SEC-Required Report on Routing of Customer Orders
For Quarter Ending December 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 December 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 58.8%
Limit orders as percentage of total non-directed orders 39.8%
Other orders as percentage of total non-directed orders 1.4%
 
Venues receiving significant percentage of total non-directed orders:
 
NYSE  0.5%
Knight Capital Market,LLC 96.3%
Archipelago 0.6%
Chicago Exchange 2.6%
 
Information Concerning significant Venues:
 
NYSE
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 0.7%
Market orders as percentage of total market orders 0.3%
 
 
Knight Capital Market,LLC
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 95.1%
Market orders as percentage of total market orders 97.1%
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 1.4%
Market orders as percentage of total market orders 0.1%
 
 
Chicago Exchange
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders  2.7%
Market orders as percentage of total market orders 2.5%
 

 
 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 46.9%
Limit orders as percentage of total non-directed orders 51.5%
Other orders as percentage of total non-directed orders 1.6%
 
Venues receiving significant percentage of total non-directed orders:
 
Knight Securities 62.2%
Hudson Securities  16.0%
Archipelago 1.8%
UBS 20.0%
 
Information Concerning significant Venues:
 
Knight Securities
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 68.2%
Market orders as percentage of total market orders 55.9%
Other orders as percentage of total other orders 56.4%
 
 
Hudson Securities
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 11.1%
Market orders as percentage of total market orders 21.0%
Other orders as percentage of total other orders 28.2%
 
 
Archipelago
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 3.4%
 
 
UBS
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 17.3%
Market orders as percentage of total market orders  23.1%
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 38.8%
Limit orders as percentage of total non-directed orders 60.4%
Other orders as percentage of total non-directed orders 0.7%
 
Venues receiving significant percentage of total non-directed orders:
 
AMEX 1.2%
Knight Capital Market,LLC 98.3%
Chicago Exchange 0.5%
 
Information Concerning significant Venues:
 
AMEX
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 1.2%
Market orders as percentage of total market orders 1.3%
 
 
Knight Capital Market,LLC
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 98.4%
Market orders as percentage of total market orders 98.1%
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 0.4%
Market orders as percentage of total market orders 0.6%
 
 
 

 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 20.1%
Limit orders as percentage of total non-directed orders 79.9%
Other orders as percentage of total non-directed orders 0.0%
 
Venues receiving significant percentage of total non-directed orders:
 
CitiGlobal Markets 98.5%
ADP Clearing Order Room 0.0%
UBSS Equity Options 1.5%
 
Information Concerning significant Venues:
 
CitiGlobal Markets
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 98.6%
Market orders as percentage of total market orders 97.7%
 
 
ADP Clearing Order Room
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 0.0%
 
 
UBSS Equity Options
 
Type of Orders Routed to Venue:
 
Limit orders as percentage of total limit orders 1.3%
Market orders as percentage of total market orders 2.3%