significant percentage of total non-directed orders:
NYSE 4.2%
Knight Capital Market,LLC 93.5%
Archipelago 0.8%
Chicago Exchange 1.5%
Information Concerning significant Venues:
NYSE
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 4.0%
Market orders as percentage of total market orders 4.6%
Knight Capital Market,LLC
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 93.3%
Market orders as percentage of total market orders 93.6%
Other orders as percentage of total other orders 100.0%
Archipelago
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 1.5%
Chicago Exchange
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 1.3%
Market orders as percentage of total market orders 1.8%
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 53.0%
Limit orders as percentage of total non-directed orders 46.4%
Other orders as percentage of total non-directed orders 0.7%
Venues receiving significant percentage of total non-directed orders:
Knight Securities 80.8%
Hudson Securities 5.1%
Archipelago 1.3%
UBS 12.8%
Information Concerning significant Venues:
Knight Securities
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 78.9%
Market orders as percentage of total market orders 82.5%
Other orders as percentage of total other orders 69.2%
Hudson Securities
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 6.3%
Market orders as percentage of total market orders 4.0%
Other orders as percentage of total other orders 15.4%
Archipelago
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 2.7%
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 12.1%
Market orders as percentage of total market orders 13.4%
Other orders as percentage of total other orders 15.4%
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 35.9%
Limit orders as percentage of total non-directed orders 63.0%
Other orders as percentage of total non-directed orders 1.0%
Venues receiving significant percentage of total non-directed orders:
AMEX 0.2%
ADP Clearing Order Room 0.4%
Knight Capital Market,LLC 99.1%
Archipelago 0.2%
Chicago Exchange 0.2%
Information Concerning significant Venues:
AMEX
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 0.1%
Market orders as percentage of total market orders 0.3%
ADP Clearing Order Room
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 0.6%
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 99.5%
Other orders as percentage of total other orders 100.0%
Archipelago
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 0.3%
Chicago Exchange
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 0.1%
Market orders as percentage of total market orders 0.3%
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 7.5%
Limit orders as percentage of total non-directed orders 92.5%
Other orders as percentage of total non-directed orders 0.0%
Venues receiving significant percentage of total non-directed orders:
CitiGlobal Markets 98.2%
CBOE 1.1%
UBSS Equity Options 0.7%
Information Concerning significant Venues:
CitiGlobal Markets
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 98.7%
Market orders as percentage of total market orders 91.9%
CBOE
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 0.9%
Market orders as percentage of total market orders 4.3%
UBSS Equity Options
Type of Orders Routed to Venue:
Limit orders as percentage of total limit orders 0.5%
Market orders as percentage of total market orders 3.8%